- ISIN
- US77956H1793
- CUSIP
- 77956H179
- Issuer
- T. Rowe Price
- Inception Date
- Jan 10, 2019
- Category
- Nontraditional Bonds
- Min. Investment
- $2,500
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
RPIDX Performance Chart
T. Rowe Price Dynamic Credit Fund (RPIDX) is up 0.2% since the beginning of the year. RPIDX is currently trading at $8 per share. Investors who bought $1,000 worth of RPIDX shares 5 years ago would now be looking at an investment worth $1,346.
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Returns By Period
T. Rowe Price Dynamic Credit Fund (RPIDX) has returned 0.15% so far this year and 2.23% over the past 12 months.
T. Rowe Price Dynamic Credit Fund
- 1D
- 0.48%
- 1M
- -1.29%
- 6M
- -0.80%
- YTD
- 0.15%
- 1Y
- 2.23%
- 3Y*
- 9.67%
- 5Y*
- 6.13%
- 10Y*
- —
- ALL TIME*
- 6.23%
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%
RPIDX Monthly Returns History
Based on dividend-adjusted daily data since Jan 14, 2019, RPIDX's average daily return is +0.02%, while the average monthly return is +0.52%. At this rate, an investment would double in approximately 11.1 years.
Historically, 75% of months were positive and 25% were negative. The best month was Apr 2020 with a return of +5.0%, while the worst month was Mar 2020 at -14.3%. The longest winning streak lasted 17 consecutive months, and the longest losing streak was 3 months.
On a daily basis, RPIDX closed higher 41% of trading days. The best single day was Mar 26, 2020 with a return of +2.3%, 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 | 0.95% | -0.06% | -0.38% | 1.40% | -0.86% | 0.30% | -1.17% | 0.15% | |||||
| 2025 | 2.23% | 1.79% | 0.49% | -1.08% | 1.14% | 1.42% | 0.78% | 1.00% | 0.64% | -0.25% | 0.72% | -0.04% | 9.15% |
| 2024 | 0.43% | 1.68% | 0.60% | 1.87% | 0.68% | 1.33% | 1.24% | 1.82% | 1.49% | 1.15% | 0.73% | 0.42% | 14.31% |
| 2023 | 0.65% | 0.73% | 0.80% | 0.27% | 0.01% | -0.26% | 1.11% | 1.12% | 3.10% | -0.24% | 0.14% | 1.37% | 9.09% |
| 2022 | -2.27% | -0.11% | -0.28% | 1.60% | -1.79% | -1.16% | -0.86% | 1.70% | -0.43% | 0.66% | 0.08% | 2.20% | -0.76% |
| 2021 | 1.75% | 3.86% | 0.22% | 0.89% | 0.46% | 0.05% | -0.65% | 1.17% | 0.08% | -0.13% | -1.69% | 0.15% | 6.21% |
Benchmark Metrics
T. Rowe Price Dynamic Credit Fund has an annualized alpha of 6.33%, beta of 0.00, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since January 14, 2019.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (17.86%) than losses (4.45%) - 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
- 6.33%
- Beta
- 0.00
- R²
- 0.00
- Upside Capture
- 17.86%
- Downside Capture
- 4.45%
Expense Ratio
RPIDX has an expense ratio of 0.63%, placing it in the medium range.
Return for Risk
Risk / Return Rank
RPIDX ranks 19 for risk / return — above 19% of mutual funds peers on PortfoliosLab. Its historical combined result is below most peers; review the five component ranks for context.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for T. Rowe Price Dynamic Credit Fund (RPIDX) 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.
| RPIDX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.75 | ||
| Sortino ratioReturn per unit of downside risk | -0.82 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.25 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.02 | 2.00 | -0.98 |
| Martin ratioReturn relative to average drawdown | 3.28 | 8.49 | -5.21 |
Dividends
Dividend History
T. Rowe Price Dynamic Credit Fund provided a 7.54% dividend yield over the last twelve months, with an annual payout of $0.64 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend | $0.64 | $0.83 | $1.16 | $0.95 | $0.72 | $0.53 | $0.70 | $0.45 |
Dividend yield | 7.54% | 9.39% | 13.10% | 10.72% | 7.97% | 5.34% | 7.14% | 4.41% |
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 | $0.15 | $0.05 | $0.05 | $0.00 | $0.38 | |||||
| 2025 | $0.13 | $0.11 | $0.11 | $0.05 | $0.06 | $0.05 | $0.06 | $0.05 | $0.05 | $0.05 | $0.04 | $0.07 | $0.83 |
| 2024 | $0.07 | $0.10 | $0.11 | $0.10 | $0.12 | $0.10 | $0.11 | $0.11 | $0.09 | $0.09 | $0.10 | $0.06 | $1.16 |
| 2023 | $0.07 | $0.07 | $0.11 | $0.04 | $0.08 | $0.11 | $0.07 | $0.08 | $0.10 | $0.05 | $0.09 | $0.09 | $0.95 |
| 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 | $0.72 |
| 2021 | $0.02 | $0.02 | $0.02 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.22 | $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 19.95%, occurring on Mar 23, 2020. Recovery took 178 trading sessions.
The current T. Rowe Price Dynamic Credit Fund drawdown is 1.73%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-19.95%Mar 2020 | 2mo 6d | 8mo 15d | 10mo 21dJan 2020 - Dec 2020 | COVID crash2020 |
-7.31%Jul 2022 | 8mo 14d | 1y 3d | 1y 8moNov 2021 - Jul 2023 | Bear market2022 |
-2.81%Apr 2025 | 8d | 1mo 18d | 1mo 26dApr 2025 - May 2025 | 2025 selloff2025 |
-2.47%Nov 2021 | 18d | 6d | 24dOct 2021 - Nov 2021 | — |
-2.37%Nov 2023 | 1mo 8d | 1mo 18d | 2mo 26dOct 2023 - Dec 2023 | — |
Drawdown Indicators
| RPIDX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.95% | -56.78% | +36.83% |
Max Drawdown (1Y)Largest decline over 1 year | -2.20% | -9.10% | +6.90% |
Max Drawdown (3Y)Largest decline over 3 years | -2.81% | -18.90% | +16.09% |
Max Drawdown (5Y)Largest decline over 5 years | -7.31% | -25.43% | +18.12% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -1.73% | -1.58% | -0.15% |
Average DrawdownAverage peak-to-trough decline | -1.77% | -10.70% | +8.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.68% | 2.14% | -1.46% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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