TFLR vs. TEQI

Last updated Aug 4, 2026

TFLR (T. Rowe Price Floating Rate ETF) and TEQI (T. Rowe Price Equity Income ETF) are both exchange-traded funds - TFLR is a Bank Loan fund actively managed by T. Rowe Price, while TEQI is a Dividend fund actively managed by T. Rowe Price. Both are actively managed. Over the past 3 years, TFLR returned 7.37%/yr vs 15.40%/yr for TEQI. Their 0.42 correlation means their historical movements had little consistent relationship. TFLR charges 0.60%/yr vs 0.54%/yr for TEQI.

Performance

TFLR vs. TEQI - 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 Equity Income ETF (TEQI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TFLR achieves a 1.94% return, which is significantly lower than TEQI's 16.10% return.

TFLR

• 1D: -0.05%
• 1M: 0.63%
• 6M: 1.75%
• YTD: 1.94%
• 1Y: 4.91%
• 3Y*: 7.37%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.73%

TEQI

• 1D: 0.57%
• 1M: 2.69%
• 6M: 12.59%
• YTD: 16.10%
• 1Y: 27.19%
• 3Y*: 15.40%
• 5Y*: 11.10%
• 10Y*: —
• ALL TIME*: 15.35%

*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)
TEQI T. Rowe Price Equity Income ETF	$1.77M	$1.71M	$860.08K
TFLR T. Rowe Price Floating Rate ETF	$4.37M	$3.92M	$4.00M

TFLR vs. TEQI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TFLR T. Rowe Price Floating Rate ETF	1.94%	6.57%	8.77%	12.05%	-0.44%
TEQI T. Rowe Price Equity Income ETF	16.10%	13.36%	13.14%	9.64%	-0.20%

Correlation

The correlation between TFLR and TEQI is 0.32, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.32
Correlation (3Y) Balances recent behavior with more history.	0.37
Correlation (All Time) Calculated using the full available price history since Nov 17, 2022	0.42

Return for Risk

TFLR vs. TEQI — Risk / Return Rank

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

TFLR

TFLR Risk / Return Rank: 84
TFLR Sharpe Ratio Rank: 92
TFLR Sortino Ratio Rank: 93
TFLR Omega Ratio Rank: 95
TFLR Calmar Ratio Rank: 63
TFLR Martin Ratio Rank: 78

TEQI

TEQI Risk / Return Rank: 90
TEQI Sharpe Ratio Rank: 92
TEQI Sortino Ratio Rank: 92
TEQI Omega Ratio Rank: 91
TEQI Calmar Ratio Rank: 88
TEQI Martin Ratio Rank: 88

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. TEQI - 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 Equity Income ETF (TEQI). 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	TEQI	Difference
Sharpe ratio: Return per unit of total volatility	2.46	2.40	+0.06
Sortino ratio: Return per unit of downside risk	3.66	3.40	+0.25
Omega ratio: Gain probability vs. loss probability	1.56	1.43	+0.13
Calmar ratio: Return relative to maximum drawdown	2.27	3.58	-1.31
Martin ratio: Return relative to average drawdown	10.31	13.12	-2.82

TFLR vs. TEQI - Sharpe Ratio Comparison

The current TFLR Sharpe Ratio is 2.46, which is comparable to the TEQI Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of TFLR and TEQI, 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. TEQI - Drawdown Comparison

The maximum TFLR drawdown since its inception was -4.01%, smaller than the maximum TEQI drawdown of -17.82%. Use the drawdown chart below to compare losses from any high point for TFLR and TEQI.

Drawdown Indicators

	TFLR	TEQI	Difference
Max Drawdown Largest peak-to-trough decline	-4.01%	-17.82%	+13.81%
Max Drawdown (1Y) Largest decline over 1 year	-2.18%	-7.23%	+5.05%
Max Drawdown (3Y) Largest decline over 3 years	-4.01%	-14.85%	+10.84%
Max Drawdown (5Y) Largest decline over 5 years	—	-17.82%	—
Current Drawdown Current decline from peak	-0.11%	0.00%	-0.11%
Average Drawdown Average peak-to-trough decline	-0.21%	-3.45%	+3.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	1.97%	-1.49%

Volatility

TFLR vs. TEQI - Volatility Comparison

The current volatility for T. Rowe Price Floating Rate ETF (TFLR) is 0.48%, while T. Rowe Price Equity Income ETF (TEQI) has a volatility of 3.06%. This indicates that TFLR experiences smaller price fluctuations and is considered to be less risky than TEQI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TFLR	TEQI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.48%	3.06%	-2.58%
Volatility (6M) Calculated over the trailing 6-month period	1.76%	7.91%	-6.15%
Volatility (1Y) Calculated over the trailing 1-year period	2.01%	10.82%	-8.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.61%	14.50%	-10.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.61%	15.02%	-11.41%

TFLR vs. TEQI - Expense Ratio Comparison

TFLR has a 0.60% expense ratio, which is higher than TEQI's 0.54% expense ratio.

Dividends

TFLR vs. TEQI - Dividend Comparison

TFLR's dividend yield for the trailing twelve months is around 6.68%, more than TEQI's 1.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
TEQI T. Rowe Price Equity Income ETF	1.46%	1.71%	1.86%	2.12%	2.32%	3.03%	0.82%
TFLR T. Rowe Price Floating Rate ETF	6.68%	6.93%	8.18%	7.76%	0.58%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TFLR and TEQI in my portfolio?

TFLR and TEQI have a correlation of 0.32, 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 TEQI?

TEQI has higher volatility (3.06%) compared to TFLR (0.48%). In terms of maximum drawdown, TFLR dropped -4.01% vs TEQI's -17.82%.

Which ETF is better, TFLR or TEQI?

On 3-year performance, TEQI leads with 15.40% vs 7.37% for TFLR. On fees, TEQI is cheaper at 0.54% per year. On volatility, TFLR has been the lower-risk option at 0.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TFLR or TEQI?

Over the 3-year period, TEQI has performed better with a 15.40% return vs 7.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TFLR or TEQI?

TEQI is cheaper with a 0.54% expense ratio, compared with 0.60% for TFLR.

Which ETF pays a higher dividend yield, TFLR or TEQI?

TFLR has the higher dividend yield at 6.68%, compared with 1.46% for TEQI.

What is the main difference between TFLR and TEQI?

TFLR is categorized as Bank Loan, while TEQI is Dividend. Their fees differ too: 0.60% for TFLR and 0.54% for TEQI.

Which has better risk-adjusted returns?

TFLR currently has the higher Sharpe Ratio (2.46 vs 2.40), 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.