RPIHX vs. PRCPX
RPIHX (T. Rowe Price Global High Income Bond Fund) and PRCPX (T. Rowe Price Credit Opportunities Fund) are both High Yield Bonds funds from T. Rowe Price. RPIHX is actively managed, while PRCPX is passively managed. Over the past 10 years, RPIHX returned 6.04%/yr vs 6.58%/yr for PRCPX. Their correlation of 0.83 suggests significant overlap in exposure. RPIHX charges 0.75%/yr vs 0.81%/yr for PRCPX.
Performance
RPIHX vs. PRCPX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with RPIHX having a 1.35% return and PRCPX slightly higher at 1.41%. Over the past 10 years, RPIHX has underperformed PRCPX with an annualized return of 6.04%, while PRCPX has yielded a comparatively higher 6.58% annualized return.
RPIHX
- 1D
- -0.11%
- 1M
- 0.92%
- YTD
- 1.35%
- 6M
- 2.95%
- 1Y
- 9.39%
- 3Y*
- 11.13%
- 5Y*
- 4.67%
- 10Y*
- 6.04%
PRCPX
- 1D
- 0.00%
- 1M
- 0.33%
- YTD
- 1.41%
- 6M
- 2.76%
- 1Y
- 8.99%
- 3Y*
- 10.61%
- 5Y*
- 5.53%
- 10Y*
- 6.58%
RPIHX vs. PRCPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RPIHX T. Rowe Price Global High Income Bond Fund | 1.35% | 11.91% | 10.44% | 15.12% | -13.09% | 3.08% | 5.89% | 14.90% | -1.76% | 8.71% |
PRCPX T. Rowe Price Credit Opportunities Fund | 1.41% | 11.51% | 9.36% | 14.90% | -10.50% | 6.36% | 5.55% | 13.77% | -1.44% | 6.80% |
Correlation
The correlation between RPIHX and PRCPX is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.83 |
The correlation between RPIHX and PRCPX has been stable across timeframes, ranging from 0.82 to 0.84 - a consistent structural relationship.
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Return for Risk
RPIHX vs. PRCPX — Risk / Return Rank
RPIHX
PRCPX
RPIHX vs. PRCPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Global High Income Bond Fund (RPIHX) and T. Rowe Price Credit Opportunities Fund (PRCPX). 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.
| RPIHX | PRCPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.77 | 1.67 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.28 | 4.61 | -1.33 |
| Martin ratioReturn relative to average drawdown | 15.05 | 21.53 | -6.48 |
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Drawdowns
RPIHX vs. PRCPX - Drawdown Comparison
The maximum RPIHX drawdown since its inception was -23.77%, roughly equal to the maximum PRCPX drawdown of -23.07%. Use the drawdown chart below to compare losses from any high point for RPIHX and PRCPX.
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Drawdown Indicators
| RPIHX | PRCPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.77% | -23.07% | -0.70% |
Max Drawdown (1Y)Largest decline over 1 year | -2.91% | -1.99% | -0.92% |
Max Drawdown (3Y)Largest decline over 3 years | -3.76% | -3.83% | +0.07% |
Max Drawdown (5Y)Largest decline over 5 years | -19.25% | -14.34% | -4.91% |
Max Drawdown (10Y)Largest decline over 10 years | -23.77% | -23.07% | -0.70% |
Current DrawdownCurrent decline from peak | -0.23% | -0.50% | +0.27% |
Average DrawdownAverage peak-to-trough decline | -2.75% | -3.10% | +0.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.63% | 0.42% | +0.21% |
Volatility
RPIHX vs. PRCPX - Volatility Comparison
T. Rowe Price Global High Income Bond Fund (RPIHX) has a higher volatility of 0.92% compared to T. Rowe Price Credit Opportunities Fund (PRCPX) at 0.85%. This indicates that RPIHX's price experiences larger fluctuations and is considered to be riskier than PRCPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RPIHX | PRCPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.92% | 0.85% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 2.45% | 2.43% | +0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.21% | 3.33% | -0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.39% | 4.81% | -0.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.35% | 5.45% | -0.10% |
RPIHX vs. PRCPX - Expense Ratio Comparison
RPIHX has a 0.75% expense ratio, which is lower than PRCPX's 0.81% expense ratio.
Dividends
RPIHX vs. PRCPX - Dividend Comparison
RPIHX's dividend yield for the trailing twelve months is around 9.03%, less than PRCPX's 9.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRCPX T. Rowe Price Credit Opportunities Fund | 9.31% | 9.32% | 8.77% | 7.88% | 4.89% | 5.11% | 5.36% | 5.18% | 5.72% | 4.95% | 5.88% | 7.58% |
RPIHX T. Rowe Price Global High Income Bond Fund | 9.03% | 8.86% | 8.31% | 7.43% | 8.56% | 5.42% | 5.37% | 6.43% | 7.34% | 6.29% | 6.20% | 0.00% |
Frequently Asked Questions
RPIHX and PRCPX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RPIHX has higher volatility (0.92%) compared to PRCPX (0.85%). In terms of maximum drawdown, RPIHX dropped -23.77% vs PRCPX's -23.07%.
RPIHX currently has the higher Sharpe Ratio (2.98 vs 2.75), 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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