PRCPX vs. PRCHX

Last updated Jun 13, 2026

PRCPX (T. Rowe Price Credit Opportunities Fund) and PRCHX (T. Rowe Price Capital Appreciation and Income Fund Class I) are both mutual funds - PRCPX is a High Yield Bonds fund tracking the Bloomberg US High-Yield 2% Issuer Capped Bond Index, while PRCHX is a Diversified Portfolio fund actively managed by T. Rowe Price. PRCPX is passively managed, while PRCHX is actively managed. Over the past year, PRCPX returned 9.26% vs 12.13% for PRCHX. A 0.57 correlation means they provide meaningful diversification when combined. PRCPX charges 0.81%/yr vs 0.49%/yr for PRCHX.

Performance

PRCPX vs. PRCHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Credit Opportunities Fund (PRCPX) and T. Rowe Price Capital Appreciation and Income Fund Class I (PRCHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRCPX achieves a 1.54% return, which is significantly lower than PRCHX's 2.61% return.

PRCPX

• 1D: 0.25%
• 1M: 0.58%
• YTD: 1.54%
• 6M: 3.01%
• 1Y: 9.26%
• 3Y*: 10.51%
• 5Y*: 5.53%
• 10Y*: 6.50%

PRCHX

• 1D: 0.68%
• 1M: 0.06%
• YTD: 2.61%
• 6M: 3.48%
• 1Y: 12.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PRCPX vs. PRCHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PRCPX T. Rowe Price Credit Opportunities Fund	1.54%	11.51%	9.36%	3.94%
PRCHX T. Rowe Price Capital Appreciation and Income Fund Class I	2.61%	13.68%	8.92%	3.12%

Correlation

The correlation between PRCPX and PRCHX is 0.65, 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	0.65
Correlation (All Time) Calculated using the full available price history since Nov 30, 2023	0.57

The correlation between PRCPX and PRCHX has been stable across timeframes, ranging from 0.57 to 0.65 - a consistent structural relationship.

Return for Risk

PRCPX vs. PRCHX — Risk / Return Rank

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

PRCPX

PRCPX Risk / Return Rank: 95
PRCPX Sharpe Ratio Rank: 94
PRCPX Sortino Ratio Rank: 97
PRCPX Omega Ratio Rank: 94
PRCPX Calmar Ratio Rank: 94
PRCPX Martin Ratio Rank: 97

PRCHX

PRCHX Risk / Return Rank: 75
PRCHX Sharpe Ratio Rank: 76
PRCHX Sortino Ratio Rank: 76
PRCHX Omega Ratio Rank: 75
PRCHX Calmar Ratio Rank: 64
PRCHX Martin Ratio Rank: 83

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.

PRCPX vs. PRCHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Credit Opportunities Fund (PRCPX) and T. Rowe Price Capital Appreciation and Income Fund Class I (PRCHX). 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.

	PRCPX	PRCHX	Difference
Sharpe ratio: Return per unit of total volatility	2.81	2.16	+0.65
Sortino ratio: Return per unit of downside risk	5.27	3.07	+2.21
Omega ratio: Gain probability vs. loss probability	1.70	1.41	+0.29
Calmar ratio: Return relative to maximum drawdown	4.68	2.63	+2.05
Martin ratio: Return relative to average drawdown	22.07	12.99	+9.08

PRCPX vs. PRCHX - Sharpe Ratio Comparison

The current PRCPX Sharpe Ratio is 2.81, which is comparable to the PRCHX Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of PRCPX and PRCHX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PRCPX vs. PRCHX - Drawdown Comparison

The maximum PRCPX drawdown since its inception was -23.07%, which is greater than PRCHX's maximum drawdown of -6.10%. Use the drawdown chart below to compare losses from any high point for PRCPX and PRCHX.

Drawdown Indicators

	PRCPX	PRCHX	Difference
Max Drawdown Largest peak-to-trough decline	-23.07%	-6.10%	-16.97%
Max Drawdown (1Y) Largest decline over 1 year	-1.99%	-4.50%	+2.51%
Max Drawdown (3Y) Largest decline over 3 years	-3.83%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-14.34%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-23.07%	—	—
Current Drawdown Current decline from peak	-0.37%	-1.37%	+1.00%
Average Drawdown Average peak-to-trough decline	-3.11%	-0.65%	-2.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.42%	0.91%	-0.49%

Volatility

PRCPX vs. PRCHX - Volatility Comparison

The current volatility for T. Rowe Price Credit Opportunities Fund (PRCPX) is 0.94%, while T. Rowe Price Capital Appreciation and Income Fund Class I (PRCHX) has a volatility of 2.18%. This indicates that PRCPX experiences smaller price fluctuations and is considered to be less risky than PRCHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRCPX	PRCHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.94%	2.18%	-1.24%
Volatility (6M) Calculated over the trailing 6-month period	2.41%	4.44%	-2.03%
Volatility (1Y) Calculated over the trailing 1-year period	3.31%	5.46%	-2.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.81%	6.56%	-1.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.45%	6.56%	-1.11%

PRCPX vs. PRCHX - Expense Ratio Comparison

PRCPX has a 0.81% expense ratio, which is higher than PRCHX's 0.49% expense ratio.

Dividends

PRCPX vs. PRCHX - Dividend Comparison

PRCPX's dividend yield for the trailing twelve months is around 9.30%, more than PRCHX's 5.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRCHX T. Rowe Price Capital Appreciation and Income Fund Class I	5.20%	5.08%	3.22%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PRCPX T. Rowe Price Credit Opportunities Fund	9.30%	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 PRCPX and PRCHX in my portfolio?

PRCPX and PRCHX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRCPX or PRCHX?

PRCHX has higher volatility (2.18%) compared to PRCPX (0.94%). In terms of maximum drawdown, PRCPX dropped -23.07% vs PRCHX's -6.10%.

Which has better risk-adjusted returns?

PRCPX currently has the higher Sharpe Ratio (2.81 vs 2.16), 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.