OIBAX vs. GOBSX

Last updated Jun 23, 2026

OIBAX (Invesco International Bond Fund) and GOBSX (BrandywineGLOBAL - Global Opportunities Bond Fund) are both Global Bonds funds. Over the past 10 years, OIBAX returned 1.64%/yr vs 1.14%/yr for GOBSX. A 0.70 correlation means they provide meaningful diversification when combined. OIBAX charges 1.16%/yr vs 0.56%/yr for GOBSX.

Performance

OIBAX vs. GOBSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco International Bond Fund (OIBAX) and BrandywineGLOBAL - Global Opportunities Bond Fund (GOBSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OIBAX achieves a -2.98% return, which is significantly lower than GOBSX's 1.75% return. Over the past 10 years, OIBAX has outperformed GOBSX with an annualized return of 1.64%, while GOBSX has yielded a comparatively lower 1.14% annualized return.

OIBAX

• 1D: -0.86%
• 1M: 1.05%
• YTD: -2.98%
• 6M: -1.81%
• 1Y: 4.29%
• 3Y*: 5.84%
• 5Y*: 0.51%
• 10Y*: 1.64%

GOBSX

• 1D: -0.44%
• 1M: 1.24%
• YTD: 1.75%
• 6M: 2.55%
• 1Y: 4.28%
• 3Y*: 2.62%
• 5Y*: -1.67%
• 10Y*: 1.14%

*Multi-year figures are annualized to reflect compound growth (CAGR)

OIBAX vs. GOBSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OIBAX Invesco International Bond Fund	-2.98%	16.00%	1.58%	7.41%	-13.45%	-10.24%	8.25%	9.44%	-5.87%	10.87%
GOBSX BrandywineGLOBAL - Global Opportunities Bond Fund	1.75%	13.59%	-9.38%	7.42%	-15.66%	-5.27%	12.66%	9.21%	-5.59%	11.51%

Correlation

The correlation between OIBAX and GOBSX is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Jan 3, 2007	0.70

The correlation between OIBAX and GOBSX has been stable across timeframes, ranging from 0.69 to 0.73 - a consistent structural relationship.

Return for Risk

OIBAX vs. GOBSX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

OIBAX

OIBAX Risk / Return Rank: 6
OIBAX Sharpe Ratio Rank: 6
OIBAX Sortino Ratio Rank: 5
OIBAX Omega Ratio Rank: 6
OIBAX Calmar Ratio Rank: 6
OIBAX Martin Ratio Rank: 6

GOBSX

GOBSX Risk / Return Rank: 8
GOBSX Sharpe Ratio Rank: 8
GOBSX Sortino Ratio Rank: 8
GOBSX Omega Ratio Rank: 7
GOBSX Calmar Ratio Rank: 9
GOBSX Martin Ratio Rank: 8

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

OIBAX vs. GOBSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco International Bond Fund (OIBAX) and BrandywineGLOBAL - Global Opportunities Bond Fund (GOBSX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

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.

	OIBAX	GOBSX	Difference
Sharpe ratio: Return per unit of total volatility	0.39	0.60	-0.21
Sortino ratio: Return per unit of downside risk	0.64	0.92	-0.28
Omega ratio: Gain probability vs. loss probability	1.08	1.11	-0.03
Calmar ratio: Return relative to maximum drawdown	0.45	0.82	-0.37
Martin ratio: Return relative to average drawdown	1.35	2.14	-0.79

OIBAX vs. GOBSX - Sharpe Ratio Comparison

The current OIBAX Sharpe Ratio is 0.39, which is lower than the GOBSX Sharpe Ratio of 0.60. The chart below compares the historical Sharpe Ratios of OIBAX and GOBSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

OIBAX vs. GOBSX - Drawdown Comparison

The maximum OIBAX drawdown since its inception was -32.33%, which is greater than GOBSX's maximum drawdown of -29.04%. Use the drawdown chart below to compare losses from any high point for OIBAX and GOBSX.

Drawdown Indicators

	OIBAX	GOBSX	Difference
Max Drawdown Largest peak-to-trough decline	-32.33%	-29.04%	-3.29%
Max Drawdown (1Y) Largest decline over 1 year	-9.96%	-5.10%	-4.86%
Max Drawdown (3Y) Largest decline over 3 years	-9.96%	-13.81%	+3.85%
Max Drawdown (5Y) Largest decline over 5 years	-26.89%	-27.90%	+1.01%
Max Drawdown (10Y) Largest decline over 10 years	-32.33%	-29.04%	-3.29%
Current Drawdown Current decline from peak	-5.57%	-10.47%	+4.90%
Average Drawdown Average peak-to-trough decline	-5.33%	-6.72%	+1.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	1.95%	+1.21%

Volatility

OIBAX vs. GOBSX - Volatility Comparison

Invesco International Bond Fund (OIBAX) has a higher volatility of 3.51% compared to BrandywineGLOBAL - Global Opportunities Bond Fund (GOBSX) at 1.76%. This indicates that OIBAX's price experiences larger fluctuations and is considered to be riskier than GOBSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OIBAX	GOBSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.51%	1.76%	+1.75%
Volatility (6M) Calculated over the trailing 6-month period	9.92%	5.56%	+4.36%
Volatility (1Y) Calculated over the trailing 1-year period	11.55%	7.02%	+4.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.37%	9.30%	+0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.72%	8.50%	+0.22%

OIBAX vs. GOBSX - Expense Ratio Comparison

OIBAX has a 1.16% expense ratio, which is higher than GOBSX's 0.56% expense ratio.

Dividends

OIBAX vs. GOBSX - Dividend Comparison

OIBAX's dividend yield for the trailing twelve months is around 3.10%, less than GOBSX's 4.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GOBSX BrandywineGLOBAL - Global Opportunities Bond Fund	4.05%	4.28%	3.80%	0.09%	6.70%	2.30%	0.31%	1.56%	3.15%	3.68%	1.87%	2.61%
OIBAX Invesco International Bond Fund	3.10%	3.68%	4.53%	3.63%	2.86%	2.85%	2.87%	4.91%	4.79%	4.18%	4.44%	3.35%

Frequently Asked Questions

Can I hold both OIBAX and GOBSX in my portfolio?

OIBAX and GOBSX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OIBAX or GOBSX?

OIBAX has higher volatility (3.51%) compared to GOBSX (1.76%). In terms of maximum drawdown, OIBAX dropped -32.33% vs GOBSX's -29.04%.

Which has better risk-adjusted returns?

GOBSX currently has the higher Sharpe Ratio (0.60 vs 0.39), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.