RPIEX vs. GIOIX

Last updated Jun 3, 2026

RPIEX (T. Rowe Price Dynamic Global Bond Fund) and GIOIX (Guggenheim Macro Opportunities Fund) are both Nontraditional Bonds funds. Over the past 10 years, RPIEX returned 2.30%/yr vs 4.33%/yr for GIOIX. At a correlation of -0.12, they often move in opposite directions. RPIEX charges 0.71%/yr vs 0.96%/yr for GIOIX.

Performance

RPIEX vs. GIOIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Dynamic Global Bond Fund (RPIEX) and Guggenheim Macro Opportunities Fund (GIOIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RPIEX achieves a 2.88% return, which is significantly higher than GIOIX's 1.12% return. Over the past 10 years, RPIEX has underperformed GIOIX with an annualized return of 2.30%, while GIOIX has yielded a comparatively higher 4.33% annualized return.

RPIEX

• 1D: -0.13%
• 1M: 1.40%
• YTD: 2.88%
• 6M: 4.25%
• 1Y: 5.08%
• 3Y*: 3.94%
• 5Y*: 1.90%
• 10Y*: 2.30%

GIOIX

• 1D: 0.00%
• 1M: 0.57%
• YTD: 1.12%
• 6M: 1.66%
• 1Y: 6.11%
• 3Y*: 7.59%
• 5Y*: 3.26%
• 10Y*: 4.33%

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

RPIEX vs. GIOIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RPIEX T. Rowe Price Dynamic Global Bond Fund	2.88%	4.82%	6.83%	-4.51%	3.08%	0.08%	9.42%	-0.39%	0.89%	-1.89%
GIOIX Guggenheim Macro Opportunities Fund	1.12%	7.64%	7.78%	9.69%	-9.57%	1.71%	11.09%	2.25%	0.46%	5.32%

Correlation

The correlation between RPIEX and GIOIX is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.01
Correlation (3Y) Calculated over the trailing 3-year period	-0.06
Correlation (5Y) Calculated over the trailing 5-year period	-0.19
Correlation (10Y) Calculated over the trailing 10-year period	-0.13
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	-0.12

The correlation between RPIEX and GIOIX shifts across timeframes, from -0.19 (5 years) to 0.01 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

RPIEX vs. GIOIX — Risk / Return Rank

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

RPIEX

RPIEX Risk / Return Rank: 19
RPIEX Sharpe Ratio Rank: 17
RPIEX Sortino Ratio Rank: 22
RPIEX Omega Ratio Rank: 25
RPIEX Calmar Ratio Rank: 15
RPIEX Martin Ratio Rank: 17

GIOIX

GIOIX Risk / Return Rank: 77
GIOIX Sharpe Ratio Rank: 74
GIOIX Sortino Ratio Rank: 93
GIOIX Omega Ratio Rank: 89
GIOIX Calmar Ratio Rank: 58
GIOIX Martin Ratio Rank: 72

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.

RPIEX vs. GIOIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Dynamic Global Bond Fund (RPIEX) and Guggenheim Macro Opportunities Fund (GIOIX). 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.

	RPIEX	GIOIX	Difference
Sharpe ratio Return per unit of total volatility	1.17	2.49	-1.32
Sortino ratio Return per unit of downside risk	1.98	4.65	-2.67
Omega ratio Gain probability vs. loss probability	1.26	1.63	-0.37
Calmar ratio Return relative to maximum drawdown	1.40	2.90	-1.51
Martin ratio Return relative to average drawdown	4.70	13.85	-9.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RPIEX vs. GIOIX - Sharpe Ratio Comparison

The current RPIEX Sharpe Ratio is 1.17, which is lower than the GIOIX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of RPIEX and GIOIX, 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

	RPIEX	GIOIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.17	2.49	-1.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	1.03	-0.64
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	1.50	-0.95
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	1.73	-1.16

Drawdowns

RPIEX vs. GIOIX - Drawdown Comparison

The maximum RPIEX drawdown since its inception was -9.59%, smaller than the maximum GIOIX drawdown of -13.38%. Use the drawdown chart below to compare losses from any high point for RPIEX and GIOIX.

Drawdown Indicators

	RPIEX	GIOIX	Difference
Max Drawdown Largest peak-to-trough decline	-9.59%	-13.38%	+3.79%
Max Drawdown (1Y) Largest decline over 1 year	-3.64%	-2.12%	-1.52%
Max Drawdown (3Y) Largest decline over 3 years	-3.64%	-2.12%	-1.52%
Max Drawdown (5Y) Largest decline over 5 years	-9.59%	-13.38%	+3.79%
Max Drawdown (10Y) Largest decline over 10 years	-9.59%	-13.38%	+3.79%
Current Drawdown Current decline from peak	-0.13%	-0.08%	-0.05%
Average Drawdown Average peak-to-trough decline	-2.48%	-1.42%	-1.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.08%	0.44%	+0.64%

Volatility

RPIEX vs. GIOIX - Volatility Comparison

The current volatility for T. Rowe Price Dynamic Global Bond Fund (RPIEX) is 0.83%, while Guggenheim Macro Opportunities Fund (GIOIX) has a volatility of 0.99%. This indicates that RPIEX experiences smaller price fluctuations and is considered to be less risky than GIOIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RPIEX	GIOIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.83%	0.99%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	3.87%	2.05%	+1.82%
Volatility (1Y) Calculated over the trailing 1-year period	4.37%	2.47%	+1.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.92%	3.18%	+1.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.19%	2.89%	+1.30%

RPIEX vs. GIOIX - Expense Ratio Comparison

RPIEX has a 0.71% expense ratio, which is lower than GIOIX's 0.96% expense ratio.

Dividends

RPIEX vs. GIOIX - Dividend Comparison

RPIEX's dividend yield for the trailing twelve months is around 7.54%, more than GIOIX's 6.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GIOIX Guggenheim Macro Opportunities Fund	6.09%	5.86%	5.88%	6.45%	3.78%	3.10%	3.61%	3.29%	3.55%	3.54%	5.38%	5.82%
RPIEX T. Rowe Price Dynamic Global Bond Fund	7.54%	7.69%	6.32%	4.68%	15.28%	3.76%	1.93%	2.51%	4.36%	0.61%	2.72%	0.00%

Frequently Asked Questions

Can I hold both RPIEX and GIOIX in my portfolio?

RPIEX and GIOIX have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RPIEX or GIOIX?

GIOIX has higher volatility (0.99%) compared to RPIEX (0.83%). In terms of maximum drawdown, RPIEX dropped -9.59% vs GIOIX's -13.38%.

Which has better risk-adjusted returns?

GIOIX currently has the higher Sharpe Ratio (2.49 vs 1.17), 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.