RPIFX vs. TRBUX
RPIFX (T. Rowe Price Institutional Floating Rate Fund) and TRBUX (T. Rowe Price Ultra Short-Term Bond Fund) are both mutual funds - RPIFX is a Bank Loan fund managed by T. Rowe Price, while TRBUX is a Ultrashort Bond fund managed by T. Rowe Price. Over the past 10 years, RPIFX returned 4.86%/yr vs 3.29%/yr for TRBUX. At a 0.31 correlation, their price movements are largely independent. RPIFX charges 0.57%/yr vs 0.31%/yr for TRBUX.
Performance
RPIFX vs. TRBUX - Performance Comparison
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Returns By Period
In the year-to-date period, RPIFX achieves a 1.04% return, which is significantly lower than TRBUX's 1.39% return. Over the past 10 years, RPIFX has outperformed TRBUX with an annualized return of 4.86%, while TRBUX has yielded a comparatively lower 3.29% annualized return.
RPIFX
- 1D
- -0.11%
- 1M
- 0.14%
- YTD
- 1.04%
- 6M
- 1.65%
- 1Y
- 5.49%
- 3Y*
- 7.38%
- 5Y*
- 5.23%
- 10Y*
- 4.86%
TRBUX
- 1D
- 0.00%
- 1M
- 0.36%
- YTD
- 1.39%
- 6M
- 2.18%
- 1Y
- 6.22%
- 3Y*
- 6.68%
- 5Y*
- 4.28%
- 10Y*
- 3.29%
RPIFX vs. TRBUX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RPIFX T. Rowe Price Institutional Floating Rate Fund | 1.04% | 6.71% | 8.47% | 10.13% | -1.96% | 4.67% | 2.42% | 8.82% | 0.39% | 3.78% |
TRBUX T. Rowe Price Ultra Short-Term Bond Fund | 1.39% | 6.88% | 7.88% | 6.99% | -1.28% | 0.22% | 3.11% | 3.60% | 1.88% | 1.83% |
Correlation
The correlation between RPIFX and TRBUX is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2013 | 0.31 |
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Return for Risk
RPIFX vs. TRBUX — Risk / Return Rank
RPIFX
TRBUX
RPIFX vs. TRBUX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Institutional Floating Rate Fund (RPIFX) and T. Rowe Price Ultra Short-Term Bond Fund (TRBUX). 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 | TRBUX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.36 | ||
| Sortino ratioReturn per unit of downside risk | -3.46 | ||
| Omega ratioGain probability vs. loss probability | 1.87 | 3.56 | -1.70 |
| Calmar ratioReturn relative to maximum drawdown | 3.83 | 16.38 | -12.54 |
| Martin ratioReturn relative to average drawdown | 13.95 | 61.02 | -47.07 |
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Drawdowns
RPIFX vs. TRBUX - Drawdown Comparison
The maximum RPIFX drawdown since its inception was -25.10%, which is greater than TRBUX's maximum drawdown of -4.15%. Use the drawdown chart below to compare losses from any high point for RPIFX and TRBUX.
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Drawdown Indicators
| RPIFX | TRBUX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.10% | -4.15% | -20.95% |
Max Drawdown (1Y)Largest decline over 1 year | -1.44% | -0.39% | -1.05% |
Max Drawdown (3Y)Largest decline over 3 years | -2.28% | -0.78% | -1.50% |
Max Drawdown (5Y)Largest decline over 5 years | -5.90% | -2.68% | -3.22% |
Max Drawdown (10Y)Largest decline over 10 years | -19.67% | -4.15% | -15.52% |
Current DrawdownCurrent decline from peak | -0.43% | -0.20% | -0.23% |
Average DrawdownAverage peak-to-trough decline | -1.33% | -0.21% | -1.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.40% | 0.10% | +0.30% |
Volatility
RPIFX vs. TRBUX - Volatility Comparison
T. Rowe Price Institutional Floating Rate Fund (RPIFX) and T. Rowe Price Ultra Short-Term Bond Fund (TRBUX) have volatilities of 0.57% and 0.58%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RPIFX | TRBUX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.57% | 0.58% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 1.75% | 1.19% | +0.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.39% | 1.75% | +0.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.76% | 1.69% | +1.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.80% | 1.51% | +2.29% |
RPIFX vs. TRBUX - Expense Ratio Comparison
RPIFX has a 0.57% expense ratio, which is higher than TRBUX's 0.31% expense ratio.
Dividends
RPIFX vs. TRBUX - Dividend Comparison
RPIFX's dividend yield for the trailing twelve months is around 7.02%, more than TRBUX's 6.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
TRBUX T. Rowe Price Ultra Short-Term Bond Fund | 6.04% | 6.23% | 6.36% | 4.48% | 1.53% | 1.21% | 1.86% | 2.73% | 2.47% | 1.62% | 1.18% | 0.81% |
Frequently Asked Questions
RPIFX and TRBUX have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TRBUX has higher volatility (0.58%) compared to RPIFX (0.57%). In terms of maximum drawdown, RPIFX dropped -25.10% vs TRBUX's -4.15%.
TRBUX currently has the higher Sharpe Ratio (3.69 vs 2.33), 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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