- ISIN
- US77956H6669
- Issuer
- T. Rowe Price
- Inception Date
- May 25, 2011
- Category
- Emerging Markets Bonds
- Min. Investment
- $2,500
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
PAELX Performance Chart
T. Rowe Price Emerging Markets Local Currency Bond Fund (PAELX) is up 0.4% since the beginning of the year. PAELX is currently trading at $5 per share. Investors who bought $1,000 worth of PAELX shares 5 years ago would now be looking at an investment worth $1,076.
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Returns By Period
T. Rowe Price Emerging Markets Local Currency Bond Fund (PAELX) has returned 0.40% so far this year and 7.35% over the past 12 months. Over the last ten years, PAELX has returned 2.12% per year, falling short of the S&P 500 Index benchmark, which averaged 13.26% annually.
T. Rowe Price Emerging Markets Local Currency Bond Fund
- 1D
- 0.61%
- 1M
- -0.40%
- 6M
- -2.60%
- YTD
- 0.40%
- 1Y
- 7.35%
- 3Y*
- 4.90%
- 5Y*
- 1.48%
- 10Y*
- 2.12%
- ALL TIME*
- 0.43%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
PAELX Monthly Returns History
Based on dividend-adjusted daily data since May 27, 2011, PAELX's average daily return is 0.00%, while the average monthly return is +0.09%. At this rate, an investment would double in approximately 64.2 years.
Historically, 55% of months were positive and 45% were negative. The best month was Mar 2016 with a return of +8.9%, while the worst month was Mar 2020 at -12.7%. The longest winning streak lasted 9 consecutive months, and the longest losing streak was 5 months.
On a daily basis, PAELX closed higher 45% of trading days. The best single day was Jun 29, 2012 with a return of +3.0%, while the worst single day was Mar 18, 2020 at -4.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 3.08% | 0.37% | -5.75% | 2.81% | 0.20% | 0.35% | -0.40% | 0.40% | |||||
| 2025 | 2.09% | 0.48% | 1.59% | 2.86% | 1.78% | 2.76% | -1.11% | 2.59% | 1.47% | 0.33% | 1.26% | 1.52% | 19.02% |
| 2024 | -1.74% | -0.57% | -0.33% | -2.42% | 1.83% | -1.89% | 2.23% | 2.86% | 3.35% | -4.92% | -0.77% | -2.31% | -4.90% |
| 2023 | 4.70% | -3.08% | 4.22% | 0.62% | -1.35% | 3.90% | 2.90% | -3.06% | -3.62% | -0.85% | 5.67% | 3.77% | 14.00% |
| 2022 | 0.00% | -2.90% | -2.20% | -5.31% | 1.67% | -5.84% | -1.07% | -0.15% | -5.65% | -0.44% | 7.73% | 1.63% | -12.54% |
| 2021 | -1.55% | -2.40% | -3.22% | 2.23% | 2.34% | -1.41% | -0.94% | 0.88% | -3.47% | -1.34% | -2.79% | 1.70% | -9.77% |
Benchmark Metrics
T. Rowe Price Emerging Markets Local Currency Bond Fund has an annualized alpha of -1.91%, beta of 0.21, and R2 of 0.17 versus S&P 500 Index. Calculated based on daily prices since May 27, 2011.
- This fund participated in 64.51% of S&P 500 Index downside but only 30.46% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.21 may look defensive, but with R2 of 0.17 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.17 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- -1.91%
- Beta
- 0.21
- R²
- 0.17
- Upside Capture
- 30.46%
- Downside Capture
- 64.51%
Expense Ratio
PAELX has a high expense ratio of 1.10%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
PAELX ranks 29 for risk / return — above 29% of mutual funds peers on PortfoliosLab. Its historical combined result is below the peer median.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for T. Rowe Price Emerging Markets Local Currency Bond Fund (PAELX) and compare them to S&P 500 Index.
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.
| PAELX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.25 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.14 | 2.00 | -0.86 |
| Martin ratioReturn relative to average drawdown | 3.14 | 8.49 | -5.35 |
Dividends
Dividend History
T. Rowe Price Emerging Markets Local Currency Bond Fund provided a 5.11% dividend yield over the last twelve months, with an annual payout of $0.25 per share. The fund has been increasing its distributions for 3 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.25 | $0.29 | $0.26 | $0.26 | $0.20 | $0.26 | $0.26 | $0.34 | $0.36 | $0.37 | $0.35 | $0.36 |
Dividend yield | 5.11% | 5.70% | 5.71% | 5.06% | 4.25% | 4.71% | 4.03% | 5.19% | 5.91% | 5.40% | 5.46% | 5.87% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price Emerging Markets Local Currency Bond Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.03 | $0.02 | $0.03 | $0.03 | $0.00 | $0.03 | $0.00 | $0.13 | |||||
| 2025 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.03 | $0.02 | $0.03 | $0.02 | $0.03 | $0.29 |
| 2024 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.00 | $0.02 | $0.03 | $0.02 | $0.02 | $0.02 | $0.02 | $0.26 |
| 2023 | $0.04 | $0.02 | $0.03 | $0.00 | $0.02 | $0.03 | $0.02 | $0.03 | $0.02 | $0.00 | $0.02 | $0.02 | $0.26 |
| 2022 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.00 | $0.00 | $0.02 | $0.00 | $0.02 | $0.02 | $0.03 | $0.20 |
| 2021 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.26 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the T. Rowe Price Emerging Markets Local Currency Bond Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the T. Rowe Price Emerging Markets Local Currency Bond Fund was 34.71%, occurring on Jan 20, 2016. The portfolio has not yet recovered.
The current T. Rowe Price Emerging Markets Local Currency Bond Fund drawdown is 3.55%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-34.71%Jan 2016 | 2y 8mo | — | 13y 2moMay 2013 - now | — |
-12.79%Nov 2011 | 3mo 23d | 9mo 24d | 1y 1moAug 2011 - Sep 2012 | — |
-2.45%Jun 2011 | 18d | 1mo 2d | 1mo 20dJun 2011 - Jul 2011 | — |
-2.11%Mar 2013 | 1mo 13d | 18d | 2mo 1dFeb 2013 - Apr 2013 | — |
-1.22%Nov 2012 | 26d | 9d | 1mo 5dOct 2012 - Nov 2012 | — |
Drawdown Indicators
| PAELX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.71% | -56.78% | +22.07% |
Max Drawdown (1Y)Largest decline over 1 year | -6.70% | -9.10% | +2.40% |
Max Drawdown (3Y)Largest decline over 3 years | -8.64% | -18.90% | +10.26% |
Max Drawdown (5Y)Largest decline over 5 years | -26.15% | -25.43% | -0.72% |
Max Drawdown (10Y)Largest decline over 10 years | -29.32% | -33.92% | +4.60% |
Current DrawdownCurrent decline from peak | -3.55% | -1.58% | -1.97% |
Average DrawdownAverage peak-to-trough decline | -14.86% | -10.70% | -4.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.42% | 2.14% | +0.28% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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