THOPX vs. TRBUX

Last updated Jun 23, 2026

THOPX (Thompson Bond Fund) and TRBUX (T. Rowe Price Ultra Short-Term Bond Fund) are both mutual funds - THOPX is a Short-Term Bond fund managed by Thompson IM, while TRBUX is a Ultrashort Bond fund managed by T. Rowe Price. Over the past 10 years, THOPX returned 4.03%/yr vs 3.29%/yr for TRBUX. At a 0.19 correlation, their price movements are largely independent. THOPX charges 0.71%/yr vs 0.31%/yr for TRBUX.

Performance

THOPX vs. TRBUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thompson Bond Fund (THOPX) and T. Rowe Price Ultra Short-Term Bond Fund (TRBUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, THOPX achieves a 1.14% return, which is significantly lower than TRBUX's 1.39% return. Over the past 10 years, THOPX has outperformed TRBUX with an annualized return of 4.03%, while TRBUX has yielded a comparatively lower 3.29% annualized return.

THOPX

• 1D: 0.00%
• 1M: 0.38%
• YTD: 1.14%
• 6M: 1.41%
• 1Y: 5.63%
• 3Y*: 8.82%
• 5Y*: 4.05%
• 10Y*: 4.03%

TRBUX

• 1D: 0.00%
• 1M: 0.36%
• YTD: 1.39%
• 6M: 2.18%
• 1Y: 6.22%
• 3Y*: 6.75%
• 5Y*: 4.28%
• 10Y*: 3.29%

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

THOPX vs. TRBUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
THOPX Thompson Bond Fund	1.14%	7.98%	11.54%	6.98%	-7.28%	5.75%	-1.71%	5.56%	1.80%	4.75%
TRBUX T. Rowe Price Ultra Short-Term Bond Fund	1.39%	6.88%	7.88%	6.99%	-1.28%	0.22%	3.11%	3.60%	1.88%	1.83%

Correlation

The correlation between THOPX and TRBUX is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (10Y) Calculated over the trailing 10-year period	0.21
Correlation (All Time) Calculated using the full available price history since Oct 3, 2013	0.19

Return for Risk

THOPX vs. TRBUX — Risk / Return Rank

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

THOPX

THOPX Risk / Return Rank: 91
THOPX Sharpe Ratio Rank: 95
THOPX Sortino Ratio Rank: 95
THOPX Omega Ratio Rank: 93
THOPX Calmar Ratio Rank: 87
THOPX Martin Ratio Rank: 88

TRBUX

TRBUX Risk / Return Rank: 99
TRBUX Sharpe Ratio Rank: 98
TRBUX Sortino Ratio Rank: 99
TRBUX Omega Ratio Rank: 99
TRBUX Calmar Ratio Rank: 99
TRBUX Martin Ratio Rank: 99

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.

THOPX vs. TRBUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thompson Bond Fund (THOPX) and T. Rowe Price Ultra Short-Term Bond Fund (TRBUX). 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.

	THOPX	TRBUX	Difference
Sharpe ratio: Return per unit of total volatility	3.05	3.69	-0.64
Sortino ratio: Return per unit of downside risk	4.63	9.03	-4.40
Omega ratio: Gain probability vs. loss probability	1.68	3.56	-1.89
Calmar ratio: Return relative to maximum drawdown	3.95	16.38	-12.42
Martin ratio: Return relative to average drawdown	15.72	61.46	-45.74

THOPX vs. TRBUX - Sharpe Ratio Comparison

The current THOPX Sharpe Ratio is 3.05, which is comparable to the TRBUX Sharpe Ratio of 3.69. The chart below compares the historical Sharpe Ratios of THOPX and TRBUX, 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

THOPX vs. TRBUX - Drawdown Comparison

The maximum THOPX drawdown since its inception was -19.45%, which is greater than TRBUX's maximum drawdown of -4.15%. Use the drawdown chart below to compare losses from any high point for THOPX and TRBUX.

Drawdown Indicators

	THOPX	TRBUX	Difference
Max Drawdown Largest peak-to-trough decline	-19.45%	-4.15%	-15.30%
Max Drawdown (1Y) Largest decline over 1 year	-1.48%	-0.39%	-1.09%
Max Drawdown (3Y) Largest decline over 3 years	-1.61%	-0.78%	-0.83%
Max Drawdown (5Y) Largest decline over 5 years	-8.00%	-2.68%	-5.32%
Max Drawdown (10Y) Largest decline over 10 years	-11.74%	-4.15%	-7.59%
Current Drawdown Current decline from peak	-0.17%	-0.20%	+0.03%
Average Drawdown Average peak-to-trough decline	-1.86%	-0.21%	-1.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.37%	0.10%	+0.27%

Volatility

THOPX vs. TRBUX - Volatility Comparison

Thompson Bond Fund (THOPX) has a higher volatility of 0.75% compared to T. Rowe Price Ultra Short-Term Bond Fund (TRBUX) at 0.61%. This indicates that THOPX's price experiences larger fluctuations and is considered to be riskier than TRBUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	THOPX	TRBUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	0.61%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	1.62%	1.19%	+0.43%
Volatility (1Y) Calculated over the trailing 1-year period	1.92%	1.74%	+0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.17%	1.69%	+0.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.21%	1.51%	+0.70%

THOPX vs. TRBUX - Expense Ratio Comparison

THOPX has a 0.71% expense ratio, which is higher than TRBUX's 0.31% expense ratio.

Dividends

THOPX vs. TRBUX - Dividend Comparison

THOPX's dividend yield for the trailing twelve months is around 5.10%, less than TRBUX's 6.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
THOPX Thompson Bond Fund	5.10%	4.90%	5.34%	5.88%	3.93%	3.59%	5.16%	3.48%	3.07%	3.06%	4.24%	4.58%
TRBUX T. Rowe Price Ultra Short-Term Bond Fund	6.04%	6.23%	6.36%	4.48%	1.53%	1.21%	1.86%	2.73%	2.47%	1.62%	1.18%	0.81%

Frequently Asked Questions

Can I hold both THOPX and TRBUX in my portfolio?

THOPX and TRBUX have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, THOPX or TRBUX?

THOPX has higher volatility (0.75%) compared to TRBUX (0.61%). In terms of maximum drawdown, THOPX dropped -19.45% vs TRBUX's -4.15%.

Which has better risk-adjusted returns?

TRBUX currently has the higher Sharpe Ratio (3.69 vs 3.05), 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.