THYIX vs. PRFHX

Last updated Jun 4, 2026

THYIX (Transamerica High Yield Muni) and PRFHX (T. Rowe Price Tax Free High Yield Fund) are both High Yield Muni funds. Over the past 10 years, THYIX returned 2.40%/yr vs 3.06%/yr for PRFHX. Their correlation of 0.83 suggests significant overlap in exposure. THYIX charges 0.76%/yr vs 0.63%/yr for PRFHX.

Performance

THYIX vs. PRFHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Transamerica High Yield Muni (THYIX) and T. Rowe Price Tax Free High Yield Fund (PRFHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, THYIX achieves a 2.46% return, which is significantly lower than PRFHX's 2.99% return. Over the past 10 years, THYIX has underperformed PRFHX with an annualized return of 2.40%, while PRFHX has yielded a comparatively higher 3.06% annualized return.

THYIX

• 1D: 0.19%
• 1M: 0.81%
• YTD: 2.46%
• 6M: 3.05%
• 1Y: 7.30%
• 3Y*: 5.68%
• 5Y*: 0.22%
• 10Y*: 2.40%

PRFHX

• 1D: 0.18%
• 1M: 1.06%
• YTD: 2.99%
• 6M: 3.78%
• 1Y: 11.23%
• 3Y*: 6.47%
• 5Y*: 1.83%
• 10Y*: 3.06%

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

THYIX vs. PRFHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
THYIX Transamerica High Yield Muni	2.46%	3.17%	6.05%	8.24%	-18.68%	7.94%	3.15%	9.62%	0.66%	9.67%
PRFHX T. Rowe Price Tax Free High Yield Fund	2.99%	5.53%	7.00%	7.65%	-14.41%	6.09%	3.40%	9.03%	0.66%	7.31%

Correlation

The correlation between THYIX and PRFHX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.83

The correlation between THYIX and PRFHX shifts across timeframes, from 0.77 (1 year) to 0.88 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

THYIX vs. PRFHX — Risk / Return Rank

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

THYIX

THYIX Risk / Return Rank: 62
THYIX Sharpe Ratio Rank: 61
THYIX Sortino Ratio Rank: 77
THYIX Omega Ratio Rank: 82
THYIX Calmar Ratio Rank: 48
THYIX Martin Ratio Rank: 41

PRFHX

PRFHX Risk / Return Rank: 91
PRFHX Sharpe Ratio Rank: 96
PRFHX Sortino Ratio Rank: 97
PRFHX Omega Ratio Rank: 96
PRFHX Calmar Ratio Rank: 87
PRFHX Martin Ratio Rank: 82

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.

THYIX vs. PRFHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Transamerica High Yield Muni (THYIX) and T. Rowe Price Tax Free High Yield Fund (PRFHX). 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.

	THYIX	PRFHX	Difference
Sharpe ratio Return per unit of total volatility	2.30	3.44	-1.14
Sortino ratio Return per unit of downside risk	3.69	5.62	-1.94
Omega ratio Gain probability vs. loss probability	1.54	1.83	-0.28
Calmar ratio Return relative to maximum drawdown	2.63	4.17	-1.54
Martin ratio Return relative to average drawdown	8.87	15.49	-6.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

THYIX vs. PRFHX - Sharpe Ratio Comparison

The current THYIX Sharpe Ratio is 2.30, which is lower than the PRFHX Sharpe Ratio of 3.44. The chart below compares the historical Sharpe Ratios of THYIX and PRFHX, 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

	THYIX	PRFHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	3.44	-1.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	0.38	-0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.66	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	1.29	-0.38

Drawdowns

THYIX vs. PRFHX - Drawdown Comparison

The maximum THYIX drawdown since its inception was -23.56%, roughly equal to the maximum PRFHX drawdown of -24.76%. Use the drawdown chart below to compare losses from any high point for THYIX and PRFHX.

Drawdown Indicators

	THYIX	PRFHX	Difference
Max Drawdown Largest peak-to-trough decline	-23.56%	-24.76%	+1.20%
Max Drawdown (1Y) Largest decline over 1 year	-2.74%	-2.75%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-6.66%	-6.91%	+0.25%
Max Drawdown (5Y) Largest decline over 5 years	-23.56%	-18.81%	-4.75%
Max Drawdown (10Y) Largest decline over 10 years	-23.56%	-18.81%	-4.75%
Current Drawdown Current decline from peak	-1.34%	0.00%	-1.34%
Average Drawdown Average peak-to-trough decline	-4.58%	-2.77%	-1.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	0.73%	+0.08%

Volatility

THYIX vs. PRFHX - Volatility Comparison

The current volatility for Transamerica High Yield Muni (THYIX) is 1.05%, while T. Rowe Price Tax Free High Yield Fund (PRFHX) has a volatility of 1.14%. This indicates that THYIX experiences smaller price fluctuations and is considered to be less risky than PRFHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	THYIX	PRFHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.05%	1.14%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	2.27%	2.37%	-0.10%
Volatility (1Y) Calculated over the trailing 1-year period	3.16%	3.35%	-0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.37%	4.89%	+0.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.98%	4.65%	+0.33%

THYIX vs. PRFHX - Expense Ratio Comparison

THYIX has a 0.76% expense ratio, which is higher than PRFHX's 0.63% expense ratio.

Dividends

THYIX vs. PRFHX - Dividend Comparison

THYIX's dividend yield for the trailing twelve months is around 4.37%, less than PRFHX's 5.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRFHX T. Rowe Price Tax Free High Yield Fund	5.47%	5.46%	4.75%	4.19%	2.81%	3.01%	3.47%	3.52%	3.71%	3.64%	3.88%	4.02%
THYIX Transamerica High Yield Muni	4.37%	4.52%	3.93%	3.18%	2.81%	3.10%	3.64%	3.65%	3.81%	3.10%	4.42%	3.40%

Frequently Asked Questions

Can I hold both THYIX and PRFHX in my portfolio?

THYIX and PRFHX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, THYIX or PRFHX?

PRFHX has higher volatility (1.14%) compared to THYIX (1.05%). In terms of maximum drawdown, THYIX dropped -23.56% vs PRFHX's -24.76%.

Which has better risk-adjusted returns?

PRFHX currently has the higher Sharpe Ratio (3.44 vs 2.30), 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.