PRHYX vs. RPSIX
PRHYX (T. Rowe Price High Yield Fund) and RPSIX (T. Rowe Price Spectrum Income Fund) are both mutual funds - PRHYX is a High Yield Bonds fund managed by T. Rowe Price, while RPSIX is a Multisector Bonds fund managed by T. Rowe Price. Over the past 10 years, PRHYX returned 6.12%/yr vs 3.56%/yr for RPSIX. Their 0.54 correlation means they have sometimes moved together and sometimes differently. PRHYX charges 0.70%/yr vs 0.62%/yr for RPSIX.
Performance
PRHYX vs. RPSIX - Performance Comparison
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Returns By Period
In the year-to-date period, PRHYX achieves a 1.10% return, which is significantly higher than RPSIX's 0.65% return. Over the past 10 years, PRHYX has outperformed RPSIX with an annualized return of 6.12%, while RPSIX has yielded a comparatively lower 3.56% annualized return.
PRHYX
- 1D
- 0.17%
- 1M
- -0.84%
- 6M
- 0.54%
- YTD
- 1.10%
- 1Y
- 4.59%
- 3Y*
- 10.57%
- 5Y*
- 5.91%
- 10Y*
- 6.12%
- ALL TIME*
- 6.20%
RPSIX
- 1D
- 0.18%
- 1M
- -0.80%
- 6M
- 0.03%
- YTD
- 0.65%
- 1Y
- 4.61%
- 3Y*
- 6.56%
- 5Y*
- 2.36%
- 10Y*
- 3.56%
- ALL TIME*
- 6.24%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
PRHYX vs. RPSIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRHYX T. Rowe Price High Yield Fund | 1.10% | 10.44% | 12.07% | 20.05% | -12.48% | 5.22% | 4.99% | 14.69% | -3.30% | 7.40% |
RPSIX T. Rowe Price Spectrum Income Fund | 0.65% | 9.91% | 5.62% | 8.55% | -11.40% | 2.60% | 6.07% | 11.57% | -2.61% | 7.03% |
Correlation
The correlation between PRHYX and RPSIX is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.68 |
Correlation (3Y) Balances recent behavior with more history. | 0.69 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.70 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.66 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 1990 | 0.54 |
The correlation between PRHYX and RPSIX shifts across timeframes, from 0.54 (all time) to 0.70 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PRHYX vs. RPSIX — Risk / Return Rank
PRHYX
RPSIX
PRHYX vs. RPSIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price High Yield Fund (PRHYX) 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.
| PRHYX | RPSIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.39 | ||
| Sortino ratioReturn per unit of downside risk | -0.69 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.36 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.04 | 2.15 | -0.11 |
| Martin ratioReturn relative to average drawdown | 9.07 | 9.65 | -0.58 |
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Drawdowns
PRHYX vs. RPSIX - Drawdown Comparison
The maximum PRHYX drawdown since its inception was -30.79%, which is greater than RPSIX's maximum drawdown of -16.73%. Use the drawdown chart below to compare losses from any high point for PRHYX and RPSIX.
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Drawdown Indicators
| PRHYX | RPSIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.79% | -16.73% | -14.06% |
Max Drawdown (1Y)Largest decline over 1 year | -2.17% | -2.54% | +0.37% |
Max Drawdown (3Y)Largest decline over 3 years | -3.33% | -4.14% | +0.81% |
Max Drawdown (5Y)Largest decline over 5 years | -16.43% | -16.73% | +0.30% |
Max Drawdown (10Y)Largest decline over 10 years | -22.10% | -16.73% | -5.37% |
Current DrawdownCurrent decline from peak | -1.01% | -0.98% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -3.62% | -1.68% | -1.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.49% | 0.56% | -0.07% |
Volatility
PRHYX vs. RPSIX - Volatility Comparison
T. Rowe Price High Yield Fund (PRHYX) has a higher volatility of 0.63% compared to T. Rowe Price Spectrum Income Fund (RPSIX) at 0.57%. This indicates that PRHYX'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
| PRHYX | RPSIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.63% | 0.57% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 2.50% | 2.36% | +0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.21% | 3.07% | +0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.34% | 4.51% | +0.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.57% | 4.52% | +1.05% |
PRHYX vs. RPSIX - Expense Ratio Comparison
PRHYX has a 0.70% expense ratio, which is higher than RPSIX's 0.62% expense ratio.
Dividends
PRHYX vs. RPSIX - Dividend Comparison
PRHYX's dividend yield for the trailing twelve months is around 6.26%, more than RPSIX's 6.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRHYX T. Rowe Price High Yield Fund | 6.26% | 8.33% | 11.50% | 11.49% | 4.68% | 5.09% | 5.19% | 5.48% | 6.25% | 5.49% | 6.02% | 6.45% |
RPSIX T. Rowe Price Spectrum Income Fund | 6.19% | 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
PRHYX and RPSIX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRHYX has higher volatility (0.63%) compared to RPSIX (0.57%). In terms of maximum drawdown, PRHYX dropped -30.79% vs RPSIX's -16.73%.
RPSIX currently has the higher Sharpe Ratio (1.78 vs 1.39), 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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