TRSTX vs. USIAX

Last updated Jun 25, 2026

TRSTX (T. Rowe Price Ultra Short-Term Bond Fund Class I) and USIAX (UBS Ultra Short Income Fund) are both Ultrashort Bond funds. At a 0.00 correlation, their price movements are largely independent. TRSTX charges 0.20%/yr vs 0.35%/yr for USIAX.

Performance

TRSTX vs. USIAX - Performance Comparison

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

Returns By Period

TRSTX

• 1D: 0.00%
• 1M: 0.37%
• YTD: 1.64%
• 6M: 2.04%
• 1Y: 4.70%
• 3Y*: 5.74%
• 5Y*: 3.59%
• 10Y*: —

USIAX

• 1D: 0.00%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TRSTX vs. USIAX - Yearly Performance Comparison

	2026 (YTD)
TRSTX T. Rowe Price Ultra Short-Term Bond Fund Class I	0.37%
USIAX UBS Ultra Short Income Fund	0.22%

Correlation

The correlation between TRSTX and USIAX is 0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 28, 2026	0.00

Return for Risk

TRSTX vs. USIAX — Risk / Return Rank

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

TRSTX

TRSTX Risk / Return Rank: 99
TRSTX Sharpe Ratio Rank: 96
TRSTX Sortino Ratio Rank: 99
TRSTX Omega Ratio Rank: 100
TRSTX Calmar Ratio Rank: 100
TRSTX Martin Ratio Rank: 99

USIAX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

TRSTX vs. USIAX - 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 UBS Ultra Short Income Fund (USIAX). 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	USIAX	Difference
Sharpe ratio: Return per unit of total volatility	3.15	—	—
Sortino ratio: Return per unit of downside risk	9.73	—	—
Omega ratio: Gain probability vs. loss probability	4.91	—	—
Calmar ratio: Return relative to maximum drawdown	24.71	—	—
Martin ratio: Return relative to average drawdown	55.77	—	—

Drawdowns

TRSTX vs. USIAX - Drawdown Comparison

The maximum TRSTX drawdown since its inception was -4.34%, which is greater than USIAX's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for TRSTX and USIAX.

Drawdown Indicators

	TRSTX	USIAX	Difference
Max Drawdown Largest peak-to-trough decline	-4.34%	-0.10%	-4.24%
Max Drawdown (1Y) Largest decline over 1 year	-0.20%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-0.59%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-2.58%	—	—
Current Drawdown Current decline from peak	0.00%	-0.10%	+0.10%
Average Drawdown Average peak-to-trough decline	-0.30%	-0.02%	-0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.09%	—	—

Volatility

Volatility by Period

	TRSTX	USIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.37%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.14%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.54%	1.29%	+0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.65%	1.29%	+0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.62%	1.29%	+0.33%

TRSTX vs. USIAX - Expense Ratio Comparison

TRSTX has a 0.20% expense ratio, which is lower than USIAX's 0.35% expense ratio.

Dividends

TRSTX vs. USIAX - Dividend Comparison

TRSTX's dividend yield for the trailing twelve months is around 4.59%, more than USIAX's 0.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
TRSTX T. Rowe Price Ultra Short-Term Bond Fund Class I	4.59%	4.79%	5.19%	3.46%	1.61%	1.28%	1.94%	2.78%	1.98%
USIAX UBS Ultra Short Income Fund	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TRSTX and USIAX in my portfolio?

TRSTX and USIAX have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.