BHYIX vs. PRFRX
BHYIX (BlackRock High Yield Bond Portfolio Institutional Shares) and PRFRX (T. Rowe Price Floating Rate Fund) are both High Yield Bonds funds. Over the past 10 years, BHYIX returned 5.95%/yr vs 5.58%/yr for PRFRX. A 0.57 correlation means they provide meaningful diversification when combined. BHYIX charges 0.59%/yr vs 0.75%/yr for PRFRX.
Performance
BHYIX vs. PRFRX - Performance Comparison
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Returns By Period
In the year-to-date period, BHYIX achieves a 1.47% return, which is significantly higher than PRFRX's 1.27% return. Over the past 10 years, BHYIX has outperformed PRFRX with an annualized return of 5.95%, while PRFRX has yielded a comparatively lower 5.58% annualized return.
BHYIX
- 1D
- 0.00%
- 1M
- 0.28%
- YTD
- 1.47%
- 6M
- 2.05%
- 1Y
- 6.84%
- 3Y*
- 9.27%
- 5Y*
- 4.25%
- 10Y*
- 5.95%
PRFRX
- 1D
- -0.11%
- 1M
- -0.10%
- YTD
- 1.27%
- 6M
- 2.44%
- 1Y
- 8.03%
- 3Y*
- 9.84%
- 5Y*
- 7.06%
- 10Y*
- 5.58%
BHYIX vs. PRFRX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BHYIX BlackRock High Yield Bond Portfolio Institutional Shares | 1.47% | 9.18% | 8.55% | 13.19% | -11.24% | 5.53% | 5.87% | 15.35% | -2.81% | 8.23% |
PRFRX T. Rowe Price Floating Rate Fund | 1.27% | 9.82% | 11.04% | 13.78% | -1.95% | 4.60% | 1.75% | 8.46% | -0.08% | 3.48% |
Correlation
The correlation between BHYIX and PRFRX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Aug 1, 2011 | 0.57 |
The correlation between BHYIX and PRFRX shifts across timeframes, from 0.41 (1 year) to 0.57 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BHYIX vs. PRFRX — Risk / Return Rank
BHYIX
PRFRX
BHYIX vs. PRFRX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock High Yield Bond Portfolio Institutional Shares (BHYIX) and T. Rowe Price Floating Rate Fund (PRFRX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
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.
| BHYIX | PRFRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.02 | ||
| Sortino ratioReturn per unit of downside risk | -4.20 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 2.18 | -0.73 |
| Calmar ratioReturn relative to maximum drawdown | 2.85 | 5.45 | -2.60 |
| Martin ratioReturn relative to average drawdown | 13.94 | 20.01 | -6.07 |
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Drawdowns
BHYIX vs. PRFRX - Drawdown Comparison
The maximum BHYIX drawdown since its inception was -34.82%, which is greater than PRFRX's maximum drawdown of -20.05%. Use the drawdown chart below to compare losses from any high point for BHYIX and PRFRX.
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Drawdown Indicators
| BHYIX | PRFRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.82% | -20.05% | -14.77% |
Max Drawdown (1Y)Largest decline over 1 year | -2.41% | -1.50% | -0.91% |
Max Drawdown (3Y)Largest decline over 3 years | -4.07% | -2.35% | -1.72% |
Max Drawdown (5Y)Largest decline over 5 years | -15.45% | -5.94% | -9.51% |
Max Drawdown (10Y)Largest decline over 10 years | -23.23% | -20.05% | -3.18% |
Current DrawdownCurrent decline from peak | -0.42% | -0.66% | +0.24% |
Average DrawdownAverage peak-to-trough decline | -2.75% | -0.69% | -2.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.49% | 0.41% | +0.08% |
Volatility
BHYIX vs. PRFRX - Volatility Comparison
BlackRock High Yield Bond Portfolio Institutional Shares (BHYIX) has a higher volatility of 1.04% compared to T. Rowe Price Floating Rate Fund (PRFRX) at 0.65%. This indicates that BHYIX's price experiences larger fluctuations and is considered to be riskier than PRFRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BHYIX | PRFRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.04% | 0.65% | +0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 2.62% | 1.93% | +0.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.42% | 2.70% | +0.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.25% | 2.92% | +2.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.90% | 3.92% | +1.98% |
BHYIX vs. PRFRX - Expense Ratio Comparison
BHYIX has a 0.59% expense ratio, which is lower than PRFRX's 0.75% expense ratio.
Dividends
BHYIX vs. PRFRX - Dividend Comparison
BHYIX's dividend yield for the trailing twelve months is around 7.08%, less than PRFRX's 9.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BHYIX BlackRock High Yield Bond Portfolio Institutional Shares | 7.08% | 7.05% | 7.46% | 6.15% | 4.91% | 4.73% | 5.12% | 5.70% | 6.33% | 5.82% | 5.96% | 6.33% |
PRFRX T. Rowe Price Floating Rate Fund | 9.81% | 9.99% | 10.20% | 9.57% | 4.03% | 3.86% | 4.00% | 4.84% | 4.87% | 4.04% | 4.07% | 4.07% |
Frequently Asked Questions
BHYIX and PRFRX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BHYIX has higher volatility (1.04%) compared to PRFRX (0.65%). In terms of maximum drawdown, BHYIX dropped -34.82% vs PRFRX's -20.05%.
PRFRX currently has the higher Sharpe Ratio (3.03 vs 2.01), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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