T. Rowe Price High Yield Fund (PRHYX)
The investment seeks high current income and, secondarily, capital appreciation. The fund will normally invest at least 80% of its net assets in a widely diversified portfolio of high yield corporate bonds, often called "junk" bonds, as well as income-producing convertible securities and preferred stocks that are rated below investment grade or not rated by any major credit rating agency but deemed to be below investment grade by T. Rowe Price. High yield bonds are rated below investment grade (BB and lower, or an equivalent rating), and tend to provide high income in an effort to compensate investors for their higher risk of default.
Fund Info
| ISIN | US7414811056 |
|---|---|
| CUSIP | 741481105 |
| Issuer | T. Rowe Price |
| Inception Date | Dec 31, 1984 |
| Category | High Yield Bonds |
| Min. Investment | $2,500 |
| Asset Class | Bond |
Expense Ratio
PRHYX features an expense ratio of 0.70%, falling within the medium range.
Share Price Chart
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Compare to other instruments
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Popular comparisons: PRHYX vs. TUHIX, PRHYX vs. FAGIX, PRHYX vs. VWEHX, PRHYX vs. PHYQX, PRHYX vs. HYDB, PRHYX vs. VWEAX, PRHYX vs. VSBSX
Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in T. Rowe Price High Yield Fund, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
Returns By Period
T. Rowe Price High Yield Fund had a return of 6.52% year-to-date (YTD) and 13.45% in the last 12 months. Over the past 10 years, T. Rowe Price High Yield Fund had an annualized return of 4.22%, while the S&P 500 had an annualized return of 11.41%, indicating that T. Rowe Price High Yield Fund did not perform as well as the benchmark.
| Period | Return | Benchmark |
|---|---|---|
| Year-To-Date | 6.52% | 25.70% |
| 1 month | 0.73% | 3.51% |
| 6 months | 5.87% | 14.80% |
| 1 year | 13.45% | 37.91% |
| 5 years (annualized) | 3.92% | 14.18% |
| 10 years (annualized) | 4.22% | 11.41% |
Monthly Returns
The table below presents the monthly returns of PRHYX, with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 0.01% | -0.17% | 0.90% | -0.99% | 1.31% | 1.03% | 1.60% | 1.44% | 1.18% | -0.62% | 6.52% | ||
| 2023 | 4.12% | -1.25% | 0.78% | 0.86% | -1.02% | 1.83% | 1.59% | 0.22% | -0.84% | -1.57% | 4.75% | 3.70% | 13.72% |
| 2022 | -2.47% | -0.99% | -0.79% | -3.54% | -0.36% | -7.07% | 6.13% | -2.25% | -4.40% | 2.75% | 2.35% | -0.49% | -11.21% |
| 2021 | 0.34% | 0.23% | 0.28% | 1.21% | 0.12% | 1.29% | 0.27% | 0.55% | -0.04% | -0.03% | -1.09% | 1.99% | 5.22% |
| 2020 | 0.01% | -1.85% | -11.84% | 5.06% | 4.35% | 0.41% | 4.35% | 0.89% | -1.11% | 0.49% | 3.59% | 1.71% | 4.99% |
| 2019 | 4.09% | 1.73% | 0.83% | 1.56% | -0.56% | 2.13% | 0.61% | 0.79% | 0.41% | 0.30% | 0.30% | 1.68% | 14.70% |
| 2018 | 0.45% | -1.04% | -0.57% | 0.46% | -0.41% | 0.03% | 0.95% | 0.56% | 0.46% | -1.33% | -1.01% | -1.87% | -3.29% |
| 2017 | 1.36% | 1.21% | -0.09% | 1.18% | 0.76% | 0.05% | 1.17% | 0.02% | 0.75% | 0.59% | -0.29% | 0.48% | 7.40% |
| 2016 | -1.45% | 0.22% | 3.99% | 2.75% | 0.80% | 0.49% | 2.36% | 1.87% | 0.67% | 0.30% | -0.27% | 1.74% | 14.20% |
| 2015 | 0.34% | 2.41% | -0.24% | 1.51% | 0.64% | -1.24% | -0.50% | -2.21% | -2.56% | 2.25% | -1.53% | -1.95% | -3.19% |
| 2014 | 0.79% | 1.90% | 0.24% | 0.66% | 1.05% | 0.91% | -1.13% | 1.20% | -2.00% | 0.82% | -0.80% | -2.78% | 0.74% |
| 2013 | 1.68% | 0.67% | 1.38% | 2.07% | -0.18% | -2.97% | 2.40% | -1.03% | 1.22% | 2.51% | 0.50% | 0.51% | 8.96% |
Risk-Adjusted Performance
Risk-Adjusted Performance Rank
The current risk-adjusted rank of PRHYX is 90, placing it in the top 10% of mutual funds on our website in terms of risk-adjusted performance. This ranking is based on the combined values of the indicators listed below.
Risk-Adjusted Performance Indicators
The charts below present risk-adjusted performance metrics for T. Rowe Price High Yield Fund (PRHYX) and compare them to a chosen benchmark (^GSPC). These indicators evaluate an investment's returns against its associated risks.
Dividends
Dividend History
T. Rowe Price High Yield Fund provided a 6.45% dividend yield over the last twelve months, with an annual payout of $0.39 per share. The fund has been increasing its distributions for 2 consecutive years.
| Period | TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.39 | $0.37 | $0.34 | $0.34 | $0.34 | $0.37 | $0.39 | $0.37 | $0.38 | $0.40 | $0.43 | $0.44 |
Dividend yield | 6.45% | 6.29% | 6.13% | 5.08% | 5.19% | 5.49% | 6.26% | 5.49% | 5.73% | 6.46% | 6.39% | 6.11% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price High Yield 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.03 | $0.03 | $0.04 | $0.03 | $0.03 | $0.00 | $0.32 | |
| 2023 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.37 |
| 2022 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.34 |
| 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 |
| 2020 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.34 |
| 2019 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.37 |
| 2018 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.03 | $0.03 | $0.04 | $0.03 | $0.39 |
| 2017 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.37 |
| 2016 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.38 |
| 2015 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.40 |
| 2014 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.03 | $0.04 | $0.43 |
| 2013 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.44 |
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.
Worst Drawdowns
The table below displays the maximum drawdowns of the T. Rowe Price High Yield 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 High Yield Fund was 30.82%, occurring on Dec 15, 2008. Recovery took 185 trading sessions.
The current T. Rowe Price High Yield Fund drawdown is 0.11%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -30.82% | Jun 6, 2007 | 385 | Dec 15, 2008 | 185 | Sep 10, 2009 | 570 |
| -22.11% | Feb 21, 2020 | 22 | Mar 23, 2020 | 158 | Nov 4, 2020 | 180 |
| -18.29% | Sep 7, 1989 | 320 | Nov 28, 1990 | 160 | Jul 10, 1991 | 480 |
| -15.15% | Jan 4, 2022 | 184 | Sep 27, 2022 | 311 | Dec 21, 2023 | 495 |
| -12.01% | Jul 2, 2014 | 407 | Feb 11, 2016 | 103 | Jul 11, 2016 | 510 |
Volatility
Volatility Chart
The current T. Rowe Price High Yield Fund volatility is 0.91%, representing the average percentage change in the investments's value, either up or down over the past month. The chart below shows the rolling one-month volatility.