PRPIX vs. FIIFX

Last updated Jun 3, 2026

PRPIX (T. Rowe Price Corporate Income Fund) and FIIFX (Federated Hermes Intermediate Corporate Bond Fund) are both Corporate Bonds funds. Over the past 10 years, PRPIX returned 2.74%/yr vs 2.46%/yr for FIIFX. Their correlation of 0.87 suggests significant overlap in exposure. PRPIX charges 0.56%/yr vs 0.58%/yr for FIIFX.

Performance

PRPIX vs. FIIFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Corporate Income Fund (PRPIX) and Federated Hermes Intermediate Corporate Bond Fund (FIIFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRPIX achieves a 0.40% return, which is significantly higher than FIIFX's 0.18% return. Over the past 10 years, PRPIX has outperformed FIIFX with an annualized return of 2.74%, while FIIFX has yielded a comparatively lower 2.46% annualized return.

PRPIX

• 1D: 0.00%
• 1M: 0.52%
• YTD: 0.40%
• 6M: 1.10%
• 1Y: 8.05%
• 3Y*: 6.62%
• 5Y*: 0.94%
• 10Y*: 2.74%

FIIFX

• 1D: -0.12%
• 1M: 0.24%
• YTD: 0.18%
• 6M: 0.76%
• 1Y: 4.93%
• 3Y*: 4.81%
• 5Y*: 1.03%
• 10Y*: 2.46%

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

PRPIX vs. FIIFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRPIX T. Rowe Price Corporate Income Fund	0.40%	9.66%	4.02%	9.47%	-17.71%	-0.76%	7.87%	15.77%	-3.05%	6.58%
FIIFX Federated Hermes Intermediate Corporate Bond Fund	0.18%	7.62%	3.20%	5.66%	-10.03%	-1.61%	7.58%	9.72%	-0.48%	4.32%

Correlation

The correlation between PRPIX and FIIFX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jan 3, 1996	0.87

Over the past year, the correlation between PRPIX and FIIFX has dropped to 0.37 - well below their long-term average of 0.87, suggesting their price drivers have been diverging.

Return for Risk

PRPIX vs. FIIFX — Risk / Return Rank

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

PRPIX

PRPIX Risk / Return Rank: 41
PRPIX Sharpe Ratio Rank: 41
PRPIX Sortino Ratio Rank: 45
PRPIX Omega Ratio Rank: 40
PRPIX Calmar Ratio Rank: 41
PRPIX Martin Ratio Rank: 38

FIIFX

FIIFX Risk / Return Rank: 34
FIIFX Sharpe Ratio Rank: 30
FIIFX Sortino Ratio Rank: 35
FIIFX Omega Ratio Rank: 38
FIIFX Calmar Ratio Rank: 32
FIIFX Martin Ratio Rank: 33

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.

PRPIX vs. FIIFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Corporate Income Fund (PRPIX) and Federated Hermes Intermediate Corporate Bond Fund (FIIFX). 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.

	PRPIX	FIIFX	Difference
Sharpe ratio Return per unit of total volatility	1.87	1.59	+0.28
Sortino ratio Return per unit of downside risk	2.84	2.49	+0.34
Omega ratio Gain probability vs. loss probability	1.34	1.33	+0.01
Calmar ratio Return relative to maximum drawdown	2.45	2.16	+0.29
Martin ratio Return relative to average drawdown	8.52	7.57	+0.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PRPIX vs. FIIFX - Sharpe Ratio Comparison

The current PRPIX Sharpe Ratio is 1.87, which is comparable to the FIIFX Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of PRPIX and FIIFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PRPIX	FIIFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.87	1.59	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	0.24	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.65	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	1.07	-0.20

Drawdowns

PRPIX vs. FIIFX - Drawdown Comparison

The maximum PRPIX drawdown since its inception was -24.24%, which is greater than FIIFX's maximum drawdown of -14.85%. Use the drawdown chart below to compare losses from any high point for PRPIX and FIIFX.

Drawdown Indicators

	PRPIX	FIIFX	Difference
Max Drawdown Largest peak-to-trough decline	-24.24%	-14.85%	-9.39%
Max Drawdown (1Y) Largest decline over 1 year	-3.29%	-2.28%	-1.01%
Max Drawdown (3Y) Largest decline over 3 years	-6.30%	-3.67%	-2.63%
Max Drawdown (5Y) Largest decline over 5 years	-24.24%	-14.85%	-9.39%
Max Drawdown (10Y) Largest decline over 10 years	-24.24%	-14.85%	-9.39%
Current Drawdown Current decline from peak	-0.79%	-0.75%	-0.04%
Average Drawdown Average peak-to-trough decline	-3.14%	-1.92%	-1.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	0.65%	+0.29%

Volatility

PRPIX vs. FIIFX - Volatility Comparison

T. Rowe Price Corporate Income Fund (PRPIX) has a higher volatility of 1.45% compared to Federated Hermes Intermediate Corporate Bond Fund (FIIFX) at 1.07%. This indicates that PRPIX's price experiences larger fluctuations and is considered to be riskier than FIIFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRPIX	FIIFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.45%	1.07%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	3.08%	2.21%	+0.87%
Volatility (1Y) Calculated over the trailing 1-year period	4.18%	3.11%	+1.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.59%	4.29%	+2.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.02%	3.82%	+2.20%

PRPIX vs. FIIFX - Expense Ratio Comparison

PRPIX has a 0.56% expense ratio, which is lower than FIIFX's 0.58% expense ratio.

Dividends

PRPIX vs. FIIFX - Dividend Comparison

PRPIX's dividend yield for the trailing twelve months is around 6.28%, more than FIIFX's 4.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIIFX Federated Hermes Intermediate Corporate Bond Fund	4.26%	4.15%	3.39%	2.95%	1.97%	2.69%	2.64%	2.92%	4.02%	4.27%	3.30%	3.79%
PRPIX T. Rowe Price Corporate Income Fund	6.28%	6.30%	5.97%	4.72%	2.42%	5.61%	3.82%	5.47%	3.47%	3.95%	3.20%	4.23%

Frequently Asked Questions

Can I hold both PRPIX and FIIFX in my portfolio?

PRPIX and FIIFX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRPIX or FIIFX?

PRPIX has higher volatility (1.45%) compared to FIIFX (1.07%). In terms of maximum drawdown, PRPIX dropped -24.24% vs FIIFX's -14.85%.

Which has better risk-adjusted returns?

PRPIX currently has the higher Sharpe Ratio (1.87 vs 1.59), 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.