SHYAX vs. PRHYX
SHYAX (SEI Institutional Managed Trust High Yield Bond Fund) and PRHYX (T. Rowe Price High Yield Fund) are both High Yield Bonds funds. Over the past 10 years, SHYAX returned 5.26%/yr vs 6.50%/yr for PRHYX. A 0.76 correlation means they provide meaningful diversification when combined. SHYAX charges 0.89%/yr vs 0.70%/yr for PRHYX.
Performance
SHYAX vs. PRHYX - Performance Comparison
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Returns By Period
In the year-to-date period, SHYAX achieves a 0.11% return, which is significantly lower than PRHYX's 1.39% return. Over the past 10 years, SHYAX has underperformed PRHYX with an annualized return of 5.26%, while PRHYX has yielded a comparatively higher 6.50% annualized return.
SHYAX
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.11%
- 6M
- 0.94%
- 1Y
- 5.03%
- 3Y*
- 7.28%
- 5Y*
- 2.79%
- 10Y*
- 5.26%
PRHYX
- 1D
- 0.00%
- 1M
- 0.40%
- YTD
- 1.39%
- 6M
- 2.08%
- 1Y
- 6.39%
- 3Y*
- 12.07%
- 5Y*
- 6.18%
- 10Y*
- 6.50%
SHYAX vs. PRHYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHYAX SEI Institutional Managed Trust High Yield Bond Fund | 0.11% | 7.59% | 7.60% | 10.70% | -13.31% | 9.07% | 5.36% | 13.32% | -2.55% | 7.67% |
PRHYX T. Rowe Price High Yield Fund | 1.39% | 10.44% | 12.07% | 20.05% | -12.48% | 5.22% | 4.99% | 14.69% | -3.30% | 7.40% |
Correlation
The correlation between SHYAX and PRHYX is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 1996 | 0.76 |
Over the past year, the correlation between SHYAX and PRHYX has dropped to 0.52 - well below their long-term average of 0.76, suggesting their price drivers have been diverging.
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Return for Risk
SHYAX vs. PRHYX — Risk / Return Rank
SHYAX
PRHYX
SHYAX vs. PRHYX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SEI Institutional Managed Trust High Yield Bond Fund (SHYAX) and T. Rowe Price High Yield Fund (PRHYX). 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.
| SHYAX | PRHYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.41 | ||
| Sortino ratioReturn per unit of downside risk | -0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.47 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.93 | 3.03 | -1.10 |
| Martin ratioReturn relative to average drawdown | 8.06 | 14.51 | -6.45 |
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Drawdowns
SHYAX vs. PRHYX - Drawdown Comparison
The maximum SHYAX drawdown since its inception was -38.15%, which is greater than PRHYX's maximum drawdown of -30.79%. Use the drawdown chart below to compare losses from any high point for SHYAX and PRHYX.
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Drawdown Indicators
| SHYAX | PRHYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.15% | -30.79% | -7.36% |
Max Drawdown (1Y)Largest decline over 1 year | -2.84% | -2.17% | -0.67% |
Max Drawdown (3Y)Largest decline over 3 years | -4.36% | -3.33% | -1.03% |
Max Drawdown (5Y)Largest decline over 5 years | -15.68% | -16.43% | +0.75% |
Max Drawdown (10Y)Largest decline over 10 years | -22.12% | -22.10% | -0.02% |
Current DrawdownCurrent decline from peak | -0.96% | -0.50% | -0.46% |
Average DrawdownAverage peak-to-trough decline | -3.04% | -3.63% | +0.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.68% | 0.45% | +0.23% |
Volatility
SHYAX vs. PRHYX - Volatility Comparison
The current volatility for SEI Institutional Managed Trust High Yield Bond Fund (SHYAX) is 0.77%, while T. Rowe Price High Yield Fund (PRHYX) has a volatility of 0.89%. This indicates that SHYAX experiences smaller price fluctuations and is considered to be less risky than PRHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHYAX | PRHYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | 0.89% | -0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 2.59% | 2.52% | +0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.32% | 3.19% | +0.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.76% | 5.34% | -0.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.34% | 5.59% | -0.25% |
SHYAX vs. PRHYX - Expense Ratio Comparison
SHYAX has a 0.89% expense ratio, which is higher than PRHYX's 0.70% expense ratio.
Dividends
SHYAX vs. PRHYX - Dividend Comparison
SHYAX's dividend yield for the trailing twelve months is around 7.95%, more than PRHYX's 6.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRHYX T. Rowe Price High Yield Fund | 6.74% | 8.33% | 11.50% | 11.49% | 4.68% | 5.09% | 5.19% | 5.48% | 6.25% | 5.49% | 6.02% | 6.45% |
SHYAX SEI Institutional Managed Trust High Yield Bond Fund | 7.95% | 8.69% | 7.48% | 10.58% | 12.96% | 5.19% | 7.50% | 6.05% | 7.51% | 6.90% | 7.06% | 7.34% |
Frequently Asked Questions
SHYAX and PRHYX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRHYX has higher volatility (0.89%) compared to SHYAX (0.77%). In terms of maximum drawdown, SHYAX dropped -38.15% vs PRHYX's -30.79%.
PRHYX currently has the higher Sharpe Ratio (2.07 vs 1.66), 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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