TFLR vs. FIQSX

Last updated Aug 2, 2026

TFLR (T. Rowe Price Floating Rate ETF) and FIQSX (Fidelity Advisor Floating Rate High Income Fund Class Z) are both funds - TFLR is a Bank Loan fund actively managed by T. Rowe Price, while FIQSX is a High Yield Bonds fund managed by Fidelity. Over the past 3 years, TFLR returned 7.41%/yr vs 6.83%/yr for FIQSX. Their 0.22 correlation means their historical movements had little consistent relationship. TFLR charges 0.60%/yr vs 0.62%/yr for FIQSX.

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.

Returns By Period

In the year-to-date period, TFLR achieves a 1.99% return, which is significantly lower than FIQSX's 2.17% return.

TFLR

• 1D: 0.03%
• 1M: 0.68%
• 6M: 2.03%
• YTD: 1.99%
• 1Y: 4.96%
• 3Y*: 7.41%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.77%

FIQSX

• 1D: 0.00%
• 1M: 0.11%
• 6M: 2.03%
• YTD: 2.17%
• 1Y: 4.99%
• 3Y*: 6.83%
• 5Y*: 5.68%
• 10Y*: —
• ALL TIME*: 4.89%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FIQSX Fidelity Advisor Floating Rate High Income Fund Class Z	$0.00	$0.00	$0.00
TFLR T. Rowe Price Floating Rate ETF	$4.35M	$3.87M	$3.99M

TFLR vs. FIQSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TFLR T. Rowe Price Floating Rate ETF	1.99%	6.57%	8.77%	12.05%	-0.44%
FIQSX Fidelity Advisor Floating Rate High Income Fund Class Z	2.17%	5.53%	8.80%	11.71%	0.62%

Correlation

The correlation between TFLR and FIQSX is 0.31, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.31
Correlation (3Y) Balances recent behavior with more history.	0.20
Correlation (All Time) Calculated using the full available price history since Nov 17, 2022	0.22

The correlation between TFLR and FIQSX shifts across timeframes, from 0.20 (3 years) to 0.31 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

TFLR vs. FIQSX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TFLR

TFLR Risk / Return Rank: 85
TFLR Sharpe Ratio Rank: 92
TFLR Sortino Ratio Rank: 93
TFLR Omega Ratio Rank: 95
TFLR Calmar Ratio Rank: 64
TFLR Martin Ratio Rank: 79

FIQSX

FIQSX Risk / Return Rank: 96
FIQSX Sharpe Ratio Rank: 92
FIQSX Sortino Ratio Rank: 98
FIQSX Omega Ratio Rank: 98
FIQSX Calmar Ratio Rank: 96
FIQSX Martin Ratio Rank: 94

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

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.

	TFLR	FIQSX	Difference
Sharpe ratio: Return per unit of total volatility	2.40	2.38	+0.02
Sortino ratio: Return per unit of downside risk	3.56	5.42	-1.86
Omega ratio: Gain probability vs. loss probability	1.54	1.85	-0.31
Calmar ratio: Return relative to maximum drawdown	2.22	4.57	-2.35
Martin ratio: Return relative to average drawdown	10.10	14.74	-4.64

TFLR vs. FIQSX - Sharpe Ratio Comparison

The current TFLR Sharpe Ratio is 2.40, which is comparable to the FIQSX Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of TFLR and FIQSX, 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

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	-2.18%	-1.19%	-0.99%
Max Drawdown (3Y) Largest decline over 3 years	-4.01%	-3.18%	-0.83%
Max Drawdown (5Y) Largest decline over 5 years	—	-5.86%	—
Current Drawdown Current decline from peak	-0.06%	-0.11%	+0.05%
Average Drawdown Average peak-to-trough decline	-0.21%	-1.09%	+0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	0.37%	+0.11%

Volatility

TFLR vs. FIQSX - Volatility Comparison

T. Rowe Price Floating Rate ETF (TFLR) has a higher volatility of 0.48% compared to Fidelity Advisor Floating Rate High Income Fund Class Z (FIQSX) at 0.33%. 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	0.48%	0.33%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	1.77%	1.63%	+0.14%
Volatility (1Y) Calculated over the trailing 1-year period	2.01%	2.28%	-0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.61%	2.89%	+0.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.61%	4.60%	-0.99%

TFLR vs. FIQSX - Expense Ratio Comparison

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

Dividends

TFLR vs. FIQSX - Dividend Comparison

TFLR's dividend yield for the trailing twelve months is around 6.67%, more than FIQSX's 6.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FIQSX Fidelity Advisor Floating Rate High Income Fund Class Z	6.44%	7.47%	8.40%	7.55%	3.86%	2.79%	3.90%	5.20%	1.37%
TFLR T. Rowe Price Floating Rate ETF	6.67%	6.93%	8.18%	7.76%	0.58%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TFLR and FIQSX in my portfolio?

TFLR and FIQSX have a correlation of 0.31, 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 FIQSX?

TFLR has higher volatility (0.48%) compared to FIQSX (0.33%). In terms of maximum drawdown, TFLR dropped -4.01% vs FIQSX's -22.19%.

Which has better risk-adjusted returns?

TFLR currently has the higher Sharpe Ratio (2.40 vs 2.38), 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.