PRHIX vs. PRCPX

Last updated Jun 4, 2026

PRHIX (T. Rowe Price High Yield Fund Class I) and PRCPX (T. Rowe Price Credit Opportunities Fund) are both High Yield Bonds funds from T. Rowe Price. PRHIX is actively managed, while PRCPX is passively managed. Over the past 10 years, PRHIX returned 5.16%/yr vs 6.56%/yr for PRCPX. Their correlation of 0.87 suggests significant overlap in exposure. PRHIX charges 0.62%/yr vs 0.81%/yr for PRCPX.

Performance

PRHIX vs. PRCPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price High Yield Fund Class I (PRHIX) 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 investments are quite close, with PRHIX having a 1.76% return and PRCPX slightly higher at 1.79%. Over the past 10 years, PRHIX has underperformed PRCPX with an annualized return of 5.16%, while PRCPX has yielded a comparatively higher 6.56% annualized return.

PRHIX

• 1D: 0.00%
• 1M: 0.40%
• YTD: 1.76%
• 6M: 2.64%
• 1Y: 7.37%
• 3Y*: 8.44%
• 5Y*: 3.60%
• 10Y*: 5.16%

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)

PRHIX vs. PRCPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRHIX T. Rowe Price High Yield Fund Class I	1.76%	8.90%	6.17%	12.55%	-12.54%	5.48%	5.11%	14.82%	-3.19%	7.54%
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 PRHIX and PRCPX is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.87

The correlation between PRHIX and PRCPX has been stable across timeframes, ranging from 0.81 to 0.90 - a consistent structural relationship.

Return for Risk

PRHIX vs. PRCPX — Risk / Return Rank

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

PRHIX

PRHIX Risk / Return Rank: 80
PRHIX Sharpe Ratio Rank: 64
PRHIX Sortino Ratio Rank: 85
PRHIX Omega Ratio Rank: 83
PRHIX Calmar Ratio Rank: 77
PRHIX Martin Ratio Rank: 89

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.

PRHIX vs. PRCPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price High Yield Fund Class I (PRHIX) 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.

	PRHIX	PRCPX	Difference
Sharpe ratio: Return per unit of total volatility	2.34	3.08	-0.74
Sortino ratio: Return per unit of downside risk	4.05	5.81	-1.76
Omega ratio: Gain probability vs. loss probability	1.55	1.78	-0.23
Calmar ratio: Return relative to maximum drawdown	3.49	5.10	-1.61
Martin ratio: Return relative to average drawdown	17.81	24.42	-6.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PRHIX vs. PRCPX - Sharpe Ratio Comparison

The current PRHIX Sharpe Ratio is 2.34, which is comparable to the PRCPX Sharpe Ratio of 3.08. The chart below compares the historical Sharpe Ratios of PRHIX 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

	PRHIX	PRCPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.34	3.08	-0.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	1.19	-0.49
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.94	1.21	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	1.02	0.88	+0.14

Drawdowns

PRHIX vs. PRCPX - Drawdown Comparison

The maximum PRHIX drawdown since its inception was -22.09%, roughly equal to the maximum PRCPX drawdown of -23.07%. Use the drawdown chart below to compare losses from any high point for PRHIX and PRCPX.

Drawdown Indicators

	PRHIX	PRCPX	Difference
Max Drawdown Largest peak-to-trough decline	-22.09%	-23.07%	+0.98%
Max Drawdown (1Y) Largest decline over 1 year	-2.18%	-1.99%	-0.19%
Max Drawdown (3Y) Largest decline over 3 years	-3.84%	-3.83%	-0.01%
Max Drawdown (5Y) Largest decline over 5 years	-16.53%	-14.34%	-2.19%
Max Drawdown (10Y) Largest decline over 10 years	-22.09%	-23.07%	+0.98%
Current Drawdown Current decline from peak	0.00%	-0.12%	+0.12%
Average Drawdown Average peak-to-trough decline	-2.50%	-3.12%	+0.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.43%	0.41%	+0.02%

Volatility

PRHIX vs. PRCPX - Volatility Comparison

T. Rowe Price High Yield Fund Class I (PRHIX) and T. Rowe Price Credit Opportunities Fund (PRCPX) have volatilities of 0.94% and 0.90%, 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

	PRHIX	PRCPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.94%	0.90%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	2.41%	2.39%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	3.24%	3.29%	-0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.16%	4.81%	+0.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.53%	5.45%	+0.08%

PRHIX vs. PRCPX - Expense Ratio Comparison

PRHIX has a 0.62% expense ratio, which is lower than PRCPX's 0.81% expense ratio.

Dividends

PRHIX vs. PRCPX - Dividend Comparison

PRHIX's dividend yield for the trailing twelve months is around 6.79%, less than PRCPX's 9.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PRHIX T. Rowe Price High Yield Fund Class I	6.79%	6.78%	6.13%	5.33%	4.77%	5.18%	5.31%	5.59%	6.37%	5.62%	6.15%	0.00%

Frequently Asked Questions

Can I hold both PRHIX and PRCPX in my portfolio?

PRHIX and PRCPX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRHIX or PRCPX?

PRHIX has higher volatility (0.94%) compared to PRCPX (0.90%). In terms of maximum drawdown, PRHIX dropped -22.09% vs PRCPX's -23.07%.

Which has better risk-adjusted returns?

PRCPX currently has the higher Sharpe Ratio (3.08 vs 2.34), 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.