PAELX vs. DBLLX

Last updated Jul 3, 2026

PAELX (T. Rowe Price Emerging Markets Local Currency Bond Fund) and DBLLX (DoubleLine Low Duration Emerging Markets Fixed Income Fund) are both Emerging Markets Bonds funds. Over the past 10 years, PAELX returned 2.18%/yr vs 3.44%/yr for DBLLX. At a 0.33 correlation, their price movements are largely independent. PAELX charges 1.10%/yr vs 0.59%/yr for DBLLX.

Performance

PAELX vs. DBLLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Emerging Markets Local Currency Bond Fund (PAELX) and DoubleLine Low Duration Emerging Markets Fixed Income Fund (DBLLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAELX achieves a 0.40% return, which is significantly lower than DBLLX's 1.26% return. Over the past 10 years, PAELX has underperformed DBLLX with an annualized return of 2.18%, while DBLLX has yielded a comparatively higher 3.44% annualized return.

PAELX

• 1D: -0.40%
• 1M: -0.45%
• 6M: 0.40%
• YTD: 0.40%
• 1Y: 6.38%
• 3Y*: 5.90%
• 5Y*: 1.35%
• 10Y*: 2.18%

DBLLX

• 1D: 0.00%
• 1M: 0.16%
• 6M: 1.26%
• YTD: 1.26%
• 1Y: 4.57%
• 3Y*: 6.93%
• 5Y*: 3.43%
• 10Y*: 3.44%

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

PAELX vs. DBLLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAELX T. Rowe Price Emerging Markets Local Currency Bond Fund	0.40%	19.02%	-4.90%	14.00%	-12.54%	-9.77%	3.80%	13.03%	-7.73%	15.33%
DBLLX DoubleLine Low Duration Emerging Markets Fixed Income Fund	1.26%	7.86%	7.20%	7.00%	-5.05%	-0.21%	3.53%	8.57%	-0.04%	4.20%

Correlation

The correlation between PAELX and DBLLX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Apr 8, 2014	0.33

Return for Risk

PAELX vs. DBLLX — Risk / Return Rank

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

PAELX

PAELX Risk / Return Rank: 17
PAELX Sharpe Ratio Rank: 18
PAELX Sortino Ratio Rank: 18
PAELX Omega Ratio Rank: 20
PAELX Calmar Ratio Rank: 14
PAELX Martin Ratio Rank: 14

DBLLX

DBLLX Risk / Return Rank: 98
DBLLX Sharpe Ratio Rank: 99
DBLLX Sortino Ratio Rank: 98
DBLLX Omega Ratio Rank: 98
DBLLX Calmar Ratio Rank: 95
DBLLX Martin Ratio Rank: 97

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.

PAELX vs. DBLLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Emerging Markets Local Currency Bond Fund (PAELX) and DoubleLine Low Duration Emerging Markets Fixed Income Fund (DBLLX). 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.

	PAELX	DBLLX	Difference
Sharpe ratio: Return per unit of total volatility	0.92	4.00	-3.08
Sortino ratio: Return per unit of downside risk	1.35	7.11	-5.77
Omega ratio: Gain probability vs. loss probability	1.18	2.26	-1.08
Calmar ratio: Return relative to maximum drawdown	0.93	4.97	-4.04
Martin ratio: Return relative to average drawdown	2.75	22.52	-19.76

PAELX vs. DBLLX - Sharpe Ratio Comparison

The current PAELX Sharpe Ratio is 0.92, which is lower than the DBLLX Sharpe Ratio of 4.00. The chart below compares the historical Sharpe Ratios of PAELX and DBLLX, 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

PAELX vs. DBLLX - Drawdown Comparison

The maximum PAELX drawdown since its inception was -34.71%, which is greater than DBLLX's maximum drawdown of -10.13%. Use the drawdown chart below to compare losses from any high point for PAELX and DBLLX.

Drawdown Indicators

	PAELX	DBLLX	Difference
Max Drawdown Largest peak-to-trough decline	-34.71%	-10.13%	-24.58%
Max Drawdown (1Y) Largest decline over 1 year	-6.70%	-0.92%	-5.78%
Max Drawdown (3Y) Largest decline over 3 years	-8.77%	-1.35%	-7.42%
Max Drawdown (5Y) Largest decline over 5 years	-26.15%	-10.13%	-16.02%
Max Drawdown (10Y) Largest decline over 10 years	-29.32%	-10.13%	-19.19%
Current Drawdown Current decline from peak	-3.55%	-0.05%	-3.50%
Average Drawdown Average peak-to-trough decline	-14.92%	-1.28%	-13.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	0.20%	+2.05%

Volatility

PAELX vs. DBLLX - Volatility Comparison

T. Rowe Price Emerging Markets Local Currency Bond Fund (PAELX) has a higher volatility of 2.15% compared to DoubleLine Low Duration Emerging Markets Fixed Income Fund (DBLLX) at 0.30%. This indicates that PAELX's price experiences larger fluctuations and is considered to be riskier than DBLLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAELX	DBLLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.15%	0.30%	+1.85%
Volatility (6M) Calculated over the trailing 6-month period	5.99%	0.93%	+5.06%
Volatility (1Y) Calculated over the trailing 1-year period	6.76%	1.15%	+5.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.84%	1.94%	+5.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.60%	1.90%	+6.70%

PAELX vs. DBLLX - Expense Ratio Comparison

PAELX has a 1.10% expense ratio, which is higher than DBLLX's 0.59% expense ratio.

Dividends

PAELX vs. DBLLX - Dividend Comparison

PAELX's dividend yield for the trailing twelve months is around 5.61%, more than DBLLX's 5.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBLLX DoubleLine Low Duration Emerging Markets Fixed Income Fund	5.04%	5.27%	4.70%	3.74%	2.41%	2.15%	2.61%	4.93%	2.87%	3.00%	3.19%	3.77%
PAELX T. Rowe Price Emerging Markets Local Currency Bond Fund	5.61%	5.70%	5.71%	5.06%	4.25%	4.71%	4.03%	5.19%	5.91%	5.40%	5.46%	5.87%

Frequently Asked Questions

Can I hold both PAELX and DBLLX in my portfolio?

PAELX and DBLLX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAELX or DBLLX?

PAELX has higher volatility (2.15%) compared to DBLLX (0.30%). In terms of maximum drawdown, PAELX dropped -34.71% vs DBLLX's -10.13%.

Which has better risk-adjusted returns?

DBLLX currently has the higher Sharpe Ratio (4.00 vs 0.92), 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.