RPIFX vs. XTWO

Last updated Jun 5, 2026

RPIFX (T. Rowe Price Institutional Floating Rate Fund) and XTWO (BondBloxx Bloomberg Two Year Target Duration US Treasury ETF) are both funds - RPIFX is a Bank Loan fund managed by T. Rowe Price, while XTWO is a Government Bonds fund tracking the Bloomberg US Treasury 2 Year Target Duration Index. Over the past 3 years, RPIFX returned 7.81%/yr vs 4.12%/yr for XTWO. At a 0.08 correlation, their price movements are largely independent. RPIFX charges 0.57%/yr vs 0.05%/yr for XTWO.

Performance

RPIFX vs. XTWO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Institutional Floating Rate Fund (RPIFX) and BondBloxx Bloomberg Two Year Target Duration US Treasury ETF (XTWO). 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 XTWO's 0.48% 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%

XTWO

• 1D: 0.06%
• 1M: 0.12%
• YTD: 0.48%
• 6M: 0.85%
• 1Y: 3.30%
• 3Y*: 4.12%
• 5Y*: —
• 10Y*: —

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

RPIFX vs. XTWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
RPIFX T. Rowe Price Institutional Floating Rate Fund	1.37%	6.71%	8.47%	10.13%	0.47%
XTWO BondBloxx Bloomberg Two Year Target Duration US Treasury ETF	0.48%	5.17%	3.92%	4.27%	0.17%

Correlation

The correlation between RPIFX and XTWO is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (All Time) Calculated using the full available price history since Sep 16, 2022	0.08

The correlation between RPIFX and XTWO shifts across timeframes, from -0.04 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.

Return for Risk

RPIFX vs. XTWO — 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

XTWO

XTWO Risk / Return Rank: 79
XTWO Sharpe Ratio Rank: 76
XTWO Sortino Ratio Rank: 89
XTWO Omega Ratio Rank: 84
XTWO Calmar Ratio Rank: 74
XTWO Martin Ratio Rank: 71

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. XTWO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Institutional Floating Rate Fund (RPIFX) and BondBloxx Bloomberg Two Year Target Duration US Treasury ETF (XTWO). 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	XTWO	Difference
Sharpe ratio: Return per unit of total volatility	2.43	2.44	-0.01
Sortino ratio: Return per unit of downside risk	5.86	4.01	+1.85
Omega ratio: Gain probability vs. loss probability	1.93	1.50	+0.44
Calmar ratio: Return relative to maximum drawdown	3.99	3.64	+0.36
Martin ratio: Return relative to average drawdown	14.77	13.10	+1.67
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. XTWO - Sharpe Ratio Comparison

The current RPIFX Sharpe Ratio is 2.43, which is comparable to the XTWO Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of RPIFX and XTWO, 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	XTWO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	2.44	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.93	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.27	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.29	1.75	-0.45

Drawdowns

RPIFX vs. XTWO - Drawdown Comparison

The maximum RPIFX drawdown since its inception was -25.10%, which is greater than XTWO's maximum drawdown of -1.73%. Use the drawdown chart below to compare losses from any high point for RPIFX and XTWO.

Drawdown Indicators

	RPIFX	XTWO	Difference
Max Drawdown Largest peak-to-trough decline	-25.10%	-1.73%	-23.37%
Max Drawdown (1Y) Largest decline over 1 year	-1.44%	-0.91%	-0.53%
Max Drawdown (3Y) Largest decline over 3 years	-2.28%	-1.18%	-1.10%
Max Drawdown (5Y) Largest decline over 5 years	-5.90%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-19.67%	—	—
Current Drawdown Current decline from peak	-0.11%	-0.31%	+0.20%
Average Drawdown Average peak-to-trough decline	-1.34%	-0.40%	-0.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.39%	0.25%	+0.14%

Volatility

RPIFX vs. XTWO - Volatility Comparison

T. Rowe Price Institutional Floating Rate Fund (RPIFX) has a higher volatility of 0.57% compared to BondBloxx Bloomberg Two Year Target Duration US Treasury ETF (XTWO) at 0.37%. This indicates that RPIFX's price experiences larger fluctuations and is considered to be riskier than XTWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RPIFX	XTWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.57%	0.37%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	1.73%	0.95%	+0.78%
Volatility (1Y) Calculated over the trailing 1-year period	2.37%	1.37%	+1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.76%	2.16%	+0.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.80%	2.16%	+1.64%

RPIFX vs. XTWO - Expense Ratio Comparison

RPIFX has a 0.57% expense ratio, which is higher than XTWO's 0.05% expense ratio.

Dividends

RPIFX vs. XTWO - Dividend Comparison

RPIFX's dividend yield for the trailing twelve months is around 7.00%, more than XTWO's 4.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
XTWO BondBloxx Bloomberg Two Year Target Duration US Treasury ETF	4.05%	4.24%	4.54%	4.07%	1.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RPIFX and XTWO in my portfolio?

RPIFX and XTWO have a correlation of -0.04, 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 XTWO?

RPIFX has higher volatility (0.57%) compared to XTWO (0.37%). In terms of maximum drawdown, RPIFX dropped -25.10% vs XTWO's -1.73%.

Which has better risk-adjusted returns?

XTWO currently has the higher Sharpe Ratio (2.44 vs 2.43), 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.