PRHIX vs. PRHYX
PRHIX (T. Rowe Price High Yield Fund Class I) and PRHYX (T. Rowe Price High Yield Fund) are both High Yield Bonds funds from T. Rowe Price. Over the past 10 years, PRHIX returned 5.14%/yr vs 6.48%/yr for PRHYX. Their correlation of 0.91 suggests significant overlap in exposure. PRHIX charges 0.62%/yr vs 0.70%/yr for PRHYX.
Performance
PRHIX vs. PRHYX - Performance Comparison
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Returns By Period
In the year-to-date period, PRHIX achieves a 1.08% return, which is significantly lower than PRHYX's 1.22% return. Over the past 10 years, PRHIX has underperformed PRHYX with an annualized return of 5.14%, while PRHYX has yielded a comparatively higher 6.48% annualized return.
PRHIX
- 1D
- -0.17%
- 1M
- 0.23%
- YTD
- 1.08%
- 6M
- 1.95%
- 1Y
- 5.94%
- 3Y*
- 8.26%
- 5Y*
- 3.36%
- 10Y*
- 5.14%
PRHYX
- 1D
- -0.17%
- 1M
- 0.23%
- YTD
- 1.22%
- 6M
- 1.91%
- 1Y
- 6.03%
- 3Y*
- 12.01%
- 5Y*
- 6.14%
- 10Y*
- 6.48%
PRHIX vs. PRHYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRHIX T. Rowe Price High Yield Fund Class I | 1.08% | 8.90% | 6.17% | 12.55% | -12.54% | 5.48% | 5.11% | 14.82% | -3.19% | 7.54% |
PRHYX T. Rowe Price High Yield Fund | 1.22% | 10.44% | 12.07% | 20.05% | -12.48% | 5.22% | 4.99% | 14.69% | -3.30% | 7.40% |
Correlation
The correlation between PRHIX and PRHYX is 0.79, 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 | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.91 |
The correlation between PRHIX and PRHYX shifts across timeframes, from 0.79 (1 year) to 0.91 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PRHIX vs. PRHYX — Risk / Return Rank
PRHIX
PRHYX
PRHIX vs. PRHYX - 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 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.
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.
| PRHIX | PRHYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.44 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.90 | 2.87 | +0.04 |
| Martin ratioReturn relative to average drawdown | 14.45 | 13.66 | +0.79 |
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Drawdowns
PRHIX vs. PRHYX - Drawdown Comparison
The maximum PRHIX drawdown since its inception was -22.09%, smaller than the maximum PRHYX drawdown of -30.79%. Use the drawdown chart below to compare losses from any high point for PRHIX and PRHYX.
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Drawdown Indicators
| PRHIX | PRHYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.09% | -30.79% | +8.70% |
Max Drawdown (1Y)Largest decline over 1 year | -2.18% | -2.17% | -0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -3.84% | -3.33% | -0.51% |
Max Drawdown (5Y)Largest decline over 5 years | -16.53% | -16.43% | -0.10% |
Max Drawdown (10Y)Largest decline over 10 years | -22.09% | -22.10% | +0.01% |
Current DrawdownCurrent decline from peak | -0.67% | -0.67% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.49% | -3.63% | +1.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.44% | 0.46% | -0.02% |
Volatility
PRHIX vs. PRHYX - Volatility Comparison
T. Rowe Price High Yield Fund Class I (PRHIX) has a higher volatility of 0.97% compared to T. Rowe Price High Yield Fund (PRHYX) at 0.91%. This indicates that PRHIX's price experiences larger fluctuations and is considered to be riskier 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
| PRHIX | PRHYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.97% | 0.91% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 2.48% | 2.52% | -0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.29% | 3.19% | +0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.17% | 5.34% | -0.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.52% | 5.58% | -0.06% |
PRHIX vs. PRHYX - Expense Ratio Comparison
PRHIX has a 0.62% expense ratio, which is lower than PRHYX's 0.70% expense ratio.
Dividends
PRHIX vs. PRHYX - Dividend Comparison
PRHIX's dividend yield for the trailing twelve months is around 6.84%, more than PRHYX's 6.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRHIX T. Rowe Price High Yield Fund Class I | 6.84% | 6.78% | 6.13% | 5.33% | 4.77% | 5.18% | 5.31% | 5.59% | 6.37% | 5.62% | 6.15% | 0.00% |
PRHYX T. Rowe Price High Yield Fund | 6.76% | 8.33% | 11.50% | 11.49% | 4.68% | 5.09% | 5.19% | 5.48% | 6.25% | 5.49% | 6.02% | 6.45% |
Frequently Asked Questions
PRHIX and PRHYX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRHIX has higher volatility (0.97%) compared to PRHYX (0.91%). In terms of maximum drawdown, PRHIX dropped -22.09% vs PRHYX's -30.79%.
PRHYX currently has the higher Sharpe Ratio (1.96 vs 1.92), 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.
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