PRHYX vs. FQTIX

Last updated Apr 1, 2026

Compare and contrast key facts about T. Rowe Price High Yield Fund (PRHYX) and Franklin Templeton SMACS: Series I (FQTIX).

PRHYX is managed by T. Rowe Price. It was launched on Dec 31, 1984. FQTIX is managed by Franklin Templeton. It was launched on Jun 3, 2019.

Performance

PRHYX vs. FQTIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price High Yield Fund (PRHYX) and Franklin Templeton SMACS: Series I (FQTIX). The values are adjusted to include any dividend payments, if applicable.

PRHYX vs. FQTIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PRHYX T. Rowe Price High Yield Fund	-0.25%	14.35%	7.24%	13.68%	-12.48%	5.22%	4.99%	6.37%
FQTIX Franklin Templeton SMACS: Series I	0.52%	7.51%	8.03%	13.44%	-14.39%	8.51%	3.68%	4.11%

Returns By Period

In the year-to-date period, PRHYX achieves a -0.25% return, which is significantly lower than FQTIX's 0.52% return.

PRHYX

• 1D: 0.17%
• 1M: -1.84%
• YTD: -0.25%
• 6M: 3.02%
• 1Y: 13.15%
• 3Y*: 10.30%
• 5Y*: 4.89%
• 10Y*: 5.95%

FQTIX

• 1D: 0.25%
• 1M: -1.83%
• YTD: 0.52%
• 6M: 2.66%
• 1Y: 9.72%
• 3Y*: 7.86%
• 5Y*: 3.61%
• 10Y*: —

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

PRHYX vs. FQTIX - Expense Ratio Comparison

PRHYX has a 0.70% expense ratio, which is higher than FQTIX's 0.00% expense ratio.

PRHYX

T. Rowe Price High Yield Fund

FQTIX

Franklin Templeton SMACS: Series I

Return for Risk

PRHYX vs. FQTIX — Risk / Return Rank

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

PRHYX

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

FQTIX

FQTIX Risk / Return Rank: 97
FQTIX Sharpe Ratio Rank: 97
FQTIX Sortino Ratio Rank: 96
FQTIX Omega Ratio Rank: 97
FQTIX Calmar Ratio Rank: 97
FQTIX Martin Ratio Rank: 97

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.

PRHYX vs. FQTIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price High Yield Fund (PRHYX) and Franklin Templeton SMACS: Series I (FQTIX). 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.

	PRHYX	FQTIX	Difference
Sharpe ratio Return per unit of total volatility	3.31	2.55	+0.76
Sortino ratio Return per unit of downside risk	5.19	3.46	+1.73
Omega ratio Gain probability vs. loss probability	1.86	1.61	+0.25
Calmar ratio Return relative to maximum drawdown	4.31	3.85	+0.45
Martin ratio Return relative to average drawdown	20.12	17.15	+2.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PRHYX vs. FQTIX - Sharpe Ratio Comparison

The current PRHYX Sharpe Ratio is 3.31, which is comparable to the FQTIX Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of PRHYX and FQTIX, 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

	PRHYX	FQTIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.31	2.55	+0.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.95	0.61	+0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.08	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.31	0.55	+0.77

Correlation

The correlation between PRHYX and FQTIX is 0.71, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

PRHYX vs. FQTIX - Dividend Comparison

PRHYX's dividend yield for the trailing twelve months is around 12.56%, more than FQTIX's 7.03% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRHYX T. Rowe Price High Yield Fund	12.56%	11.80%	7.12%	6.27%	4.68%	5.09%	5.19%	5.48%	6.25%	5.49%	6.02%	6.45%
FQTIX Franklin Templeton SMACS: Series I	7.03%	5.70%	7.86%	7.64%	8.10%	7.15%	6.89%	5.63%	0.00%	0.00%	0.00%	0.00%

Drawdowns

PRHYX vs. FQTIX - Drawdown Comparison

The maximum PRHYX drawdown since its inception was -30.79%, which is greater than FQTIX's maximum drawdown of -24.62%. Use the drawdown chart below to compare losses from any high point for PRHYX and FQTIX.

Drawdown Indicators

	PRHYX	FQTIX	Difference
Max Drawdown Largest peak-to-trough decline	-30.79%	-24.62%	-6.17%
Max Drawdown (1Y) Largest decline over 1 year	-3.06%	-2.41%	-0.65%
Max Drawdown (5Y) Largest decline over 5 years	-16.43%	-18.81%	+2.38%
Max Drawdown (10Y) Largest decline over 10 years	-22.10%	—	—
Current Drawdown Current decline from peak	-1.84%	-1.95%	+0.11%
Average Drawdown Average peak-to-trough decline	-3.71%	-4.42%	+0.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	0.54%	+0.12%

Volatility

PRHYX vs. FQTIX - Volatility Comparison

The current volatility for T. Rowe Price High Yield Fund (PRHYX) is 1.17%, while Franklin Templeton SMACS: Series I (FQTIX) has a volatility of 1.57%. This indicates that PRHYX experiences smaller price fluctuations and is considered to be less risky than FQTIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRHYX	FQTIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.17%	1.57%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	2.62%	2.38%	+0.24%
Volatility (1Y) Calculated over the trailing 1-year period	4.12%	3.85%	+0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.20%	5.92%	-0.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.54%	7.80%	-2.26%