TRHYX vs. VWEAX
Compare and contrast key facts about T. Rowe Price Institutional High Yield Fund (TRHYX) and Vanguard High-Yield Corporate Fund Admiral Shares (VWEAX).
TRHYX is managed by T. Rowe Price. It was launched on May 31, 2002. VWEAX is managed by Vanguard. It was launched on Nov 12, 2001.
Performance
TRHYX vs. VWEAX - Performance Comparison
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TRHYX vs. VWEAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TRHYX T. Rowe Price Institutional High Yield Fund | -0.82% | 9.05% | 5.70% | 12.66% | -12.56% | 5.47% | 4.92% | 14.95% | -3.10% | 7.71% |
VWEAX Vanguard High-Yield Corporate Fund Admiral Shares | -1.14% | 9.49% | 6.42% | 11.79% | -8.95% | 3.04% | 5.41% | 15.92% | -2.80% | 7.17% |
Returns By Period
In the year-to-date period, TRHYX achieves a -0.82% return, which is significantly higher than VWEAX's -1.14% return. Both investments have delivered pretty close results over the past 10 years, with TRHYX having a 5.33% annualized return and VWEAX not far behind at 5.28%.
TRHYX
- 1D
- 0.64%
- 1M
- -1.26%
- YTD
- -0.82%
- 6M
- 0.83%
- 1Y
- 7.02%
- 3Y*
- 7.48%
- 5Y*
- 3.30%
- 10Y*
- 5.33%
VWEAX
- 1D
- 0.55%
- 1M
- -1.62%
- YTD
- -1.14%
- 6M
- 0.60%
- 1Y
- 6.57%
- 3Y*
- 7.65%
- 5Y*
- 3.99%
- 10Y*
- 5.28%
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TRHYX vs. VWEAX - Expense Ratio Comparison
TRHYX has a 0.50% expense ratio, which is higher than VWEAX's 0.13% expense ratio.
Return for Risk
TRHYX vs. VWEAX — Risk / Return Rank
TRHYX
VWEAX
TRHYX vs. VWEAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Institutional High Yield Fund (TRHYX) and Vanguard High-Yield Corporate Fund Admiral Shares (VWEAX). 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.
| TRHYX | VWEAX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.87 | 1.92 | -0.06 |
Sortino ratioReturn per unit of downside risk | 2.81 | 2.90 | -0.09 |
Omega ratioGain probability vs. loss probability | 1.44 | 1.47 | -0.03 |
Calmar ratioReturn relative to maximum drawdown | 2.58 | 2.83 | -0.25 |
Martin ratioReturn relative to average drawdown | 10.90 | 11.54 | -0.64 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TRHYX | VWEAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.87 | 1.92 | -0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.65 | 0.82 | -0.18 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.98 | 1.01 | -0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.34 | 1.22 | +0.12 |
Correlation
The correlation between TRHYX and VWEAX is 0.81, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
TRHYX vs. VWEAX - Dividend Comparison
TRHYX's dividend yield for the trailing twelve months is around 6.34%, more than VWEAX's 5.88% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TRHYX T. Rowe Price Institutional High Yield Fund | 6.34% | 6.81% | 5.64% | 5.38% | 5.07% | 5.20% | 5.31% | 5.73% | 6.48% | 5.74% | 6.29% | 7.33% |
VWEAX Vanguard High-Yield Corporate Fund Admiral Shares | 5.88% | 6.25% | 6.20% | 5.79% | 5.21% | 3.49% | 4.71% | 5.33% | 6.07% | 5.39% | 5.51% | 6.53% |
Drawdowns
TRHYX vs. VWEAX - Drawdown Comparison
The maximum TRHYX drawdown since its inception was -27.31%, smaller than the maximum VWEAX drawdown of -30.05%. Use the drawdown chart below to compare losses from any high point for TRHYX and VWEAX.
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Drawdown Indicators
| TRHYX | VWEAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.31% | -30.05% | +2.74% |
Max Drawdown (1Y)Largest decline over 1 year | -2.95% | -2.52% | -0.43% |
Max Drawdown (5Y)Largest decline over 5 years | -16.49% | -13.77% | -2.72% |
Max Drawdown (10Y)Largest decline over 10 years | -22.14% | -19.68% | -2.46% |
Current DrawdownCurrent decline from peak | -1.51% | -1.80% | +0.29% |
Average DrawdownAverage peak-to-trough decline | -2.48% | -2.13% | -0.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | 0.62% | +0.08% |
Volatility
TRHYX vs. VWEAX - Volatility Comparison
T. Rowe Price Institutional High Yield Fund (TRHYX) and Vanguard High-Yield Corporate Fund Admiral Shares (VWEAX) have volatilities of 1.45% and 1.39%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TRHYX | VWEAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.45% | 1.39% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 2.37% | 2.31% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.87% | 3.46% | +0.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.13% | 4.86% | +0.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.48% | 5.27% | +0.21% |