- CUSIP
- 87279J109
- Issuer
- T. Rowe Price
- Inception Date
- Apr 29, 2014
- Category
- High Yield Bonds
- Index Tracked
- Bloomberg US High-Yield 2% Issuer Capped Bond Index
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Asset Class Size
- Multi-Cap
- Asset Class Style
- Blend
Share Price Chart
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Performance
PRCPX Performance Chart
T. Rowe Price Credit Opportunities Fund (PRCPX) is up 1.7% since the beginning of the year. PRCPX is currently trading at $8 per share. Investors who bought $1,000 worth of PRCPX shares 5 years ago would now be looking at an investment worth $1,412.
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Returns By Period
T. Rowe Price Credit Opportunities Fund (PRCPX) has returned 1.69% so far this year and 5.23% over the past 12 months. Over the last ten years, PRCPX has returned 7.06% per year, falling short of the S&P 500 Index benchmark, which averaged 13.26% annually.
T. Rowe Price Credit Opportunities Fund
- 1D
- 0.13%
- 1M
- -0.88%
- 6M
- 1.24%
- YTD
- 1.69%
- 1Y
- 5.23%
- 3Y*
- 11.84%
- 5Y*
- 7.14%
- 10Y*
- 7.06%
- ALL TIME*
- 5.34%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
PRCPX Monthly Returns History
Based on dividend-adjusted daily data since May 1, 2014, PRCPX's average daily return is +0.02%, while the average monthly return is +0.46%. At this rate, an investment would double in approximately 12.6 years.
Historically, 66% of months were positive and 34% were negative. The best month was Apr 2020 with a return of +6.0%, while the worst month was Mar 2020 at -12.1%. The longest winning streak lasted 13 consecutive months, and the longest losing streak was 6 months.
On a daily basis, PRCPX closed higher 39% of trading days. The best single day was Mar 26, 2020 with a return of +3.4%, while the worst single day was Mar 19, 2020 at -4.5%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.45% | -0.01% | -0.56% | 2.30% | 0.33% | -0.05% | -0.75% | 1.69% | |||||
| 2025 | 2.02% | 1.10% | -0.52% | -0.05% | 2.29% | 1.70% | 0.60% | 1.14% | 0.68% | -0.01% | 0.41% | 0.97% | 10.78% |
| 2024 | 0.74% | 0.74% | 1.46% | -0.10% | 1.84% | 0.94% | 2.27% | 1.92% | 1.71% | 0.18% | 1.81% | -0.28% | 14.01% |
| 2023 | 4.57% | -0.24% | 0.99% | 0.82% | -0.54% | 2.75% | 2.08% | 1.24% | 0.07% | -1.36% | 4.86% | 3.94% | 20.68% |
| 2022 | -1.89% | -0.55% | -0.74% | -2.77% | -0.75% | -6.59% | 4.79% | -1.65% | -4.68% | 2.45% | 2.16% | -0.31% | -10.50% |
| 2021 | 0.51% | 0.36% | 0.43% | 1.24% | 0.31% | 1.18% | 0.40% | 0.49% | 0.06% | 0.30% | -0.96% | 1.90% | 6.36% |
Benchmark Metrics
T. Rowe Price Credit Opportunities Fund has an annualized alpha of 3.77%, beta of 0.13, and R2 of 0.18 versus S&P 500 Index. Calculated based on daily prices since May 01, 2014.
- This fund participated in 34.51% of S&P 500 Index downside but only 32.55% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.13 may look defensive, but with R2 of 0.18 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 0.18 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
- 3.77%
- Beta
- 0.13
- R²
- 0.18
- Upside Capture
- 32.55%
- Downside Capture
- 34.51%
Expense Ratio
PRCPX has an expense ratio of 0.81%, placing it in the medium range.
Return for Risk
Risk / Return Rank
PRCPX ranks 74 for risk / return — above 74% of mutual funds peers on PortfoliosLab. Its historical combined result is above most peers.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for T. Rowe Price Credit Opportunities Fund (PRCPX) 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.
| PRCPX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.25 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.51 | 2.00 | +0.51 |
| Martin ratioReturn relative to average drawdown | 10.79 | 8.49 | +2.30 |
Dividends
Dividend History
T. Rowe Price Credit Opportunities Fund provided a 6.95% dividend yield over the last twelve months, with an annual payout of $0.55 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.55 | $0.70 | $1.03 | $1.00 | $0.37 | $0.45 | $0.47 | $0.45 | $0.46 | $0.43 | $0.50 | $0.59 |
Dividend yield | 6.95% | 8.65% | 12.91% | 12.59% | 4.89% | 5.11% | 5.36% | 5.18% | 5.72% | 4.95% | 5.88% | 7.58% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price Credit Opportunities 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 | $0.05 | $0.04 | $0.04 | $0.09 | $0.05 | $0.05 | $0.00 | $0.31 | |||||
| 2025 | $0.10 | $0.09 | $0.09 | $0.05 | $0.05 | $0.04 | $0.05 | $0.05 | $0.04 | $0.05 | $0.04 | $0.05 | $0.70 |
| 2024 | $0.09 | $0.09 | $0.09 | $0.09 | $0.10 | $0.04 | $0.10 | $0.10 | $0.09 | $0.09 | $0.09 | $0.05 | $1.03 |
| 2023 | $0.08 | $0.08 | $0.10 | $0.04 | $0.09 | $0.10 | $0.09 | $0.09 | $0.09 | $0.05 | $0.09 | $0.09 | $1.00 |
| 2022 | $0.03 | $0.03 | $0.04 | $0.04 | $0.04 | $0.00 | $0.00 | $0.04 | $0.00 | $0.04 | $0.04 | $0.07 | $0.37 |
| 2021 | $0.03 | $0.03 | $0.04 | $0.04 | $0.04 | $0.03 | $0.04 | $0.03 | $0.04 | $0.04 | $0.04 | $0.07 | $0.45 |
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 Credit Opportunities 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 Credit Opportunities Fund was 23.07%, occurring on Mar 23, 2020. Recovery took 112 trading sessions.
The current T. Rowe Price Credit Opportunities Fund drawdown is 1.00%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-23.07%Mar 2020 | 1mo 4d | 5mo 11d | 6mo 15dFeb 2020 - Aug 2020 | COVID crash2020 |
-18.13%Feb 2016 | 1y 7mo | 10mo 29d | 2y 6moJul 2014 - Jan 2017 | — |
-14.34%Oct 2022 | 9mo 13d | 10mo 22d | 1y 8moJan 2022 - Aug 2023 | Bear market2022 |
-4.79%Dec 2018 | 2mo 23d | 1mo 11d | 4mo 4dOct 2018 - Feb 2019 | Rate-hike selloffLate 2018 |
-3.29%Apr 2025 | 1mo 5d | 1mo 1d | 2mo 6dMar 2025 - May 2025 | 2025 selloff2025 |
Drawdown Indicators
| PRCPX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.07% | -56.78% | +33.71% |
Max Drawdown (1Y)Largest decline over 1 year | -1.99% | -9.10% | +7.11% |
Max Drawdown (3Y)Largest decline over 3 years | -3.29% | -18.90% | +15.61% |
Max Drawdown (5Y)Largest decline over 5 years | -14.34% | -25.43% | +11.09% |
Max Drawdown (10Y)Largest decline over 10 years | -23.07% | -33.92% | +10.85% |
Current DrawdownCurrent decline from peak | -1.00% | -1.58% | +0.58% |
Average DrawdownAverage peak-to-trough decline | -2.97% | -10.70% | +7.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.46% | 2.14% | -1.68% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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