RPIBX vs. BNDX

Last updated Jun 4, 2026

RPIBX (T. Rowe Price International Bond Fund) and BNDX (Vanguard Total International Bond ETF) are both Global Bonds funds. Over the past 10 years, RPIBX returned 0.02%/yr vs 1.68%/yr for BNDX. At a 0.43 correlation, their price movements are largely independent. RPIBX charges 0.67%/yr vs 0.07%/yr for BNDX.

Performance

RPIBX vs. BNDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price International Bond Fund (RPIBX) and Vanguard Total International Bond ETF (BNDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RPIBX achieves a 0.22% return, which is significantly lower than BNDX's 0.54% return. Over the past 10 years, RPIBX has underperformed BNDX with an annualized return of 0.02%, while BNDX has yielded a comparatively higher 1.68% annualized return.

RPIBX

• 1D: 0.14%
• 1M: 0.20%
• YTD: 0.22%
• 6M: 1.13%
• 1Y: 3.31%
• 3Y*: 4.39%
• 5Y*: -2.74%
• 10Y*: 0.02%

BNDX

• 1D: -0.35%
• 1M: 0.63%
• YTD: 0.54%
• 6M: 0.23%
• 1Y: 1.82%
• 3Y*: 4.03%
• 5Y*: 0.33%
• 10Y*: 1.68%

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

RPIBX vs. BNDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RPIBX T. Rowe Price International Bond Fund	0.22%	11.74%	-4.31%	7.35%	-20.72%	-7.18%	11.51%	6.67%	-2.93%	11.16%
BNDX Vanguard Total International Bond ETF	0.54%	2.86%	3.57%	8.77%	-12.76%	-2.29%	4.65%	7.87%	2.81%	2.40%

Correlation

The correlation between RPIBX and BNDX is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Jun 5, 2013	0.43

The correlation between RPIBX and BNDX shifts across timeframes, from 0.43 (all time) to 0.57 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

RPIBX vs. BNDX — Risk / Return Rank

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

RPIBX

RPIBX Risk / Return Rank: 6
RPIBX Sharpe Ratio Rank: 6
RPIBX Sortino Ratio Rank: 6
RPIBX Omega Ratio Rank: 6
RPIBX Calmar Ratio Rank: 6
RPIBX Martin Ratio Rank: 6

BNDX

BNDX Risk / Return Rank: 16
BNDX Sharpe Ratio Rank: 17
BNDX Sortino Ratio Rank: 15
BNDX Omega Ratio Rank: 16
BNDX Calmar Ratio Rank: 16
BNDX Martin Ratio Rank: 17

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.

RPIBX vs. BNDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price International Bond Fund (RPIBX) and Vanguard Total International Bond ETF (BNDX). 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.

	RPIBX	BNDX	Difference
Sharpe ratio: Return per unit of total volatility	0.48	0.53	-0.05
Sortino ratio: Return per unit of downside risk	0.74	0.77	-0.03
Omega ratio: Gain probability vs. loss probability	1.09	1.10	-0.01
Calmar ratio: Return relative to maximum drawdown	0.58	0.62	-0.04
Martin ratio: Return relative to average drawdown	1.64	1.78	-0.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RPIBX vs. BNDX - Sharpe Ratio Comparison

The current RPIBX Sharpe Ratio is 0.48, which is comparable to the BNDX Sharpe Ratio of 0.53. The chart below compares the historical Sharpe Ratios of RPIBX and BNDX, 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

	RPIBX	BNDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.48	0.53	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.35	0.07	-0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.00	0.41	-0.41
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.61	-0.08

Drawdowns

RPIBX vs. BNDX - Drawdown Comparison

The maximum RPIBX drawdown since its inception was -33.80%, which is greater than BNDX's maximum drawdown of -16.23%. Use the drawdown chart below to compare losses from any high point for RPIBX and BNDX.

Drawdown Indicators

	RPIBX	BNDX	Difference
Max Drawdown Largest peak-to-trough decline	-33.80%	-16.23%	-17.57%
Max Drawdown (1Y) Largest decline over 1 year	-4.98%	-2.93%	-2.05%
Max Drawdown (3Y) Largest decline over 3 years	-8.19%	-2.93%	-5.26%
Max Drawdown (5Y) Largest decline over 5 years	-32.09%	-15.86%	-16.23%
Max Drawdown (10Y) Largest decline over 10 years	-33.80%	-16.23%	-17.57%
Current Drawdown Current decline from peak	-15.86%	-1.49%	-14.37%
Average Drawdown Average peak-to-trough decline	-6.99%	-3.09%	-3.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.77%	1.02%	+0.75%

Volatility

RPIBX vs. BNDX - Volatility Comparison

T. Rowe Price International Bond Fund (RPIBX) has a higher volatility of 1.77% compared to Vanguard Total International Bond ETF (BNDX) at 1.57%. This indicates that RPIBX's price experiences larger fluctuations and is considered to be riskier than BNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RPIBX	BNDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.77%	1.57%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	4.72%	2.91%	+1.81%
Volatility (1Y) Calculated over the trailing 1-year period	6.08%	3.43%	+2.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.82%	4.88%	+2.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.21%	4.09%	+3.12%

RPIBX vs. BNDX - Expense Ratio Comparison

RPIBX has a 0.67% expense ratio, which is higher than BNDX's 0.07% expense ratio.

Dividends

RPIBX vs. BNDX - Dividend Comparison

RPIBX's dividend yield for the trailing twelve months is around 4.84%, more than BNDX's 4.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BNDX Vanguard Total International Bond ETF	4.49%	4.39%	4.18%	4.42%	1.51%	3.74%	1.11%	3.40%	3.01%	2.23%	1.89%	1.63%
RPIBX T. Rowe Price International Bond Fund	4.84%	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

Can I hold both RPIBX and BNDX in my portfolio?

RPIBX and BNDX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RPIBX or BNDX?

RPIBX has higher volatility (1.77%) compared to BNDX (1.57%). In terms of maximum drawdown, RPIBX dropped -33.80% vs BNDX's -16.23%.

Which has better risk-adjusted returns?

BNDX currently has the higher Sharpe Ratio (0.53 vs 0.48), 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.