PRWBX vs. TNSHX
PRWBX (T. Rowe Price Short-Term Bond Fund) and TNSHX (TIAA-CREF Short-Term Bond Index Fund) are both Short-Term Bond funds. Over the past 10 years, PRWBX returned 2.52%/yr vs 1.78%/yr for TNSHX. A 0.63 correlation means they provide meaningful diversification when combined. PRWBX charges 0.43%/yr vs 0.09%/yr for TNSHX.
Performance
PRWBX vs. TNSHX - Performance Comparison
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Returns By Period
In the year-to-date period, PRWBX achieves a 0.38% return, which is significantly higher than TNSHX's 0.30% return. Over the past 10 years, PRWBX has outperformed TNSHX with an annualized return of 2.52%, while TNSHX has yielded a comparatively lower 1.78% annualized return.
PRWBX
- 1D
- 0.00%
- 1M
- 0.13%
- YTD
- 0.38%
- 6M
- 1.34%
- 1Y
- 5.08%
- 3Y*
- 5.80%
- 5Y*
- 2.69%
- 10Y*
- 2.52%
TNSHX
- 1D
- -0.10%
- 1M
- 0.12%
- YTD
- 0.30%
- 6M
- 0.75%
- 1Y
- 3.20%
- 3Y*
- 4.25%
- 5Y*
- 1.81%
- 10Y*
- 1.78%
PRWBX vs. TNSHX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRWBX T. Rowe Price Short-Term Bond Fund | 0.38% | 7.22% | 6.22% | 5.54% | -4.99% | -0.23% | 4.56% | 4.33% | 1.38% | 1.33% |
TNSHX TIAA-CREF Short-Term Bond Index Fund | 0.30% | 5.31% | 4.03% | 4.05% | -3.96% | -0.57% | 3.26% | 4.05% | 1.31% | 0.70% |
Correlation
The correlation between PRWBX and TNSHX is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.63 |
The correlation between PRWBX and TNSHX shifts across timeframes, from 0.50 (1 year) to 0.70 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PRWBX vs. TNSHX — Risk / Return Rank
PRWBX
TNSHX
PRWBX vs. TNSHX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Short-Term Bond Fund (PRWBX) and TIAA-CREF Short-Term Bond Index Fund (TNSHX). 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.
| PRWBX | TNSHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.65 | ||
| Sortino ratioReturn per unit of downside risk | +0.96 | ||
| Omega ratioGain probability vs. loss probability | 1.71 | 1.43 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 5.09 | 2.94 | +2.15 |
| Martin ratioReturn relative to average drawdown | 18.89 | 10.83 | +8.06 |
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Drawdowns
PRWBX vs. TNSHX - Drawdown Comparison
The maximum PRWBX drawdown since its inception was -7.78%, which is greater than TNSHX's maximum drawdown of -5.99%. Use the drawdown chart below to compare losses from any high point for PRWBX and TNSHX.
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Drawdown Indicators
| PRWBX | TNSHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.78% | -5.99% | -1.79% |
Max Drawdown (1Y)Largest decline over 1 year | -1.07% | -1.13% | +0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -1.07% | -1.13% | +0.06% |
Max Drawdown (5Y)Largest decline over 5 years | -7.29% | -5.99% | -1.30% |
Max Drawdown (10Y)Largest decline over 10 years | -7.29% | -5.99% | -1.30% |
Current DrawdownCurrent decline from peak | -0.43% | -0.46% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -0.95% | -0.89% | -0.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.29% | 0.31% | -0.02% |
Volatility
PRWBX vs. TNSHX - Volatility Comparison
The current volatility for T. Rowe Price Short-Term Bond Fund (PRWBX) is 0.61%, while TIAA-CREF Short-Term Bond Index Fund (TNSHX) has a volatility of 0.70%. This indicates that PRWBX experiences smaller price fluctuations and is considered to be less risky than TNSHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRWBX | TNSHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.61% | 0.70% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 1.60% | 1.41% | +0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.29% | 1.91% | +0.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.56% | 2.26% | +0.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.18% | 1.82% | +0.36% |
PRWBX vs. TNSHX - Expense Ratio Comparison
PRWBX has a 0.43% expense ratio, which is higher than TNSHX's 0.09% expense ratio.
Dividends
PRWBX vs. TNSHX - Dividend Comparison
PRWBX's dividend yield for the trailing twelve months is around 5.64%, more than TNSHX's 4.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRWBX T. Rowe Price Short-Term Bond Fund | 5.64% | 5.64% | 5.12% | 3.57% | 1.38% | 1.24% | 1.92% | 2.52% | 2.22% | 1.75% | 1.58% | 1.46% |
TNSHX TIAA-CREF Short-Term Bond Index Fund | 4.12% | 4.22% | 3.94% | 2.68% | 1.00% | 1.03% | 1.81% | 2.45% | 1.80% | 1.31% | 0.98% | 0.00% |
Frequently Asked Questions
PRWBX and TNSHX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TNSHX has higher volatility (0.70%) compared to PRWBX (0.61%). In terms of maximum drawdown, PRWBX dropped -7.78% vs TNSHX's -5.99%.
PRWBX currently has the higher Sharpe Ratio (2.39 vs 1.75), 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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