RPLCX vs. BAB
RPLCX (T. Rowe Price Institutional Long Duration Credit Fund) and BAB (Invesco Taxable Municipal Bond ETF) are both funds - RPLCX is a Long-Term Bond fund managed by T. Rowe Price, while BAB is a Municipal Bonds fund tracking the BofA Merrill Lynch Build America Bond Index. Over the past 10 years, RPLCX returned 2.18%/yr vs 2.15%/yr for BAB. Their correlation of 0.82 suggests significant overlap in exposure. RPLCX charges 0.45%/yr vs 0.28%/yr for BAB.
Performance
RPLCX vs. BAB - Performance Comparison
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Returns By Period
In the year-to-date period, RPLCX achieves a 0.77% return, which is significantly higher than BAB's 0.41% return. Both investments have delivered pretty close results over the past 10 years, with RPLCX having a 2.18% annualized return and BAB not far behind at 2.15%.
RPLCX
- 1D
- -0.53%
- 1M
- 1.96%
- YTD
- 0.77%
- 6M
- 1.24%
- 1Y
- 6.89%
- 3Y*
- 3.73%
- 5Y*
- -2.74%
- 10Y*
- 2.18%
BAB
- 1D
- -0.04%
- 1M
- 1.11%
- YTD
- 0.41%
- 6M
- 0.48%
- 1Y
- 6.00%
- 3Y*
- 4.30%
- 5Y*
- -0.58%
- 10Y*
- 2.15%
RPLCX vs. BAB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RPLCX T. Rowe Price Institutional Long Duration Credit Fund | 0.77% | 7.65% | -1.84% | 9.05% | -27.00% | -0.19% | 16.73% | 23.72% | -6.27% | 11.03% |
BAB Invesco Taxable Municipal Bond ETF | 0.41% | 8.30% | 1.03% | 8.67% | -19.50% | 1.00% | 9.11% | 10.85% | 0.93% | 9.87% |
Correlation
The correlation between RPLCX and BAB is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014 | 0.82 |
The correlation between RPLCX and BAB has been stable across timeframes, ranging from 0.77 to 0.86 - a consistent structural relationship.
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Return for Risk
RPLCX vs. BAB — Risk / Return Rank
RPLCX
BAB
RPLCX vs. BAB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Institutional Long Duration Credit Fund (RPLCX) and Invesco Taxable Municipal Bond ETF (BAB). 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.
| RPLCX | BAB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | -0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.19 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.39 | 1.45 | -0.06 |
| Martin ratioReturn relative to average drawdown | 3.78 | 3.89 | -0.11 |
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Drawdowns
RPLCX vs. BAB - Drawdown Comparison
The maximum RPLCX drawdown since its inception was -35.21%, which is greater than BAB's maximum drawdown of -27.80%. Use the drawdown chart below to compare losses from any high point for RPLCX and BAB.
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Drawdown Indicators
| RPLCX | BAB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.21% | -27.80% | -7.41% |
Max Drawdown (1Y)Largest decline over 1 year | -5.19% | -4.15% | -1.04% |
Max Drawdown (3Y)Largest decline over 3 years | -13.32% | -7.57% | -5.75% |
Max Drawdown (5Y)Largest decline over 5 years | -35.21% | -24.95% | -10.26% |
Max Drawdown (10Y)Largest decline over 10 years | -35.21% | -27.80% | -7.41% |
Current DrawdownCurrent decline from peak | -16.87% | -5.37% | -11.50% |
Average DrawdownAverage peak-to-trough decline | -10.15% | -5.31% | -4.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.90% | 1.55% | +0.35% |
Volatility
RPLCX vs. BAB - Volatility Comparison
T. Rowe Price Institutional Long Duration Credit Fund (RPLCX) has a higher volatility of 2.14% compared to Invesco Taxable Municipal Bond ETF (BAB) at 0.98%. This indicates that RPLCX's price experiences larger fluctuations and is considered to be riskier than BAB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RPLCX | BAB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.14% | 0.98% | +1.16% |
Volatility (6M)Calculated over the trailing 6-month period | 5.71% | 3.75% | +1.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.76% | 5.66% | +2.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.63% | 8.31% | +3.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.60% | 9.68% | +0.92% |
RPLCX vs. BAB - Expense Ratio Comparison
RPLCX has a 0.45% expense ratio, which is higher than BAB's 0.28% expense ratio.
Dividends
RPLCX vs. BAB - Dividend Comparison
RPLCX's dividend yield for the trailing twelve months is around 5.36%, more than BAB's 4.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BAB Invesco Taxable Municipal Bond ETF | 4.12% | 3.96% | 3.97% | 3.65% | 3.40% | 2.63% | 2.96% | 3.77% | 4.20% | 3.96% | 4.26% | 4.71% |
RPLCX T. Rowe Price Institutional Long Duration Credit Fund | 5.36% | 5.32% | 5.17% | 4.15% | 3.54% | 6.09% | 7.16% | 13.58% | 4.33% | 4.07% | 3.79% | 4.70% |
Frequently Asked Questions
RPLCX and BAB have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RPLCX has higher volatility (2.14%) compared to BAB (0.98%). In terms of maximum drawdown, RPLCX dropped -35.21% vs BAB's -27.80%.
BAB currently has the higher Sharpe Ratio (1.06 vs 0.93), 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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