- ISIN
- US7795701009
- CUSIP
- 779570100
- Issuer
- T. Rowe Price
- Inception Date
- Aug 31, 1973
- Category
- Intermediate Core Bond
- Min. Investment
- $2,500
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
PRCIX Performance Chart
T. Rowe Price New Income Fund (PRCIX) is up 0.1% since the beginning of the year. PRCIX is currently trading at $8 per share. Investors who bought $1,000 worth of PRCIX shares 5 years ago would now be looking at an investment worth $1,005.
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Returns By Period
T. Rowe Price New Income Fund (PRCIX) has returned 0.13% so far this year and 6.21% over the past 12 months. Over the last ten years, PRCIX has returned 1.60% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
T. Rowe Price New Income Fund
- 1D
- 0.25%
- 1M
- 1.00%
- YTD
- 0.13%
- 6M
- 1.02%
- 1Y
- 6.21%
- 3Y*
- 4.78%
- 5Y*
- 0.09%
- 10Y*
- 1.60%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
PRCIX Monthly Returns History
Based on dividend-adjusted daily data since Jan 2, 1980, PRCIX's average daily return is +0.01%, while the average monthly return is +0.30%. At this rate, an investment would double in approximately 19.3 years.
Historically, 64% of months were positive and 36% were negative. The best month was Nov 2023 with a return of +4.2%, while the worst month was Mar 2020 at -5.7%. The longest winning streak lasted 11 consecutive months, and the longest losing streak was 6 months.
On a daily basis, PRCIX closed higher 42% of trading days. The best single day was Oct 22, 1987 with a return of +2.7%, while the worst single day was Mar 18, 2020 at -2.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.11% | 1.46% | -1.87% | 0.22% | 0.36% | -0.13% | 0.13% | ||||||
| 2025 | 0.64% | 2.13% | -0.02% | 0.12% | -0.61% | 1.64% | 0.16% | 1.56% | 1.34% | 0.52% | 0.58% | 0.39% | 8.74% |
| 2024 | -0.31% | -1.41% | 0.77% | -2.25% | 2.16% | 0.87% | 2.29% | 1.52% | 1.20% | -1.96% | 1.37% | -1.62% | 2.50% |
| 2023 | 3.53% | -1.98% | 2.19% | 0.52% | -1.37% | -0.52% | -0.19% | -0.66% | -2.31% | -1.73% | 4.20% | 3.80% | 5.31% |
| 2022 | -1.96% | -1.26% | -2.67% | -3.95% | 0.15% | -2.08% | 2.12% | -2.68% | -4.88% | -1.50% | 3.72% | -0.68% | -14.87% |
| 2021 | -0.36% | -1.29% | -0.99% | 0.78% | 0.34% | 0.75% | 1.16% | -0.08% | -0.79% | 0.02% | 0.23% | -0.29% | -0.54% |
Benchmark Metrics
T. Rowe Price New Income Fund has an annualized alpha of 3.65%, beta of 0.00, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since January 02, 1980.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (13.33%) than losses (3.61%) - typical of diversified or defensive assets.
- Beta of 0.00 may look defensive, but with R2 of 0.00 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.00 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 3.65%
- Beta
- 0.00
- R²
- 0.00
- Upside Capture
- 13.33%
- Downside Capture
- 3.61%
Expense Ratio
PRCIX has an expense ratio of 0.44%, placing it in the medium range.
Return for Risk
Risk / Return Rank
PRCIX ranks 34 for risk / return — below 34% of mutual funds on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for T. Rowe Price New Income Fund (PRCIX) and compare them to S&P 500 Index.
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.
| PRCIX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.45 | ||
| Sortino ratioReturn per unit of downside risk | -0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.37 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.07 | 2.78 | -0.72 |
| Martin ratioReturn relative to average drawdown | 5.90 | 12.44 | -6.54 |
Dividends
Dividend History
T. Rowe Price New Income Fund provided a 5.95% dividend yield over the last twelve months, with an annual payout of $0.47 per share. The fund has been increasing its distributions for 3 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.47 | $0.48 | $0.44 | $0.35 | $0.15 | $0.26 | $0.33 | $0.28 | $0.28 | $0.25 | $0.24 | $0.24 |
Dividend yield | 5.95% | 5.94% | 5.65% | 4.37% | 1.80% | 2.65% | 3.33% | 2.88% | 3.03% | 2.66% | 2.56% | 2.55% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price New Income Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.14 | ||||||
| 2025 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.06 | $0.06 | $0.06 | $0.03 | $0.03 | $0.06 | $0.48 |
| 2024 | $0.03 | $0.03 | $0.03 | $0.03 | $0.07 | $0.03 | $0.03 | $0.03 | $0.03 | $0.06 | $0.06 | $0.03 | $0.44 |
| 2023 | $0.04 | $0.05 | $0.03 | $0.02 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.35 |
| 2022 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.00 | $0.00 | $0.02 | $0.00 | $0.02 | $0.02 | $0.03 | $0.15 |
| 2021 | $0.01 | $0.01 | $0.01 | $0.02 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.11 | $0.26 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the T. Rowe Price New Income Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the T. Rowe Price New Income Fund was 22.34%, occurring on Sep 30, 1981. Recovery took 2363 trading sessions.
The current T. Rowe Price New Income Fund drawdown is 1.42%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
1981 bear market1981 | -22.34%Sep 1981 | 1y 3mo | 9y 4mo | 10y 7moJun 1980 - Feb 1991 |
Bear market2022 | -19.65%Oct 2022 | 1y 1mo | 3y 4mo | 4y 5moSep 2021 - Feb 2026 |
COVID crash2020 | -9.93%Mar 2020 | 9d | 4mo 13d | 4mo 22dMar 2020 - Jul 2020 |
Financial crisis2007–2009 | -7.15%Oct 2008 | 1mo 20d | 5mo 16d | 7mo 6dSep 2008 - Apr 2009 |
2013 pullback2013 | -5.71%Sep 2013 | 4mo 5d | 8mo 12d | 1y 12dMay 2013 - May 2014 |
Drawdown Indicators
| PRCIX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.34% | -56.78% | +34.44% |
Max Drawdown (1Y)Largest decline over 1 year | -3.02% | -9.10% | +6.08% |
Max Drawdown (3Y)Largest decline over 3 years | -6.00% | -18.90% | +12.90% |
Max Drawdown (5Y)Largest decline over 5 years | -19.65% | -25.43% | +5.78% |
Max Drawdown (10Y)Largest decline over 10 years | -19.65% | -33.92% | +14.27% |
Current DrawdownCurrent decline from peak | -1.42% | -1.80% | +0.38% |
Average DrawdownAverage peak-to-trough decline | -4.40% | -10.71% | +6.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 2.03% | -0.98% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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