- ISIN
- US7414811056
- CUSIP
- 741481105
- Issuer
- T. Rowe Price
- Inception Date
- Dec 31, 1984
- Category
- High Yield Bonds
- Min. Investment
- $2,500
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
PRHYX Performance Chart
T. Rowe Price High Yield Fund (PRHYX) is up 1.1% since the beginning of the year. PRHYX is currently trading at $6 per share. Investors who bought $1,000 worth of PRHYX shares 5 years ago would now be looking at an investment worth $1,333.
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Returns By Period
T. Rowe Price High Yield Fund (PRHYX) has returned 1.10% so far this year and 4.59% over the past 12 months. Over the last ten years, PRHYX has returned 6.12% per year, falling short of the S&P 500 Index benchmark, which averaged 13.26% annually.
T. Rowe Price High Yield Fund
- 1D
- 0.17%
- 1M
- -0.84%
- 6M
- 0.54%
- YTD
- 1.10%
- 1Y
- 4.59%
- 3Y*
- 10.57%
- 5Y*
- 5.91%
- 10Y*
- 6.12%
- ALL TIME*
- 6.20%
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%
PRHYX Monthly Returns History
Based on dividend-adjusted daily data since Jan 2, 1985, PRHYX's average daily return is +0.02%, while the average monthly return is +0.53%. At this rate, an investment would double in approximately 10.9 years.
Historically, 68% of months were positive and 32% were negative. The best month was Apr 2009 with a return of +9.3%, while the worst month was Oct 2008 at -15.5%. The longest winning streak lasted 22 consecutive months, and the longest losing streak was 8 months.
On a daily basis, PRHYX closed higher 34% 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 | 0.56% | -0.01% | -0.79% | 1.74% | 0.40% | -0.11% | -0.68% | 1.10% | |||||
| 2025 | 2.06% | 1.03% | -0.62% | 0.04% | 2.14% | 1.71% | 0.40% | 1.09% | 0.69% | 0.09% | 0.51% | 0.85% | 10.44% |
| 2024 | 0.54% | 0.35% | 0.90% | -0.44% | 1.93% | 1.03% | 2.17% | 2.04% | 1.68% | -0.06% | 1.80% | -0.44% | 12.07% |
| 2023 | 4.65% | -0.76% | 1.37% | 1.38% | -0.45% | 2.41% | 2.12% | 0.21% | -0.27% | -1.57% | 5.32% | 4.27% | 20.05% |
| 2022 | -2.47% | -0.99% | -0.80% | -3.54% | -0.36% | -7.53% | 5.61% | -2.24% | -4.93% | 2.74% | 2.34% | -0.40% | -12.48% |
| 2021 | 0.34% | 0.23% | 0.27% | 1.21% | 0.12% | 1.30% | 0.27% | 0.55% | -0.03% | -0.03% | -1.10% | 1.99% | 5.22% |
Benchmark Metrics
T. Rowe Price High Yield Fund has an annualized alpha of 5.45%, beta of 0.08, and R2 of 0.09 versus S&P 500 Index. Calculated based on daily prices since January 02, 1985.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (34.67%) than losses (28.21%) - typical of diversified or defensive assets.
- Beta of 0.08 may look defensive, but with R2 of 0.09 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 0.09 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
- 5.45%
- Beta
- 0.08
- R²
- 0.09
- Upside Capture
- 34.67%
- Downside Capture
- 28.21%
Expense Ratio
PRHYX has an expense ratio of 0.70%, placing it in the medium range.
Return for Risk
Risk / Return Rank
PRHYX ranks 59 for risk / return — above 59% of mutual funds peers on PortfoliosLab. Its historical combined result is near the middle of the peer group.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for T. Rowe Price High Yield Fund (PRHYX) 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.
| PRHYX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.25 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.04 | 2.00 | +0.03 |
| Martin ratioReturn relative to average drawdown | 9.07 | 8.49 | +0.58 |
Dividends
Dividend History
T. Rowe Price High Yield Fund provided a 6.26% dividend yield over the last twelve months, with an annual payout of $0.37 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.37 | $0.50 | $0.68 | $0.68 | $0.26 | $0.34 | $0.34 | $0.37 | $0.38 | $0.37 | $0.40 | $0.40 |
Dividend yield | 6.26% | 8.33% | 11.50% | 11.49% | 4.68% | 5.09% | 5.19% | 5.48% | 6.25% | 5.49% | 6.02% | 6.45% |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.19 | |||||
| 2025 | $0.07 | $0.06 | $0.06 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.03 | $0.04 | $0.50 |
| 2024 | $0.06 | $0.06 | $0.03 | $0.06 | $0.07 | $0.03 | $0.07 | $0.07 | $0.06 | $0.07 | $0.07 | $0.03 | $0.68 |
| 2023 | $0.06 | $0.06 | $0.07 | $0.06 | $0.06 | $0.06 | $0.06 | $0.03 | $0.06 | $0.03 | $0.06 | $0.06 | $0.68 |
| 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 | $0.26 |
| 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. 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 30.79%, occurring on Dec 15, 2008. Recovery took 185 trading sessions.
The current T. Rowe Price High Yield Fund drawdown is 1.01%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-30.79%Dec 2008 | 1y 6mo | 8mo 29d | 2y 3moJun 2007 - Sep 2009 | Financial crisis2007–2009 |
-29.69%Nov 1990 | 3y 8mo | 1y 4mo | 5y 1moMar 1987 - Apr 1992 | — |
-22.10%Mar 2020 | 1mo 1d | 7mo 16d | 8mo 17dFeb 2020 - Nov 2020 | COVID crash2020 |
-16.43%Oct 2022 | 9mo 12d | 1y 1mo | 1y 10moJan 2022 - Nov 2023 | Bear market2022 |
-11.77%Feb 2016 | 8mo 14d | 5mo 1d | 1y 1moJun 2015 - Jul 2016 | — |
Drawdown Indicators
| PRHYX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.79% | -56.78% | +25.99% |
Max Drawdown (1Y)Largest decline over 1 year | -2.17% | -9.10% | +6.93% |
Max Drawdown (3Y)Largest decline over 3 years | -3.33% | -18.90% | +15.57% |
Max Drawdown (5Y)Largest decline over 5 years | -16.43% | -25.43% | +9.00% |
Max Drawdown (10Y)Largest decline over 10 years | -22.10% | -33.92% | +11.82% |
Current DrawdownCurrent decline from peak | -1.01% | -1.58% | +0.57% |
Average DrawdownAverage peak-to-trough decline | -3.62% | -10.70% | +7.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.49% | 2.14% | -1.65% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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