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TFLR vs. PRCOX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TFLR vs. PRCOX

Last updated Jun 13, 2026

TFLR (T. Rowe Price Floating Rate ETF) and PRCOX (T. Rowe Price U.S. Equity Research Fund) are both funds - TFLR is a Bank Loan fund actively managed by T. Rowe Price, while PRCOX is a Large Cap Blend Equities fund actively managed by T. Rowe Price. Both are actively managed. Over the past 3 years, TFLR returned 7.84%/yr vs 21.59%/yr for PRCOX. At a 0.50 correlation, their price movements are largely independent. TFLR charges 0.60%/yr vs 0.42%/yr for PRCOX.

Performance

TFLR vs. PRCOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Floating Rate ETF (TFLR) and T. Rowe Price U.S. Equity Research Fund (PRCOX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TFLR achieves a 1.17% return, which is significantly lower than PRCOX's 8.95% return.

TFLR

1D
0.00%
1M
-0.07%
YTD
1.17%
6M
1.49%
1Y
5.24%
3Y*
7.84%
5Y*
—
10Y*
—

PRCOX

1D
1.88%
1M
-0.83%
YTD
8.95%
6M
9.41%
1Y
23.40%
3Y*
21.59%
5Y*
13.80%
10Y*
15.99%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TFLR vs. PRCOX - Yearly Performance Comparison

2026 (YTD)2025202420232022
TFLR
T. Rowe Price Floating Rate ETF		1.17%6.57%8.77%12.05%-0.44%
PRCOX
T. Rowe Price U.S. Equity Research Fund		8.95%16.34%26.41%29.82%-2.73%

Correlation

The correlation between TFLR and PRCOX is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.46

Correlation (3Y)
Calculated over the trailing 3-year period

0.45

Correlation (All Time)
Calculated using the full available price history since Nov 17, 2022

0.50

Compare stocks, funds, or ETFs

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T. Rowe Price Floating Rate ETF

T. Rowe Price U.S. Equity Research Fund

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Often compared with PRCOX:
PRCOX vs. SWPPXPRCOX vs. PRWAXPRCOX vs. PRDGXPRCOX vs. PRBLXPRCOX vs. VTCLXPRCOX vs. TRBUXPRCOX vs. ^GSPC

Return for Risk

TFLR vs. PRCOX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TFLR
TFLR Risk / Return Rank: 8080
Overall Rank
TFLR Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
TFLR Sortino Ratio Rank: 9292
Sortino Ratio Rank
TFLR Omega Ratio Rank: 9494
Omega Ratio Rank
TFLR Calmar Ratio Rank: 5555
Calmar Ratio Rank
TFLR Martin Ratio Rank: 6969
Martin Ratio Rank
PRCOX
PRCOX Risk / Return Rank: 7070
Overall Rank
PRCOX Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
PRCOX Sortino Ratio Rank: 6666
Sortino Ratio Rank
PRCOX Omega Ratio Rank: 6565
Omega Ratio Rank
PRCOX Calmar Ratio Rank: 6868
Calmar Ratio Rank
PRCOX Martin Ratio Rank: 8080
Martin Ratio Rank
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. PRCOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Floating Rate ETF (TFLR) and T. Rowe Price U.S. Equity Research Fund (PRCOX). 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.

TFLRPRCOXDifference
Sharpe ratioReturn per unit of total volatility
2.65
1.93

+0.73

Sortino ratioReturn per unit of downside risk
3.92
2.65

+1.27

Omega ratioGain probability vs. loss probability

1.61

1.35

+0.26

Calmar ratioReturn relative to maximum drawdown

2.42

2.59

-0.17

Martin ratioReturn relative to average drawdown

11.04

11.74

-0.69

TFLR vs. PRCOX - Sharpe Ratio Comparison

The current TFLR Sharpe Ratio is 2.65, which is higher than the PRCOX Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of TFLR and PRCOX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

TFLR vs. PRCOX - Drawdown Comparison

The maximum TFLR drawdown since its inception was -4.01%, smaller than the maximum PRCOX drawdown of -53.96%. Use the drawdown chart below to compare losses from any high point for TFLR and PRCOX.

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Drawdown Indicators

TFLRPRCOXDifference

Max Drawdown

Largest peak-to-trough decline

-4.01%

-53.96%

+49.95%

Max Drawdown (1Y)

Largest decline over 1 year

-2.18%

-9.32%

+7.14%

Max Drawdown (3Y)

Largest decline over 3 years

-4.01%

-19.39%

+15.38%

Max Drawdown (5Y)

Largest decline over 5 years

—

-24.94%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-34.42%

—

Current Drawdown

Current decline from peak

-0.30%

-2.79%

+2.49%

Average Drawdown

Average peak-to-trough decline

-0.22%

-9.17%

+8.95%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.48%

2.04%

-1.56%

Volatility

TFLR vs. PRCOX - Volatility Comparison

The current volatility for T. Rowe Price Floating Rate ETF (TFLR) is 0.43%, while T. Rowe Price U.S. Equity Research Fund (PRCOX) has a volatility of 4.69%. This indicates that TFLR experiences smaller price fluctuations and is considered to be less risky than PRCOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TFLRPRCOXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.43%

4.69%

-4.26%

Volatility (6M)

Calculated over the trailing 6-month period

1.73%

10.17%

-8.44%

Volatility (1Y)

Calculated over the trailing 1-year period

1.98%

12.51%

-10.53%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.66%

17.42%

-13.76%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.66%

18.39%

-14.73%

TFLR vs. PRCOX - Expense Ratio Comparison

TFLR has a 0.60% expense ratio, which is higher than PRCOX's 0.42% expense ratio.

Dividends

TFLR vs. PRCOX - Dividend Comparison

TFLR's dividend yield for the trailing twelve months is around 6.78%, more than PRCOX's 1.08% yield.

PositionTTM20252024202320222021202020192018201720162015
PRCOX
T. Rowe Price U.S. Equity Research Fund		1.08%1.17%0.64%1.17%1.28%3.71%1.04%1.39%5.60%7.02%7.28%8.76%
TFLR
T. Rowe Price Floating Rate ETF		6.78%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 PRCOX have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PRCOX has higher volatility (4.69%) compared to TFLR (0.43%). In terms of maximum drawdown, TFLR dropped -4.01% vs PRCOX's -53.96%.

TFLR currently has the higher Sharpe Ratio (2.65 vs 1.93), 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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