TRHYX vs. FSHNX
TRHYX (T. Rowe Price Institutional High Yield Fund) and FSHNX (Fidelity Series High Income Fund) are both High Yield Bonds funds. Over the past 10 years, TRHYX returned 5.07%/yr vs 6.14%/yr for FSHNX. Their correlation of 0.85 suggests significant overlap in exposure. TRHYX charges 0.50%/yr vs 0.00%/yr for FSHNX.
Performance
TRHYX vs. FSHNX - Performance Comparison
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Returns By Period
In the year-to-date period, TRHYX achieves a 1.28% return, which is significantly lower than FSHNX's 3.42% return. Over the past 10 years, TRHYX has underperformed FSHNX with an annualized return of 5.07%, while FSHNX has yielded a comparatively higher 6.14% 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%
FSHNX
- 1D
- -0.11%
- 1M
- 0.08%
- 6M
- 3.42%
- YTD
- 3.42%
- 1Y
- 8.76%
- 3Y*
- 9.94%
- 5Y*
- 4.73%
- 10Y*
- 6.14%
TRHYX vs. FSHNX - 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% |
FSHNX Fidelity Series High Income Fund | 3.42% | 11.17% | 8.75% | 11.25% | -11.52% | 6.05% | 4.57% | 15.20% | -2.14% | 9.40% |
Correlation
The correlation between TRHYX and FSHNX is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Mar 14, 2011 | 0.85 |
The correlation between TRHYX and FSHNX shifts across timeframes, from 0.70 (1 year) to 0.85 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TRHYX vs. FSHNX — Risk / Return Rank
TRHYX
FSHNX
TRHYX vs. FSHNX - 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 Series High Income Fund (FSHNX). 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 | FSHNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.10 | ||
| Sortino ratioReturn per unit of downside risk | -2.10 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.64 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | 2.27 | 4.20 | -1.93 |
| Martin ratioReturn relative to average drawdown | 10.08 | 21.42 | -11.33 |
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Drawdowns
TRHYX vs. FSHNX - Drawdown Comparison
The maximum TRHYX drawdown since its inception was -27.31%, which is greater than FSHNX's maximum drawdown of -21.98%. Use the drawdown chart below to compare losses from any high point for TRHYX and FSHNX.
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Drawdown Indicators
| TRHYX | FSHNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.31% | -21.98% | -5.33% |
Max Drawdown (1Y)Largest decline over 1 year | -2.27% | -2.13% | -0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -3.77% | -4.05% | +0.28% |
Max Drawdown (5Y)Largest decline over 5 years | -16.49% | -15.32% | -1.17% |
Max Drawdown (10Y)Largest decline over 10 years | -22.14% | -21.98% | -0.16% |
Current DrawdownCurrent decline from peak | -0.30% | -0.11% | -0.19% |
Average DrawdownAverage peak-to-trough decline | -2.46% | -2.40% | -0.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.51% | 0.42% | +0.09% |
Volatility
TRHYX vs. FSHNX - Volatility Comparison
T. Rowe Price Institutional High Yield Fund (TRHYX) has a higher volatility of 0.96% compared to Fidelity Series High Income Fund (FSHNX) at 0.86%. This indicates that TRHYX's price experiences larger fluctuations and is considered to be riskier than FSHNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TRHYX | FSHNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | 0.86% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 2.60% | 2.65% | -0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.25% | 3.32% | -0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.17% | 5.31% | -0.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.46% | 5.79% | -0.33% |
TRHYX vs. FSHNX - Expense Ratio Comparison
TRHYX has a 0.50% expense ratio, which is higher than FSHNX's 0.00% expense ratio.
Dividends
TRHYX vs. FSHNX - Dividend Comparison
TRHYX's dividend yield for the trailing twelve months is around 6.30%, less than FSHNX's 7.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSHNX Fidelity Series High Income Fund | 7.00% | 7.04% | 5.97% | 6.21% | 4.90% | 5.01% | 5.57% | 6.35% | 6.95% | 6.03% | 6.24% | 5.79% |
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
TRHYX and FSHNX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TRHYX has higher volatility (0.96%) compared to FSHNX (0.86%). In terms of maximum drawdown, TRHYX dropped -27.31% vs FSHNX's -21.98%.
FSHNX currently has the higher Sharpe Ratio (2.69 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.
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