RPIFX vs. OCSL
RPIFX (T. Rowe Price Institutional Floating Rate Fund) is Bank Loan fund managed by T. Rowe Price, while OCSL (Oaktree Specialty Lending Corporation) is a stock. Over the past 10 years, RPIFX returned 4.76%/yr vs 7.37%/yr for OCSL. At a 0.18 correlation, their price movements are largely independent.
Performance
RPIFX vs. OCSL - Performance Comparison
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Returns By Period
In the year-to-date period, RPIFX achieves a 1.05% return, which is significantly lower than OCSL's 1.54% return. Over the past 10 years, RPIFX has underperformed OCSL with an annualized return of 4.76%, while OCSL has yielded a comparatively higher 7.37% annualized return.
RPIFX
- 1D
- 0.11%
- 1M
- 0.58%
- 6M
- 0.83%
- YTD
- 1.05%
- 1Y
- 4.33%
- 3Y*
- 6.88%
- 5Y*
- 5.16%
- 10Y*
- 4.76%
OCSL
- 1D
- 2.36%
- 1M
- 2.80%
- 6M
- 0.20%
- YTD
- 1.54%
- 1Y
- -4.75%
- 3Y*
- -3.77%
- 5Y*
- 1.20%
- 10Y*
- 7.37%
RPIFX vs. OCSL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RPIFX T. Rowe Price Institutional Floating Rate Fund | 1.05% | 6.71% | 8.47% | 10.13% | -1.96% | 4.67% | 2.42% | 8.82% | 0.39% | 3.78% |
OCSL Oaktree Specialty Lending Corporation | 1.54% | -6.06% | -15.15% | 11.25% | 3.74% | 44.99% | 11.00% | 38.74% | -6.31% | -1.09% |
Correlation
The correlation between RPIFX and OCSL is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Jun 12, 2008 | 0.18 |
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Return for Risk
RPIFX vs. OCSL — Risk / Return Rank
RPIFX
OCSL
RPIFX vs. OCSL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Institutional Floating Rate Fund (RPIFX) and Oaktree Specialty Lending Corporation (OCSL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| RPIFX | OCSL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.13 | ||
| Sortino ratioReturn per unit of downside risk | +4.52 | ||
| Omega ratioGain probability vs. loss probability | 1.65 | 0.98 | +0.66 |
| Calmar ratioReturn relative to maximum drawdown | 3.10 | -0.23 | +3.32 |
| Martin ratioReturn relative to average drawdown | 10.18 | -0.48 | +10.66 |
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Drawdowns
RPIFX vs. OCSL - Drawdown Comparison
The maximum RPIFX drawdown since its inception was -25.10%, smaller than the maximum OCSL drawdown of -59.52%. Use the drawdown chart below to compare losses from any high point for RPIFX and OCSL.
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Drawdown Indicators
| RPIFX | OCSL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.10% | -59.52% | +34.42% |
Max Drawdown (1Y)Largest decline over 1 year | -1.44% | -19.77% | +18.33% |
Max Drawdown (3Y)Largest decline over 3 years | -2.28% | -34.16% | +31.88% |
Max Drawdown (5Y)Largest decline over 5 years | -5.90% | -34.16% | +28.26% |
Max Drawdown (10Y)Largest decline over 10 years | -19.67% | -57.32% | +37.65% |
Current DrawdownCurrent decline from peak | -0.18% | -23.27% | +23.09% |
Average DrawdownAverage peak-to-trough decline | -1.33% | -16.71% | +15.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.44% | 9.36% | -8.92% |
Volatility
RPIFX vs. OCSL - Volatility Comparison
The current volatility for T. Rowe Price Institutional Floating Rate Fund (RPIFX) is 0.70%, while Oaktree Specialty Lending Corporation (OCSL) has a volatility of 6.38%. This indicates that RPIFX experiences smaller price fluctuations and is considered to be less risky than OCSL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RPIFX | OCSL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.70% | 6.38% | -5.68% |
Volatility (6M)Calculated over the trailing 6-month period | 1.71% | 18.31% | -16.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.33% | 22.19% | -19.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.76% | 20.02% | -17.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.79% | 26.84% | -23.05% |
Dividends
RPIFX vs. OCSL - Dividend Comparison
RPIFX's dividend yield for the trailing twelve months is around 6.43%, less than OCSL's 12.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OCSL Oaktree Specialty Lending Corporation | 12.71% | 13.27% | 14.40% | 11.12% | 11.86% | 7.37% | 7.27% | 6.96% | 8.75% | 8.38% | 13.41% | 10.84% |
RPIFX T. Rowe Price Institutional Floating Rate Fund | 6.43% | 7.22% | 7.77% | 6.53% | 4.12% | 3.94% | 4.29% | 5.12% | 5.16% | 4.32% | 4.31% | 4.45% |
Frequently Asked Questions
RPIFX and OCSL have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OCSL has higher volatility (6.38%) compared to RPIFX (0.70%). In terms of maximum drawdown, RPIFX dropped -25.10% vs OCSL's -59.52%.
RPIFX currently has the higher Sharpe Ratio (1.92 vs -0.20), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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