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T. Rowe Price Tax Free High Yield Fund (PRFHX) Diversifiers

Mutual Fund · Currency in USD · Last updated Jun 23, 2026

The investment seeks a high level of income exempt from federal income taxes by investing primarily in long-term low- to upper-medium-grade municipal securities. Normally, at least 80% of the fund's income will be exempt from federal income taxes. However, up to 20% of the fund's income could be derived from securities subject to the alternative minimum tax. It generally seeks higher yielding municipal bonds, including those that are rated noninvestment grade (BB and lower, or an equivalent rating) by a major credit rating agency or by T. Rowe Price, known as "junk" bonds.

Looking to diversify beyond PRFHX? The mutual funds below have the lowest correlation with PRFHX — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from PRFHX.

Best Diversifiers for PRFHX

4 mutual funds have low correlation with PRFHX (below 0.3), 0 of which are negatively correlated. The least correlated is T. Rowe Price Science And Technology Fund (PRSCX) (Technology Equities) with a 1Y correlation of 0.08, roughly unchanged from 0.10 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
PRSCX
T. Rowe Price Science And Technology Fund0.080.060.10
87
Technology EquitiesPRFHX vs PRSCX
PREIX
T. Rowe Price Equity Index 500 Fund0.140.140.12
65
Large Cap Blend EquitiesPRFHX vs PREIX
PRCOX
T. Rowe Price U.S. Equity Research Fund0.150.140.12
64
Large Cap Blend EquitiesPRFHX vs PRCOX
PRDGX
T. Rowe Price Dividend Growth Fund, Inc.0.190.170.13
52
Large Cap Blend Equities, DividendPRFHX vs PRDGX
NVHIX
Nuveen Short Duration High Yield Municipal Bond Fu...0.620.700.70
65
High Yield MuniPRFHX vs NVHIX
See all 52 diversifiers for PRFHX

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Diversification Analysis

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