PRCPX vs. SCYB

Last updated Apr 1, 2026

Compare and contrast key facts about T. Rowe Price Credit Opportunities Fund (PRCPX) and Schwab High Yield Bond ETF (SCYB).

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. SCYB is a passively managed fund by Charles Schwab that tracks the performance of the ICE BofA US Cash Pay High Yield Constrained Index. It was launched on Jul 10, 2023. Both PRCPX and SCYB are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

PRCPX vs. SCYB - Performance Comparison

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

PRCPX vs. SCYB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PRCPX T. Rowe Price Credit Opportunities Fund	-0.13%	14.80%	7.46%	8.17%
SCYB Schwab High Yield Bond ETF	-0.47%	8.33%	8.15%	6.74%

Returns By Period

In the year-to-date period, PRCPX achieves a -0.13% return, which is significantly higher than SCYB's -0.47% 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%

SCYB

• 1D: 0.89%
• 1M: -1.23%
• YTD: -0.47%
• 6M: 0.62%
• 1Y: 6.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PRCPX vs. SCYB - Expense Ratio Comparison

PRCPX has a 0.81% expense ratio, which is higher than SCYB's 0.03% expense ratio.

PRCPX

T. Rowe Price Credit Opportunities Fund

SCYB

Schwab High Yield Bond ETF

Return for Risk

PRCPX vs. SCYB — Risk / Return Rank

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

PRCPX

PRCPX Risk / Return Rank: 98
PRCPX Sharpe Ratio Rank: 99
PRCPX Sortino Ratio Rank: 98
PRCPX Omega Ratio Rank: 98
PRCPX Calmar Ratio Rank: 98
PRCPX Martin Ratio Rank: 98

SCYB

SCYB Risk / Return Rank: 74
SCYB Sharpe Ratio Rank: 70
SCYB Sortino Ratio Rank: 72
SCYB Omega Ratio Rank: 77
SCYB Calmar Ratio Rank: 67
SCYB Martin Ratio Rank: 81

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. SCYB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Credit Opportunities Fund (PRCPX) and Schwab High Yield Bond ETF (SCYB). 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	SCYB	Difference
Sharpe ratio Return per unit of total volatility	3.47	1.19	+2.29
Sortino ratio Return per unit of downside risk	5.52	1.75	+3.77
Omega ratio Gain probability vs. loss probability	1.93	1.28	+0.65
Calmar ratio Return relative to maximum drawdown	4.53	1.60	+2.93
Martin ratio Return relative to average drawdown	21.08	8.44	+12.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PRCPX vs. SCYB - Sharpe Ratio Comparison

The current PRCPX Sharpe Ratio is 3.47, which is higher than the SCYB Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of PRCPX and SCYB, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PRCPX	SCYB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.47	1.19	+2.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.23	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.26	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.88	1.62	-0.74

Correlation

The correlation between PRCPX and SCYB is 0.54, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

PRCPX vs. SCYB - Dividend Comparison

PRCPX's dividend yield for the trailing twelve months is around 12.89%, more than SCYB's 7.01% 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%
SCYB Schwab High Yield Bond ETF	7.01%	6.99%	7.06%	3.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

PRCPX vs. SCYB - Drawdown Comparison

The maximum PRCPX drawdown since its inception was -23.07%, which is greater than SCYB's maximum drawdown of -4.92%. Use the drawdown chart below to compare losses from any high point for PRCPX and SCYB.

Drawdown Indicators

	PRCPX	SCYB	Difference
Max Drawdown Largest peak-to-trough decline	-23.07%	-4.92%	-18.15%
Max Drawdown (1Y) Largest decline over 1 year	-3.03%	-4.22%	+1.19%
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	-1.74%	-1.50%	-0.24%
Average Drawdown Average peak-to-trough decline	-3.16%	-0.53%	-2.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.65%	0.80%	-0.15%

Volatility

PRCPX vs. SCYB - Volatility Comparison

The current volatility for T. Rowe Price Credit Opportunities Fund (PRCPX) is 1.10%, while Schwab High Yield Bond ETF (SCYB) has a volatility of 2.25%. This indicates that PRCPX experiences smaller price fluctuations and is considered to be less risky than SCYB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRCPX	SCYB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.10%	2.25%	-1.15%
Volatility (6M) Calculated over the trailing 6-month period	2.52%	2.91%	-0.39%
Volatility (1Y) Calculated over the trailing 1-year period	4.11%	5.67%	-1.56%
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%	5.20%	+0.25%