TRHYX vs. FAGIX

Last updated Jul 3, 2026

TRHYX (T. Rowe Price Institutional High Yield Fund) and FAGIX (Fidelity Capital & Income Fund) are both High Yield Bonds funds. Over the past 10 years, TRHYX returned 5.07%/yr vs 8.05%/yr for FAGIX. A 0.73 correlation means they provide meaningful diversification when combined. TRHYX charges 0.50%/yr vs 0.67%/yr for FAGIX.

Performance

TRHYX vs. FAGIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Institutional High Yield Fund (TRHYX) and Fidelity Capital & Income Fund (FAGIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRHYX achieves a 1.28% return, which is significantly lower than FAGIX's 7.84% return. Over the past 10 years, TRHYX has underperformed FAGIX with an annualized return of 5.07%, while FAGIX has yielded a comparatively higher 8.05% annualized return.

TRHYX

• 1D: 0.00%
• 1M: 0.08%
• 6M: 1.28%
• YTD: 1.28%
• 1Y: 5.26%
• 3Y*: 7.57%
• 5Y*: 3.20%
• 10Y*: 5.07%

FAGIX

• 1D: -0.61%
• 1M: -0.55%
• 6M: 7.84%
• YTD: 7.84%
• 1Y: 14.78%
• 3Y*: 12.71%
• 5Y*: 6.66%
• 10Y*: 8.05%

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

TRHYX vs. FAGIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRHYX T. Rowe Price Institutional High Yield Fund	1.28%	9.05%	5.70%	12.66%	-12.56%	5.47%	4.92%	14.95%	-3.10%	7.71%
FAGIX Fidelity Capital & Income Fund	7.84%	12.38%	10.69%	13.02%	-11.50%	11.13%	9.95%	18.96%	-7.17%	11.66%

Correlation

The correlation between TRHYX and FAGIX is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since May 31, 2002	0.73

The correlation between TRHYX and FAGIX shifts across timeframes, from 0.57 (1 year) to 0.73 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TRHYX vs. FAGIX — Risk / Return Rank

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

TRHYX

TRHYX Risk / Return Rank: 60
TRHYX Sharpe Ratio Rank: 47
TRHYX Sortino Ratio Rank: 69
TRHYX Omega Ratio Rank: 68
TRHYX Calmar Ratio Rank: 52
TRHYX Martin Ratio Rank: 65

FAGIX

FAGIX Risk / Return Rank: 86
FAGIX Sharpe Ratio Rank: 81
FAGIX Sortino Ratio Rank: 80
FAGIX Omega Ratio Rank: 81
FAGIX Calmar Ratio Rank: 92
FAGIX Martin Ratio Rank: 94

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.

TRHYX vs. FAGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Institutional High Yield Fund (TRHYX) and Fidelity Capital & Income Fund (FAGIX). 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.

	TRHYX	FAGIX	Difference
Sharpe ratio: Return per unit of total volatility	1.59	2.24	-0.65
Sortino ratio: Return per unit of downside risk	2.71	3.16	-0.45
Omega ratio: Gain probability vs. loss probability	1.35	1.43	-0.08
Calmar ratio: Return relative to maximum drawdown	2.27	4.32	-2.05
Martin ratio: Return relative to average drawdown	10.08	17.19	-7.10

TRHYX vs. FAGIX - Sharpe Ratio Comparison

The current TRHYX Sharpe Ratio is 1.59, which is comparable to the FAGIX Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of TRHYX and FAGIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TRHYX vs. FAGIX - Drawdown Comparison

The maximum TRHYX drawdown since its inception was -27.31%, smaller than the maximum FAGIX drawdown of -37.97%. Use the drawdown chart below to compare losses from any high point for TRHYX and FAGIX.

Drawdown Indicators

	TRHYX	FAGIX	Difference
Max Drawdown Largest peak-to-trough decline	-27.31%	-37.97%	+10.66%
Max Drawdown (1Y) Largest decline over 1 year	-2.27%	-3.49%	+1.22%
Max Drawdown (3Y) Largest decline over 3 years	-3.77%	-7.26%	+3.49%
Max Drawdown (5Y) Largest decline over 5 years	-16.49%	-15.42%	-1.07%
Max Drawdown (10Y) Largest decline over 10 years	-22.14%	-28.45%	+6.31%
Current Drawdown Current decline from peak	-0.30%	-0.89%	+0.59%
Average Drawdown Average peak-to-trough decline	-2.46%	-6.97%	+4.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.51%	0.87%	-0.36%

Volatility

TRHYX vs. FAGIX - Volatility Comparison

The current volatility for T. Rowe Price Institutional High Yield Fund (TRHYX) is 0.96%, while Fidelity Capital & Income Fund (FAGIX) has a volatility of 3.30%. This indicates that TRHYX experiences smaller price fluctuations and is considered to be less risky than FAGIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRHYX	FAGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.96%	3.30%	-2.34%
Volatility (6M) Calculated over the trailing 6-month period	2.60%	5.66%	-3.06%
Volatility (1Y) Calculated over the trailing 1-year period	3.25%	6.73%	-3.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.17%	6.74%	-1.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.46%	7.82%	-2.36%

TRHYX vs. FAGIX - Expense Ratio Comparison

TRHYX has a 0.50% expense ratio, which is lower than FAGIX's 0.67% expense ratio.

Dividends

TRHYX vs. FAGIX - Dividend Comparison

TRHYX's dividend yield for the trailing twelve months is around 6.30%, more than FAGIX's 5.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAGIX Fidelity Capital & Income Fund	5.27%	4.74%	5.02%	5.28%	10.25%	6.08%	4.59%	5.00%	5.67%	5.05%	4.57%	4.51%
TRHYX T. Rowe Price Institutional High Yield Fund	6.30%	6.81%	5.64%	5.38%	5.07%	5.20%	5.31%	5.73%	6.48%	5.74%	6.29%	7.33%

Frequently Asked Questions

Can I hold both TRHYX and FAGIX in my portfolio?

TRHYX and FAGIX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRHYX or FAGIX?

FAGIX has higher volatility (3.30%) compared to TRHYX (0.96%). In terms of maximum drawdown, TRHYX dropped -27.31% vs FAGIX's -37.97%.

Which has better risk-adjusted returns?

FAGIX currently has the higher Sharpe Ratio (2.24 vs 1.59), 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.