PRFHX Performance — T. Rowe Price Tax-Free High Yield Fund
Data updated: 2026-07-28
PRFHX returned +2.79% year to date and +8.97% over one year to May 2026. Annualised returns are +5.66% over 3 years and +1.39% over 5 years. Against its High Yield Bond category average the fund came out behind over three years but ahead over one: $100 invested three years ago grew to $118, against $126 for the category, and to $109 over one year, against $107. Volatility over the past three years was 6.41% a year. In the 12 months to May 2026 the fund took in a net $233.4M, and assets reached $3.62B.
PRFHX Growth of $100
What $100 invested in T. Rowe Price Tax-Free High Yield Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the High Yield Bond category average over the same months.
| Period | PRFHX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $109 | $107 |
| 3 years (Jun 2023 – May 2026) | $118 | $126 |
| 5 years (Jun 2021 – May 2026) | $107 | $120 |
| Since data start (Sep 2019 – May 2026) | $115 | $132 |
PRFHX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +2.79% |
| 1 year | +8.97% |
| 3 years (annualised) | +5.66% |
| 5 years (annualised) | +1.39% |
PRFHX Annual Returns
Calendar-year total returns of T. Rowe Price Tax-Free High Yield Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +2.79% |
| 2025 | +3.97% |
| 2024 | +5.98% |
| 2023 | +7.02% |
| 2022 | −13.57% |
| 2021 | +6.08% |
| 2020 | +3.37% |
| 2019 (Sep–Dec) | +0.20% |
PRFHX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +0.9% | +1.6% | −1.8% | +1.3% | +0.8% | — | — | — | — | — | — | — |
| 2025 | +0.5% | +1.3% | −1.9% | −1.6% | −0.2% | +0.9% | −1.0% | +0.9% | +3.4% | +1.5% | +0.4% | −0.1% |
| 2024 | +0.6% | +0.8% | +0.8% | −1.2% | +0.6% | +2.5% | +0.9% | +1.0% | +1.4% | −1.3% | +1.4% | −1.5% |
| 2023 | +3.9% | −2.5% | +1.3% | +0.5% | −0.3% | +0.8% | +0.3% | −1.2% | −3.3% | −2.1% | +7.1% | +2.9% |
| 2022 | −2.2% | −0.9% | −3.3% | −3.5% | +1.2% | −3.3% | +3.4% | −2.3% | −5.7% | −2.0% | +5.2% | −0.6% |
| 2021 | +1.6% | −1.1% | +0.8% | +1.3% | +1.1% | +1.1% | +1.0% | −0.2% | −0.6% | −0.2% | +1.0% | +0.2% |
| 2020 | +1.7% | +1.5% | −9.1% | −3.3% | +3.0% | +3.6% | +2.1% | +0.3% | +0.4% | −0.1% | +2.1% | +1.8% |
| 2019 | — | — | — | — | — | — | — | — | −0.5% | +0.1% | +0.2% | +0.4% |
PRFHX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 6.41%
- 3-year Sharpe ratio: 0.18 (vs 4.5% risk-free rate)
- Best month: +7.06% (Nov 2023)
- Worst month: −3.27% (Sep 2023)
PRFHX Fund Flows
Monthly money in and out of T. Rowe Price Tax-Free High Yield Fund, from SEC Form N-PORT.
- 12-month net flow: $233.4M
- 12-month gross sales (incl. reinvestments): $947.7M
- Sales ÷ redemptions: 1.33×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $78.8M | $43.2M | $35.6M |
| Apr 2026 | $170.7M | $43.6M | $127.1M |
| Mar 2026 | $76.2M | $70.3M | $5.9M |
| Feb 2026 | $65.6M | $44.0M | $21.6M |
| Jan 2026 | $70.9M | $64.9M | $6.1M |
| Dec 2025 | $101.4M | $66.7M | $34.7M |
| Nov 2025 | $58.9M | $47.4M | $11.5M |
| Oct 2025 | $68.4M | $50.6M | $17.8M |
| Sep 2025 | $56.6M | $59.1M | −$2.6M |
| Aug 2025 | $67.7M | $96.4M | −$28.7M |
| Jul 2025 | $68.1M | $67.7M | $367K |
| Jun 2025 | $64.5M | $60.4M | $4.1M |
PRFHX Assets Under Management
Net assets of T. Rowe Price Tax-Free High Yield Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $3.62B |
| 2026-02-28 | $3.47B |
| 2025-11-30 | $3.36B |
| 2025-08-31 | $3.20B |
| 2025-05-31 | $3.24B |
| 2025-02-28 | $3.52B |
| 2024-11-30 | $3.54B |
| 2024-08-31 | $3.40B |
| 2024-05-31 | $3.30B |
| 2024-02-29 | $3.33B |
| 2023-11-30 | $3.38B |
| 2023-08-31 | $3.41B |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.