PHYIX vs. PRCPX

Last updated Jun 4, 2026

PHYIX (Putnam High Yield Fund) and PRCPX (T. Rowe Price Credit Opportunities Fund) are both High Yield Bonds funds. Over the past 10 years, PHYIX returned 5.40%/yr vs 6.56%/yr for PRCPX. A 0.74 correlation means they provide meaningful diversification when combined. PHYIX charges 1.01%/yr vs 0.81%/yr for PRCPX.

Performance

PHYIX vs. PRCPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam High Yield Fund (PHYIX) and T. Rowe Price Credit Opportunities Fund (PRCPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with PHYIX having a 1.82% return and PRCPX slightly lower at 1.79%. Over the past 10 years, PHYIX has underperformed PRCPX with an annualized return of 5.40%, while PRCPX has yielded a comparatively higher 6.56% annualized return.

PHYIX

• 1D: 0.00%
• 1M: 0.70%
• YTD: 1.82%
• 6M: 2.31%
• 1Y: 7.52%
• 3Y*: 8.70%
• 5Y*: 4.46%
• 10Y*: 5.40%

PRCPX

• 1D: 0.00%
• 1M: 0.20%
• YTD: 1.79%
• 6M: 3.27%
• 1Y: 9.95%
• 3Y*: 10.75%
• 5Y*: 5.68%
• 10Y*: 6.56%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PHYIX vs. PRCPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PHYIX Putnam High Yield Fund	1.82%	8.57%	7.87%	11.95%	-11.85%	8.32%	5.50%	14.02%	-3.75%	6.76%
PRCPX T. Rowe Price Credit Opportunities Fund	1.79%	11.51%	9.36%	14.90%	-10.50%	6.36%	5.55%	13.77%	-1.44%	6.80%

Correlation

The correlation between PHYIX and PRCPX is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since May 2, 2014	0.74

The correlation between PHYIX and PRCPX shifts across timeframes, from 0.58 (1 year) to 0.77 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PHYIX vs. PRCPX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PHYIX

PHYIX Risk / Return Rank: 75
PHYIX Sharpe Ratio Rank: 77
PHYIX Sortino Ratio Rank: 80
PHYIX Omega Ratio Rank: 89
PHYIX Calmar Ratio Rank: 52
PHYIX Martin Ratio Rank: 77

PRCPX

PRCPX Risk / Return Rank: 95
PRCPX Sharpe Ratio Rank: 92
PRCPX Sortino Ratio Rank: 97
PRCPX Omega Ratio Rank: 95
PRCPX Calmar Ratio Rank: 92
PRCPX Martin Ratio Rank: 96

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PHYIX vs. PRCPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam High Yield Fund (PHYIX) and T. Rowe Price Credit Opportunities Fund (PRCPX). 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.

	PHYIX	PRCPX	Difference
Sharpe ratio Return per unit of total volatility	2.56	3.08	-0.52
Sortino ratio Return per unit of downside risk	3.81	5.81	-2.00
Omega ratio Gain probability vs. loss probability	1.64	1.78	-0.14
Calmar ratio Return relative to maximum drawdown	2.76	5.10	-2.34
Martin ratio Return relative to average drawdown	14.54	24.42	-9.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PHYIX vs. PRCPX - Sharpe Ratio Comparison

The current PHYIX Sharpe Ratio is 2.56, which is comparable to the PRCPX Sharpe Ratio of 3.08. The chart below compares the historical Sharpe Ratios of PHYIX and PRCPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PHYIX	PRCPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.56	3.08	-0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	1.19	-0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.03	1.21	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	1.26	0.88	+0.39

Drawdowns

PHYIX vs. PRCPX - Drawdown Comparison

The maximum PHYIX drawdown since its inception was -31.29%, which is greater than PRCPX's maximum drawdown of -23.07%. Use the drawdown chart below to compare losses from any high point for PHYIX and PRCPX.

Drawdown Indicators

	PHYIX	PRCPX	Difference
Max Drawdown Largest peak-to-trough decline	-31.29%	-23.07%	-8.22%
Max Drawdown (1Y) Largest decline over 1 year	-2.81%	-1.99%	-0.82%
Max Drawdown (3Y) Largest decline over 3 years	-4.27%	-3.83%	-0.44%
Max Drawdown (5Y) Largest decline over 5 years	-15.22%	-14.34%	-0.88%
Max Drawdown (10Y) Largest decline over 10 years	-21.00%	-23.07%	+2.07%
Current Drawdown Current decline from peak	0.00%	-0.12%	+0.12%
Average Drawdown Average peak-to-trough decline	-4.78%	-3.12%	-1.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	0.41%	+0.12%

Volatility

PHYIX vs. PRCPX - Volatility Comparison

Putnam High Yield Fund (PHYIX) has a higher volatility of 1.00% compared to T. Rowe Price Credit Opportunities Fund (PRCPX) at 0.90%. This indicates that PHYIX's price experiences larger fluctuations and is considered to be riskier than PRCPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHYIX	PRCPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.00%	0.90%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	2.47%	2.39%	+0.08%
Volatility (1Y) Calculated over the trailing 1-year period	3.03%	3.29%	-0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.03%	4.81%	+0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.27%	5.45%	-0.18%

PHYIX vs. PRCPX - Expense Ratio Comparison

PHYIX has a 1.01% expense ratio, which is higher than PRCPX's 0.81% expense ratio.

Dividends

PHYIX vs. PRCPX - Dividend Comparison

PHYIX's dividend yield for the trailing twelve months is around 5.58%, less than PRCPX's 9.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHYIX Putnam High Yield Fund	5.58%	5.92%	7.84%	5.46%	5.04%	7.41%	4.56%	4.89%	5.30%	5.16%	5.54%	5.53%
PRCPX T. Rowe Price Credit Opportunities Fund	9.27%	9.32%	8.77%	7.88%	4.89%	5.11%	5.36%	5.18%	5.72%	4.95%	5.88%	7.58%

Frequently Asked Questions

Can I hold both PHYIX and PRCPX in my portfolio?

PHYIX and PRCPX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PHYIX or PRCPX?

PHYIX has higher volatility (1.00%) compared to PRCPX (0.90%). In terms of maximum drawdown, PHYIX dropped -31.29% vs PRCPX's -23.07%.

Which has better risk-adjusted returns?

PRCPX currently has the higher Sharpe Ratio (3.08 vs 2.56), 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.