- ISIN
- US77956H1959
- Issuer
- T. Rowe Price
- Inception Date
- Sep 11, 2017
- Category
- Global Bonds
- Min. Investment
- $500,000
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
TNBMX Performance Chart
T. Rowe Price International Bond Fund (USD Hedged) (TNBMX) is up 1.2% since the beginning of the year. TNBMX is currently trading at $9 per share. Investors who bought $1,000 worth of TNBMX shares 5 years ago would now be looking at an investment worth $1,082.
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Returns By Period
T. Rowe Price International Bond Fund (USD Hedged) (TNBMX) has returned 1.21% so far this year and 4.51% over the past 12 months.
T. Rowe Price International Bond Fund (USD Hedged)
- 1D
- 0.00%
- 1M
- 0.94%
- YTD
- 1.21%
- 6M
- 2.00%
- 1Y
- 4.51%
- 3Y*
- 5.79%
- 5Y*
- 1.58%
- 10Y*
- —
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%
TNBMX Monthly Returns History
Based on dividend-adjusted daily data since Sep 13, 2017, TNBMX's average daily return is +0.01%, while the average monthly return is +0.25%. At this rate, an investment would double in approximately 23.1 years.
Historically, 62% of months were positive and 38% were negative. The best month was Jul 2022 with a return of +3.6%, while the worst month was Mar 2020 at -4.3%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 6 months.
On a daily basis, TNBMX closed higher 38% of trading days. The best single day was Dec 17, 2019 with a return of +1.5%, while the worst single day was Mar 13, 2020 at -2.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.53% | 0.84% | -1.84% | 0.76% | 0.82% | 0.12% | 1.21% | ||||||
| 2025 | 0.49% | 0.37% | -0.44% | 1.27% | 0.11% | 0.55% | 0.52% | 0.39% | 0.78% | 1.00% | -0.21% | 0.31% | 5.25% |
| 2024 | -0.25% | -0.14% | 0.85% | -1.28% | 0.99% | 0.77% | 1.48% | 0.65% | 0.85% | -0.12% | 1.44% | -0.31% | 5.00% |
| 2023 | 2.08% | -0.60% | 1.70% | 0.60% | 0.14% | 0.44% | 0.48% | -0.13% | -1.04% | -0.01% | 3.38% | 2.93% | 10.32% |
| 2022 | -0.87% | -1.30% | -1.21% | -2.42% | -0.87% | -2.50% | 3.57% | -3.62% | -3.92% | 0.12% | 2.45% | -2.19% | -12.30% |
| 2021 | -0.29% | -1.35% | -0.26% | 0.25% | 0.25% | -0.06% | 1.02% | -0.08% | -1.07% | -0.37% | 0.13% | 0.21% | -1.63% |
Benchmark Metrics
T. Rowe Price International Bond Fund (USD Hedged) has an annualized alpha of 2.83%, beta of 0.01, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since September 13, 2017.
- This fund participated in 15.27% of S&P 500 Index downside but only 13.86% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.01 may look defensive, but with R2 of 0.00 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 0.00 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
- 2.83%
- Beta
- 0.01
- R²
- 0.00
- Upside Capture
- 13.86%
- Downside Capture
- 15.27%
Expense Ratio
TNBMX has an expense ratio of 0.53%, placing it in the medium range.
Return for Risk
Risk / Return Rank
TNBMX ranks 44 for risk / return — on par with similar mutual funds. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for T. Rowe Price International Bond Fund (USD Hedged) (TNBMX) 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.
| TNBMX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.37 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.95 | 2.78 | -0.83 |
| Martin ratioReturn relative to average drawdown | 6.56 | 12.44 | -5.88 |
Dividends
Dividend History
T. Rowe Price International Bond Fund (USD Hedged) provided a 4.77% dividend yield over the last twelve months, with an annual payout of $0.41 per share. The fund has been increasing its distributions for 2 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.41 | $0.41 | $0.36 | $0.24 | $0.81 | $0.28 | $0.20 | $0.46 | $0.78 | $0.06 |
Dividend yield | 4.77% | 4.76% | 4.24% | 2.85% | 10.20% | 2.84% | 1.90% | 4.65% | 8.20% | 0.64% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price International Bond Fund (USD Hedged). 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 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.00 | $0.12 | ||||||
| 2025 | $0.02 | $0.02 | $0.02 | $0.03 | $0.03 | $0.03 | $0.05 | $0.05 | $0.05 | $0.03 | $0.02 | $0.06 | $0.41 |
| 2024 | $0.02 | $0.02 | $0.02 | $0.02 | $0.05 | $0.04 | $0.02 | $0.03 | $0.02 | $0.05 | $0.04 | $0.02 | $0.36 |
| 2023 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.24 |
| 2022 | $0.01 | $0.01 | $0.01 | $0.02 | $0.02 | $0.00 | $0.00 | $0.01 | $0.00 | $0.01 | $0.01 | $0.70 | $0.81 |
| 2021 | $0.01 | $0.01 | $0.01 | $0.02 | $0.02 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.14 | $0.28 |
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 International Bond Fund (USD Hedged). 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 International Bond Fund (USD Hedged) was 15.78%, occurring on Oct 21, 2022. Recovery took 529 trading sessions.
The current T. Rowe Price International Bond Fund (USD Hedged) drawdown is 0.16%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -15.78%Oct 2022 | 1y 9mo | 2y 1mo | 3y 10moJan 2021 - Nov 2024 |
COVID crash2020 | -6.67%Mar 2020 | 14d | 4mo 3d | 4mo 17dMar 2020 - Jul 2020 |
2026 pullback2026 | -2.32%Mar 2026 | 25d | — | 3mo 23dMar 2026 - now |
Rate-hike selloffLate 2018 | -1.91%Oct 2018 | 6mo 6d | 2mo 12d | 8mo 18dApr 2018 - Dec 2018 |
2019 pullback2019 | -1.75%Nov 2019 | 2mo 8d | 1mo 5d | 3mo 13dSep 2019 - Dec 2019 |
Drawdown Indicators
| TNBMX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.78% | -56.78% | +41.00% |
Max Drawdown (1Y)Largest decline over 1 year | -2.32% | -9.10% | +6.78% |
Max Drawdown (3Y)Largest decline over 3 years | -2.32% | -18.90% | +16.58% |
Max Drawdown (5Y)Largest decline over 5 years | -15.48% | -25.43% | +9.95% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.16% | -1.80% | +1.64% |
Average DrawdownAverage peak-to-trough decline | -3.05% | -10.71% | +7.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.69% | 2.03% | -1.34% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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Build a portfolio with TNBMX
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