PBHAX vs. TRSSX
PBHAX (PGIM High Yield Fund) and TRSSX (T. Rowe Price Institutional Small Cap Stock Fund) are both mutual funds - PBHAX is a High Yield Bonds fund managed by PGIM, while TRSSX is a Small Cap Growth Equities fund managed by T. Rowe Price. Over the past 10 years, PBHAX returned 5.18%/yr vs 11.86%/yr for TRSSX. At a 0.29 correlation, their price movements are largely independent. PBHAX charges 0.75%/yr vs 0.66%/yr for TRSSX.
Performance
PBHAX vs. TRSSX - Performance Comparison
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Returns By Period
In the year-to-date period, PBHAX achieves a 1.48% return, which is significantly lower than TRSSX's 12.55% return. Over the past 10 years, PBHAX has underperformed TRSSX with an annualized return of 5.18%, while TRSSX has yielded a comparatively higher 11.86% annualized return.
PBHAX
- 1D
- 0.42%
- 1M
- 0.36%
- YTD
- 1.48%
- 6M
- 2.37%
- 1Y
- 6.93%
- 3Y*
- 7.95%
- 5Y*
- 3.17%
- 10Y*
- 5.18%
TRSSX
- 1D
- 3.51%
- 1M
- 0.85%
- YTD
- 12.55%
- 6M
- 10.15%
- 1Y
- 25.11%
- 3Y*
- 14.18%
- 5Y*
- 4.71%
- 10Y*
- 11.86%
PBHAX vs. TRSSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PBHAX PGIM High Yield Fund | 1.48% | 8.79% | 6.89% | 10.75% | -12.51% | 5.63% | 4.87% | 15.86% | -1.53% | 7.50% |
TRSSX T. Rowe Price Institutional Small Cap Stock Fund | 12.55% | 8.21% | 10.93% | 17.65% | -23.36% | 16.81% | 25.07% | 33.96% | -3.07% | 15.41% |
Correlation
The correlation between PBHAX and TRSSX is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2000 | 0.29 |
Over the past year, PBHAX and TRSSX have become more correlated (0.54) than their long-term average of 0.29, meaning their price movements have been converging.
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Return for Risk
PBHAX vs. TRSSX — Risk / Return Rank
PBHAX
TRSSX
PBHAX vs. TRSSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM High Yield Fund (PBHAX) and T. Rowe Price Institutional Small Cap Stock Fund (TRSSX). 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.
| PBHAX | TRSSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.66 | ||
| Sortino ratioReturn per unit of downside risk | +1.38 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.23 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 2.81 | 2.18 | +0.62 |
| Martin ratioReturn relative to average drawdown | 13.97 | 8.21 | +5.76 |
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Drawdowns
PBHAX vs. TRSSX - Drawdown Comparison
The maximum PBHAX drawdown since its inception was -28.80%, smaller than the maximum TRSSX drawdown of -56.38%. Use the drawdown chart below to compare losses from any high point for PBHAX and TRSSX.
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Drawdown Indicators
| PBHAX | TRSSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.80% | -56.38% | +27.58% |
Max Drawdown (1Y)Largest decline over 1 year | -2.48% | -10.73% | +8.25% |
Max Drawdown (3Y)Largest decline over 3 years | -4.06% | -30.88% | +26.82% |
Max Drawdown (5Y)Largest decline over 5 years | -16.22% | -32.12% | +15.90% |
Max Drawdown (10Y)Largest decline over 10 years | -21.14% | -37.85% | +16.71% |
Current DrawdownCurrent decline from peak | -0.21% | -0.22% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -2.87% | -9.00% | +6.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.50% | 2.82% | -2.32% |
Volatility
PBHAX vs. TRSSX - Volatility Comparison
The current volatility for PGIM High Yield Fund (PBHAX) is 1.23%, while T. Rowe Price Institutional Small Cap Stock Fund (TRSSX) has a volatility of 6.59%. This indicates that PBHAX experiences smaller price fluctuations and is considered to be less risky than TRSSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PBHAX | TRSSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 6.59% | -5.36% |
Volatility (6M)Calculated over the trailing 6-month period | 2.76% | 14.59% | -11.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.61% | 18.49% | -14.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.07% | 22.31% | -17.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.49% | 21.59% | -16.10% |
PBHAX vs. TRSSX - Expense Ratio Comparison
PBHAX has a 0.75% expense ratio, which is higher than TRSSX's 0.66% expense ratio.
Dividends
PBHAX vs. TRSSX - Dividend Comparison
PBHAX's dividend yield for the trailing twelve months is around 6.74%, less than TRSSX's 9.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PBHAX PGIM High Yield Fund | 6.74% | 6.71% | 6.01% | 5.73% | 5.94% | 5.88% | 5.70% | 5.96% | 6.26% | 5.98% | 4.61% | 6.64% |
TRSSX T. Rowe Price Institutional Small Cap Stock Fund | 9.39% | 10.57% | 19.63% | 5.45% | 5.37% | 8.52% | 4.54% | 6.13% | 13.45% | 6.53% | 0.80% | 7.07% |
Frequently Asked Questions
PBHAX and TRSSX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TRSSX has higher volatility (6.59%) compared to PBHAX (1.23%). In terms of maximum drawdown, PBHAX dropped -28.80% vs TRSSX's -56.38%.
PBHAX currently has the higher Sharpe Ratio (1.93 vs 1.27), 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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