TFLR vs. FIQSX

Last updated Apr 2, 2026

Compare and contrast key facts about T. Rowe Price Floating Rate ETF (TFLR) and Fidelity Advisor Floating Rate High Income Fund Class Z (FIQSX).

TFLR is an actively managed fund by T. Rowe Price. It was launched on Nov 16, 2022. FIQSX is managed by Fidelity. It was launched on Oct 2, 2018.

Performance

TFLR vs. FIQSX - 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 Z (FIQSX). The values are adjusted to include any dividend payments, if applicable.

TFLR vs. FIQSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TFLR T. Rowe Price Floating Rate ETF	-0.33%	6.57%	8.77%	12.05%	-0.41%
FIQSX Fidelity Advisor Floating Rate High Income Fund Class Z	-0.61%	5.53%	8.80%	11.71%	0.84%

Returns By Period

In the year-to-date period, TFLR achieves a -0.33% return, which is significantly higher than FIQSX's -0.61% return.

TFLR

• 1D: 0.12%
• 1M: 0.99%
• YTD: -0.33%
• 6M: 1.26%
• 1Y: 5.91%
• 3Y*: 7.90%
• 5Y*: —
• 10Y*: —

FIQSX

• 1D: 0.00%
• 1M: 0.22%
• YTD: -0.61%
• 6M: 0.79%
• 1Y: 4.71%
• 3Y*: 7.33%
• 5Y*: 5.37%
• 10Y*: —

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

TFLR vs. FIQSX - Expense Ratio Comparison

TFLR has a 0.60% expense ratio, which is lower than FIQSX's 0.62% expense ratio.

FIQSX

Fidelity Advisor Floating Rate High Income Fund Class Z

TFLR

T. Rowe Price Floating Rate ETF

Return for Risk

TFLR vs. FIQSX — Risk / Return Rank

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

TFLR

TFLR Risk / Return Rank: 69
TFLR Sharpe Ratio Rank: 60
TFLR Sortino Ratio Rank: 54
TFLR Omega Ratio Rank: 92
TFLR Calmar Ratio Rank: 62
TFLR Martin Ratio Rank: 79

FIQSX

FIQSX Risk / Return Rank: 82
FIQSX Sharpe Ratio Rank: 78
FIQSX Sortino Ratio Rank: 78
FIQSX Omega Ratio Rank: 94
FIQSX Calmar Ratio Rank: 75
FIQSX Martin Ratio Rank: 84

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. FIQSX - 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 Z (FIQSX). 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	FIQSX	Difference
Sharpe ratio Return per unit of total volatility	1.09	1.47	-0.39
Sortino ratio Return per unit of downside risk	1.47	2.06	-0.59
Omega ratio Gain probability vs. loss probability	1.41	1.49	-0.08
Calmar ratio Return relative to maximum drawdown	1.65	1.88	-0.24
Martin ratio Return relative to average drawdown	8.96	8.89	+0.06
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. FIQSX - Sharpe Ratio Comparison

The current TFLR Sharpe Ratio is 1.09, which is comparable to the FIQSX Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of TFLR and FIQSX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TFLR	FIQSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.09	1.47	-0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.90	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.11	1.02	+1.09

Correlation

The correlation between TFLR and FIQSX is 0.21, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

TFLR vs. FIQSX - Dividend Comparison

TFLR's dividend yield for the trailing twelve months is around 6.94%, more than FIQSX's 6.80% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
TFLR T. Rowe Price Floating Rate ETF	6.94%	6.93%	8.18%	7.76%	0.58%	0.00%	0.00%	0.00%	0.00%
FIQSX Fidelity Advisor Floating Rate High Income Fund Class Z	6.80%	7.47%	8.40%	7.55%	3.86%	2.79%	3.90%	5.20%	1.37%

Drawdowns

TFLR vs. FIQSX - Drawdown Comparison

The maximum TFLR drawdown since its inception was -4.01%, smaller than the maximum FIQSX drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for TFLR and FIQSX.

Drawdown Indicators

	TFLR	FIQSX	Difference
Max Drawdown Largest peak-to-trough decline	-4.01%	-22.19%	+18.18%
Max Drawdown (1Y) Largest decline over 1 year	-3.50%	-2.63%	-0.87%
Max Drawdown (5Y) Largest decline over 5 years	—	-5.86%	—
Current Drawdown Current decline from peak	-0.83%	-0.82%	-0.01%
Average Drawdown Average peak-to-trough decline	-0.22%	-1.13%	+0.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.64%	0.58%	+0.06%

Volatility

TFLR vs. FIQSX - Volatility Comparison

T. Rowe Price Floating Rate ETF (TFLR) has a higher volatility of 0.89% compared to Fidelity Advisor Floating Rate High Income Fund Class Z (FIQSX) at 0.56%. This indicates that TFLR's price experiences larger fluctuations and is considered to be riskier than FIQSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TFLR	FIQSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.89%	0.56%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	1.65%	1.62%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	5.47%	3.24%	+2.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.74%	2.84%	+0.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.74%	4.67%	-0.93%