T. Rowe Price Institutional High Yield Fund (TRHYX)
The fund normally invests at least 80% of its net assets (including any borrowings for investment purposes) 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.
Fund Info
US77958B2043
May 31, 2002
$1,000,000
Expense Ratio
TRHYX features an expense ratio of 0.50%, falling within the medium range.
Share Price Chart
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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in T. Rowe Price Institutional 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 Institutional High Yield Fund had a return of 1.25% year-to-date (YTD) and 8.86% in the last 12 months. Over the past 10 years, T. Rowe Price Institutional High Yield Fund had an annualized return of 4.71%, while the S&P 500 had an annualized return of 11.26%, indicating that T. Rowe Price Institutional High Yield Fund did not perform as well as the benchmark.
TRHYX
1.25%
0.61%
3.65%
8.86%
3.87%
4.71%
^GSPC (Benchmark)
4.01%
1.13%
9.82%
22.80%
12.93%
11.26%
Monthly Returns
The table below presents the monthly returns of TRHYX, 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 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2025 | 1.38% | 1.25% | |||||||||||
2024 | 0.02% | -0.12% | 0.96% | -0.99% | 1.28% | 1.04% | 1.62% | 1.51% | 1.15% | -0.57% | 1.21% | -0.42% | 6.85% |
2023 | 4.21% | -1.33% | 0.88% | 0.93% | -1.01% | 1.95% | 1.48% | 0.32% | -0.87% | -1.57% | 4.83% | 3.60% | 13.99% |
2022 | -2.55% | -0.99% | -0.83% | -3.49% | -0.38% | -6.96% | 6.13% | -2.19% | -4.48% | 2.77% | 2.34% | -0.61% | -11.30% |
2021 | 0.50% | 0.18% | 0.45% | 1.15% | 0.21% | 1.20% | 0.33% | 0.53% | -0.01% | -0.01% | -1.03% | 2.13% | 5.75% |
2020 | 0.02% | -1.85% | -12.00% | 5.14% | 4.42% | 0.32% | 4.38% | 0.90% | -1.08% | 0.49% | 3.65% | 1.65% | 4.94% |
2019 | 4.07% | 1.66% | 0.88% | 1.56% | -0.50% | 2.08% | 0.71% | 0.74% | 0.43% | 0.37% | 0.47% | 1.62% | 14.96% |
2018 | 0.59% | -1.09% | -0.63% | 0.60% | -0.62% | 0.16% | 0.97% | 0.58% | 0.46% | -1.31% | -0.96% | -1.86% | -3.10% |
2017 | 1.38% | 1.27% | -0.04% | 1.12% | 0.81% | 0.07% | 1.23% | 0.04% | 0.71% | 0.57% | -0.20% | 0.50% | 7.71% |
2016 | -1.58% | 0.20% | 4.46% | 2.98% | 0.88% | 0.64% | 2.51% | 1.91% | 0.77% | 0.37% | -0.17% | 1.81% | 15.65% |
2015 | 0.43% | 2.51% | -0.24% | 1.62% | 0.63% | -1.41% | -0.65% | -2.50% | -2.57% | 2.33% | -1.71% | -2.49% | -4.16% |
2014 | 0.84% | 2.07% | 0.33% | 0.64% | 1.04% | 1.03% | -1.27% | 1.14% | -2.03% | 0.78% | -0.65% | -4.20% | -0.46% |
Risk-Adjusted Performance
Risk-Adjusted Performance Rank
With an overall rank of 93, TRHYX is among the top 7% of mutual funds on our website when it comes to balancing risk and reward. Below is a breakdown of how it compares using common performance measures.
Risk-Adjusted Performance Indicators
The charts below present risk-adjusted performance metrics for T. Rowe Price Institutional High Yield Fund (TRHYX) 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 Institutional High Yield Fund provided a 6.75% dividend yield over the last twelve months, with an annual payout of $0.53 per share. The fund has been increasing its distributions for 2 consecutive years.
Period | TTM | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dividend | $0.53 | $0.53 | $0.51 | $0.48 | $0.48 | $0.47 | $0.51 | $0.53 | $0.52 | $0.54 | $0.57 | $0.62 |
Dividend yield | 6.75% | 6.72% | 6.47% | 6.51% | 5.47% | 5.32% | 5.73% | 6.48% | 5.74% | 6.05% | 6.99% | 6.80% |
Monthly Dividends
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.
Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2025 | $0.05 | $0.00 | $0.05 | ||||||||||
2024 | $0.04 | $0.04 | $0.04 | $0.04 | $0.05 | $0.04 | $0.05 | $0.05 | $0.04 | $0.04 | $0.05 | $0.05 | $0.53 |
2023 | $0.04 | $0.04 | $0.05 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.51 |
2022 | $0.03 | $0.03 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.05 | $0.04 | $0.48 |
2021 | $0.05 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.05 | $0.48 |
2020 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.47 |
2019 | $0.04 | $0.04 | $0.05 | $0.04 | $0.05 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.51 |
2018 | $0.04 | $0.04 | $0.04 | $0.04 | $0.05 | $0.04 | $0.04 | $0.05 | $0.04 | $0.05 | $0.05 | $0.04 | $0.53 |
2017 | $0.04 | $0.04 | $0.05 | $0.04 | $0.04 | $0.05 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.05 | $0.52 |
2016 | $0.04 | $0.05 | $0.04 | $0.05 | $0.04 | $0.04 | $0.04 | $0.05 | $0.05 | $0.04 | $0.05 | $0.05 | $0.54 |
2015 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.04 | $0.05 | $0.57 |
2014 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.06 | $0.05 | $0.05 | $0.62 |
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 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 27.75%, occurring on Dec 15, 2008. Recovery took 160 trading sessions.
The current T. Rowe Price Institutional High Yield Fund drawdown is 0.25%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
---|---|---|---|---|---|---|
-27.75% | Jun 6, 2007 | 385 | Dec 15, 2008 | 160 | Aug 5, 2009 | 545 |
-22.15% | Feb 20, 2020 | 23 | Mar 23, 2020 | 158 | Nov 4, 2020 | 181 |
-15.17% | Jan 3, 2022 | 185 | Sep 27, 2022 | 310 | Dec 20, 2023 | 495 |
-14.25% | Jul 8, 2014 | 404 | Feb 11, 2016 | 126 | Aug 11, 2016 | 530 |
-10.57% | Jun 2, 2011 | 87 | Oct 4, 2011 | 97 | Feb 23, 2012 | 184 |
Volatility
Volatility Chart
The current T. Rowe Price Institutional High Yield Fund volatility is 0.82%, 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.