TRSTX vs. NUSFX
TRSTX (T. Rowe Price Ultra Short-Term Bond Fund Class I) and NUSFX (Northern Ultra-Short Fixed Income Fund) are both Ultrashort Bond funds. Over the past 5 years, TRSTX returned 3.56%/yr vs 2.80%/yr for NUSFX. Their 0.20 correlation means their historical movements had little consistent relationship. TRSTX charges 0.20%/yr vs 0.28%/yr for NUSFX.
Performance
TRSTX vs. NUSFX - Performance Comparison
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Returns By Period
In the year-to-date period, TRSTX achieves a 1.64% return, which is significantly higher than NUSFX's 1.47% return.
TRSTX
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 1.06%
- YTD
- 1.64%
- 1Y
- 3.67%
- 3Y*
- 5.35%
- 5Y*
- 3.56%
- 10Y*
- —
- ALL TIME*
- 3.22%
NUSFX
- 1D
- 0.00%
- 1M
- 0.33%
- 6M
- 1.01%
- YTD
- 1.47%
- 1Y
- 3.57%
- 3Y*
- 4.31%
- 5Y*
- 2.80%
- 10Y*
- 2.33%
- ALL TIME*
- 1.90%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
TRSTX vs. NUSFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TRSTX T. Rowe Price Ultra Short-Term Bond Fund Class I | 1.64% | 5.34% | 6.41% | 5.89% | -1.20% | 0.29% | 3.19% | 3.65% | 1.60% |
NUSFX Northern Ultra-Short Fixed Income Fund | 1.47% | 4.27% | 5.22% | 5.21% | -1.59% | -0.17% | 2.34% | 3.68% | 1.30% |
Correlation
The correlation between TRSTX and NUSFX is -0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.05 |
Correlation (3Y) Balances recent behavior with more history. | 0.12 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.19 |
Correlation (All Time) Calculated using the full available price history since Apr 30, 2018 | 0.20 |
The correlation between TRSTX and NUSFX shifts across timeframes, from -0.05 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TRSTX vs. NUSFX — Risk / Return Rank
TRSTX
NUSFX
TRSTX vs. NUSFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Ultra Short-Term Bond Fund Class I (TRSTX) and Northern Ultra-Short Fixed Income Fund (NUSFX). 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.
| TRSTX | NUSFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -1.15 | ||
| Omega ratioGain probability vs. loss probability | 3.77 | 3.02 | +0.76 |
| Calmar ratioReturn relative to maximum drawdown | 20.32 | 9.33 | +10.99 |
| Martin ratioReturn relative to average drawdown | 44.59 | 33.09 | +11.50 |
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Drawdowns
TRSTX vs. NUSFX - Drawdown Comparison
The maximum TRSTX drawdown since its inception was -4.34%, which is greater than NUSFX's maximum drawdown of -3.88%. Use the drawdown chart below to compare losses from any high point for TRSTX and NUSFX.
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Drawdown Indicators
| TRSTX | NUSFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.34% | -3.88% | -0.46% |
Max Drawdown (1Y)Largest decline over 1 year | -0.20% | -0.39% | +0.19% |
Max Drawdown (3Y)Largest decline over 3 years | -0.59% | -0.87% | +0.28% |
Max Drawdown (5Y)Largest decline over 5 years | -2.58% | -3.35% | +0.77% |
Max Drawdown (10Y)Largest decline over 10 years | — | -3.88% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.30% | -0.24% | -0.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.09% | 0.11% | -0.02% |
Volatility
TRSTX vs. NUSFX - Volatility Comparison
T. Rowe Price Ultra Short-Term Bond Fund Class I (TRSTX) has a higher volatility of 0.29% compared to Northern Ultra-Short Fixed Income Fund (NUSFX) at 0.25%. This indicates that TRSTX's price experiences larger fluctuations and is considered to be riskier than NUSFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TRSTX | NUSFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.29% | 0.25% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 1.07% | 0.85% | +0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.52% | 1.28% | +0.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.66% | 1.33% | +0.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.61% | 1.22% | +0.39% |
TRSTX vs. NUSFX - Expense Ratio Comparison
TRSTX has a 0.20% expense ratio, which is lower than NUSFX's 0.28% expense ratio.
Dividends
TRSTX vs. NUSFX - Dividend Comparison
TRSTX's dividend yield for the trailing twelve months is around 3.80%, more than NUSFX's 3.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NUSFX Northern Ultra-Short Fixed Income Fund | 3.70% | 3.78% | 4.09% | 2.86% | 0.97% | 0.71% | 1.52% | 2.42% | 2.09% | 1.42% | 1.07% | 0.85% |
TRSTX T. Rowe Price Ultra Short-Term Bond Fund Class I | 3.80% | 4.79% | 5.19% | 3.46% | 1.61% | 1.28% | 1.94% | 2.78% | 1.98% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TRSTX and NUSFX have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TRSTX has higher volatility (0.29%) compared to NUSFX (0.25%). In terms of maximum drawdown, TRSTX dropped -4.34% vs NUSFX's -3.88%.
NUSFX currently has the higher Sharpe Ratio (2.81 vs 2.73), 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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