TFLR vs. PFLRX
TFLR (T. Rowe Price Floating Rate ETF) and PFLRX (Putnam Floating Rate Income Fund) are both Bank Loan funds. Over the past 3 years, TFLR returned 7.75%/yr vs 5.67%/yr for PFLRX. At a 0.31 correlation, their price movements are largely independent. TFLR charges 0.60%/yr vs 1.03%/yr for PFLRX.
Performance
TFLR vs. PFLRX - Performance Comparison
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Returns By Period
TFLR
- 1D
- -0.14%
- 1M
- -0.04%
- YTD
- 1.27%
- 6M
- 1.45%
- 1Y
- 5.25%
- 3Y*
- 7.75%
- 5Y*
- —
- 10Y*
- —
PFLRX
- 1D
- 0.00%
- 1M
- 0.43%
- YTD
- -0.00%
- 6M
- 0.44%
- 1Y
- 3.15%
- 3Y*
- 5.67%
- 5Y*
- 4.03%
- 10Y*
- 3.76%
TFLR vs. PFLRX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TFLR T. Rowe Price Floating Rate ETF | 1.27% | 6.57% | 8.77% | 12.05% | -0.44% |
PFLRX Putnam Floating Rate Income Fund | -0.00% | 4.74% | 6.34% | 11.01% | 0.78% |
Correlation
The correlation between TFLR and PFLRX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2022 | 0.31 |
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Return for Risk
TFLR vs. PFLRX — Risk / Return Rank
TFLR
PFLRX
TFLR vs. PFLRX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Floating Rate ETF (TFLR) and Putnam Floating Rate Income Fund (PFLRX). 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 | PFLRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.26 | ||
| Sortino ratioReturn per unit of downside risk | +1.29 | ||
| Omega ratioGain probability vs. loss probability | 1.61 | 1.38 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.42 | 1.66 | +0.76 |
| Martin ratioReturn relative to average drawdown | 11.05 | 4.44 | +6.61 |
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Drawdowns
TFLR vs. PFLRX - Drawdown Comparison
The maximum TFLR drawdown since its inception was -4.01%, smaller than the maximum PFLRX drawdown of -32.89%. Use the drawdown chart below to compare losses from any high point for TFLR and PFLRX.
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Drawdown Indicators
| TFLR | PFLRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.01% | -32.89% | +28.88% |
Max Drawdown (1Y)Largest decline over 1 year | -2.18% | -1.98% | -0.20% |
Max Drawdown (3Y)Largest decline over 3 years | -4.01% | -3.01% | -1.00% |
Max Drawdown (5Y)Largest decline over 5 years | — | -6.95% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -20.74% | — |
Current DrawdownCurrent decline from peak | -0.20% | -0.39% | +0.19% |
Average DrawdownAverage peak-to-trough decline | -0.22% | -1.74% | +1.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 0.74% | -0.26% |
Volatility
TFLR vs. PFLRX - Volatility Comparison
The current volatility for T. Rowe Price Floating Rate ETF (TFLR) is 0.40%, while Putnam Floating Rate Income Fund (PFLRX) has a volatility of 0.67%. This indicates that TFLR experiences smaller price fluctuations and is considered to be less risky than PFLRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TFLR | PFLRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.40% | 0.67% | -0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 1.74% | 1.62% | +0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.99% | 2.37% | -0.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.65% | 2.83% | +0.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.65% | 4.02% | -0.37% |
TFLR vs. PFLRX - Expense Ratio Comparison
TFLR has a 0.60% expense ratio, which is lower than PFLRX's 1.03% expense ratio.
Dividends
TFLR vs. PFLRX - Dividend Comparison
TFLR's dividend yield for the trailing twelve months is around 6.77%, more than PFLRX's 6.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFLRX Putnam Floating Rate Income Fund | 6.30% | 6.69% | 6.25% | 7.27% | 3.48% | 2.63% | 3.10% | 4.56% | 4.54% | 3.69% | 3.71% | 4.45% |
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
TFLR and PFLRX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFLRX has higher volatility (0.67%) compared to TFLR (0.40%). In terms of maximum drawdown, TFLR dropped -4.01% vs PFLRX's -32.89%.
TFLR currently has the higher Sharpe Ratio (2.65 vs 1.39), 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.
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