PRHIX vs. RPSIX
PRHIX (T. Rowe Price High Yield Fund Class I) and RPSIX (T. Rowe Price Spectrum Income Fund) are both mutual funds - PRHIX is a High Yield Bonds fund actively managed by T. Rowe Price, while RPSIX is a Multisector Bonds fund managed by T. Rowe Price. Over the past 10 years, PRHIX returned 5.14%/yr vs 3.87%/yr for RPSIX. A 0.67 correlation means they provide meaningful diversification when combined. Both charge a 0.62% expense ratio.
Performance
PRHIX vs. RPSIX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with PRHIX having a 1.08% return and RPSIX slightly higher at 1.09%. Over the past 10 years, PRHIX has outperformed RPSIX with an annualized return of 5.14%, while RPSIX has yielded a comparatively lower 3.87% 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%
RPSIX
- 1D
- 0.00%
- 1M
- 0.64%
- YTD
- 1.09%
- 6M
- 2.14%
- 1Y
- 7.30%
- 3Y*
- 7.32%
- 5Y*
- 2.58%
- 10Y*
- 3.87%
PRHIX vs. RPSIX - 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% |
RPSIX T. Rowe Price Spectrum Income Fund | 1.09% | 9.91% | 5.62% | 8.55% | -11.40% | 2.60% | 6.07% | 11.57% | -2.61% | 7.03% |
Correlation
The correlation between PRHIX and RPSIX is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.67 |
The correlation between PRHIX and RPSIX has been stable across timeframes, ranging from 0.67 to 0.73 - a consistent structural relationship.
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Return for Risk
PRHIX vs. RPSIX — Risk / Return Rank
PRHIX
RPSIX
PRHIX vs. RPSIX - 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 Spectrum Income Fund (RPSIX). 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 | RPSIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.58 | ||
| Sortino ratioReturn per unit of downside risk | -0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.54 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.90 | 3.04 | -0.14 |
| Martin ratioReturn relative to average drawdown | 14.45 | 14.41 | +0.04 |
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Drawdowns
PRHIX vs. RPSIX - Drawdown Comparison
The maximum PRHIX drawdown since its inception was -22.09%, which is greater than RPSIX's maximum drawdown of -16.73%. Use the drawdown chart below to compare losses from any high point for PRHIX and RPSIX.
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Drawdown Indicators
| PRHIX | RPSIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.09% | -16.73% | -5.36% |
Max Drawdown (1Y)Largest decline over 1 year | -2.18% | -2.54% | +0.36% |
Max Drawdown (3Y)Largest decline over 3 years | -3.84% | -4.92% | +1.08% |
Max Drawdown (5Y)Largest decline over 5 years | -16.53% | -16.73% | +0.20% |
Max Drawdown (10Y)Largest decline over 10 years | -22.09% | -16.73% | -5.36% |
Current DrawdownCurrent decline from peak | -0.67% | -0.35% | -0.32% |
Average DrawdownAverage peak-to-trough decline | -2.49% | -1.69% | -0.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.44% | 0.53% | -0.09% |
Volatility
PRHIX vs. RPSIX - Volatility Comparison
T. Rowe Price High Yield Fund Class I (PRHIX) has a higher volatility of 0.97% compared to T. Rowe Price Spectrum Income Fund (RPSIX) at 0.88%. This indicates that PRHIX's price experiences larger fluctuations and is considered to be riskier than RPSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRHIX | RPSIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.97% | 0.88% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 2.48% | 2.37% | +0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.29% | 3.08% | +0.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.17% | 4.51% | +0.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.52% | 4.53% | +0.99% |
PRHIX vs. RPSIX - Expense Ratio Comparison
Both PRHIX and RPSIX have an expense ratio of 0.62%.
Dividends
PRHIX vs. RPSIX - Dividend Comparison
PRHIX's dividend yield for the trailing twelve months is around 6.84%, less than RPSIX's 7.54% 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% |
RPSIX T. Rowe Price Spectrum Income Fund | 7.54% | 7.45% | 6.57% | 4.83% | 3.99% | 3.92% | 3.64% | 3.79% | 4.73% | 3.91% | 3.75% | 4.71% |
Frequently Asked Questions
PRHIX and RPSIX have a correlation of 0.73, 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 RPSIX (0.88%). In terms of maximum drawdown, PRHIX dropped -22.09% vs RPSIX's -16.73%.
RPSIX currently has the higher Sharpe Ratio (2.50 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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