RPIFX vs. OCSL

Last updated Jun 23, 2026

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 4.83%/yr vs 7.88%/yr for OCSL. At a 0.18 correlation, their price movements are largely independent.

Performance

RPIFX vs. OCSL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Institutional Floating Rate Fund (RPIFX) and Oaktree Specialty Lending Corporation (OCSL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RPIFX achieves a 1.15% return, which is significantly higher than OCSL's -4.33% return. Over the past 10 years, RPIFX has underperformed OCSL with an annualized return of 4.83%, while OCSL has yielded a comparatively higher 7.88% annualized return.

RPIFX

• 1D: 0.00%
• 1M: 0.25%
• YTD: 1.15%
• 6M: 1.76%
• 1Y: 5.61%
• 3Y*: 7.42%
• 5Y*: 5.23%
• 10Y*: 4.83%

OCSL

• 1D: -1.47%
• 1M: -0.18%
• YTD: -4.33%
• 6M: -4.70%
• 1Y: -5.66%
• 3Y*: -4.04%
• 5Y*: 0.33%
• 10Y*: 7.88%

*Multi-year figures are annualized to reflect compound growth (CAGR)

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	1.15%	6.71%	8.47%	10.13%	-1.96%	4.67%	2.42%	8.82%	0.39%	3.78%
OCSL Oaktree Specialty Lending Corporation	-4.33%	-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 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
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

Return for Risk

RPIFX vs. OCSL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

RPIFX

RPIFX Risk / Return Rank: 88
RPIFX Sharpe Ratio Rank: 78
RPIFX Sortino Ratio Rank: 97
RPIFX Omega Ratio Rank: 97
RPIFX Calmar Ratio Rank: 86
RPIFX Martin Ratio Rank: 83

OCSL

OCSL Risk / Return Rank: 29
OCSL Sharpe Ratio Rank: 31
OCSL Sortino Ratio Rank: 26
OCSL Omega Ratio Rank: 26
OCSL Calmar Ratio Rank: 33
OCSL Martin Ratio Rank: 30

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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 ratio: Return per unit of total volatility	2.38	-0.26	+2.64
Sortino ratio: Return per unit of downside risk	5.71	-0.22	+5.94
Omega ratio: Gain probability vs. loss probability	1.90	0.97	+0.93
Calmar ratio: Return relative to maximum drawdown	3.91	-0.29	+4.20
Martin ratio: Return relative to average drawdown	14.27	-0.62	+14.89

RPIFX vs. OCSL - Sharpe Ratio Comparison

The current RPIFX Sharpe Ratio is 2.38, which is higher than the OCSL Sharpe Ratio of -0.26. The chart below compares the historical Sharpe Ratios of RPIFX and OCSL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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.

Drawdown Indicators

	RPIFX	OCSL	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-0.32%	-27.70%	+27.38%
Average Drawdown Average peak-to-trough decline	-1.33%	-16.69%	+15.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.39%	9.15%	-8.76%

Volatility

RPIFX vs. OCSL - Volatility Comparison

The current volatility for T. Rowe Price Institutional Floating Rate Fund (RPIFX) is 0.57%, while Oaktree Specialty Lending Corporation (OCSL) has a volatility of 6.58%. 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.

Volatility by Period

	RPIFX	OCSL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.57%	6.58%	-6.01%
Volatility (6M) Calculated over the trailing 6-month period	1.74%	17.82%	-16.08%
Volatility (1Y) Calculated over the trailing 1-year period	2.38%	21.84%	-19.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.76%	19.96%	-17.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.80%	26.89%	-23.09%

Dividends

RPIFX vs. OCSL - Dividend Comparison

RPIFX's dividend yield for the trailing twelve months is around 7.02%, less than OCSL's 13.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OCSL Oaktree Specialty Lending Corporation	13.49%	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	7.02%	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

Can I hold both RPIFX and OCSL in my portfolio?

RPIFX and OCSL have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RPIFX or OCSL?

OCSL has higher volatility (6.58%) compared to RPIFX (0.57%). In terms of maximum drawdown, RPIFX dropped -25.10% vs OCSL's -59.52%.

Which has better risk-adjusted returns?

RPIFX currently has the higher Sharpe Ratio (2.38 vs -0.26), 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.