TFAIX vs. PYFRX

Last updated Jun 4, 2026

TFAIX (T. Rowe Price Floating Rate Fund Class I) and PYFRX (Payden Floating Rate Fund) are both Bank Loan funds. Over the past 5 years, TFAIX returned 5.57%/yr vs 6.25%/yr for PYFRX. A 0.54 correlation means they provide meaningful diversification when combined. TFAIX charges 0.63%/yr vs 0.70%/yr for PYFRX.

Performance

TFAIX vs. PYFRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Floating Rate Fund Class I (TFAIX) and Payden Floating Rate Fund (PYFRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with TFAIX having a 1.45% return and PYFRX slightly higher at 1.52%.

TFAIX

• 1D: 0.00%
• 1M: 0.46%
• YTD: 1.45%
• 6M: 2.16%
• 1Y: 5.77%
• 3Y*: 8.22%
• 5Y*: 5.57%
• 10Y*: —

PYFRX

• 1D: 0.00%
• 1M: 0.41%
• YTD: 1.52%
• 6M: 2.11%
• 1Y: 6.44%
• 3Y*: 8.51%
• 5Y*: 6.25%
• 10Y*: 5.02%

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

TFAIX vs. PYFRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TFAIX T. Rowe Price Floating Rate Fund Class I	1.45%	6.61%	9.06%	10.85%	-1.85%	4.73%	1.88%	8.71%	0.06%	3.39%
PYFRX Payden Floating Rate Fund	1.52%	6.61%	8.90%	12.86%	0.27%	3.93%	1.72%	8.49%	0.31%	2.72%

Correlation

The correlation between TFAIX and PYFRX is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.54

The correlation between TFAIX and PYFRX shifts across timeframes, from 0.45 (3 years) to 0.59 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

TFAIX vs. PYFRX — Risk / Return Rank

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

TFAIX

TFAIX Risk / Return Rank: 84
TFAIX Sharpe Ratio Rank: 70
TFAIX Sortino Ratio Rank: 97
TFAIX Omega Ratio Rank: 96
TFAIX Calmar Ratio Rank: 81
TFAIX Martin Ratio Rank: 75

PYFRX

PYFRX Risk / Return Rank: 98
PYFRX Sharpe Ratio Rank: 99
PYFRX Sortino Ratio Rank: 99
PYFRX Omega Ratio Rank: 99
PYFRX Calmar Ratio Rank: 97
PYFRX Martin Ratio Rank: 97

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.

TFAIX vs. PYFRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Floating Rate Fund Class I (TFAIX) and Payden Floating Rate Fund (PYFRX). 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.

	TFAIX	PYFRX	Difference
Sharpe ratio Return per unit of total volatility	2.45	5.34	-2.89
Sortino ratio Return per unit of downside risk	5.72	9.61	-3.89
Omega ratio Gain probability vs. loss probability	1.89	2.96	-1.06
Calmar ratio Return relative to maximum drawdown	3.70	6.81	-3.10
Martin ratio Return relative to average drawdown	14.23	28.58	-14.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TFAIX vs. PYFRX - Sharpe Ratio Comparison

The current TFAIX Sharpe Ratio is 2.45, which is lower than the PYFRX Sharpe Ratio of 5.34. The chart below compares the historical Sharpe Ratios of TFAIX and PYFRX, 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

	TFAIX	PYFRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.45	5.34	-2.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.01	3.23	-1.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.39	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.19	1.39	-0.20

Drawdowns

TFAIX vs. PYFRX - Drawdown Comparison

The maximum TFAIX drawdown since its inception was -19.93%, roughly equal to the maximum PYFRX drawdown of -20.18%. Use the drawdown chart below to compare losses from any high point for TFAIX and PYFRX.

Drawdown Indicators

	TFAIX	PYFRX	Difference
Max Drawdown Largest peak-to-trough decline	-19.93%	-20.18%	+0.25%
Max Drawdown (1Y) Largest decline over 1 year	-1.59%	-0.97%	-0.62%
Max Drawdown (3Y) Largest decline over 3 years	-2.34%	-2.66%	+0.32%
Max Drawdown (5Y) Largest decline over 5 years	-5.88%	-4.80%	-1.08%
Max Drawdown (10Y) Largest decline over 10 years	—	-20.18%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.78%	-0.59%	-0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.41%	0.23%	+0.18%

Volatility

TFAIX vs. PYFRX - Volatility Comparison

T. Rowe Price Floating Rate Fund Class I (TFAIX) has a higher volatility of 0.63% compared to Payden Floating Rate Fund (PYFRX) at 0.33%. This indicates that TFAIX's price experiences larger fluctuations and is considered to be riskier than PYFRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TFAIX	PYFRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.63%	0.33%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	1.82%	1.02%	+0.80%
Volatility (1Y) Calculated over the trailing 1-year period	2.41%	1.23%	+1.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.79%	1.95%	+0.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.94%	3.62%	+0.32%

TFAIX vs. PYFRX - Expense Ratio Comparison

TFAIX has a 0.63% expense ratio, which is lower than PYFRX's 0.70% expense ratio.

Dividends

TFAIX vs. PYFRX - Dividend Comparison

TFAIX's dividend yield for the trailing twelve months is around 6.95%, less than PYFRX's 7.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PYFRX Payden Floating Rate Fund	7.04%	7.55%	8.88%	8.35%	5.08%	2.94%	3.19%	4.45%	4.22%	3.30%	3.53%	3.17%
TFAIX T. Rowe Price Floating Rate Fund Class I	6.95%	7.14%	8.30%	7.12%	4.13%	3.98%	4.12%	4.97%	5.01%	4.15%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TFAIX and PYFRX in my portfolio?

TFAIX and PYFRX have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TFAIX or PYFRX?

TFAIX has higher volatility (0.63%) compared to PYFRX (0.33%). In terms of maximum drawdown, TFAIX dropped -19.93% vs PYFRX's -20.18%.

Which has better risk-adjusted returns?

PYFRX currently has the higher Sharpe Ratio (5.34 vs 2.45), 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.