RPIFX vs. PFLRX

Last updated Jun 5, 2026

RPIFX (T. Rowe Price Institutional Floating Rate Fund) and PFLRX (Putnam Floating Rate Income Fund) are both Bank Loan funds. Over the past 10 years, RPIFX returned 4.82%/yr vs 3.73%/yr for PFLRX. A 0.69 correlation means they provide meaningful diversification when combined. RPIFX charges 0.57%/yr vs 1.03%/yr for PFLRX.

Performance

RPIFX vs. PFLRX - Performance Comparison

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

Returns By Period

In the year-to-date period, RPIFX achieves a 1.37% return, which is significantly higher than PFLRX's 0.13% return. Over the past 10 years, RPIFX has outperformed PFLRX with an annualized return of 4.82%, while PFLRX has yielded a comparatively lower 3.73% annualized return.

RPIFX

• 1D: -0.11%
• 1M: 0.25%
• YTD: 1.37%
• 6M: 1.98%
• 1Y: 5.72%
• 3Y*: 7.81%
• 5Y*: 5.29%
• 10Y*: 4.82%

PFLRX

• 1D: -0.13%
• 1M: 0.70%
• YTD: 0.13%
• 6M: 0.70%
• 1Y: 3.15%
• 3Y*: 5.94%
• 5Y*: 4.06%
• 10Y*: 3.73%

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

RPIFX vs. PFLRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RPIFX T. Rowe Price Institutional Floating Rate Fund	1.37%	6.71%	8.47%	10.13%	-1.96%	4.67%	2.42%	8.82%	0.39%	3.78%
PFLRX Putnam Floating Rate Income Fund	0.13%	4.74%	6.34%	11.01%	-2.78%	3.04%	0.69%	8.14%	-0.66%	3.28%

Correlation

The correlation between RPIFX and PFLRX is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Feb 4, 2008	0.69

Over the past year, the correlation between RPIFX and PFLRX has dropped to 0.42 - well below their long-term average of 0.69, suggesting their price drivers have been diverging.

Return for Risk

RPIFX vs. PFLRX — Risk / Return Rank

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

RPIFX

RPIFX Risk / Return Rank: 86
RPIFX Sharpe Ratio Rank: 70
RPIFX Sortino Ratio Rank: 97
RPIFX Omega Ratio Rank: 97
RPIFX Calmar Ratio Rank: 85
RPIFX Martin Ratio Rank: 80

PFLRX

PFLRX Risk / Return Rank: 29
PFLRX Sharpe Ratio Rank: 23
PFLRX Sortino Ratio Rank: 38
PFLRX Omega Ratio Rank: 46
PFLRX Calmar Ratio Rank: 20
PFLRX Martin Ratio Rank: 16

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. PFLRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Institutional Floating Rate Fund (RPIFX) and Putnam Floating Rate Income Fund (PFLRX). 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.

	RPIFX	PFLRX	Difference
Sharpe ratio: Return per unit of total volatility	2.43	1.34	+1.09
Sortino ratio: Return per unit of downside risk	5.86	2.52	+3.34
Omega ratio: Gain probability vs. loss probability	1.93	1.36	+0.57
Calmar ratio: Return relative to maximum drawdown	3.99	1.60	+2.40
Martin ratio: Return relative to average drawdown	14.77	4.30	+10.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RPIFX vs. PFLRX - Sharpe Ratio Comparison

The current RPIFX Sharpe Ratio is 2.43, which is higher than the PFLRX Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of RPIFX and PFLRX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	RPIFX	PFLRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	1.34	+1.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.93	1.44	+0.49
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.27	0.93	+0.34
Sharpe Ratio (All Time) Calculated using the full available price history	1.29	0.96	+0.33

Drawdowns

RPIFX vs. PFLRX - Drawdown Comparison

The maximum RPIFX drawdown since its inception was -25.10%, smaller than the maximum PFLRX drawdown of -32.89%. Use the drawdown chart below to compare losses from any high point for RPIFX and PFLRX.

Drawdown Indicators

	RPIFX	PFLRX	Difference
Max Drawdown Largest peak-to-trough decline	-25.10%	-32.89%	+7.79%
Max Drawdown (1Y) Largest decline over 1 year	-1.44%	-1.98%	+0.54%
Max Drawdown (3Y) Largest decline over 3 years	-2.28%	-3.01%	+0.73%
Max Drawdown (5Y) Largest decline over 5 years	-5.90%	-6.95%	+1.05%
Max Drawdown (10Y) Largest decline over 10 years	-19.67%	-20.74%	+1.07%
Current Drawdown Current decline from peak	-0.11%	-0.26%	+0.15%
Average Drawdown Average peak-to-trough decline	-1.34%	-1.74%	+0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.39%	0.74%	-0.35%

Volatility

RPIFX vs. PFLRX - Volatility Comparison

The current volatility for T. Rowe Price Institutional Floating Rate Fund (RPIFX) is 0.57%, while Putnam Floating Rate Income Fund (PFLRX) has a volatility of 0.69%. This indicates that RPIFX experiences smaller price fluctuations and is considered to be less risky than PFLRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RPIFX	PFLRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.57%	0.69%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	1.73%	1.62%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	2.37%	2.37%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.76%	2.83%	-0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.80%	4.02%	-0.22%

RPIFX vs. PFLRX - Expense Ratio Comparison

RPIFX has a 0.57% expense ratio, which is lower than PFLRX's 1.03% expense ratio.

Dividends

RPIFX vs. PFLRX - Dividend Comparison

RPIFX's dividend yield for the trailing twelve months is around 7.00%, more than PFLRX's 6.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PFLRX Putnam Floating Rate Income Fund	6.29%	6.69%	6.25%	7.27%	3.48%	2.63%	3.10%	4.56%	4.54%	3.69%	3.71%	4.45%
RPIFX T. Rowe Price Institutional Floating Rate Fund	7.00%	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 PFLRX in my portfolio?

RPIFX and PFLRX have a correlation of 0.42, 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 PFLRX?

PFLRX has higher volatility (0.69%) compared to RPIFX (0.57%). In terms of maximum drawdown, RPIFX dropped -25.10% vs PFLRX's -32.89%.

Which has better risk-adjusted returns?

RPIFX currently has the higher Sharpe Ratio (2.43 vs 1.34), 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.