PRHIX vs. TRSTX
PRHIX (T. Rowe Price High Yield Fund Class I) and TRSTX (T. Rowe Price Ultra Short-Term Bond Fund Class I) are both mutual funds - PRHIX is a High Yield Bonds fund actively managed by T. Rowe Price, while TRSTX is a Ultrashort Bond fund actively managed by T. Rowe Price. Both are actively managed. Over the past 5 years, PRHIX returned 3.46%/yr vs 3.59%/yr for TRSTX. At a 0.33 correlation, their price movements are largely independent. PRHIX charges 0.62%/yr vs 0.20%/yr for TRSTX.
Performance
PRHIX vs. TRSTX - Performance Comparison
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Returns By Period
In the year-to-date period, PRHIX achieves a 1.42% return, which is significantly lower than TRSTX's 1.64% return.
PRHIX
- 1D
- 0.00%
- 1M
- 0.57%
- YTD
- 1.42%
- 6M
- 2.29%
- 1Y
- 6.65%
- 3Y*
- 8.06%
- 5Y*
- 3.46%
- 10Y*
- 5.11%
TRSTX
- 1D
- 0.00%
- 1M
- 0.37%
- YTD
- 1.64%
- 6M
- 2.04%
- 1Y
- 4.70%
- 3Y*
- 5.74%
- 5Y*
- 3.59%
- 10Y*
- —
PRHIX vs. TRSTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PRHIX T. Rowe Price High Yield Fund Class I | 1.42% | 8.90% | 6.17% | 12.55% | -12.54% | 5.48% | 5.11% | 14.82% | -2.24% |
TRSTX T. Rowe Price Ultra Short-Term Bond Fund Class I | 1.64% | 5.34% | 6.41% | 5.89% | -1.20% | 0.29% | 3.19% | 3.65% | 1.60% |
Correlation
The correlation between PRHIX and TRSTX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Apr 30, 2018 | 0.33 |
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Return for Risk
PRHIX vs. TRSTX — Risk / Return Rank
PRHIX
TRSTX
PRHIX vs. TRSTX - 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 Ultra Short-Term Bond Fund Class I (TRSTX). 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 | TRSTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.06 | ||
| Sortino ratioReturn per unit of downside risk | -6.15 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 4.91 | -3.42 |
| Calmar ratioReturn relative to maximum drawdown | 3.15 | 24.71 | -21.56 |
| Martin ratioReturn relative to average drawdown | 15.80 | 55.77 | -39.97 |
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Drawdowns
PRHIX vs. TRSTX - Drawdown Comparison
The maximum PRHIX drawdown since its inception was -22.09%, which is greater than TRSTX's maximum drawdown of -4.34%. Use the drawdown chart below to compare losses from any high point for PRHIX and TRSTX.
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Drawdown Indicators
| PRHIX | TRSTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.09% | -4.34% | -17.75% |
Max Drawdown (1Y)Largest decline over 1 year | -2.18% | -0.20% | -1.98% |
Max Drawdown (3Y)Largest decline over 3 years | -3.84% | -0.59% | -3.25% |
Max Drawdown (5Y)Largest decline over 5 years | -16.53% | -2.58% | -13.95% |
Max Drawdown (10Y)Largest decline over 10 years | -22.09% | — | — |
Current DrawdownCurrent decline from peak | -0.34% | 0.00% | -0.34% |
Average DrawdownAverage peak-to-trough decline | -2.49% | -0.30% | -2.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.43% | 0.09% | +0.34% |
Volatility
PRHIX vs. TRSTX - Volatility Comparison
T. Rowe Price High Yield Fund Class I (PRHIX) has a higher volatility of 0.95% compared to T. Rowe Price Ultra Short-Term Bond Fund Class I (TRSTX) at 0.37%. This indicates that PRHIX's price experiences larger fluctuations and is considered to be riskier than TRSTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRHIX | TRSTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.95% | 0.37% | +0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 2.48% | 1.14% | +1.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.28% | 1.54% | +1.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.16% | 1.65% | +3.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.53% | 1.62% | +3.91% |
PRHIX vs. TRSTX - Expense Ratio Comparison
PRHIX has a 0.62% expense ratio, which is higher than TRSTX's 0.20% expense ratio.
Dividends
PRHIX vs. TRSTX - Dividend Comparison
PRHIX's dividend yield for the trailing twelve months is around 6.81%, more than TRSTX's 4.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
PRHIX T. Rowe Price High Yield Fund Class I | 6.81% | 6.78% | 6.13% | 5.33% | 4.77% | 5.18% | 5.31% | 5.59% | 6.37% | 5.62% | 6.15% |
TRSTX T. Rowe Price Ultra Short-Term Bond Fund Class I | 4.59% | 4.79% | 5.19% | 3.46% | 1.61% | 1.28% | 1.94% | 2.78% | 1.98% | 0.00% | 0.00% |
Frequently Asked Questions
PRHIX and TRSTX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRHIX has higher volatility (0.95%) compared to TRSTX (0.37%). In terms of maximum drawdown, PRHIX dropped -22.09% vs TRSTX's -4.34%.
TRSTX currently has the higher Sharpe Ratio (3.15 vs 2.09), 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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