PIEQX vs. PRSNX

Last updated Jun 4, 2026

PIEQX (T. Rowe Price International Equity Index Fund) and PRSNX (T. Rowe Price Global Multi-Sector Bond Fund) are both mutual funds - PIEQX is a Foreign Large Cap Equities fund managed by T. Rowe Price, while PRSNX is a Global Bonds fund managed by T. Rowe Price. Over the past 10 years, PIEQX returned 9.00%/yr vs 3.90%/yr for PRSNX. At a 0.24 correlation, their price movements are largely independent. PIEQX charges 0.29%/yr vs 0.65%/yr for PRSNX.

Performance

PIEQX vs. PRSNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price International Equity Index Fund (PIEQX) 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, PIEQX achieves a 9.41% return, which is significantly higher than PRSNX's 1.82% return. Over the past 10 years, PIEQX has outperformed PRSNX with an annualized return of 9.00%, while PRSNX has yielded a comparatively lower 3.90% annualized return.

PIEQX

• 1D: 0.37%
• 1M: 4.10%
• YTD: 9.41%
• 6M: 11.81%
• 1Y: 22.04%
• 3Y*: 16.82%
• 5Y*: 8.56%
• 10Y*: 9.00%

PRSNX

• 1D: 0.00%
• 1M: 0.69%
• YTD: 1.82%
• 6M: 3.04%
• 1Y: 7.63%
• 3Y*: 8.29%
• 5Y*: 2.12%
• 10Y*: 3.90%

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

PIEQX vs. PRSNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIEQX T. Rowe Price International Equity Index Fund	9.41%	31.37%	3.40%	18.07%	-14.54%	11.02%	9.21%	21.04%	-14.29%	23.44%
PRSNX T. Rowe Price Global Multi-Sector Bond Fund	1.82%	9.31%	5.60%	12.77%	-16.27%	0.40%	8.16%	11.94%	0.45%	6.47%

Correlation

The correlation between PIEQX and PRSNX is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.24
Correlation (All Time) Calculated using the full available price history since Dec 17, 2008	0.24

Return for Risk

PIEQX vs. PRSNX — Risk / Return Rank

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

PIEQX

PIEQX Risk / Return Rank: 25
PIEQX Sharpe Ratio Rank: 24
PIEQX Sortino Ratio Rank: 23
PIEQX Omega Ratio Rank: 24
PIEQX Calmar Ratio Rank: 25
PIEQX Martin Ratio Rank: 30

PRSNX

PRSNX Risk / Return Rank: 87
PRSNX Sharpe Ratio Rank: 86
PRSNX Sortino Ratio Rank: 95
PRSNX Omega Ratio Rank: 91
PRSNX Calmar Ratio Rank: 80
PRSNX Martin Ratio Rank: 86

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.

PIEQX vs. PRSNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price International Equity Index Fund (PIEQX) 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.

	PIEQX	PRSNX	Difference
Sharpe ratio Return per unit of total volatility	1.40	2.77	-1.37
Sortino ratio Return per unit of downside risk	2.01	5.02	-3.01
Omega ratio Gain probability vs. loss probability	1.25	1.67	-0.42
Calmar ratio Return relative to maximum drawdown	1.86	3.66	-1.79
Martin ratio Return relative to average drawdown	6.97	16.41	-9.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PIEQX vs. PRSNX - Sharpe Ratio Comparison

The current PIEQX Sharpe Ratio is 1.40, which is lower than the PRSNX Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of PIEQX 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

	PIEQX	PRSNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	2.77	-1.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.50	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.95	-0.41
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	1.43	-1.16

Drawdowns

PIEQX vs. PRSNX - Drawdown Comparison

The maximum PIEQX drawdown since its inception was -60.73%, which is greater than PRSNX's maximum drawdown of -19.70%. Use the drawdown chart below to compare losses from any high point for PIEQX and PRSNX.

Drawdown Indicators

	PIEQX	PRSNX	Difference
Max Drawdown Largest peak-to-trough decline	-60.73%	-19.70%	-41.03%
Max Drawdown (1Y) Largest decline over 1 year	-11.38%	-2.18%	-9.20%
Max Drawdown (3Y) Largest decline over 3 years	-13.70%	-2.87%	-10.83%
Max Drawdown (5Y) Largest decline over 5 years	-29.56%	-19.70%	-9.86%
Max Drawdown (10Y) Largest decline over 10 years	-35.19%	-19.70%	-15.49%
Current Drawdown Current decline from peak	-0.55%	-0.10%	-0.45%
Average Drawdown Average peak-to-trough decline	-13.96%	-2.36%	-11.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	0.48%	+2.56%

Volatility

PIEQX vs. PRSNX - Volatility Comparison

T. Rowe Price International Equity Index Fund (PIEQX) has a higher volatility of 4.78% compared to T. Rowe Price Global Multi-Sector Bond Fund (PRSNX) at 0.83%. This indicates that PIEQX'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

	PIEQX	PRSNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.78%	0.83%	+3.95%
Volatility (6M) Calculated over the trailing 6-month period	12.33%	2.31%	+10.02%
Volatility (1Y) Calculated over the trailing 1-year period	15.20%	2.88%	+12.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.25%	4.30%	+11.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.77%	4.13%	+12.64%

PIEQX vs. PRSNX - Expense Ratio Comparison

PIEQX has a 0.29% expense ratio, which is lower than PRSNX's 0.65% expense ratio.

Dividends

PIEQX vs. PRSNX - Dividend Comparison

PIEQX's dividend yield for the trailing twelve months is around 2.92%, less than PRSNX's 6.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIEQX T. Rowe Price International Equity Index Fund	2.92%	3.19%	2.89%	3.00%	2.67%	3.15%	1.71%	2.82%	2.99%	0.21%	2.90%	2.69%
PRSNX T. Rowe Price Global Multi-Sector Bond Fund	6.63%	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 PIEQX and PRSNX in my portfolio?

PIEQX and PRSNX have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PIEQX or PRSNX?

PIEQX has higher volatility (4.78%) compared to PRSNX (0.83%). In terms of maximum drawdown, PIEQX dropped -60.73% vs PRSNX's -19.70%.

Which has better risk-adjusted returns?

PRSNX currently has the higher Sharpe Ratio (2.77 vs 1.40), 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.