TRBFX vs. TILUX

Last updated Jun 23, 2026

TRBFX (T. Rowe Price Limited Duration Inflation Focused Bond Fund) and TILUX (Morgan Stanley Pathway Funds Inflation-Linked Fixed Income Fund) are both Inflation-Protected Bonds funds. Over the past 10 years, TRBFX returned 2.84%/yr vs 2.63%/yr for TILUX. A 0.63 correlation means they provide meaningful diversification when combined. TRBFX charges 0.41%/yr vs 0.86%/yr for TILUX.

Performance

TRBFX vs. TILUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Limited Duration Inflation Focused Bond Fund (TRBFX) and Morgan Stanley Pathway Funds Inflation-Linked Fixed Income Fund (TILUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRBFX achieves a 1.12% return, which is significantly higher than TILUX's 1.02% return. Over the past 10 years, TRBFX has outperformed TILUX with an annualized return of 2.84%, while TILUX has yielded a comparatively lower 2.63% annualized return.

TRBFX

• 1D: 0.21%
• 1M: -0.11%
• YTD: 1.12%
• 6M: 1.34%
• 1Y: 3.58%
• 3Y*: 4.81%
• 5Y*: 2.50%
• 10Y*: 2.84%

TILUX

• 1D: 0.00%
• 1M: 0.57%
• YTD: 1.02%
• 6M: 1.42%
• 1Y: 3.61%
• 3Y*: 3.69%
• 5Y*: 0.79%
• 10Y*: 2.63%

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

TRBFX vs. TILUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRBFX T. Rowe Price Limited Duration Inflation Focused Bond Fund	1.12%	6.34%	4.60%	3.01%	-5.19%	5.77%	5.65%	6.53%	0.28%	0.80%
TILUX Morgan Stanley Pathway Funds Inflation-Linked Fixed Income Fund	1.02%	6.41%	1.86%	3.34%	-12.14%	5.42%	12.70%	8.11%	-2.05%	3.15%

Correlation

The correlation between TRBFX and TILUX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Mar 15, 2016	0.63

Over the past year, the correlation between TRBFX and TILUX has dropped to 0.40 - well below their long-term average of 0.63, suggesting their price drivers have been diverging.

Return for Risk

TRBFX vs. TILUX — Risk / Return Rank

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

TRBFX

TRBFX Risk / Return Rank: 16
TRBFX Sharpe Ratio Rank: 10
TRBFX Sortino Ratio Rank: 10
TRBFX Omega Ratio Rank: 38
TRBFX Calmar Ratio Rank: 13
TRBFX Martin Ratio Rank: 8

TILUX

TILUX Risk / Return Rank: 15
TILUX Sharpe Ratio Rank: 14
TILUX Sortino Ratio Rank: 14
TILUX Omega Ratio Rank: 13
TILUX Calmar Ratio Rank: 19
TILUX Martin Ratio Rank: 16

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.

TRBFX vs. TILUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Limited Duration Inflation Focused Bond Fund (TRBFX) and Morgan Stanley Pathway Funds Inflation-Linked Fixed Income Fund (TILUX). 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.

	TRBFX	TILUX	Difference
Sharpe ratio: Return per unit of total volatility	0.77	0.97	-0.20
Sortino ratio: Return per unit of downside risk	1.14	1.42	-0.28
Omega ratio: Gain probability vs. loss probability	1.31	1.18	+0.13
Calmar ratio: Return relative to maximum drawdown	1.12	1.49	-0.37
Martin ratio: Return relative to average drawdown	2.22	4.00	-1.78

TRBFX vs. TILUX - Sharpe Ratio Comparison

The current TRBFX Sharpe Ratio is 0.77, which is comparable to the TILUX Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of TRBFX and TILUX, 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

TRBFX vs. TILUX - Drawdown Comparison

The maximum TRBFX drawdown since its inception was -7.33%, smaller than the maximum TILUX drawdown of -14.72%. Use the drawdown chart below to compare losses from any high point for TRBFX and TILUX.

Drawdown Indicators

	TRBFX	TILUX	Difference
Max Drawdown Largest peak-to-trough decline	-7.33%	-14.72%	+7.39%
Max Drawdown (1Y) Largest decline over 1 year	-3.48%	-2.72%	-0.76%
Max Drawdown (3Y) Largest decline over 3 years	-3.51%	-4.41%	+0.90%
Max Drawdown (5Y) Largest decline over 5 years	-7.33%	-14.72%	+7.39%
Max Drawdown (10Y) Largest decline over 10 years	-7.33%	-14.72%	+7.39%
Current Drawdown Current decline from peak	-1.98%	-0.89%	-1.09%
Average Drawdown Average peak-to-trough decline	-1.42%	-3.59%	+2.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.74%	0.98%	+0.76%

Volatility

TRBFX vs. TILUX - Volatility Comparison

T. Rowe Price Limited Duration Inflation Focused Bond Fund (TRBFX) and Morgan Stanley Pathway Funds Inflation-Linked Fixed Income Fund (TILUX) have volatilities of 0.99% and 1.02%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRBFX	TILUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.99%	1.02%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	1.76%	2.73%	-0.97%
Volatility (1Y) Calculated over the trailing 1-year period	5.11%	4.19%	+0.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.15%	6.01%	-0.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.02%	5.41%	-1.39%

TRBFX vs. TILUX - Expense Ratio Comparison

TRBFX has a 0.41% expense ratio, which is lower than TILUX's 0.86% expense ratio.

Dividends

TRBFX vs. TILUX - Dividend Comparison

TRBFX's dividend yield for the trailing twelve months is around 4.82%, more than TILUX's 3.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
TILUX Morgan Stanley Pathway Funds Inflation-Linked Fixed Income Fund	3.09%	2.92%	3.72%	1.77%	16.54%	9.24%	2.28%	2.27%	3.45%	3.01%	2.97%
TRBFX T. Rowe Price Limited Duration Inflation Focused Bond Fund	4.82%	4.95%	4.48%	3.64%	6.11%	4.99%	1.38%	3.27%	2.34%	1.61%	1.10%

Frequently Asked Questions

Can I hold both TRBFX and TILUX in my portfolio?

TRBFX and TILUX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRBFX or TILUX?

TILUX has higher volatility (1.02%) compared to TRBFX (0.99%). In terms of maximum drawdown, TRBFX dropped -7.33% vs TILUX's -14.72%.

Which has better risk-adjusted returns?

TILUX currently has the higher Sharpe Ratio (0.97 vs 0.77), 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.