OIBAX vs. PRSNX

Last updated Jun 5, 2026

OIBAX (Invesco International Bond Fund) and PRSNX (T. Rowe Price Global Multi-Sector Bond Fund) are both Global Bonds funds. Over the past 10 years, OIBAX returned 1.64%/yr vs 3.89%/yr for PRSNX. At a 0.48 correlation, their price movements are largely independent. OIBAX charges 1.16%/yr vs 0.65%/yr for PRSNX.

Performance

OIBAX vs. PRSNX - Performance Comparison

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

Returns By Period

In the year-to-date period, OIBAX achieves a -3.19% return, which is significantly lower than PRSNX's 1.72% return. Over the past 10 years, OIBAX has underperformed PRSNX with an annualized return of 1.64%, while PRSNX has yielded a comparatively higher 3.89% annualized return.

OIBAX

• 1D: -1.28%
• 1M: 0.18%
• YTD: -3.19%
• 6M: -2.23%
• 1Y: 3.83%
• 3Y*: 6.34%
• 5Y*: -0.33%
• 10Y*: 1.64%

PRSNX

• 1D: -0.10%
• 1M: 0.69%
• YTD: 1.72%
• 6M: 2.83%
• 1Y: 7.52%
• 3Y*: 8.26%
• 5Y*: 2.06%
• 10Y*: 3.89%

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

OIBAX vs. PRSNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OIBAX Invesco International Bond Fund	-3.19%	16.00%	1.58%	7.41%	-13.45%	-10.24%	8.25%	9.44%	-5.87%	10.87%
PRSNX T. Rowe Price Global Multi-Sector Bond Fund	1.72%	9.31%	5.60%	12.77%	-16.27%	0.40%	8.16%	11.94%	0.45%	6.47%

Correlation

The correlation between OIBAX and PRSNX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Dec 17, 2008	0.48

The correlation between OIBAX and PRSNX shifts across timeframes, from 0.37 (1 year) to 0.48 (all time), reflecting how their relationship changes across market environments.

Return for Risk

OIBAX vs. PRSNX — 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: 5
OIBAX Sortino Ratio Rank: 5
OIBAX Omega Ratio Rank: 6
OIBAX Calmar Ratio Rank: 6
OIBAX Martin Ratio Rank: 6

PRSNX

PRSNX Risk / Return Rank: 86
PRSNX Sharpe Ratio Rank: 82
PRSNX Sortino Ratio Rank: 94
PRSNX Omega Ratio Rank: 89
PRSNX Calmar Ratio Rank: 79
PRSNX Martin Ratio Rank: 85

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. PRSNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco International Bond Fund (OIBAX) and T. Rowe Price Global Multi-Sector Bond Fund (PRSNX). 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.

	OIBAX	PRSNX	Difference
Sharpe ratio: Return per unit of total volatility	0.37	2.69	-2.32
Sortino ratio: Return per unit of downside risk	0.62	4.87	-4.26
Omega ratio: Gain probability vs. loss probability	1.08	1.65	-0.57
Calmar ratio: Return relative to maximum drawdown	0.43	3.55	-3.13
Martin ratio: Return relative to average drawdown	1.36	15.95	-14.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OIBAX vs. PRSNX - Sharpe Ratio Comparison

The current OIBAX Sharpe Ratio is 0.37, which is lower than the PRSNX Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of OIBAX and PRSNX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	OIBAX	PRSNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.37	2.69	-2.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.04	0.48	-0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	0.95	-0.76
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	1.43	-0.69

Drawdowns

OIBAX vs. PRSNX - Drawdown Comparison

The maximum OIBAX drawdown since its inception was -32.33%, which is greater than PRSNX's maximum drawdown of -19.70%. Use the drawdown chart below to compare losses from any high point for OIBAX and PRSNX.

Drawdown Indicators

	OIBAX	PRSNX	Difference
Max Drawdown Largest peak-to-trough decline	-32.33%	-19.70%	-12.63%
Max Drawdown (1Y) Largest decline over 1 year	-9.96%	-2.18%	-7.78%
Max Drawdown (3Y) Largest decline over 3 years	-9.96%	-2.87%	-7.09%
Max Drawdown (5Y) Largest decline over 5 years	-29.49%	-19.70%	-9.79%
Max Drawdown (10Y) Largest decline over 10 years	-32.33%	-19.70%	-12.63%
Current Drawdown Current decline from peak	-5.77%	-0.20%	-5.57%
Average Drawdown Average peak-to-trough decline	-5.33%	-2.36%	-2.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	0.48%	+2.50%

Volatility

OIBAX vs. PRSNX - Volatility Comparison

Invesco International Bond Fund (OIBAX) has a higher volatility of 4.09% compared to T. Rowe Price Global Multi-Sector Bond Fund (PRSNX) at 0.84%. This indicates that OIBAX's price experiences larger fluctuations and is considered to be riskier than PRSNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OIBAX	PRSNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.09%	0.84%	+3.25%
Volatility (6M) Calculated over the trailing 6-month period	9.70%	2.32%	+7.38%
Volatility (1Y) Calculated over the trailing 1-year period	11.36%	2.88%	+8.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.36%	4.30%	+5.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.70%	4.13%	+4.57%

OIBAX vs. PRSNX - Expense Ratio Comparison

OIBAX has a 1.16% expense ratio, which is higher than PRSNX's 0.65% expense ratio.

Dividends

OIBAX vs. PRSNX - Dividend Comparison

OIBAX's dividend yield for the trailing twelve months is around 3.11%, less than PRSNX's 6.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OIBAX Invesco International Bond Fund	3.11%	3.68%	4.53%	3.63%	2.86%	2.85%	2.87%	4.91%	4.79%	4.18%	4.44%	3.35%
PRSNX T. Rowe Price Global Multi-Sector Bond Fund	6.64%	7.87%	6.36%	5.08%	3.30%	3.95%	3.68%	6.33%	4.89%	3.59%	3.44%	3.60%

Frequently Asked Questions

Can I hold both OIBAX and PRSNX in my portfolio?

OIBAX and PRSNX have a correlation of 0.37, 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 PRSNX?

OIBAX has higher volatility (4.09%) compared to PRSNX (0.84%). In terms of maximum drawdown, OIBAX dropped -32.33% vs PRSNX's -19.70%.

Which has better risk-adjusted returns?

PRSNX currently has the higher Sharpe Ratio (2.69 vs 0.37), 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.