PRCPX vs. PRHYX
Compare and contrast key facts about T. Rowe Price Credit Opportunities Fund (PRCPX) and T. Rowe Price High Yield Fund (PRHYX).
PRCPX is a passively managed fund by T. Rowe Price that tracks the performance of the Bloomberg US High-Yield 2% Issuer Capped Bond Index. It was launched on Apr 29, 2014. PRHYX is managed by T. Rowe Price. It was launched on Dec 31, 1984.
Performance
PRCPX vs. PRHYX - Performance Comparison
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PRCPX vs. PRHYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRCPX T. Rowe Price Credit Opportunities Fund | -0.13% | 14.80% | 7.46% | 14.90% | -10.50% | 6.36% | 5.55% | 13.77% | -1.44% | 6.80% |
PRHYX T. Rowe Price High Yield Fund | -0.25% | 14.35% | 7.24% | 13.68% | -12.48% | 5.22% | 4.99% | 14.69% | -3.30% | 7.40% |
Returns By Period
In the year-to-date period, PRCPX achieves a -0.13% return, which is significantly higher than PRHYX's -0.25% return. Over the past 10 years, PRCPX has outperformed PRHYX with an annualized return of 6.83%, while PRHYX has yielded a comparatively lower 5.95% annualized return.
PRCPX
- 1D
- 0.13%
- 1M
- -1.62%
- YTD
- -0.13%
- 6M
- 3.02%
- 1Y
- 13.68%
- 3Y*
- 10.60%
- 5Y*
- 5.87%
- 10Y*
- 6.83%
PRHYX
- 1D
- 0.17%
- 1M
- -1.84%
- YTD
- -0.25%
- 6M
- 3.02%
- 1Y
- 13.15%
- 3Y*
- 10.30%
- 5Y*
- 4.89%
- 10Y*
- 5.95%
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PRCPX vs. PRHYX - Expense Ratio Comparison
PRCPX has a 0.81% expense ratio, which is higher than PRHYX's 0.70% expense ratio.
Return for Risk
PRCPX vs. PRHYX — Risk / Return Rank
PRCPX
PRHYX
PRCPX vs. PRHYX - 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 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.
| PRCPX | PRHYX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 3.47 | 3.31 | +0.16 |
Sortino ratioReturn per unit of downside risk | 5.52 | 5.19 | +0.33 |
Omega ratioGain probability vs. loss probability | 1.93 | 1.86 | +0.06 |
Calmar ratioReturn relative to maximum drawdown | 4.53 | 4.31 | +0.22 |
Martin ratioReturn relative to average drawdown | 21.08 | 20.12 | +0.95 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PRCPX | PRHYX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.47 | 3.31 | +0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.23 | 0.95 | +0.29 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.26 | 1.08 | +0.18 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.88 | 1.31 | -0.44 |
Correlation
The correlation between PRCPX and PRHYX is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
PRCPX vs. PRHYX - Dividend Comparison
PRCPX's dividend yield for the trailing twelve months is around 12.89%, more than PRHYX's 12.56% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRCPX T. Rowe Price Credit Opportunities Fund | 12.89% | 12.19% | 7.03% | 7.88% | 4.89% | 5.11% | 5.36% | 5.18% | 5.72% | 4.95% | 5.88% | 7.58% |
PRHYX T. Rowe Price High Yield Fund | 12.56% | 11.80% | 7.12% | 6.27% | 4.68% | 5.09% | 5.19% | 5.48% | 6.25% | 5.49% | 6.02% | 6.45% |
Drawdowns
PRCPX vs. PRHYX - Drawdown Comparison
The maximum PRCPX drawdown since its inception was -23.07%, smaller than the maximum PRHYX drawdown of -30.79%. Use the drawdown chart below to compare losses from any high point for PRCPX and PRHYX.
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Drawdown Indicators
| PRCPX | PRHYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.07% | -30.79% | +7.72% |
Max Drawdown (1Y)Largest decline over 1 year | -3.03% | -3.06% | +0.03% |
Max Drawdown (5Y)Largest decline over 5 years | -14.34% | -16.43% | +2.09% |
Max Drawdown (10Y)Largest decline over 10 years | -23.07% | -22.10% | -0.97% |
Current DrawdownCurrent decline from peak | -1.74% | -1.84% | +0.10% |
Average DrawdownAverage peak-to-trough decline | -3.16% | -3.71% | +0.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.65% | 0.66% | -0.01% |
Volatility
PRCPX vs. PRHYX - Volatility Comparison
The current volatility for T. Rowe Price Credit Opportunities Fund (PRCPX) is 1.10%, while T. Rowe Price High Yield Fund (PRHYX) has a volatility of 1.17%. This indicates that PRCPX experiences smaller price fluctuations and is considered to be less risky than PRHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRCPX | PRHYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | 1.17% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 2.52% | 2.62% | -0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.11% | 4.12% | -0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.79% | 5.20% | -0.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.45% | 5.54% | -0.09% |