- ISIN
- US77956H5422
- Issuer
- T. Rowe Price
- Inception Date
- Jan 22, 2015
- Category
- High Yield Bonds
- Min. Investment
- $2,500
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
PAIHX Performance Chart
T. Rowe Price Global High Income Bond Fund (PAIHX) is up 1.4% since the beginning of the year. PAIHX is currently trading at $9 per share. Investors who bought $1,000 worth of PAIHX shares 5 years ago would now be looking at an investment worth $1,165.
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Returns By Period
T. Rowe Price Global High Income Bond Fund (PAIHX) has returned 1.37% so far this year and 6.89% over the past 12 months. Over the last ten years, PAIHX has returned 5.04% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
T. Rowe Price Global High Income Bond Fund
- 1D
- 0.00%
- 1M
- 0.90%
- YTD
- 1.37%
- 6M
- 2.21%
- 1Y
- 6.89%
- 3Y*
- 8.74%
- 5Y*
- 3.10%
- 10Y*
- 5.04%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
PAIHX Monthly Returns History
Based on dividend-adjusted daily data since Jan 4, 2016, PAIHX's average daily return is +0.02%, while the average monthly return is +0.48%. At this rate, an investment would double in approximately 12.1 years.
Historically, 70% of months were positive and 30% were negative. The best month was Apr 2020 with a return of +7.1%, while the worst month was Mar 2020 at -15.1%. The longest winning streak lasted 11 consecutive months, and the longest losing streak was 6 months.
On a daily basis, PAIHX closed higher 41% of trading days. The best single day was Mar 26, 2020 with a return of +3.0%, while the worst single day was Mar 19, 2020 at -7.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.74% | -0.54% | -1.41% | 1.94% | 0.78% | -0.11% | 1.37% | ||||||
| 2025 | 1.24% | 0.71% | -0.89% | -0.05% | 1.97% | 1.66% | 0.98% | 1.00% | 0.83% | 0.14% | 0.36% | 0.83% | 9.10% |
| 2024 | 0.52% | 0.51% | 0.54% | -0.52% | 1.09% | 0.36% | 1.76% | 1.29% | 1.31% | -0.04% | 0.76% | -0.05% | 7.77% |
| 2023 | 4.03% | -1.11% | 0.34% | 0.25% | -0.81% | 1.84% | 1.64% | 0.44% | -0.39% | -1.85% | 4.35% | 3.34% | 12.51% |
| 2022 | -2.48% | -1.93% | -0.45% | -2.82% | -1.52% | -7.20% | 3.52% | -0.69% | -5.21% | 1.64% | 3.49% | 0.01% | -13.33% |
| 2021 | 0.33% | 0.57% | 0.09% | 0.86% | 0.45% | 0.83% | 0.08% | 0.65% | -0.13% | -1.01% | -1.53% | 1.68% | 2.86% |
Benchmark Metrics
T. Rowe Price Global High Income Bond Fund has an annualized alpha of 4.48%, beta of 0.09, and R2 of 0.09 versus S&P 500 Index. Calculated based on daily prices since January 04, 2016.
- This fund participated in 35.02% of S&P 500 Index downside but only 31.78% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.09 may look defensive, but with R2 of 0.09 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 0.09 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
- 4.48%
- Beta
- 0.09
- R²
- 0.09
- Upside Capture
- 31.78%
- Downside Capture
- 35.02%
Expense Ratio
PAIHX has a high expense ratio of 0.96%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
PAIHX ranks 69 for risk / return — better than 69% of mutual funds on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for T. Rowe Price Global High Income Bond Fund (PAIHX) 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.
| PAIHX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | +1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.37 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.37 | 2.78 | -0.42 |
| Martin ratioReturn relative to average drawdown | 10.57 | 12.44 | -1.87 |
Dividends
Dividend History
T. Rowe Price Global High Income Bond Fund provided a 6.46% dividend yield over the last twelve months, with an annual payout of $0.56 per share. The fund has been increasing its distributions for 2 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.56 | $0.56 | $0.51 | $0.45 | $0.67 | $0.52 | $0.53 | $0.61 | $0.67 | $0.63 | $0.61 |
Dividend yield | 6.46% | 6.34% | 5.90% | 5.25% | 8.37% | 5.19% | 5.16% | 5.96% | 7.12% | 6.07% | 6.02% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price Global High Income 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 | $0.05 | $0.04 | $0.05 | $0.05 | $0.05 | $0.00 | $0.23 | ||||||
| 2025 | $0.05 | $0.04 | $0.04 | $0.05 | $0.05 | $0.04 | $0.05 | $0.05 | $0.04 | $0.05 | $0.04 | $0.06 | $0.56 |
| 2024 | $0.04 | $0.04 | $0.05 | $0.05 | $0.05 | $0.00 | $0.05 | $0.05 | $0.04 | $0.05 | $0.05 | $0.05 | $0.51 |
| 2023 | $0.04 | $0.04 | $0.05 | $0.00 | $0.04 | $0.05 | $0.04 | $0.05 | $0.05 | $0.00 | $0.05 | $0.05 | $0.45 |
| 2022 | $0.03 | $0.03 | $0.04 | $0.04 | $0.04 | $0.00 | $0.00 | $0.04 | $0.00 | $0.04 | $0.04 | $0.36 | $0.67 |
| 2021 | $0.03 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.12 | $0.52 |
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 Global High Income 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 Global High Income Bond Fund was 23.76%, occurring on Mar 23, 2020. Recovery took 158 trading sessions.
The current T. Rowe Price Global High Income Bond Fund drawdown is 0.23%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -23.76%Mar 2020 | 1mo 2d | 7mo 16d | 8mo 18dFeb 2020 - Nov 2020 |
Bear market2022 | -19.47%Oct 2022 | 1y 1mo | 1y 9mo | 2y 10moSep 2021 - Jul 2024 |
2016 pullback2016 | -4.36%Feb 2016 | 1mo 5d | 20d | 1mo 25dJan 2016 - Mar 2016 |
2025 selloff2025 | -3.78%Apr 2025 | 1mo 6d | 1mo 3d | 2mo 9dMar 2025 - May 2025 |
Rate-hike selloffLate 2018 | -3.70%Dec 2018 | 2mo 24d | 1mo 5d | 3mo 29dOct 2018 - Jan 2019 |
Drawdown Indicators
| PAIHX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.76% | -56.78% | +33.02% |
Max Drawdown (1Y)Largest decline over 1 year | -2.92% | -9.10% | +6.18% |
Max Drawdown (3Y)Largest decline over 3 years | -3.78% | -18.90% | +15.12% |
Max Drawdown (5Y)Largest decline over 5 years | -19.47% | -25.43% | +5.96% |
Max Drawdown (10Y)Largest decline over 10 years | -23.76% | -33.92% | +10.16% |
Current DrawdownCurrent decline from peak | -0.23% | -1.80% | +1.57% |
Average DrawdownAverage peak-to-trough decline | -3.04% | -10.71% | +7.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.65% | 2.03% | -1.38% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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