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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_S000002132Member_lbl" xml:lang="en-US">T. Rowe Price High Yield Fund, Inc.</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_CreditQualityMember" xlink:label="trowe_CreditQualityMember" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_JunkBondsMember_lbl" xml:lang="en-US">Junk Bonds [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_FixedIncomeMarketsMember_lbl" xml:lang="en-US">Fixed income markets [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_MarketconditionsMember_lbl" xml:lang="en-US">Market conditions [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_BankloansRiskMember_lbl" xml:lang="en-US">Bank loans [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_CovenantliteloansMember" xlink:label="trowe_CovenantliteloansMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_CovenantliteloansMember" xlink:to="trowe_CovenantliteloansMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_CovenantliteloansMember_lbl" xml:lang="en-US">Covenant lite loans [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_InterestratesMember" xlink:label="trowe_InterestratesMember" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_InterestratesMember_lbl" xml:lang="en-US">Interest rates [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_CallablebondsMember" xlink:label="trowe_CallablebondsMember" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_CallablebondsMember_lbl" xml:lang="en-US">Callable bonds [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_ForeigninvestingMember_lbl" xml:lang="en-US">Foreign investing [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_ConvertiblesecuritiesandpreferredstocksMember_lbl" xml:lang="en-US">Convertible securities and preferred stocks [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_ActivemanagementMember" xlink:label="trowe_ActivemanagementMember" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_ActivemanagementMember_lbl" xml:lang="en-US">Active management [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_CybersecuritybreachesMember" xlink:label="trowe_CybersecuritybreachesMember" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_CybersecuritybreachesMember_lbl" xml:lang="en-US">Cybersecurity breaches [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_S000057617Member" xlink:label="trowe_S000057617Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_S000057617Member" xlink:to="trowe_S000057617Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_S000057617Member_lbl" xml:lang="en-US">T. Rowe Price U.S. High Yield Fund</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_C000005524Member" xlink:label="trowe_C000005524Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000005524Member" xlink:to="trowe_C000005524Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_C000005524Member_lbl" xml:lang="en-US">T. Rowe Price High Yield Fund, Inc.- Investor Class</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_C000159675Member" xlink:label="trowe_C000159675Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000159675Member" xlink:to="trowe_C000159675Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_C000159675Member_lbl" xml:lang="en-US">T. Rowe Price High Yield Fund-I Class</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_C000005525Member" xlink:label="trowe_C000005525Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000005525Member" xlink:to="trowe_C000005525Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_C000005525Member_lbl" xml:lang="en-US">T. Rowe Price High Yield Fund-Advisor Class</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_C000219342Member" xlink:label="trowe_C000219342Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000219342Member" xlink:to="trowe_C000219342Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_C000219342Member_lbl" xml:lang="en-US">T. Rowe Price High Yield Fund-Z Class</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_C000183992Member" xlink:label="trowe_C000183992Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000183992Member" xlink:to="trowe_C000183992Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_C000183992Member_lbl" xml:lang="en-US">T. Rowe Price U.S. High Yield Fund- Investor Class</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_C000183994Member" xlink:label="trowe_C000183994Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000183994Member" xlink:to="trowe_C000183994Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_C000183994Member_lbl" xml:lang="en-US">T. Rowe Price U.S. High Yield Fund-I Class</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_C000183993Member" xlink:label="trowe_C000183993Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000183993Member" xlink:to="trowe_C000183993Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_C000183993Member_lbl" xml:lang="en-US">T. Rowe Price U.S. High Yield Fund-Advisor Class</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_BloombergUSAggregateBondIndexreflectsnodeductionforfeesexpensesortaxesMember" xlink:label="trowe_BloombergUSAggregateBondIndexreflectsnodeductionforfeesexpensesortaxesMember" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_BloombergUSAggregateBondIndexreflectsnodeductionforfeesexpensesortaxesMember_lbl" xml:lang="en-US">Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_BloombergUSHighYield2IssuerCappedBondIndexreflectsnodeductionforfeesexpensesortaxesMember" xlink:label="trowe_BloombergUSHighYield2IssuerCappedBondIndexreflectsnodeductionforfeesexpensesortaxesMember" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_BloombergUSHighYield2IssuerCappedBondIndexreflectsnodeductionforfeesexpensesortaxesMember_lbl" xml:lang="en-US">Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index (reflects no deduction for fees, expenses, or taxes)</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_LipperGlobalHighYieldFundsAverageMember" xlink:label="trowe_LipperGlobalHighYieldFundsAverageMember" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_LipperGlobalHighYieldFundsAverageMember_lbl" xml:lang="en-US">Lipper High Yield Funds Average</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_ICEBofAUSHighYieldConstrainedIndexreflectsnodeductionforfeesexpensesortaxesMember" xlink:label="trowe_ICEBofAUSHighYieldConstrainedIndexreflectsnodeductionforfeesexpensesortaxesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_ICEBofAUSHighYieldConstrainedIndexreflectsnodeductionforfeesexpensesortaxesMember" xlink:to="trowe_ICEBofAUSHighYieldConstrainedIndexreflectsnodeductionforfeesexpensesortaxesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_ICEBofAUSHighYieldConstrainedIndexreflectsnodeductionforfeesexpensesortaxesMember_lbl" xml:lang="en-US">ICE BofA US High Yield Constrained Index (reflects no deduction for fees, expenses, or taxes)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_S000002132Member" xlink:to="trowe_S000002132Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_S000002132Member_doc" xml:lang="en-US">T. Rowe Price High Yield Fund, Inc.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000005524Member" xlink:to="trowe_C000005524Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_C000005524Member_doc" xml:lang="en-US">T. Rowe Price High Yield Fund, Inc.- Investor Class</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000159675Member" xlink:to="trowe_C000159675Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_C000159675Member_doc" xml:lang="en-US">T. Rowe Price High Yield Fund-I Class</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000005525Member" xlink:to="trowe_C000005525Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_C000005525Member_doc" xml:lang="en-US">T. Rowe Price High Yield Fund-Advisor Class</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000219342Member" xlink:to="trowe_C000219342Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_C000219342Member_doc" xml:lang="en-US">T. Rowe Price High Yield Fund-Z Class</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_S000057617Member" xlink:to="trowe_S000057617Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_S000057617Member_doc" xml:lang="en-US">T. Rowe Price U.S. High Yield Fund</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000183992Member" xlink:to="trowe_C000183992Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_C000183992Member_doc" xml:lang="en-US">T. Rowe Price U.S. High Yield Fund- Investor Class</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000183994Member" xlink:to="trowe_C000183994Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_C000183994Member_doc" xml:lang="en-US">T. Rowe Price U.S. High Yield Fund-I Class</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000183993Member" xlink:to="trowe_C000183993Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_C000183993Member_doc" xml:lang="en-US">T. Rowe Price U.S. High Yield Fund-Advisor Class</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_CybersecuritybreachesMember" xlink:to="trowe_CybersecuritybreachesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_CybersecuritybreachesMember_doc" xml:lang="en-US">Cybersecurity breaches</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_ActivemanagementMember" xlink:to="trowe_ActivemanagementMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_ActivemanagementMember_doc" xml:lang="en-US">Active management.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_ConvertiblesecuritiesandpreferredstocksMember" xlink:to="trowe_ConvertiblesecuritiesandpreferredstocksMember_doc" xlink:type="arc" />
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