- ISIN
- US77956H1611
- Issuer
- T. Rowe Price
- Inception Date
- Jan 9, 2019
- Category
- Nontraditional Bonds
- Min. Investment
- $500,000
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
RPELX Performance Chart
T. Rowe Price Dynamic Credit Fund (RPELX) is up 0.3% since the beginning of the year. RPELX is currently trading at $9 per share. Investors who bought $1,000 worth of RPELX shares 5 years ago would now be looking at an investment worth $1,162.
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Returns By Period
T. Rowe Price Dynamic Credit Fund (RPELX) has returned 0.31% so far this year and 4.47% over the past 12 months.
T. Rowe Price Dynamic Credit Fund
- 1D
- 0.12%
- 1M
- -0.62%
- YTD
- 0.31%
- 6M
- 0.38%
- 1Y
- 4.47%
- 3Y*
- 5.87%
- 5Y*
- 3.05%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.13%
- 1M
- 5.68%
- YTD
- 11.16%
- 6M
- 11.10%
- 1Y
- 27.46%
- 3Y*
- 21.12%
- 5Y*
- 12.66%
- 10Y*
- 13.75%
RPELX Monthly Returns History
Based on dividend-adjusted daily data since Jan 15, 2019, RPELX's average daily return is +0.02%, while the average monthly return is +0.37%. At this rate, an investment would double in approximately 15.6 years.
Historically, 70% of months were positive and 30% were negative. The best month was Apr 2020 with a return of +5.1%, while the worst month was Mar 2020 at -14.4%. The longest winning streak lasted 15 consecutive months, and the longest losing streak was 3 months.
On a daily basis, RPELX closed higher 41% of trading days. The best single day was Mar 26, 2020 with a return of +2.2%, while the worst single day was Mar 10, 2020 at -4.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.96% | -0.06% | -0.38% | 0.42% | -0.74% | 0.12% | 0.31% | ||||||
| 2025 | 1.52% | 1.07% | -0.03% | -1.08% | 1.15% | 1.43% | 0.79% | 1.01% | 0.65% | -0.24% | 0.72% | -0.04% | 7.13% |
| 2024 | 0.06% | 1.13% | -0.04% | 1.29% | 0.01% | 0.78% | 0.63% | 1.20% | 0.98% | 0.64% | 0.15% | 0.43% | 7.47% |
| 2023 | 0.28% | 0.37% | 0.18% | -0.22% | -0.44% | -0.75% | 0.73% | 0.56% | 2.52% | -0.78% | -0.38% | 0.86% | 2.92% |
| 2022 | -2.36% | -0.10% | -0.27% | 1.72% | -1.88% | -1.17% | -0.86% | 1.81% | -0.53% | 0.66% | 0.19% | 2.10% | -0.81% |
| 2021 | 1.75% | 3.96% | 0.13% | 0.90% | 0.46% | 0.05% | -0.65% | 1.17% | 0.08% | -0.13% | -1.68% | 0.26% | 6.37% |
Benchmark Metrics
T. Rowe Price Dynamic Credit Fund has an annualized alpha of 4.53%, beta of 0.00, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since January 16, 2019.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (14.22%) than losses (8.21%) - typical of diversified or defensive assets.
- Beta of 0.00 may look defensive, but with R2 of 0.00 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 0.00 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
- 4.53%
- Beta
- 0.00
- R²
- 0.00
- Upside Capture
- 14.22%
- Downside Capture
- 8.21%
Expense Ratio
RPELX has an expense ratio of 0.56%, placing it in the medium range.
Return for Risk
Risk / Return Rank
RPELX ranks 46 for risk / return — on par with similar mutual funds. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for T. Rowe Price Dynamic Credit Fund (RPELX) and compare them to S&P 500 Index.
| RPELX | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.49 | 2.39 | -0.90 |
Sortino ratioReturn per unit of downside risk | 2.74 | 3.25 | -0.52 |
Omega ratioGain probability vs. loss probability | 1.33 | 1.43 | -0.10 |
Calmar ratioReturn relative to maximum drawdown | 3.42 | 3.11 | +0.30 |
Martin ratioReturn relative to average drawdown | 9.22 | 14.38 | -5.16 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
T. Rowe Price Dynamic Credit Fund provided a 7.43% dividend yield over the last twelve months, with an annual payout of $0.64 per share. The fund has been increasing its distributions for 2 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend | $0.64 | $0.66 | $0.62 | $0.43 | $0.73 | $0.53 | $0.70 | $0.45 |
Dividend yield | 7.43% | 7.49% | 6.95% | 4.90% | 8.05% | 5.39% | 7.16% | 4.43% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price Dynamic Credit 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 | $0.02 | $0.07 | $0.08 | $0.05 | $0.00 | $0.27 | ||||||
| 2025 | $0.06 | $0.06 | $0.06 | $0.05 | $0.06 | $0.06 | $0.06 | $0.05 | $0.05 | $0.05 | $0.04 | $0.07 | $0.66 |
| 2024 | $0.04 | $0.05 | $0.06 | $0.05 | $0.06 | $0.05 | $0.06 | $0.06 | $0.05 | $0.05 | $0.05 | $0.06 | $0.62 |
| 2023 | $0.04 | $0.03 | $0.06 | $0.00 | $0.04 | $0.05 | $0.03 | $0.04 | $0.05 | $0.00 | $0.05 | $0.05 | $0.43 |
| 2022 | $0.03 | $0.02 | $0.03 | $0.01 | $0.01 | $0.00 | $0.00 | $0.04 | $0.00 | $0.04 | $0.05 | $0.50 | $0.73 |
| 2021 | $0.02 | $0.02 | $0.02 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.23 | $0.53 |
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 Dynamic Credit 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 Dynamic Credit Fund was 19.94%, occurring on Mar 23, 2020. Recovery took 178 trading sessions.
The current T. Rowe Price Dynamic Credit Fund drawdown is 0.74%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -19.94%Mar 2020 | 2mo 2d | 8mo 15d | 10mo 17dJan 2020 - Dec 2020 |
Bear market2022 | -7.25%Jul 2022 | 8mo 14d | 1y 2mo | 1y 10moNov 2021 - Sep 2023 |
2025 selloff2025 | -3.16%Apr 2025 | 1mo 8d | 2mo 1d | 3mo 9dMar 2025 - Jun 2025 |
2023 pullback2023 | -2.90%Nov 2023 | 1mo 8d | 2mo 7d | 3mo 15dOct 2023 - Jan 2024 |
2021 pullback2021 | -2.37%Nov 2021 | 18d | 6d | 24dOct 2021 - Nov 2021 |
Drawdown Indicators
| RPELX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.94% | -56.78% | +36.84% |
Max Drawdown (1Y)Largest decline over 1 year | -1.38% | -9.10% | +7.72% |
Max Drawdown (3Y)Largest decline over 3 years | -3.16% | -18.90% | +15.74% |
Max Drawdown (5Y)Largest decline over 5 years | -7.25% | -25.43% | +18.18% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.74% | 0.00% | -0.74% |
Average DrawdownAverage peak-to-trough decline | -1.96% | -10.72% | +8.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.51% | 1.97% | -1.46% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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