TARBX vs. PRFRX

Last updated Jun 23, 2026

TARBX (Touchstone Ares Credit Opportunities Fund) and PRFRX (T. Rowe Price Floating Rate Fund) are both High Yield Bonds funds. Over the past 10 years, TARBX returned 4.66%/yr vs 5.50%/yr for PRFRX. At a 0.36 correlation, their price movements are largely independent. TARBX charges 0.73%/yr vs 0.75%/yr for PRFRX.

Performance

TARBX vs. PRFRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Touchstone Ares Credit Opportunities Fund (TARBX) and T. Rowe Price Floating Rate Fund (PRFRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TARBX achieves a 1.68% return, which is significantly higher than PRFRX's 0.95% return. Over the past 10 years, TARBX has underperformed PRFRX with an annualized return of 4.66%, while PRFRX has yielded a comparatively higher 5.50% annualized return.

TARBX

• 1D: 0.11%
• 1M: 0.70%
• YTD: 1.68%
• 6M: 2.19%
• 1Y: 5.48%
• 3Y*: 8.12%
• 5Y*: 4.76%
• 10Y*: 4.66%

PRFRX

• 1D: 0.00%
• 1M: 0.12%
• YTD: 0.95%
• 6M: 2.23%
• 1Y: 7.80%
• 3Y*: 9.72%
• 5Y*: 6.97%
• 10Y*: 5.50%

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

TARBX vs. PRFRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TARBX Touchstone Ares Credit Opportunities Fund	1.68%	6.43%	8.29%	13.26%	-8.37%	9.60%	4.71%	12.71%	-2.37%	0.40%
PRFRX T. Rowe Price Floating Rate Fund	0.95%	9.82%	11.04%	13.78%	-1.95%	4.60%	1.75%	8.46%	-0.08%	3.48%

Correlation

The correlation between TARBX and PRFRX is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.41
Correlation (All Time) Calculated using the full available price history since Oct 3, 2013	0.36

The correlation between TARBX and PRFRX shifts across timeframes, from 0.36 (all time) to 0.47 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

TARBX vs. PRFRX — Risk / Return Rank

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

TARBX

TARBX Risk / Return Rank: 65
TARBX Sharpe Ratio Rank: 59
TARBX Sortino Ratio Rank: 75
TARBX Omega Ratio Rank: 68
TARBX Calmar Ratio Rank: 56
TARBX Martin Ratio Rank: 65

PRFRX

PRFRX Risk / Return Rank: 96
PRFRX Sharpe Ratio Rank: 94
PRFRX Sortino Ratio Rank: 99
PRFRX Omega Ratio Rank: 98
PRFRX Calmar Ratio Rank: 95
PRFRX Martin Ratio Rank: 94

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.

TARBX vs. PRFRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Touchstone Ares Credit Opportunities Fund (TARBX) and T. Rowe Price Floating Rate Fund (PRFRX). 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.

	TARBX	PRFRX	Difference
Sharpe ratio: Return per unit of total volatility	2.09	2.96	-0.88
Sortino ratio: Return per unit of downside risk	3.29	7.51	-4.22
Omega ratio: Gain probability vs. loss probability	1.42	2.17	-0.76
Calmar ratio: Return relative to maximum drawdown	2.75	5.22	-2.47
Martin ratio: Return relative to average drawdown	11.92	19.38	-7.47

TARBX vs. PRFRX - Sharpe Ratio Comparison

The current TARBX Sharpe Ratio is 2.09, which is comparable to the PRFRX Sharpe Ratio of 2.96. The chart below compares the historical Sharpe Ratios of TARBX and PRFRX, 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

TARBX vs. PRFRX - Drawdown Comparison

The maximum TARBX drawdown since its inception was -21.48%, which is greater than PRFRX's maximum drawdown of -20.05%. Use the drawdown chart below to compare losses from any high point for TARBX and PRFRX.

Drawdown Indicators

	TARBX	PRFRX	Difference
Max Drawdown Largest peak-to-trough decline	-21.48%	-20.05%	-1.43%
Max Drawdown (1Y) Largest decline over 1 year	-2.00%	-1.50%	-0.50%
Max Drawdown (3Y) Largest decline over 3 years	-4.31%	-2.35%	-1.96%
Max Drawdown (5Y) Largest decline over 5 years	-13.60%	-5.94%	-7.66%
Max Drawdown (10Y) Largest decline over 10 years	-21.48%	-20.05%	-1.43%
Current Drawdown Current decline from peak	-0.11%	-0.44%	+0.33%
Average Drawdown Average peak-to-trough decline	-2.07%	-0.69%	-1.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.46%	0.40%	+0.06%

Volatility

TARBX vs. PRFRX - Volatility Comparison

Touchstone Ares Credit Opportunities Fund (TARBX) has a higher volatility of 0.76% compared to T. Rowe Price Floating Rate Fund (PRFRX) at 0.63%. This indicates that TARBX's price experiences larger fluctuations and is considered to be riskier than PRFRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TARBX	PRFRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.76%	0.63%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	2.15%	1.85%	+0.30%
Volatility (1Y) Calculated over the trailing 1-year period	2.64%	2.64%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.70%	2.91%	+1.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.06%	3.92%	+1.14%

TARBX vs. PRFRX - Expense Ratio Comparison

TARBX has a 0.73% expense ratio, which is lower than PRFRX's 0.75% expense ratio.

Dividends

TARBX vs. PRFRX - Dividend Comparison

TARBX's dividend yield for the trailing twelve months is around 7.75%, less than PRFRX's 9.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRFRX T. Rowe Price Floating Rate Fund	9.25%	9.99%	10.20%	9.57%	4.03%	3.86%	4.00%	4.84%	4.87%	4.04%	4.07%	4.07%
TARBX Touchstone Ares Credit Opportunities Fund	7.75%	7.28%	7.84%	7.94%	6.32%	6.40%	6.49%	3.83%	2.27%	4.45%	2.85%	1.84%

Frequently Asked Questions

Can I hold both TARBX and PRFRX in my portfolio?

TARBX and PRFRX have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TARBX or PRFRX?

TARBX has higher volatility (0.76%) compared to PRFRX (0.63%). In terms of maximum drawdown, TARBX dropped -21.48% vs PRFRX's -20.05%.

Which has better risk-adjusted returns?

PRFRX currently has the higher Sharpe Ratio (2.96 vs 2.09), 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.