PHSPX vs. PRFRX
PHSPX (PIMCO High Yield Spectrum Fund) and PRFRX (T. Rowe Price Floating Rate Fund) are both High Yield Bonds funds. Over the past 10 years, PHSPX returned 5.46%/yr vs 6.48%/yr for PRFRX. A 0.57 correlation means they provide meaningful diversification when combined. PHSPX charges 0.71%/yr vs 0.75%/yr for PRFRX.
Performance
PHSPX vs. PRFRX - Performance Comparison
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Returns By Period
In the year-to-date period, PHSPX achieves a 1.15% return, which is significantly lower than PRFRX's 2.06% return. Over the past 10 years, PHSPX has underperformed PRFRX with an annualized return of 5.46%, while PRFRX has yielded a comparatively higher 6.48% annualized return.
PHSPX
- 1D
- 0.00%
- 1M
- 0.43%
- 6M
- 1.05%
- YTD
- 1.15%
- 1Y
- 5.58%
- 3Y*
- 8.87%
- 5Y*
- 4.13%
- 10Y*
- 5.46%
PRFRX
- 1D
- 0.11%
- 1M
- 0.67%
- 6M
- 1.95%
- YTD
- 2.06%
- 1Y
- 5.38%
- 3Y*
- 12.05%
- 5Y*
- 9.09%
- 10Y*
- 6.48%
PHSPX vs. PRFRX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PHSPX PIMCO High Yield Spectrum Fund | 1.15% | 8.93% | 8.75% | 12.91% | -11.03% | 5.14% | 6.19% | 14.75% | -2.70% | 7.96% |
PRFRX T. Rowe Price Floating Rate Fund | 2.06% | 7.78% | 16.63% | 20.66% | -1.95% | 4.60% | 1.75% | 8.46% | -0.08% | 3.48% |
Correlation
The correlation between PHSPX and PRFRX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Aug 1, 2011 | 0.57 |
Over the past year, the correlation between PHSPX and PRFRX has dropped to 0.36 - well below their long-term average of 0.57, suggesting their price drivers have been diverging.
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Return for Risk
PHSPX vs. PRFRX — Risk / Return Rank
PHSPX
PRFRX
PHSPX vs. PRFRX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO High Yield Spectrum Fund (PHSPX) 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.
| PHSPX | PRFRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.57 | ||
| Sortino ratioReturn per unit of downside risk | -2.37 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.77 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | 2.04 | 3.60 | -1.56 |
| Martin ratioReturn relative to average drawdown | 10.15 | 12.92 | -2.77 |
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Drawdowns
PHSPX vs. PRFRX - Drawdown Comparison
The maximum PHSPX drawdown since its inception was -20.38%, roughly equal to the maximum PRFRX drawdown of -20.05%. Use the drawdown chart below to compare losses from any high point for PHSPX and PRFRX.
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Drawdown Indicators
| PHSPX | PRFRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.38% | -20.05% | -0.33% |
Max Drawdown (1Y)Largest decline over 1 year | -2.70% | -1.50% | -1.20% |
Max Drawdown (3Y)Largest decline over 3 years | -3.50% | -2.07% | -1.43% |
Max Drawdown (5Y)Largest decline over 5 years | -15.42% | -5.94% | -9.48% |
Max Drawdown (10Y)Largest decline over 10 years | -20.38% | -20.05% | -0.33% |
Current DrawdownCurrent decline from peak | -0.22% | 0.00% | -0.22% |
Average DrawdownAverage peak-to-trough decline | -2.13% | -0.68% | -1.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 0.42% | +0.12% |
Volatility
PHSPX vs. PRFRX - Volatility Comparison
PIMCO High Yield Spectrum Fund (PHSPX) has a higher volatility of 0.82% compared to T. Rowe Price Floating Rate Fund (PRFRX) at 0.57%. This indicates that PHSPX'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
| PHSPX | PRFRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.82% | 0.57% | +0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 2.66% | 1.78% | +0.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.34% | 2.43% | +0.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.88% | 3.15% | +1.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.34% | 4.01% | +1.33% |
PHSPX vs. PRFRX - Expense Ratio Comparison
PHSPX has a 0.71% expense ratio, which is lower than PRFRX's 0.75% expense ratio.
Dividends
PHSPX vs. PRFRX - Dividend Comparison
PHSPX's dividend yield for the trailing twelve months is around 6.46%, less than PRFRX's 7.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PHSPX PIMCO High Yield Spectrum Fund | 6.46% | 6.31% | 6.33% | 4.80% | 6.25% | 5.32% | 4.88% | 5.48% | 6.13% | 5.54% | 6.38% | 7.17% |
PRFRX T. Rowe Price Floating Rate Fund | 7.36% | 8.11% | 15.09% | 15.33% | 4.03% | 3.86% | 4.00% | 4.84% | 4.87% | 4.04% | 4.07% | 4.07% |
Frequently Asked Questions
PHSPX and PRFRX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PHSPX has higher volatility (0.82%) compared to PRFRX (0.57%). In terms of maximum drawdown, PHSPX dropped -20.38% vs PRFRX's -20.05%.
PRFRX currently has the higher Sharpe Ratio (2.22 vs 1.65), 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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