T. Rowe Price Institutional High Yield Fund (TRHYX)

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T. Rowe Price Institutional High Yield Fund (TRHYX) is up 1.4% since the beginning of the year. TRHYX is currently trading at $8 per share. Investors who bought $1,000 worth of TRHYX shares 5 years ago would now be looking at an investment worth $1,184.

T. Rowe Price Institutional High Yield Fund (TRHYX) has returned 1.41% so far this year and 6.76% over the past 12 months. Over the last ten years, TRHYX has returned 5.15% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.

Based on dividend-adjusted daily data since May 31, 2002, TRHYX's average daily return is +0.03%, while the average monthly return is +0.56%. At this rate, an investment would double in approximately 10.3 years.

Historically, 70% of months were positive and 30% were negative. The best month was Apr 2009 with a return of +7.8%, while the worst month was Oct 2008 at -13.8%. The longest winning streak lasted 14 consecutive months, and the longest losing streak was 6 months.

On a daily basis, TRHYX closed higher 40% 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 -3.8%.

T. Rowe Price Institutional High Yield Fund has an annualized alpha of 5.81%, beta of 0.09, and R2 of 0.12 versus S&P 500 Index. Calculated based on daily prices since May 31, 2002.

• This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (40.43%) than losses (32.79%) - typical of diversified or defensive assets.
• Beta of 0.09 may look defensive, but with R2 of 0.12 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 0.12 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.

TRHYX has an expense ratio of 0.50%, placing it in the medium range.

TRHYX ranks 74 for risk / return — better than 74% 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.

T. Rowe Price Institutional High Yield Fund provided a 6.84% dividend yield over the last twelve months, with an annual payout of $0.54 per share. The fund has been increasing its distributions for 3 consecutive years.

The table displays the monthly dividend distributions for T. Rowe Price Institutional High Yield Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.

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.

The table below displays the maximum drawdowns of the T. Rowe Price Institutional 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 Institutional High Yield Fund was 27.31%, occurring on Dec 15, 2008. Recovery took 159 trading sessions.

The current T. Rowe Price Institutional High Yield Fund drawdown is 0.38%.

The chart below shows the rolling one-month volatility.