Fund Evaluator:
T. Rowe Price Inflation Protected Bond Z (TRZHX)
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| 3.5% | T. Rowe Price Inflation Protected Bond Z (TRZHX) |
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Fund Details
T. Rowe Price Inflation Protected Bond Z Overview
T. Rowe Price Inflation Protected Bond Z (TRZHX) is an actively managed Taxable Bond Inflation-Protected Bond fund. T. Rowe Price launched the fund in 2021.
The investment seeks to provide inflation protection and income. The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in inflation-protected bonds. The fund manager focuses on bonds issued by the U.S. Treasury (e.g., Treasury inflation-protected securities), but similar bonds issued by U.S. government agencies and corporations may also be purchased. It may also invest up to 20% of its net assets in fixed-income securities that are not indexed to inflation.
About T. Rowe Price Inflation Protected Bond Z (TRZHX)
There are 2 members of the management team with an average tenure of 2.00 years: Robert Larkins (2024), Yongheon Lee (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US Treasury US TIPS TR USD index with a weighting of 100%. T. Rowe Price Inflation Protected Bond Z has 55 securities in its portfolio. The top 10 holdings constitute 47.6% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
T. Rowe Price Inflation Protected Bond Z is part of the Fixed Income global asset class and is within the Taxable Bond fund group. T. Rowe Price Inflation Protected Bond Z has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.7% (99.7% domestic bond, 0.0% foreign bond and 0.0% convertible bond). T. Rowe Price Inflation Protected Bond Z has 0.3% of the portfolio in cash.
Assets Under Management
The fund has $184 million in total assets, which is below the $872 million average for the Inflation-Protected Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
TRZHX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The T. Rowe Price Inflation Protected Bond Z expense ratio is low compared to funds in the Inflation-Protected Bond category. T. Rowe Price Inflation Protected Bond Z has an expense ratio of 0.00%, which is 100% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. T. Rowe Price Inflation Protected Bond Z has a portfolio turnover rate of 53%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 74% for the Inflation-Protected Bond category.
Recently, in the month of June 2026, T. Rowe Price Inflation Protected Bond Z returned -0.5%, which earned it a grade of C, as the Inflation-Protected Bond category had an average return of -0.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
T. Rowe Price Inflation Protected Bond Z has a trailing yield of 5.33%, which is above the 4.07% category average. The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
T. Rowe Price Inflation Protected Bond Z Grades
Year to date, the fund has returned 1.1%, 0.1 percentage points better than the category, which translates into a grade of C. The fund has returned 3.5% over the past year (grade of B), 3.9% over the past three years (grade of B) and 0.6% per year over the past five years (grade of C) and 2.3% per year over the past 10 years (grade of C).
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TRZHX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TRZHX Return (NAV) | -0.5% | 0.9% | 3.5% | 3.9% | 0.6% | 2.3% |
| TRZHX Grade | C | B | B | B | C | C |
| +/- Category | 0.1% | 0.1% | 0.3% | 0.1% | 0.0% | 0.1% |
| Inflation-Protected Bond Avg | -0.6% | 0.7% | 3.2% | 3.8% | 0.6% | 2.2% |
| TRZHX Tax Cost Ratio | na | na | 2.1% | 2.2% | 2.3% | na |
TRZHX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TRZHX Return (NAV) | 1.1% | 7.1% | 2.0% | 3.0% | -12.6% | 5.7% | 11.1% | 8.7% | -1.3% | 2.7% | 3.5% |
| TRZHX Grade | C | B | B | D | D | B | B | A | B | C | F |
| +/- Category | 0.1% | 0.3% | 0.2% | -0.4% | -0.3% | 0.7% | -0.0% | 0.6% | 0.6% | -0.2% | -1.0% |
| Inflation-Protected Bond Avg | 1.1% | 6.7% | 1.8% | 3.3% | -12.3% | 5.1% | 11.1% | 8.0% | -1.9% | 2.9% | 4.5% |
| Risk Measures | |
| Standard Deviation: | 4.2% |
| Total Risk Index: | 0.34 - Low |
| Category Risk Index: | 0.93 - Below Average |
| Category Risk Grade: | B (39% Rank) |
| Beta: | 0.70 |
| R-Squared: | 88% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 5.3% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $573 Mil |
| Fund Total Assets: | $ 184 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 53% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 2.0 years | |||
| Average Tenure: 2.0 years | |||
| Managers (Year): Larkins Robert (2024), Lee Yongheon (2024) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 55 |
| % in Top 10 Holdings: | 47.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 99.7% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.3% |
Purchase Information
| Fund Family: | T. Rowe Price |
| Phone Number: | 800-638-5660 |
| Website: | www.troweprice.com |
| Status: | Open |
| Inception Date: | February 22, 2021 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.00% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 0.73% |
| Share Class: | T. Rowe Price Inflation Protected Bd |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
