TRHYX Performance — T. Rowe Price Institutional High Yield Fund
Data updated: 2026-08-12
TRHYX returned +1.79% year to date and +7.55% over one year to May 2026. Annualised returns are +9.22% over 3 years and +4.34% over 5 years. The fund beat its High Yield Bond category average: $100 invested three years ago grew to $130, against $126 for the category, and to $108 over one year, against $107. Volatility over the past three years was 4.40% a year. In the 12 months to May 2026 the fund took in a net $23.5M, and assets reached $1.67B.
TRHYX Growth of $100
What $100 invested in T. Rowe Price Institutional 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 | TRHYX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $108 | $107 |
| 3 years (Jun 2023 – May 2026) | $130 | $126 |
| 5 years (Jun 2021 – May 2026) | $124 | $120 |
| Since data start (Sep 2019 – May 2026) | $137 | $132 |
TRHYX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +1.79% |
| 1 year | +7.55% |
| 3 years (annualised) | +9.22% |
| 5 years (annualised) | +4.34% |
TRHYX Annual Returns
Calendar-year total returns of T. Rowe Price Institutional High Yield Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +1.79% |
| 2025 | +9.02% |
| 2024 | +6.79% |
| 2023 | +13.92% |
| 2022 | −11.18% |
| 2021 | +5.47% |
| 2020 | +4.91% |
| 2019 (Sep–Dec) | +2.91% |
TRHYX 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 | +0.4% | 0.0% | −0.7% | +1.7% | +0.3% | — | — | — | — | — | — | — |
| 2025 | +1.4% | +0.7% | −1.1% | +0.1% | +2.2% | +1.7% | +0.4% | +1.1% | +0.7% | +0.1% | +0.5% | +1.0% |
| 2024 | 0.0% | −0.1% | +0.9% | −1.0% | +1.3% | +1.0% | +1.6% | +1.5% | +1.1% | −0.6% | +1.2% | −0.4% |
| 2023 | +4.2% | −1.3% | +0.9% | +0.9% | −1.0% | +1.9% | +1.5% | +0.3% | −0.9% | −1.6% | +4.8% | +3.6% |
| 2022 | −2.5% | −1.0% | −0.8% | −3.5% | −0.4% | −7.0% | +6.1% | −2.2% | −4.5% | +2.8% | +2.3% | −0.4% |
| 2021 | +0.2% | +0.2% | +0.4% | +1.1% | +0.2% | +1.2% | +0.3% | +0.5% | 0.0% | 0.0% | −1.0% | +2.1% |
| 2020 | 0.0% | −1.8% | −12.0% | +5.1% | +4.4% | +0.3% | +4.4% | +0.9% | −1.1% | +0.5% | +3.6% | +1.6% |
| 2019 | — | — | — | — | — | — | — | — | +0.4% | +0.4% | +0.5% | +1.6% |
TRHYX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 4.40%
- 3-year Sharpe ratio: 1.07 (vs 4.5% risk-free rate)
- Best month: +4.83% (Nov 2023)
- Worst month: −1.57% (Oct 2023)
TRHYX Fund Flows
Monthly money in and out of T. Rowe Price Institutional High Yield Fund, from SEC Form N-PORT.
- 12-month net flow: $23.5M
- 12-month gross sales (incl. reinvestments): $259.3M
- Sales ÷ redemptions: 1.10×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $30.6M | $41.1M | −$10.5M |
| Apr 2026 | $26.9M | $35.9M | −$9.1M |
| Mar 2026 | $20.7M | $13.9M | $6.8M |
| Feb 2026 | $17.6M | $16.4M | $1.2M |
| Jan 2026 | $18.0M | $16.6M | $1.3M |
| Dec 2025 | $19.3M | $18.1M | $1.1M |
| Nov 2025 | $19.2M | $15.3M | $3.9M |
| Oct 2025 | $18.6M | $20.7M | −$2.1M |
| Sep 2025 | $19.4M | $18.9M | $528K |
| Aug 2025 | $27.3M | $15.8M | $11.5M |
| Jul 2025 | $26.0M | $11.2M | $14.8M |
| Jun 2025 | $15.8M | $11.8M | $4.0M |
TRHYX Assets Under Management
Net assets of T. Rowe Price Institutional High Yield Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $1.67B |
| 2026-02-28 | $1.69B |
| 2025-11-30 | $1.69B |
| 2025-08-31 | $1.69B |
| 2025-05-31 | $1.63B |
| 2025-02-28 | $1.71B |
| 2024-11-30 | $1.78B |
| 2024-08-31 | $1.78B |
| 2024-05-31 | $1.70B |
| 2024-02-29 | $1.72B |
| 2023-11-30 | $1.68B |
| 2023-08-31 | $1.60B |
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.