OIBAX vs. RPIBX
OIBAX (Invesco International Bond Fund) and RPIBX (T. Rowe Price International Bond Fund) are both Global Bonds funds. Over the past 10 years, OIBAX returned 1.67%/yr vs -0.14%/yr for RPIBX. A 0.68 correlation means they provide meaningful diversification when combined. OIBAX charges 1.16%/yr vs 0.67%/yr for RPIBX.
Performance
OIBAX vs. RPIBX - Performance Comparison
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Returns By Period
In the year-to-date period, OIBAX achieves a -3.61% return, which is significantly lower than RPIBX's -1.34% return. Over the past 10 years, OIBAX has outperformed RPIBX with an annualized return of 1.67%, while RPIBX has yielded a comparatively lower -0.14% annualized return.
OIBAX
- 1D
- -0.22%
- 1M
- -0.69%
- YTD
- -3.61%
- 6M
- -2.65%
- 1Y
- 2.93%
- 3Y*
- 5.77%
- 5Y*
- 0.27%
- 10Y*
- 1.67%
RPIBX
- 1D
- 0.00%
- 1M
- -1.35%
- YTD
- -1.34%
- 6M
- -0.99%
- 1Y
- 0.46%
- 3Y*
- 3.80%
- 5Y*
- -2.78%
- 10Y*
- -0.14%
OIBAX vs. RPIBX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OIBAX Invesco International Bond Fund | -3.61% | 16.00% | 1.58% | 7.41% | -13.45% | -10.24% | 8.25% | 9.44% | -5.87% | 10.87% |
RPIBX T. Rowe Price International Bond Fund | -1.34% | 11.74% | -4.31% | 7.35% | -20.72% | -7.18% | 11.51% | 6.67% | -2.93% | 11.16% |
Correlation
The correlation between OIBAX and RPIBX is 0.74, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Jun 15, 1995 | 0.68 |
The correlation between OIBAX and RPIBX has been stable across timeframes, ranging from 0.67 to 0.74 - a consistent structural relationship.
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Return for Risk
OIBAX vs. RPIBX — Risk / Return Rank
OIBAX
RPIBX
OIBAX vs. RPIBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco International Bond Fund (OIBAX) and T. Rowe Price International Bond Fund (RPIBX). 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 | RPIBX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.02 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.33 | 0.12 | +0.21 |
| Martin ratioReturn relative to average drawdown | 0.96 | 0.32 | +0.64 |
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Drawdowns
OIBAX vs. RPIBX - Drawdown Comparison
The maximum OIBAX drawdown since its inception was -32.33%, roughly equal to the maximum RPIBX drawdown of -33.80%. Use the drawdown chart below to compare losses from any high point for OIBAX and RPIBX.
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Drawdown Indicators
| OIBAX | RPIBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.33% | -33.80% | +1.47% |
Max Drawdown (1Y)Largest decline over 1 year | -9.96% | -4.98% | -4.98% |
Max Drawdown (3Y)Largest decline over 3 years | -9.96% | -8.19% | -1.77% |
Max Drawdown (5Y)Largest decline over 5 years | -26.89% | -31.45% | +4.56% |
Max Drawdown (10Y)Largest decline over 10 years | -32.33% | -33.80% | +1.47% |
Current DrawdownCurrent decline from peak | -6.18% | -17.17% | +10.99% |
Average DrawdownAverage peak-to-trough decline | -5.33% | -7.00% | +1.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.22% | 1.86% | +1.36% |
Volatility
OIBAX vs. RPIBX - Volatility Comparison
Invesco International Bond Fund (OIBAX) has a higher volatility of 3.22% compared to T. Rowe Price International Bond Fund (RPIBX) at 1.51%. This indicates that OIBAX's price experiences larger fluctuations and is considered to be riskier than RPIBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OIBAX | RPIBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.22% | 1.51% | +1.71% |
Volatility (6M)Calculated over the trailing 6-month period | 9.91% | 4.85% | +5.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.56% | 6.10% | +5.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.38% | 7.82% | +1.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.71% | 7.21% | +1.50% |
OIBAX vs. RPIBX - Expense Ratio Comparison
OIBAX has a 1.16% expense ratio, which is higher than RPIBX's 0.67% expense ratio.
Dividends
OIBAX vs. RPIBX - Dividend Comparison
OIBAX's dividend yield for the trailing twelve months is around 3.12%, less than RPIBX's 5.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OIBAX Invesco International Bond Fund | 3.12% | 3.68% | 4.53% | 3.63% | 2.86% | 2.85% | 2.87% | 4.91% | 4.79% | 4.18% | 4.44% | 3.35% |
RPIBX T. Rowe Price International Bond Fund | 5.20% | 4.80% | 4.06% | 2.68% | 1.37% | 1.90% | 1.27% | 1.99% | 2.05% | 1.89% | 1.81% | 1.98% |
Frequently Asked Questions
OIBAX and RPIBX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OIBAX has higher volatility (3.22%) compared to RPIBX (1.51%). In terms of maximum drawdown, OIBAX dropped -32.33% vs RPIBX's -33.80%.
OIBAX currently has the higher Sharpe Ratio (0.28 vs 0.10), 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.
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