TRSTX Performance — T. Rowe Price Ultra Short-Term Bond Fund, I Class
Data updated: 2026-08-12
TRSTX returned +1.63% year to date and +4.68% over one year to May 2026. Annualised returns are +5.84% over 3 years and +3.79% over 5 years. The fund trailed its Trading - Leveraged category average: $100 invested three years ago grew to $119, against $173 for the category, and to $105 over one year, against $137. Volatility over the past three years was 0.61% a year. In the 12 months to May 2026 the fund took in a net $421.9M, and assets reached $2.93B.
TRSTX Growth of $100
What $100 invested in T. Rowe Price Ultra Short-Term Bond Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Trading - Leveraged category average over the same months.
| Period | TRSTX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $105 | $137 |
| 3 years (Jun 2023 – May 2026) | $119 | $173 |
| 5 years (Jun 2021 – May 2026) | $120 | $155 |
| Since data start (Sep 2019 – May 2026) | $126 | $181 |
TRSTX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +1.63% |
| 1 year | +4.68% |
| 3 years (annualised) | +5.84% |
| 5 years (annualised) | +3.79% |
TRSTX Annual Returns
Calendar-year total returns of T. Rowe Price Ultra Short-Term Bond Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +1.63% |
| 2025 | +5.31% |
| 2024 | +6.38% |
| 2023 | +6.59% |
| 2022 | −0.68% |
| 2021 | +0.32% |
| 2020 | +3.23% |
| 2019 (Sep–Dec) | +0.64% |
TRSTX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +0.6% | +0.1% | +0.2% | +0.4% | +0.4% | — | — | — | — | — | — | — |
| 2025 | +0.6% | +0.4% | +0.4% | +0.2% | +0.6% | +0.4% | +0.4% | +0.6% | +0.4% | +0.4% | +0.4% | +0.4% |
| 2024 | +0.8% | +0.4% | +0.4% | +0.4% | +0.7% | +0.4% | +0.7% | +0.7% | +0.6% | +0.2% | +0.4% | +0.4% |
| 2023 | +0.9% | +0.3% | +0.1% | +0.7% | +0.3% | +0.4% | +0.7% | +0.6% | +0.4% | +0.4% | +0.8% | +0.8% |
| 2022 | −0.1% | −0.3% | −0.5% | −0.1% | −0.1% | −0.5% | +0.2% | +0.2% | −0.2% | −0.2% | +0.4% | +0.6% |
| 2021 | +0.1% | +0.1% | +0.1% | +0.1% | +0.1% | −0.1% | +0.1% | +0.1% | +0.1% | −0.1% | −0.1% | +0.1% |
| 2020 | +0.4% | +0.4% | −2.6% | +1.6% | +1.0% | +1.0% | +0.6% | +0.1% | +0.1% | +0.1% | +0.3% | +0.2% |
| 2019 | — | — | — | — | — | — | — | — | 0.0% | +0.4% | 0.0% | +0.2% |
TRSTX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 0.61%
- 3-year Sharpe ratio: 2.19 (vs 4.5% risk-free rate)
- Best month: +0.83% (Dec 2023)
- Worst month: +0.15% (Feb 2026)
TRSTX Fund Flows
Monthly money in and out of T. Rowe Price Ultra Short-Term Bond Fund, from SEC Form N-PORT.
- 12-month net flow: $421.9M
- 12-month gross sales (incl. reinvestments): $1.5B
- Sales ÷ redemptions: 1.38×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $211.0M | $88.1M | $123.0M |
| Apr 2026 | $136.4M | $106.5M | $29.9M |
| Mar 2026 | $154.8M | $121.6M | $33.2M |
| Feb 2026 | $163.1M | $100.2M | $62.9M |
| Jan 2026 | $144.0M | $91.1M | $52.9M |
| Dec 2025 | $112.3M | $96.4M | $15.9M |
| Nov 2025 | $100.2M | $74.7M | $25.4M |
| Oct 2025 | $129.1M | $75.6M | $53.5M |
| Sep 2025 | $85.2M | $104.7M | −$19.6M |
| Aug 2025 | $90.8M | $85.2M | $5.6M |
| Jul 2025 | $94.3M | $71.6M | $22.7M |
| Jun 2025 | $114.3M | $97.9M | $16.4M |
TRSTX Assets Under Management
Net assets of T. Rowe Price Ultra Short-Term Bond Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $2.93B |
| 2026-02-28 | $2.75B |
| 2025-11-30 | $2.61B |
| 2025-08-31 | $2.55B |
| 2025-05-31 | $2.50B |
| 2025-02-28 | $2.40B |
| 2024-11-30 | $2.27B |
| 2024-08-31 | $2.25B |
| 2024-05-31 | $2.25B |
| 2024-02-29 | $2.19B |
| 2023-11-30 | $2.22B |
| 2023-08-31 | $2.25B |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.