RPLCX vs. ILTB

Last updated Jun 3, 2026

RPLCX (T. Rowe Price Institutional Long Duration Credit Fund) and ILTB (iShares Core 10+ Year USD Bond ETF) are both Long-Term Bond funds. Over the past 10 years, RPLCX returned 2.22%/yr vs 1.32%/yr for ILTB. Their correlation of 0.92 suggests significant overlap in exposure. RPLCX charges 0.45%/yr vs 0.06%/yr for ILTB.

Performance

RPLCX vs. ILTB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Institutional Long Duration Credit Fund (RPLCX) and iShares Core 10+ Year USD Bond ETF (ILTB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RPLCX achieves a 0.77% return, which is significantly higher than ILTB's 0.30% return. Over the past 10 years, RPLCX has outperformed ILTB with an annualized return of 2.22%, while ILTB has yielded a comparatively lower 1.32% annualized return.

RPLCX

• 1D: 0.00%
• 1M: 1.00%
• YTD: 0.77%
• 6M: 0.71%
• 1Y: 8.81%
• 3Y*: 3.95%
• 5Y*: -2.22%
• 10Y*: 2.22%

ILTB

• 1D: -0.33%
• 1M: 1.04%
• YTD: 0.30%
• 6M: -0.71%
• 1Y: 7.17%
• 3Y*: 2.78%
• 5Y*: -2.88%
• 10Y*: 1.32%

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

RPLCX vs. ILTB - 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%
ILTB iShares Core 10+ Year USD Bond ETF	0.30%	7.22%	-3.00%	8.04%	-26.62%	-2.67%	16.10%	19.61%	-5.10%	11.24%

Correlation

The correlation between RPLCX and ILTB is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.92

The correlation between RPLCX and ILTB has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

Return for Risk

RPLCX vs. ILTB — Risk / Return Rank

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

RPLCX

RPLCX Risk / Return Rank: 15
RPLCX Sharpe Ratio Rank: 14
RPLCX Sortino Ratio Rank: 14
RPLCX Omega Ratio Rank: 13
RPLCX Calmar Ratio Rank: 19
RPLCX Martin Ratio Rank: 15

ILTB

ILTB Risk / Return Rank: 25
ILTB Sharpe Ratio Rank: 25
ILTB Sortino Ratio Rank: 24
ILTB Omega Ratio Rank: 23
ILTB Calmar Ratio Rank: 27
ILTB Martin Ratio Rank: 25

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.

RPLCX vs. ILTB - 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 iShares Core 10+ Year USD Bond ETF (ILTB). 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.

	RPLCX	ILTB	Difference
Sharpe ratio Return per unit of total volatility	1.04	0.91	+0.12
Sortino ratio Return per unit of downside risk	1.56	1.34	+0.22
Omega ratio Gain probability vs. loss probability	1.18	1.16	+0.03
Calmar ratio Return relative to maximum drawdown	1.61	1.33	+0.28
Martin ratio Return relative to average drawdown	4.48	3.38	+1.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RPLCX vs. ILTB - Sharpe Ratio Comparison

The current RPLCX Sharpe Ratio is 1.04, which is comparable to the ILTB Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of RPLCX and ILTB, 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

	RPLCX	ILTB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.04	0.91	+0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.19	-0.23	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	0.11	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.35	0.00

Drawdowns

RPLCX vs. ILTB - Drawdown Comparison

The maximum RPLCX drawdown since its inception was -35.21%, roughly equal to the maximum ILTB drawdown of -36.88%. Use the drawdown chart below to compare losses from any high point for RPLCX and ILTB.

Drawdown Indicators

	RPLCX	ILTB	Difference
Max Drawdown Largest peak-to-trough decline	-35.21%	-36.88%	+1.67%
Max Drawdown (1Y) Largest decline over 1 year	-5.19%	-5.42%	+0.23%
Max Drawdown (3Y) Largest decline over 3 years	-13.32%	-14.60%	+1.28%
Max Drawdown (5Y) Largest decline over 5 years	-35.21%	-35.22%	+0.01%
Max Drawdown (10Y) Largest decline over 10 years	-35.21%	-36.88%	+1.67%
Current Drawdown Current decline from peak	-16.87%	-21.28%	+4.41%
Average Drawdown Average peak-to-trough decline	-10.12%	-9.92%	-0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.87%	2.13%	-0.26%

Volatility

RPLCX vs. ILTB - Volatility Comparison

T. Rowe Price Institutional Long Duration Credit Fund (RPLCX) has a higher volatility of 2.67% compared to iShares Core 10+ Year USD Bond ETF (ILTB) at 2.50%. This indicates that RPLCX's price experiences larger fluctuations and is considered to be riskier than ILTB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RPLCX	ILTB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.67%	2.50%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	5.64%	5.54%	+0.10%
Volatility (1Y) Calculated over the trailing 1-year period	7.84%	7.88%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.65%	12.64%	-0.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.60%	11.56%	-0.96%

RPLCX vs. ILTB - Expense Ratio Comparison

RPLCX has a 0.45% expense ratio, which is higher than ILTB's 0.06% expense ratio.

Dividends

RPLCX vs. ILTB - Dividend Comparison

RPLCX's dividend yield for the trailing twelve months is around 5.36%, more than ILTB's 4.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ILTB iShares Core 10+ Year USD Bond ETF	4.96%	4.83%	4.91%	4.38%	4.31%	3.04%	3.32%	3.45%	4.13%	3.97%	3.99%	4.20%
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

Can I hold both RPLCX and ILTB in my portfolio?

With a correlation of 0.95, RPLCX and ILTB move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, RPLCX or ILTB?

RPLCX has higher volatility (2.67%) compared to ILTB (2.50%). In terms of maximum drawdown, RPLCX dropped -35.21% vs ILTB's -36.88%.

Which has better risk-adjusted returns?

RPLCX currently has the higher Sharpe Ratio (1.04 vs 0.91), 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.