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RPBAX vs. XTWO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

RPBAX vs. XTWO

Last updated Jun 23, 2026

RPBAX (T. Rowe Price Balanced Fund) and XTWO (BondBloxx Bloomberg Two Year Target Duration US Treasury ETF) are both funds - RPBAX is a Diversified Portfolio fund managed by T. Rowe Price, while XTWO is a Government Bonds fund tracking the Bloomberg US Treasury 2 Year Target Duration Index. Over the past 3 years, RPBAX returned 13.76%/yr vs 4.16%/yr for XTWO. At a 0.25 correlation, their price movements are largely independent. RPBAX charges 0.57%/yr vs 0.05%/yr for XTWO.

Performance

RPBAX vs. XTWO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Balanced Fund (RPBAX) and BondBloxx Bloomberg Two Year Target Duration US Treasury ETF (XTWO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, RPBAX achieves a 6.49% return, which is significantly higher than XTWO's 0.32% return.

RPBAX

1D
0.77%
1M
0.60%
YTD
6.49%
6M
6.45%
1Y
17.69%
3Y*
13.76%
5Y*
7.34%
10Y*
8.88%

XTWO

1D
-0.08%
1M
0.07%
YTD
0.32%
6M
0.47%
1Y
3.00%
3Y*
4.16%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

RPBAX vs. XTWO - Yearly Performance Comparison

2026 (YTD)2025202420232022
RPBAX
T. Rowe Price Balanced Fund		6.49%16.06%11.71%18.01%-0.78%
XTWO
BondBloxx Bloomberg Two Year Target Duration US Treasury ETF		0.32%5.17%3.92%4.27%0.14%

Correlation

The correlation between RPBAX and XTWO is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.35

Correlation (3Y)
Calculated over the trailing 3-year period

0.25

Correlation (All Time)
Calculated using the full available price history since Sep 15, 2022

0.25

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T. Rowe Price Balanced Fund

BondBloxx Bloomberg Two Year Target Duration US Treasury ETF

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Often compared with XTWO:
XTWO vs. XTENXTWO vs. XTREXTWO vs. XHLFXTWO vs. TFLOXTWO vs. RPIFXXTWO vs. SCHOXTWO vs. IVV

Return for Risk

RPBAX vs. XTWO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
RPBAX
RPBAX Risk / Return Rank: 5353
Overall Rank
RPBAX Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
RPBAX Sortino Ratio Rank: 5555
Sortino Ratio Rank
RPBAX Omega Ratio Rank: 5555
Omega Ratio Rank
RPBAX Calmar Ratio Rank: 4545
Calmar Ratio Rank
RPBAX Martin Ratio Rank: 5757
Martin Ratio Rank
XTWO
XTWO Risk / Return Rank: 7272
Overall Rank
XTWO Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
XTWO Sortino Ratio Rank: 8181
Sortino Ratio Rank
XTWO Omega Ratio Rank: 7777
Omega Ratio Rank
XTWO Calmar Ratio Rank: 6868
Calmar Ratio Rank
XTWO Martin Ratio Rank: 6464
Martin Ratio Rank
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.

RPBAX vs. XTWO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Balanced Fund (RPBAX) and BondBloxx Bloomberg Two Year Target Duration US Treasury ETF (XTWO). 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.

RPBAXXTWODifference
Sharpe ratioReturn per unit of total volatility
2.00
2.16

-0.16

Sortino ratioReturn per unit of downside risk
2.86
3.42

-0.56

Omega ratioGain probability vs. loss probability

1.37

1.44

-0.06

Calmar ratioReturn relative to maximum drawdown

2.45

3.31

-0.86

Martin ratioReturn relative to average drawdown

10.80

11.36

-0.57

RPBAX vs. XTWO - Sharpe Ratio Comparison

The current RPBAX Sharpe Ratio is 2.00, which is comparable to the XTWO Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of RPBAX and XTWO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

RPBAX vs. XTWO - Drawdown Comparison

The maximum RPBAX drawdown since its inception was -40.79%, which is greater than XTWO's maximum drawdown of -1.73%. Use the drawdown chart below to compare losses from any high point for RPBAX and XTWO.

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Drawdown Indicators

RPBAXXTWODifference

Max Drawdown

Largest peak-to-trough decline

-40.79%

-1.73%

-39.06%

Max Drawdown (1Y)

Largest decline over 1 year

-7.15%

-0.91%

-6.24%

Max Drawdown (3Y)

Largest decline over 3 years

-10.43%

-1.18%

-9.25%

Max Drawdown (5Y)

Largest decline over 5 years

-23.45%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-25.49%

—

—

Current Drawdown

Current decline from peak

-0.36%

-0.47%

+0.11%

Average Drawdown

Average peak-to-trough decline

-4.14%

-0.40%

-3.74%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.62%

0.26%

+1.36%

Volatility

RPBAX vs. XTWO - Volatility Comparison

T. Rowe Price Balanced Fund (RPBAX) has a higher volatility of 3.35% compared to BondBloxx Bloomberg Two Year Target Duration US Treasury ETF (XTWO) at 0.49%. This indicates that RPBAX's price experiences larger fluctuations and is considered to be riskier than XTWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

RPBAXXTWODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.35%

0.49%

+2.86%

Volatility (6M)

Calculated over the trailing 6-month period

7.44%

1.02%

+6.42%

Volatility (1Y)

Calculated over the trailing 1-year period

8.77%

1.40%

+7.37%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.04%

2.16%

+8.88%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.66%

2.16%

+9.50%

RPBAX vs. XTWO - Expense Ratio Comparison

RPBAX has a 0.57% expense ratio, which is higher than XTWO's 0.05% expense ratio.

Dividends

RPBAX vs. XTWO - Dividend Comparison

RPBAX's dividend yield for the trailing twelve months is around 6.94%, more than XTWO's 4.05% yield.

PositionTTM20252024202320222021202020192018201720162015
RPBAX
T. Rowe Price Balanced Fund		6.94%7.30%7.28%3.80%5.03%9.33%4.59%3.41%8.42%1.69%2.96%7.32%
XTWO
BondBloxx Bloomberg Two Year Target Duration US Treasury ETF		4.05%4.24%4.54%4.07%1.13%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

RPBAX and XTWO have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

RPBAX has higher volatility (3.35%) compared to XTWO (0.49%). In terms of maximum drawdown, RPBAX dropped -40.79% vs XTWO's -1.73%.

XTWO currently has the higher Sharpe Ratio (2.16 vs 2.00), 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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