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TRBUX vs. PIAMX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TRBUX vs. PIAMX

Last updated Jun 23, 2026

TRBUX (T. Rowe Price Ultra Short-Term Bond Fund) and PIAMX (PIA High Yield (MACS) Fund) are both mutual funds - TRBUX is a Ultrashort Bond fund managed by T. Rowe Price, while PIAMX is a High Yield Bonds fund managed by PIA Mutual Funds. Over the past 5 years, TRBUX returned 4.28%/yr vs 4.17%/yr for PIAMX. At a 0.16 correlation, their price movements are largely independent. TRBUX charges 0.31%/yr vs 0.20%/yr for PIAMX.

Performance

TRBUX vs. PIAMX - Performance Comparison

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

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Returns By Period

In the year-to-date period, TRBUX achieves a 1.39% return, which is significantly lower than PIAMX's 1.55% return.

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%

PIAMX

1D
0.00%
1M
1.08%
YTD
1.55%
6M
1.87%
1Y
3.73%
3Y*
7.41%
5Y*
4.17%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

TRBUX vs. PIAMX - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
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%
PIAMX
PIA High Yield (MACS) Fund		1.55%2.34%11.23%16.38%-10.93%7.82%9.05%11.77%-2.63%

Correlation

The correlation between TRBUX and PIAMX is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.14

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

0.13

Correlation (5Y)
Calculated over the trailing 5-year period

0.16

Correlation (All Time)
Calculated using the full available price history since Jan 29, 2018

0.16

Compare stocks, funds, or ETFs

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T. Rowe Price Ultra Short-Term Bond Fund

PIA High Yield (MACS) Fund

Often compared with TRBUX:
TRBUX vs. SGOVTRBUX vs. PRCOXTRBUX vs. RPIFXTRBUX vs. VTAPXTRBUX vs. BIAFXTRBUX vs. GQETXTRBUX vs. TUHIX
Often compared with PIAMX:
PIAMX vs. PIMIXPIAMX vs. JEPAXPIAMX vs. HYBBPIAMX vs. FSREXPIAMX vs. MFHVXPIAMX vs. FAGIXPIAMX vs. VWEAX

Return for Risk

TRBUX vs. PIAMX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TRBUX
TRBUX Risk / Return Rank: 9999
Overall Rank
TRBUX Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
TRBUX Sortino Ratio Rank: 9999
Sortino Ratio Rank
TRBUX Omega Ratio Rank: 9999
Omega Ratio Rank
TRBUX Calmar Ratio Rank: 9999
Calmar Ratio Rank
TRBUX Martin Ratio Rank: 9999
Martin Ratio Rank
PIAMX
PIAMX Risk / Return Rank: 1818
Overall Rank
PIAMX Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
PIAMX Sortino Ratio Rank: 1919
Sortino Ratio Rank
PIAMX Omega Ratio Rank: 2626
Omega Ratio Rank
PIAMX Calmar Ratio Rank: 1111
Calmar Ratio Rank
PIAMX Martin Ratio Rank: 1111
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.

TRBUX vs. PIAMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Ultra Short-Term Bond Fund (TRBUX) and PIA High Yield (MACS) Fund (PIAMX). 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.

TRBUXPIAMXDifference
Sharpe ratioReturn per unit of total volatility
3.69
1.24

+2.45

Sortino ratioReturn per unit of downside risk
9.03
1.69

+7.34

Omega ratioGain probability vs. loss probability

3.56

1.25

+2.32

Calmar ratioReturn relative to maximum drawdown

16.38

1.03

+15.34

Martin ratioReturn relative to average drawdown

61.46

3.09

+58.37

TRBUX vs. PIAMX - Sharpe Ratio Comparison

The current TRBUX Sharpe Ratio is 3.69, which is higher than the PIAMX Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of TRBUX and PIAMX, 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

TRBUX vs. PIAMX - Drawdown Comparison

The maximum TRBUX drawdown since its inception was -4.15%, smaller than the maximum PIAMX drawdown of -18.15%. Use the drawdown chart below to compare losses from any high point for TRBUX and PIAMX.

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Drawdown Indicators

TRBUXPIAMXDifference

Max Drawdown

Largest peak-to-trough decline

-4.15%

-18.15%

+14.00%

Max Drawdown (1Y)

Largest decline over 1 year

-0.39%

-3.75%

+3.36%

Max Drawdown (3Y)

Largest decline over 3 years

-0.78%

-6.17%

+5.39%

Max Drawdown (5Y)

Largest decline over 5 years

-2.68%

-13.92%

+11.24%

Max Drawdown (10Y)

Largest decline over 10 years

-4.15%

—

—

Current Drawdown

Current decline from peak

-0.20%

0.00%

-0.20%

Average Drawdown

Average peak-to-trough decline

-0.21%

-2.33%

+2.12%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.10%

1.25%

-1.15%

Volatility

TRBUX vs. PIAMX - Volatility Comparison

T. Rowe Price Ultra Short-Term Bond Fund (TRBUX) has a higher volatility of 0.61% compared to PIA High Yield (MACS) Fund (PIAMX) at 0.58%. This indicates that TRBUX's price experiences larger fluctuations and is considered to be riskier than PIAMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TRBUXPIAMXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.61%

0.58%

+0.03%

Volatility (6M)

Calculated over the trailing 6-month period

1.19%

2.43%

-1.24%

Volatility (1Y)

Calculated over the trailing 1-year period

1.74%

3.12%

-1.38%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

1.69%

4.04%

-2.35%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.51%

4.22%

-2.71%

TRBUX vs. PIAMX - Expense Ratio Comparison

TRBUX has a 0.31% expense ratio, which is higher than PIAMX's 0.20% expense ratio.

Dividends

TRBUX vs. PIAMX - Dividend Comparison

TRBUX's dividend yield for the trailing twelve months is around 6.04%, less than PIAMX's 7.84% yield.

PositionTTM20252024202320222021202020192018201720162015
PIAMX
PIA High Yield (MACS) Fund		7.84%9.12%8.49%8.12%7.99%8.64%6.63%6.96%7.14%0.00%0.00%0.00%
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

TRBUX and PIAMX have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TRBUX has higher volatility (0.61%) compared to PIAMX (0.58%). In terms of maximum drawdown, TRBUX dropped -4.15% vs PIAMX's -18.15%.

TRBUX currently has the higher Sharpe Ratio (3.69 vs 1.24), 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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