TFAIX vs. PRHIX
TFAIX (T. Rowe Price Floating Rate Fund Class I) and PRHIX (T. Rowe Price High Yield Fund Class I) are both mutual funds - TFAIX is a Bank Loan fund actively managed by T. Rowe Price, while PRHIX is a High Yield Bonds fund actively managed by T. Rowe Price. Both are actively managed. Over the past 5 years, TFAIX returned 5.36%/yr vs 3.02%/yr for PRHIX. Their 0.60 correlation means they have sometimes moved together and sometimes differently. TFAIX charges 0.63%/yr vs 0.62%/yr for PRHIX.
Performance
TFAIX vs. PRHIX - Performance Comparison
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Returns By Period
In the year-to-date period, TFAIX achieves a 0.79% return, which is significantly higher than PRHIX's 0.40% return.
TFAIX
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 0.86%
- YTD
- 0.79%
- 1Y
- 3.60%
- 3Y*
- 6.87%
- 5Y*
- 5.36%
- 10Y*
- —
- ALL TIME*
- 4.54%
PRHIX
- 1D
- 0.00%
- 1M
- -0.84%
- 6M
- -0.01%
- YTD
- 0.40%
- 1Y
- 4.06%
- 3Y*
- 7.05%
- 5Y*
- 3.02%
- 10Y*
- 4.72%
- ALL TIME*
- 5.39%
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 |
TFAIX vs. PRHIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TFAIX T. Rowe Price Floating Rate Fund Class I | 0.79% | 6.61% | 9.06% | 10.85% | -1.85% | 4.73% | 1.88% | 8.71% | 0.06% | 3.39% |
PRHIX T. Rowe Price High Yield Fund Class I | 0.40% | 8.90% | 6.17% | 12.55% | -12.54% | 5.48% | 5.11% | 14.82% | -3.19% | 7.54% |
Correlation
The correlation between TFAIX and PRHIX is 0.58, 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. | 0.58 |
Correlation (3Y) Balances recent behavior with more history. | 0.55 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.60 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017 | 0.60 |
The correlation between TFAIX and PRHIX has been stable across timeframes, ranging from 0.55 to 0.60 - a consistent structural relationship.
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Return for Risk
TFAIX vs. PRHIX — Risk / Return Rank
TFAIX
PRHIX
TFAIX vs. PRHIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Floating Rate Fund Class I (TFAIX) and T. Rowe Price High Yield Fund Class I (PRHIX). 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.
| TFAIX | PRHIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.34 | ||
| Sortino ratioReturn per unit of downside risk | +1.32 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.27 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 2.20 | 1.79 | +0.40 |
| Martin ratioReturn relative to average drawdown | 7.46 | 7.73 | -0.26 |
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Drawdowns
TFAIX vs. PRHIX - Drawdown Comparison
The maximum TFAIX drawdown since its inception was -19.93%, smaller than the maximum PRHIX drawdown of -22.09%. Use the drawdown chart below to compare losses from any high point for TFAIX and PRHIX.
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Drawdown Indicators
| TFAIX | PRHIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.93% | -22.09% | +2.16% |
Max Drawdown (1Y)Largest decline over 1 year | -1.59% | -2.18% | +0.59% |
Max Drawdown (3Y)Largest decline over 3 years | -2.34% | -3.84% | +1.50% |
Max Drawdown (5Y)Largest decline over 5 years | -5.88% | -16.53% | +10.65% |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.09% | — |
Current DrawdownCurrent decline from peak | -0.41% | -1.11% | +0.70% |
Average DrawdownAverage peak-to-trough decline | -0.78% | -2.47% | +1.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.47% | 0.50% | -0.03% |
Volatility
TFAIX vs. PRHIX - Volatility Comparison
The current volatility for T. Rowe Price Floating Rate Fund Class I (TFAIX) is 0.30%, while T. Rowe Price High Yield Fund Class I (PRHIX) has a volatility of 0.69%. This indicates that TFAIX experiences smaller price fluctuations and is considered to be less risky than PRHIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TFAIX | PRHIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.30% | 0.69% | -0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 1.76% | 2.47% | -0.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.36% | 3.30% | -0.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.79% | 5.16% | -2.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.91% | 5.50% | -1.59% |
TFAIX vs. PRHIX - Expense Ratio Comparison
TFAIX has a 0.63% expense ratio, which is higher than PRHIX's 0.62% expense ratio.
Dividends
TFAIX vs. PRHIX - Dividend Comparison
TFAIX's dividend yield for the trailing twelve months is around 5.78%, which matches PRHIX's 5.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
PRHIX T. Rowe Price High Yield Fund Class I | 5.76% | 6.78% | 6.13% | 5.33% | 4.77% | 5.18% | 5.31% | 5.59% | 6.37% | 5.62% | 6.15% |
TFAIX T. Rowe Price Floating Rate Fund Class I | 5.78% | 7.14% | 8.30% | 7.12% | 4.13% | 3.98% | 4.12% | 4.97% | 5.01% | 4.15% | 0.00% |
Frequently Asked Questions
TFAIX and PRHIX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRHIX has higher volatility (0.69%) compared to TFAIX (0.30%). In terms of maximum drawdown, TFAIX dropped -19.93% vs PRHIX's -22.09%.
TFAIX currently has the higher Sharpe Ratio (1.53 vs 1.19), 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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