TFLR vs. FFRCX

Last updated Jun 4, 2026

TFLR (T. Rowe Price Floating Rate ETF) and FFRCX (Fidelity Advisor Floating Rate High Income Fund Class C) are both funds - TFLR is a Bank Loan fund actively managed by T. Rowe Price, while FFRCX is a High Yield Bonds fund managed by Fidelity. Over the past 3 years, TFLR returned 8.12%/yr vs 6.35%/yr for FFRCX. At a 0.23 correlation, their price movements are largely independent. TFLR charges 0.60%/yr vs 1.73%/yr for FFRCX.

Performance

TFLR vs. FFRCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Floating Rate ETF (TFLR) and Fidelity Advisor Floating Rate High Income Fund Class C (FFRCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TFLR achieves a 1.39% return, which is significantly lower than FFRCX's 1.61% return.

TFLR

• 1D: -0.06%
• 1M: 0.34%
• YTD: 1.39%
• 6M: 2.07%
• 1Y: 5.72%
• 3Y*: 8.12%
• 5Y*: —
• 10Y*: —

FFRCX

• 1D: -0.11%
• 1M: 0.69%
• YTD: 1.61%
• 6M: 2.04%
• 1Y: 5.03%
• 3Y*: 6.35%
• 5Y*: 4.34%
• 10Y*: 3.85%

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

TFLR vs. FFRCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TFLR T. Rowe Price Floating Rate ETF	1.39%	6.57%	8.77%	12.05%	-0.41%
FFRCX Fidelity Advisor Floating Rate High Income Fund Class C	1.61%	4.38%	6.18%	10.70%	0.54%

Correlation

The correlation between TFLR and FFRCX is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (All Time) Calculated using the full available price history since Nov 18, 2022	0.23

Return for Risk

TFLR vs. FFRCX — Risk / Return Rank

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

TFLR

TFLR Risk / Return Rank: 78
TFLR Sharpe Ratio Rank: 86
TFLR Sortino Ratio Rank: 90
TFLR Omega Ratio Rank: 94
TFLR Calmar Ratio Rank: 53
TFLR Martin Ratio Rank: 65

FFRCX

FFRCX Risk / Return Rank: 81
FFRCX Sharpe Ratio Rank: 64
FFRCX Sortino Ratio Rank: 95
FFRCX Omega Ratio Rank: 95
FFRCX Calmar Ratio Rank: 82
FFRCX Martin Ratio Rank: 68

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.

TFLR vs. FFRCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Floating Rate ETF (TFLR) and Fidelity Advisor Floating Rate High Income Fund Class C (FFRCX). 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.

	TFLR	FFRCX	Difference
Sharpe ratio: Return per unit of total volatility	2.91	2.35	+0.55
Sortino ratio: Return per unit of downside risk	4.33	5.03	-0.70
Omega ratio: Gain probability vs. loss probability	1.68	1.78	-0.10
Calmar ratio: Return relative to maximum drawdown	2.64	3.79	-1.15
Martin ratio: Return relative to average drawdown	12.12	13.18	-1.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TFLR vs. FFRCX - Sharpe Ratio Comparison

The current TFLR Sharpe Ratio is 2.91, which is comparable to the FFRCX Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of TFLR and FFRCX, 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

	TFLR	FFRCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.91	2.35	+0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.61	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.96	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.18	0.99	+1.19

Drawdowns

TFLR vs. FFRCX - Drawdown Comparison

The maximum TFLR drawdown since its inception was -4.01%, smaller than the maximum FFRCX drawdown of -22.31%. Use the drawdown chart below to compare losses from any high point for TFLR and FFRCX.

Drawdown Indicators

	TFLR	FFRCX	Difference
Max Drawdown Largest peak-to-trough decline	-4.01%	-22.31%	+18.30%
Max Drawdown (1Y) Largest decline over 1 year	-2.18%	-1.33%	-0.85%
Max Drawdown (3Y) Largest decline over 3 years	-4.01%	-3.37%	-0.64%
Max Drawdown (5Y) Largest decline over 5 years	—	-6.30%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-22.31%	—
Current Drawdown Current decline from peak	-0.08%	-0.11%	+0.03%
Average Drawdown Average peak-to-trough decline	-0.21%	-1.12%	+0.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	0.38%	+0.09%

Volatility

TFLR vs. FFRCX - Volatility Comparison

The current volatility for T. Rowe Price Floating Rate ETF (TFLR) is 0.41%, while Fidelity Advisor Floating Rate High Income Fund Class C (FFRCX) has a volatility of 0.53%. This indicates that TFLR experiences smaller price fluctuations and is considered to be less risky than FFRCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TFLR	FFRCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.41%	0.53%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	1.73%	1.52%	+0.21%
Volatility (1Y) Calculated over the trailing 1-year period	1.98%	2.15%	-0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.68%	2.70%	+0.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.68%	4.02%	-0.34%

TFLR vs. FFRCX - Expense Ratio Comparison

TFLR has a 0.60% expense ratio, which is lower than FFRCX's 1.73% expense ratio.

Dividends

TFLR vs. FFRCX - Dividend Comparison

TFLR's dividend yield for the trailing twelve months is around 6.77%, more than FFRCX's 6.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFRCX Fidelity Advisor Floating Rate High Income Fund Class C	6.03%	6.37%	6.09%	6.56%	2.98%	1.86%	2.83%	4.11%	3.64%	3.02%	3.35%	2.70%
TFLR T. Rowe Price Floating Rate ETF	6.77%	6.93%	8.18%	7.76%	0.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TFLR and FFRCX in my portfolio?

TFLR and FFRCX have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TFLR or FFRCX?

FFRCX has higher volatility (0.53%) compared to TFLR (0.41%). In terms of maximum drawdown, TFLR dropped -4.01% vs FFRCX's -22.31%.

Which has better risk-adjusted returns?

TFLR currently has the higher Sharpe Ratio (2.91 vs 2.35), 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.