TFLR vs. RPIDX

Last updated Jun 9, 2026

TFLR (T. Rowe Price Floating Rate ETF) and RPIDX (T. Rowe Price Dynamic Credit Fund) are both funds - TFLR is a Bank Loan fund actively managed by T. Rowe Price, while RPIDX is a Nontraditional Bonds fund managed by T. Rowe Price. Over the past 3 years, TFLR returned 7.92%/yr vs 7.87%/yr for RPIDX. At a correlation of -0.01, they often move in opposite directions. TFLR charges 0.60%/yr vs 0.63%/yr for RPIDX.

Performance

TFLR vs. RPIDX - 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 Dynamic Credit Fund (RPIDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TFLR achieves a 1.17% return, which is significantly higher than RPIDX's 0.51% return.

TFLR

• 1D: -0.04%
• 1M: -0.10%
• YTD: 1.17%
• 6M: 1.64%
• 1Y: 5.31%
• 3Y*: 7.92%
• 5Y*: —
• 10Y*: —

RPIDX

• 1D: 0.23%
• 1M: -0.05%
• YTD: 0.51%
• 6M: 1.56%
• 1Y: 7.39%
• 3Y*: 7.87%
• 5Y*: 4.43%
• 10Y*: —

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

TFLR vs. RPIDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TFLR T. Rowe Price Floating Rate ETF	1.17%	6.57%	8.77%	12.05%	-0.41%
RPIDX T. Rowe Price Dynamic Credit Fund	0.51%	9.74%	9.92%	4.72%	2.61%

Correlation

The correlation between TFLR and RPIDX is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.16
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Nov 18, 2022	-0.01

The correlation between TFLR and RPIDX shifts across timeframes, from -0.16 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TFLR vs. RPIDX — Risk / Return Rank

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

TFLR

TFLR Risk / Return Rank: 79
TFLR Sharpe Ratio Rank: 89
TFLR Sortino Ratio Rank: 91
TFLR Omega Ratio Rank: 94
TFLR Calmar Ratio Rank: 55
TFLR Martin Ratio Rank: 67

RPIDX

RPIDX Risk / Return Rank: 84
RPIDX Sharpe Ratio Rank: 66
RPIDX Sortino Ratio Rank: 91
RPIDX Omega Ratio Rank: 83
RPIDX Calmar Ratio Rank: 95
RPIDX Martin Ratio Rank: 83

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. RPIDX - 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 Dynamic Credit Fund (RPIDX). 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	RPIDX	Difference
Sharpe ratio: Return per unit of total volatility	2.70	2.26	+0.44
Sortino ratio: Return per unit of downside risk	3.99	4.36	-0.37
Omega ratio: Gain probability vs. loss probability	1.62	1.54	+0.08
Calmar ratio: Return relative to maximum drawdown	2.45	5.62	-3.17
Martin ratio: Return relative to average drawdown	11.23	14.72	-3.49
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. RPIDX - Sharpe Ratio Comparison

The current TFLR Sharpe Ratio is 2.70, which is comparable to the RPIDX Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of TFLR and RPIDX, 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	RPIDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.70	2.26	+0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.16	1.12	+1.04

Drawdowns

TFLR vs. RPIDX - Drawdown Comparison

The maximum TFLR drawdown since its inception was -4.01%, smaller than the maximum RPIDX drawdown of -19.95%. Use the drawdown chart below to compare losses from any high point for TFLR and RPIDX.

Drawdown Indicators

	TFLR	RPIDX	Difference
Max Drawdown Largest peak-to-trough decline	-4.01%	-19.95%	+15.94%
Max Drawdown (1Y) Largest decline over 1 year	-2.18%	-1.34%	-0.84%
Max Drawdown (3Y) Largest decline over 3 years	-4.01%	-3.17%	-0.84%
Max Drawdown (5Y) Largest decline over 5 years	—	-7.31%	—
Current Drawdown Current decline from peak	-0.30%	-0.51%	+0.21%
Average Drawdown Average peak-to-trough decline	-0.21%	-1.87%	+1.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	0.51%	-0.04%

Volatility

TFLR vs. RPIDX - Volatility Comparison

The current volatility for T. Rowe Price Floating Rate ETF (TFLR) is 0.46%, while T. Rowe Price Dynamic Credit Fund (RPIDX) has a volatility of 0.70%. This indicates that TFLR experiences smaller price fluctuations and is considered to be less risky than RPIDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TFLR	RPIDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.46%	0.70%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	1.74%	2.57%	-0.83%
Volatility (1Y) Calculated over the trailing 1-year period	1.98%	3.34%	-1.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.67%	3.83%	-0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.67%	4.79%	-1.12%

TFLR vs. RPIDX - Expense Ratio Comparison

TFLR has a 0.60% expense ratio, which is lower than RPIDX's 0.63% expense ratio.

Dividends

TFLR vs. RPIDX - Dividend Comparison

TFLR's dividend yield for the trailing twelve months is around 6.78%, less than RPIDX's 9.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
RPIDX T. Rowe Price Dynamic Credit Fund	9.89%	9.91%	9.20%	6.64%	7.97%	5.34%	7.14%	4.41%
TFLR T. Rowe Price Floating Rate ETF	6.78%	6.93%	8.18%	7.76%	0.58%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TFLR and RPIDX in my portfolio?

TFLR and RPIDX have a correlation of -0.16, 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 RPIDX?

RPIDX has higher volatility (0.70%) compared to TFLR (0.46%). In terms of maximum drawdown, TFLR dropped -4.01% vs RPIDX's -19.95%.

Which has better risk-adjusted returns?

TFLR currently has the higher Sharpe Ratio (2.70 vs 2.26), 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.