RPLCX vs. RPIFX
RPLCX (T. Rowe Price Institutional Long Duration Credit Fund) and RPIFX (T. Rowe Price Institutional Floating Rate Fund) are both mutual funds - RPLCX is a Long-Term Bond fund managed by T. Rowe Price, while RPIFX is a Bank Loan fund managed by T. Rowe Price. Over the past 10 years, RPLCX returned 1.39%/yr vs 4.65%/yr for RPIFX. Their 0.14 correlation means their historical movements had little consistent relationship. RPLCX charges 0.45%/yr vs 0.57%/yr for RPIFX.
Performance
RPLCX vs. RPIFX - Performance Comparison
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Returns By Period
In the year-to-date period, RPLCX achieves a -3.01% return, which is significantly lower than RPIFX's 0.83% return. Over the past 10 years, RPLCX has underperformed RPIFX with an annualized return of 1.39%, while RPIFX has yielded a comparatively higher 4.65% annualized return.
RPLCX
- 1D
- 0.00%
- 1M
- -3.49%
- 6M
- -3.19%
- YTD
- -3.01%
- 1Y
- 0.08%
- 3Y*
- 2.38%
- 5Y*
- -4.14%
- 10Y*
- 1.39%
- ALL TIME*
- 3.23%
RPIFX
- 1D
- 0.00%
- 1M
- -0.11%
- 6M
- 0.68%
- YTD
- 0.83%
- 1Y
- 3.67%
- 3Y*
- 6.44%
- 5Y*
- 5.11%
- 10Y*
- 4.65%
- ALL TIME*
- 4.65%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
RPLCX vs. RPIFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RPLCX T. Rowe Price Institutional Long Duration Credit Fund | -3.01% | 7.65% | -1.84% | 9.05% | -27.00% | -0.19% | 16.73% | 23.72% | -6.27% | 11.03% |
RPIFX T. Rowe Price Institutional Floating Rate Fund | 0.83% | 6.71% | 8.47% | 10.13% | -1.96% | 4.67% | 2.42% | 8.82% | 0.39% | 3.78% |
Correlation
The correlation between RPLCX and RPIFX is 0.22, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.22 |
Correlation (3Y) Balances recent behavior with more history. | 0.24 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.23 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.16 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014 | 0.14 |
The correlation between RPLCX and RPIFX shifts across timeframes, from 0.14 (all time) to 0.24 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
RPLCX vs. RPIFX — Risk / Return Rank
RPLCX
RPIFX
RPLCX vs. RPIFX - 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 Institutional Floating Rate Fund (RPIFX). 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 | RPIFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.45 | ||
| Sortino ratioReturn per unit of downside risk | -3.25 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.51 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | 0.22 | 2.49 | -2.26 |
| Martin ratioReturn relative to average drawdown | 0.53 | 8.11 | -7.58 |
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Drawdowns
RPLCX vs. RPIFX - Drawdown Comparison
The maximum RPLCX drawdown since its inception was -35.21%, which is greater than RPIFX's maximum drawdown of -25.10%. Use the drawdown chart below to compare losses from any high point for RPLCX and RPIFX.
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Drawdown Indicators
| RPLCX | RPIFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.21% | -25.10% | -10.11% |
Max Drawdown (1Y)Largest decline over 1 year | -5.21% | -1.44% | -3.77% |
Max Drawdown (3Y)Largest decline over 3 years | -10.43% | -2.28% | -8.15% |
Max Drawdown (5Y)Largest decline over 5 years | -35.21% | -5.90% | -29.31% |
Max Drawdown (10Y)Largest decline over 10 years | -35.21% | -19.67% | -15.54% |
Current DrawdownCurrent decline from peak | -19.99% | -0.39% | -19.60% |
Average DrawdownAverage peak-to-trough decline | -10.22% | -1.33% | -8.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.18% | 0.44% | +1.74% |
Volatility
RPLCX vs. RPIFX - Volatility Comparison
T. Rowe Price Institutional Long Duration Credit Fund (RPLCX) has a higher volatility of 1.96% compared to T. Rowe Price Institutional Floating Rate Fund (RPIFX) at 0.33%. This indicates that RPLCX's price experiences larger fluctuations and is considered to be riskier than RPIFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RPLCX | RPIFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.96% | 0.33% | +1.63% |
Volatility (6M)Calculated over the trailing 6-month period | 5.80% | 1.69% | +4.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.73% | 2.33% | +5.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.61% | 2.76% | +8.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.58% | 3.79% | +6.79% |
RPLCX vs. RPIFX - Expense Ratio Comparison
RPLCX has a 0.45% expense ratio, which is lower than RPIFX's 0.57% expense ratio.
Dividends
RPLCX vs. RPIFX - Dividend Comparison
RPLCX's dividend yield for the trailing twelve months is around 4.65%, less than RPIFX's 5.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RPIFX T. Rowe Price Institutional Floating Rate Fund | 5.80% | 7.22% | 7.77% | 6.53% | 4.12% | 3.94% | 4.29% | 5.12% | 5.16% | 4.32% | 4.31% | 4.45% |
RPLCX T. Rowe Price Institutional Long Duration Credit Fund | 4.65% | 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 RPIFX have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RPLCX has higher volatility (1.96%) compared to RPIFX (0.33%). In terms of maximum drawdown, RPLCX dropped -35.21% vs RPIFX's -25.10%.
RPIFX currently has the higher Sharpe Ratio (1.60 vs 0.15), 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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