- Issuer
- T. Rowe Price
- Inception Date
- Aug 28, 2015
- Category
- High Yield Bonds
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Asset Class Size
- Mid-Cap
- Asset Class Style
- Blend
Share Price Chart
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Performance
PRHIX Performance Chart
T. Rowe Price High Yield Fund Class I (PRHIX) is up 1.4% since the beginning of the year. PRHIX is currently trading at $6 per share. Investors who bought $1,000 worth of PRHIX shares 5 years ago would now be looking at an investment worth $1,185.
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Returns By Period
T. Rowe Price High Yield Fund Class I (PRHIX) has returned 1.42% so far this year and 6.65% over the past 12 months. Over the last ten years, PRHIX has returned 5.11% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
T. Rowe Price High Yield Fund Class I
- 1D
- 0.00%
- 1M
- 0.57%
- YTD
- 1.42%
- 6M
- 2.29%
- 1Y
- 6.65%
- 3Y*
- 8.06%
- 5Y*
- 3.46%
- 10Y*
- 5.11%
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%
PRHIX Monthly Returns History
Based on dividend-adjusted daily data since Jan 4, 2016, PRHIX's average daily return is +0.02%, while the average monthly return is +0.47%. At this rate, an investment would double in approximately 12.3 years.
Historically, 70% of months were positive and 30% were negative. The best month was Jul 2022 with a return of +5.6%, while the worst month was Mar 2020 at -11.8%. The longest winning streak lasted 11 consecutive months, and the longest losing streak was 6 months.
On a daily basis, PRHIX closed higher 36% of trading days. The best single day was Mar 26, 2020 with a return of +3.4%, while the worst single day was Mar 16, 2020 at -3.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.40% | 0.00% | -0.62% | 1.58% | 0.40% | -0.34% | 1.42% | ||||||
| 2025 | 1.46% | 0.52% | -1.14% | 0.05% | 2.15% | 1.72% | 0.41% | 1.09% | 0.70% | 0.27% | 0.35% | 1.03% | 8.90% |
| 2024 | 0.02% | -0.17% | 0.91% | -0.82% | 1.14% | 0.52% | 1.78% | 1.29% | 1.35% | -0.61% | 1.07% | -0.43% | 6.17% |
| 2023 | 4.12% | -1.25% | 0.79% | 0.53% | -1.19% | 2.02% | 1.41% | 0.39% | -1.00% | -2.13% | 4.76% | 3.71% | 12.55% |
| 2022 | -2.60% | -0.99% | -0.78% | -3.54% | -0.36% | -7.53% | 5.61% | -2.07% | -5.10% | 2.95% | 2.17% | -0.38% | -12.54% |
| 2021 | 0.34% | 0.24% | 0.29% | 1.23% | 0.27% | 1.16% | 0.29% | 0.55% | -0.03% | -0.02% | -1.08% | 2.14% | 5.48% |
Benchmark Metrics
T. Rowe Price High Yield Fund Class I has an annualized alpha of 3.55%, beta of 0.15, and R2 of 0.23 versus S&P 500 Index. Calculated based on daily prices since January 04, 2016.
- This fund participated in 35.16% of S&P 500 Index downside but only 31.74% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.15 may look defensive, but with R2 of 0.23 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 0.23 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
- 3.55%
- Beta
- 0.15
- R²
- 0.23
- Upside Capture
- 31.74%
- Downside Capture
- 35.16%
Expense Ratio
PRHIX has an expense ratio of 0.62%, placing it in the medium range.
Return for Risk
Risk / Return Rank
PRHIX ranks 77 for risk / return — better than 77% of mutual funds on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for T. Rowe Price High Yield Fund Class I (PRHIX) 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.
| PRHIX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.82 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.37 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 3.15 | 2.78 | +0.37 |
| Martin ratioReturn relative to average drawdown | 15.80 | 12.44 | +3.37 |
Dividends
Dividend History
T. Rowe Price High Yield Fund Class I provided a 6.81% dividend yield over the last twelve months, with an annual payout of $0.40 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.40 | $0.41 | $0.36 | $0.32 | $0.27 | $0.34 | $0.35 | $0.37 | $0.39 | $0.38 | $0.41 |
Dividend yield | 6.81% | 6.78% | 6.13% | 5.33% | 4.77% | 5.18% | 5.31% | 5.59% | 6.37% | 5.62% | 6.15% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price High Yield Fund Class I. 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 | $0.16 | ||||||
| 2025 | $0.04 | $0.03 | $0.03 | $0.03 | $0.04 | $0.03 | $0.03 | $0.04 | $0.03 | $0.04 | $0.03 | $0.04 | $0.41 |
| 2024 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.00 | $0.03 | $0.04 | $0.03 | $0.03 | $0.03 | $0.03 | $0.36 |
| 2023 | $0.03 | $0.03 | $0.03 | $0.00 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.03 | $0.03 | $0.32 |
| 2022 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.00 | $0.03 | $0.00 | $0.03 | $0.03 | $0.04 | $0.27 |
| 2021 | $0.02 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.34 |
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 High Yield Fund Class I. 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 High Yield Fund Class I was 22.09%, occurring on Mar 23, 2020. Recovery took 114 trading sessions.
The current T. Rowe Price High Yield Fund Class I drawdown is 0.34%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -22.09%Mar 2020 | 1mo 2d | 5mo 13d | 6mo 15dFeb 2020 - Sep 2020 |
Bear market2022 | -16.53%Sep 2022 | 8mo 29d | 1y 8mo | 2y 5moJan 2022 - Jun 2024 |
Rate-hike selloffLate 2018 | -5.38%Dec 2018 | 2mo 23d | 1mo 21d | 4mo 14dOct 2018 - Feb 2019 |
2016 pullback2016 | -4.37%Feb 2016 | 1mo 5d | 21d | 1mo 26dJan 2016 - Mar 2016 |
2025 selloff2025 | -3.84%Apr 2025 | 1mo 6d | 1mo 3d | 2mo 9dMar 2025 - May 2025 |
Drawdown Indicators
| PRHIX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.09% | -56.78% | +34.69% |
Max Drawdown (1Y)Largest decline over 1 year | -2.18% | -9.10% | +6.92% |
Max Drawdown (3Y)Largest decline over 3 years | -3.84% | -18.90% | +15.06% |
Max Drawdown (5Y)Largest decline over 5 years | -16.53% | -25.43% | +8.90% |
Max Drawdown (10Y)Largest decline over 10 years | -22.09% | -33.92% | +11.83% |
Current DrawdownCurrent decline from peak | -0.34% | -1.80% | +1.46% |
Average DrawdownAverage peak-to-trough decline | -2.49% | -10.71% | +8.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.43% | 2.03% | -1.60% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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