RPIBX vs. OIBAX

Last updated Jul 14, 2026

RPIBX (T. Rowe Price International Bond Fund) and OIBAX (Invesco International Bond Fund) are both Global Bonds funds. Over the past 10 years, RPIBX returned 0.10%/yr vs 1.57%/yr for OIBAX. A 0.68 correlation means they provide meaningful diversification when combined. RPIBX charges 0.67%/yr vs 1.16%/yr for OIBAX.

Performance

RPIBX vs. OIBAX - Performance Comparison

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

Returns By Period

In the year-to-date period, RPIBX achieves a -1.15% return, which is significantly higher than OIBAX's -1.96% return. Over the past 10 years, RPIBX has underperformed OIBAX with an annualized return of 0.10%, while OIBAX has yielded a comparatively higher 1.57% annualized return.

RPIBX

• 1D: 0.00%
• 1M: -1.07%
• 6M: -0.87%
• YTD: -1.15%
• 1Y: -0.55%
• 3Y*: 4.28%
• 5Y*: -2.25%
• 10Y*: 0.10%

OIBAX

• 1D: 0.43%
• 1M: 0.40%
• 6M: -1.96%
• YTD: -1.96%
• 1Y: 4.98%
• 3Y*: 6.64%
• 5Y*: 0.83%
• 10Y*: 1.57%

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

RPIBX vs. OIBAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RPIBX T. Rowe Price International Bond Fund	-1.15%	10.96%	-2.90%	9.35%	-20.72%	-7.18%	11.51%	6.67%	-2.93%	11.16%
OIBAX Invesco International Bond Fund	-1.96%	16.00%	1.58%	7.41%	-13.45%	-10.24%	8.25%	9.44%	-5.87%	10.87%

Correlation

The correlation between RPIBX and OIBAX is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Jun 15, 1995	0.68

The correlation between RPIBX and OIBAX has been stable across timeframes, ranging from 0.67 to 0.74 - a consistent structural relationship.

Return for Risk

RPIBX vs. OIBAX — Risk / Return Rank

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

RPIBX

RPIBX Risk / Return Rank: 2
RPIBX Sharpe Ratio Rank: 3
RPIBX Sortino Ratio Rank: 2
RPIBX Omega Ratio Rank: 2
RPIBX Calmar Ratio Rank: 2
RPIBX Martin Ratio Rank: 2

OIBAX

OIBAX Risk / Return Rank: 8
OIBAX Sharpe Ratio Rank: 8
OIBAX Sortino Ratio Rank: 8
OIBAX Omega Ratio Rank: 8
OIBAX Calmar Ratio Rank: 8
OIBAX Martin Ratio Rank: 8

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. OIBAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price International Bond Fund (RPIBX) and Invesco International Bond Fund (OIBAX). 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.

	RPIBX	OIBAX	Difference
Sharpe ratio: Return per unit of total volatility	-0.11	0.43	-0.55
Sortino ratio: Return per unit of downside risk	-0.12	0.70	-0.82
Omega ratio: Gain probability vs. loss probability	0.99	1.09	-0.10
Calmar ratio: Return relative to maximum drawdown	-0.14	0.51	-0.64
Martin ratio: Return relative to average drawdown	-0.34	1.44	-1.79

RPIBX vs. OIBAX - Sharpe Ratio Comparison

The current RPIBX Sharpe Ratio is -0.11, which is lower than the OIBAX Sharpe Ratio of 0.43. The chart below compares the historical Sharpe Ratios of RPIBX and OIBAX, 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

RPIBX vs. OIBAX - Drawdown Comparison

The maximum RPIBX drawdown since its inception was -33.80%, roughly equal to the maximum OIBAX drawdown of -32.33%. Use the drawdown chart below to compare losses from any high point for RPIBX and OIBAX.

Drawdown Indicators

	RPIBX	OIBAX	Difference
Max Drawdown Largest peak-to-trough decline	-33.80%	-32.33%	-1.47%
Max Drawdown (1Y) Largest decline over 1 year	-4.98%	-9.96%	+4.98%
Max Drawdown (3Y) Largest decline over 3 years	-8.18%	-9.96%	+1.78%
Max Drawdown (5Y) Largest decline over 5 years	-31.45%	-26.74%	-4.71%
Max Drawdown (10Y) Largest decline over 10 years	-33.80%	-32.33%	-1.47%
Current Drawdown Current decline from peak	-14.81%	-4.58%	-10.23%
Average Drawdown Average peak-to-trough decline	-6.83%	-5.33%	-1.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	3.34%	-1.34%

Volatility

RPIBX vs. OIBAX - Volatility Comparison

The current volatility for T. Rowe Price International Bond Fund (RPIBX) is 1.30%, while Invesco International Bond Fund (OIBAX) has a volatility of 2.49%. This indicates that RPIBX experiences smaller price fluctuations and is considered to be less risky than OIBAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RPIBX	OIBAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.30%	2.49%	-1.19%
Volatility (6M) Calculated over the trailing 6-month period	4.88%	9.94%	-5.06%
Volatility (1Y) Calculated over the trailing 1-year period	6.04%	11.60%	-5.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.84%	9.39%	-1.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.22%	8.72%	-1.50%

RPIBX vs. OIBAX - Expense Ratio Comparison

RPIBX has a 0.67% expense ratio, which is lower than OIBAX's 1.16% expense ratio.

Dividends

RPIBX vs. OIBAX - Dividend Comparison

RPIBX's dividend yield for the trailing twelve months is around 3.74%, more than OIBAX's 3.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OIBAX Invesco International Bond Fund	3.10%	3.68%	4.53%	3.63%	2.86%	2.85%	2.87%	4.91%	4.79%	4.18%	4.44%	3.35%
RPIBX T. Rowe Price International Bond Fund	3.74%	4.06%	5.59%	4.46%	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 OIBAX in my portfolio?

RPIBX and OIBAX have a correlation of 0.74, 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 OIBAX?

OIBAX has higher volatility (2.49%) compared to RPIBX (1.30%). In terms of maximum drawdown, RPIBX dropped -33.80% vs OIBAX's -32.33%.

Which has better risk-adjusted returns?

OIBAX currently has the higher Sharpe Ratio (0.43 vs -0.11), 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.