PHYQX vs. PRHYX

Last updated Jun 3, 2026

PHYQX (PGIM High Yield Fund Class R6) and PRHYX (T. Rowe Price High Yield Fund) are both High Yield Bonds funds. Over the past 10 years, PHYQX returned 5.87%/yr vs 5.80%/yr for PRHYX. A 0.79 correlation means they provide meaningful diversification when combined. PHYQX charges 0.38%/yr vs 0.70%/yr for PRHYX.

Performance

PHYQX vs. PRHYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM High Yield Fund Class R6 (PHYQX) and T. Rowe Price High Yield Fund (PRHYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PHYQX achieves a 1.85% return, which is significantly lower than PRHYX's 2.31% return. Both investments have delivered pretty close results over the past 10 years, with PHYQX having a 5.87% annualized return and PRHYX not far behind at 5.80%.

PHYQX

• 1D: -0.21%
• 1M: 0.18%
• YTD: 1.85%
• 6M: 2.56%
• 1Y: 7.99%
• 3Y*: 9.30%
• 5Y*: 4.13%
• 10Y*: 5.87%

PRHYX

• 1D: -0.17%
• 1M: 0.63%
• YTD: 2.31%
• 6M: 4.06%
• 1Y: 10.47%
• 3Y*: 10.37%
• 5Y*: 4.99%
• 10Y*: 5.80%

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

PHYQX vs. PRHYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PHYQX PGIM High Yield Fund Class R6	1.85%	9.18%	8.55%	12.34%	-12.22%	5.99%	5.79%	16.29%	-1.18%	7.74%
PRHYX T. Rowe Price High Yield Fund	2.31%	11.22%	8.49%	14.83%	-12.48%	5.22%	4.99%	14.69%	-3.30%	7.40%

Correlation

The correlation between PHYQX and PRHYX is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Nov 1, 2011	0.79

The correlation between PHYQX and PRHYX shifts across timeframes, from 0.63 (1 year) to 0.79 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PHYQX vs. PRHYX — Risk / Return Rank

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

PHYQX

PHYQX Risk / Return Rank: 75
PHYQX Sharpe Ratio Rank: 54
PHYQX Sortino Ratio Rank: 83
PHYQX Omega Ratio Rank: 82
PHYQX Calmar Ratio Rank: 74
PHYQX Martin Ratio Rank: 81

PRHYX

PRHYX Risk / Return Rank: 94
PRHYX Sharpe Ratio Rank: 92
PRHYX Sortino Ratio Rank: 96
PRHYX Omega Ratio Rank: 95
PRHYX Calmar Ratio Rank: 91
PRHYX 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.

PHYQX vs. PRHYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM High Yield Fund Class R6 (PHYQX) and T. Rowe Price High Yield Fund (PRHYX). 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.

	PHYQX	PRHYX	Difference
Sharpe ratio Return per unit of total volatility	2.17	3.07	-0.90
Sortino ratio Return per unit of downside risk	3.91	5.49	-1.58
Omega ratio Gain probability vs. loss probability	1.54	1.78	-0.24
Calmar ratio Return relative to maximum drawdown	3.40	4.82	-1.42
Martin ratio Return relative to average drawdown	15.27	23.76	-8.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PHYQX vs. PRHYX - Sharpe Ratio Comparison

The current PHYQX Sharpe Ratio is 2.17, which is comparable to the PRHYX Sharpe Ratio of 3.07. The chart below compares the historical Sharpe Ratios of PHYQX and PRHYX, 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

	PHYQX	PRHYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.17	3.07	-0.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.96	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.07	1.05	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	1.14	1.32	-0.18

Drawdowns

PHYQX vs. PRHYX - Drawdown Comparison

The maximum PHYQX drawdown since its inception was -21.12%, smaller than the maximum PRHYX drawdown of -30.79%. Use the drawdown chart below to compare losses from any high point for PHYQX and PRHYX.

Drawdown Indicators

	PHYQX	PRHYX	Difference
Max Drawdown Largest peak-to-trough decline	-21.12%	-30.79%	+9.67%
Max Drawdown (1Y) Largest decline over 1 year	-2.47%	-2.17%	-0.30%
Max Drawdown (3Y) Largest decline over 3 years	-3.76%	-3.85%	+0.09%
Max Drawdown (5Y) Largest decline over 5 years	-16.05%	-16.43%	+0.38%
Max Drawdown (10Y) Largest decline over 10 years	-21.12%	-22.10%	+0.98%
Current Drawdown Current decline from peak	-0.21%	-0.17%	-0.04%
Average Drawdown Average peak-to-trough decline	-2.23%	-3.67%	+1.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	0.44%	+0.11%

Volatility

PHYQX vs. PRHYX - Volatility Comparison

PGIM High Yield Fund Class R6 (PHYQX) and T. Rowe Price High Yield Fund (PRHYX) have volatilities of 1.24% and 1.29%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHYQX	PRHYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.24%	1.29%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	2.88%	2.65%	+0.23%
Volatility (1Y) Calculated over the trailing 1-year period	3.59%	3.43%	+0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.11%	5.24%	-0.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.49%	5.55%	-0.06%

PHYQX vs. PRHYX - Expense Ratio Comparison

PHYQX has a 0.38% expense ratio, which is lower than PRHYX's 0.70% expense ratio.

Dividends

PHYQX vs. PRHYX - Dividend Comparison

PHYQX's dividend yield for the trailing twelve months is around 7.09%, less than PRHYX's 9.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHYQX PGIM High Yield Fund Class R6	7.09%	7.07%	7.53%	7.09%	6.29%	6.23%	6.56%	6.32%	6.64%	6.38%	4.88%	7.05%
PRHYX T. Rowe Price High Yield Fund	9.66%	9.06%	8.27%	7.23%	4.68%	5.09%	5.19%	5.48%	6.25%	5.49%	6.02%	6.45%

Frequently Asked Questions

Can I hold both PHYQX and PRHYX in my portfolio?

PHYQX and PRHYX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PHYQX or PRHYX?

PRHYX has higher volatility (1.29%) compared to PHYQX (1.24%). In terms of maximum drawdown, PHYQX dropped -21.12% vs PRHYX's -30.79%.

Which has better risk-adjusted returns?

PRHYX currently has the higher Sharpe Ratio (3.07 vs 2.17), 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.