RPLCX vs. PRDGX

Last updated Jul 11, 2026

RPLCX (T. Rowe Price Institutional Long Duration Credit Fund) and PRDGX (T. Rowe Price Dividend Growth Fund, Inc.) are both mutual funds - RPLCX is a Long-Term Bond fund managed by T. Rowe Price, while PRDGX is a Large Cap Blend Equities fund actively managed by T. Rowe Price. Over the past 10 years, RPLCX returned 1.58%/yr vs 12.86%/yr for PRDGX. At a correlation of -0.03, they often move in opposite directions. RPLCX charges 0.45%/yr vs 0.64%/yr for PRDGX.

Performance

RPLCX vs. PRDGX - 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 T. Rowe Price Dividend Growth Fund, Inc. (PRDGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RPLCX achieves a -0.58% return, which is significantly lower than PRDGX's 10.28% return. Over the past 10 years, RPLCX has underperformed PRDGX with an annualized return of 1.58%, while PRDGX has yielded a comparatively higher 12.86% annualized return.

RPLCX

• 1D: 0.14%
• 1M: -0.89%
• 6M: -0.84%
• YTD: -0.58%
• 1Y: 5.29%
• 3Y*: 3.96%
• 5Y*: -3.36%
• 10Y*: 1.58%

PRDGX

• 1D: 0.36%
• 1M: 1.89%
• 6M: 8.02%
• YTD: 10.28%
• 1Y: 17.27%
• 3Y*: 15.64%
• 5Y*: 10.06%
• 10Y*: 12.86%

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

RPLCX vs. PRDGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RPLCX T. Rowe Price Institutional Long Duration Credit Fund	-0.58%	7.65%	-1.84%	9.05%	-27.00%	-0.19%	16.73%	23.72%	-6.27%	11.03%
PRDGX T. Rowe Price Dividend Growth Fund, Inc.	10.28%	14.74%	13.48%	13.68%	-10.22%	26.03%	13.92%	31.76%	-1.06%	18.89%

Correlation

The correlation between RPLCX and PRDGX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (10Y) Calculated over the trailing 10-year period	0.06
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014	-0.03

The correlation between RPLCX and PRDGX shifts across timeframes, from -0.03 (all time) to 0.34 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

RPLCX vs. PRDGX — Risk / Return Rank

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

RPLCX

RPLCX Risk / Return Rank: 11
RPLCX Sharpe Ratio Rank: 10
RPLCX Sortino Ratio Rank: 10
RPLCX Omega Ratio Rank: 9
RPLCX Calmar Ratio Rank: 13
RPLCX Martin Ratio Rank: 11

PRDGX

PRDGX Risk / Return Rank: 62
PRDGX Sharpe Ratio Rank: 64
PRDGX Sortino Ratio Rank: 64
PRDGX Omega Ratio Rank: 59
PRDGX Calmar Ratio Rank: 58
PRDGX Martin Ratio Rank: 64

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. PRDGX - 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 T. Rowe Price Dividend Growth Fund, Inc. (PRDGX). 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	PRDGX	Difference
Sharpe ratio: Return per unit of total volatility	0.56	1.76	-1.20
Sortino ratio: Return per unit of downside risk	0.86	2.52	-1.65
Omega ratio: Gain probability vs. loss probability	1.10	1.31	-0.21
Calmar ratio: Return relative to maximum drawdown	0.83	2.34	-1.51
Martin ratio: Return relative to average drawdown	2.22	9.65	-7.42

RPLCX vs. PRDGX - Sharpe Ratio Comparison

The current RPLCX Sharpe Ratio is 0.56, which is lower than the PRDGX Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of RPLCX and PRDGX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

RPLCX vs. PRDGX - Drawdown Comparison

The maximum RPLCX drawdown since its inception was -35.21%, smaller than the maximum PRDGX drawdown of -49.79%. Use the drawdown chart below to compare losses from any high point for RPLCX and PRDGX.

Drawdown Indicators

	RPLCX	PRDGX	Difference
Max Drawdown Largest peak-to-trough decline	-35.21%	-49.79%	+14.58%
Max Drawdown (1Y) Largest decline over 1 year	-5.19%	-7.34%	+2.15%
Max Drawdown (3Y) Largest decline over 3 years	-13.32%	-14.15%	+0.83%
Max Drawdown (5Y) Largest decline over 5 years	-35.21%	-19.31%	-15.90%
Max Drawdown (10Y) Largest decline over 10 years	-35.21%	-33.18%	-2.03%
Current Drawdown Current decline from peak	-17.98%	-0.32%	-17.66%
Average Drawdown Average peak-to-trough decline	-10.18%	-5.40%	-4.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.94%	1.78%	+0.16%

Volatility

RPLCX vs. PRDGX - Volatility Comparison

The current volatility for T. Rowe Price Institutional Long Duration Credit Fund (RPLCX) is 2.34%, while T. Rowe Price Dividend Growth Fund, Inc. (PRDGX) has a volatility of 2.50%. This indicates that RPLCX experiences smaller price fluctuations and is considered to be less risky than PRDGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RPLCX	PRDGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.34%	2.50%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	5.81%	7.63%	-1.82%
Volatility (1Y) Calculated over the trailing 1-year period	7.74%	9.78%	-2.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.62%	14.05%	-2.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.58%	15.81%	-5.23%

RPLCX vs. PRDGX - Expense Ratio Comparison

RPLCX has a 0.45% expense ratio, which is lower than PRDGX's 0.64% expense ratio.

Dividends

RPLCX vs. PRDGX - Dividend Comparison

RPLCX's dividend yield for the trailing twelve months is around 5.00%, less than PRDGX's 7.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRDGX T. Rowe Price Dividend Growth Fund, Inc.	7.34%	8.02%	4.66%	2.78%	3.81%	2.00%	1.03%	2.33%	3.67%	1.82%	3.07%	7.57%
RPLCX T. Rowe Price Institutional Long Duration Credit Fund	5.00%	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 PRDGX in my portfolio?

RPLCX and PRDGX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RPLCX or PRDGX?

PRDGX has higher volatility (2.50%) compared to RPLCX (2.34%). In terms of maximum drawdown, RPLCX dropped -35.21% vs PRDGX's -49.79%.

Which has better risk-adjusted returns?

PRDGX currently has the higher Sharpe Ratio (1.76 vs 0.56), 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.