RPIHX vs. PRFRX
RPIHX (T. Rowe Price Global High Income Bond Fund) and PRFRX (T. Rowe Price Floating Rate Fund - Investor Class) are both High Yield Bonds funds from T. Rowe Price. Over the past 10 years, RPIHX returned 6.58%/yr vs 6.39%/yr for PRFRX. Their 0.65 correlation means they have sometimes moved together and sometimes differently. RPIHX charges 0.75%/yr vs 0.76%/yr for PRFRX.
Performance
RPIHX vs. PRFRX - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with RPIHX having a 1.90% return and PRFRX slightly lower at 1.84%. Both investments have delivered pretty close results over the past 10 years, with RPIHX having a 6.58% annualized return and PRFRX not far behind at 6.39%.
RPIHX
- 1D
- 0.12%
- 1M
- -0.69%
- 6M
- 1.25%
- YTD
- 1.90%
- 1Y
- 5.48%
- 3Y*
- 12.39%
- 5Y*
- 6.29%
- 10Y*
- 6.58%
- ALL TIME*
- 7.31%
PRFRX
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 1.93%
- YTD
- 1.84%
- 1Y
- 4.74%
- 3Y*
- 11.42%
- 5Y*
- 9.04%
- 10Y*
- 6.39%
- ALL TIME*
- 5.49%
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 |
RPIHX vs. PRFRX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RPIHX T. Rowe Price Global High Income Bond Fund | 1.90% | 11.06% | 14.81% | 20.60% | -13.09% | 3.08% | 5.89% | 14.90% | -1.76% | 8.71% |
PRFRX T. Rowe Price Floating Rate Fund - Investor Class | 1.84% | 7.78% | 16.63% | 20.66% | -1.95% | 4.60% | 1.75% | 8.46% | -0.08% | 3.48% |
Correlation
The correlation between RPIHX and PRFRX is 0.64, 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. | 0.64 |
Correlation (3Y) Balances recent behavior with more history. | 0.63 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.67 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.64 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.65 |
The correlation between RPIHX and PRFRX has been stable across timeframes, ranging from 0.63 to 0.67 - a consistent structural relationship.
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Return for Risk
RPIHX vs. PRFRX — Risk / Return Rank
RPIHX
PRFRX
RPIHX vs. PRFRX - 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 Floating Rate Fund - Investor Class (PRFRX). 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 | PRFRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | -1.07 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.63 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.89 | 3.02 | -1.13 |
| Martin ratioReturn relative to average drawdown | 8.48 | 10.89 | -2.41 |
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Drawdowns
RPIHX vs. PRFRX - Drawdown Comparison
The maximum RPIHX drawdown since its inception was -23.77%, which is greater than PRFRX's maximum drawdown of -20.05%. Use the drawdown chart below to compare losses from any high point for RPIHX and PRFRX.
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Drawdown Indicators
| RPIHX | PRFRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.77% | -20.05% | -3.72% |
Max Drawdown (1Y)Largest decline over 1 year | -2.91% | -1.50% | -1.41% |
Max Drawdown (3Y)Largest decline over 3 years | -3.27% | -2.07% | -1.20% |
Max Drawdown (5Y)Largest decline over 5 years | -19.25% | -5.94% | -13.31% |
Max Drawdown (10Y)Largest decline over 10 years | -23.77% | -20.05% | -3.72% |
Current DrawdownCurrent decline from peak | -0.80% | -0.22% | -0.58% |
Average DrawdownAverage peak-to-trough decline | -2.56% | -0.68% | -1.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.65% | 0.42% | +0.23% |
Volatility
RPIHX vs. PRFRX - Volatility Comparison
T. Rowe Price Global High Income Bond Fund (RPIHX) has a higher volatility of 0.44% compared to T. Rowe Price Floating Rate Fund - Investor Class (PRFRX) at 0.30%. This indicates that RPIHX's price experiences larger fluctuations and is considered to be riskier than PRFRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RPIHX | PRFRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.44% | 0.30% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 2.36% | 1.78% | +0.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.07% | 2.44% | +0.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.52% | 3.15% | +1.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.37% | 4.00% | +1.37% |
RPIHX vs. PRFRX - Expense Ratio Comparison
RPIHX has a 0.75% expense ratio, which is lower than PRFRX's 0.76% expense ratio.
Dividends
RPIHX vs. PRFRX - Dividend Comparison
RPIHX's dividend yield for the trailing twelve months is around 6.78%, which matches PRFRX's 6.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRFRX T. Rowe Price Floating Rate Fund - Investor Class | 6.76% | 8.11% | 15.09% | 15.33% | 4.03% | 3.86% | 4.00% | 4.84% | 4.87% | 4.04% | 4.07% | 4.07% |
RPIHX T. Rowe Price Global High Income Bond Fund | 6.78% | 8.08% | 12.15% | 11.87% | 8.56% | 5.42% | 5.37% | 6.43% | 7.34% | 6.29% | 6.20% | 0.00% |
Frequently Asked Questions
RPIHX and PRFRX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RPIHX has higher volatility (0.44%) compared to PRFRX (0.30%). In terms of maximum drawdown, RPIHX dropped -23.77% vs PRFRX's -20.05%.
PRFRX currently has the higher Sharpe Ratio (1.92 vs 1.81), 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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