RPIEX vs. SEMPX

Last updated Jun 4, 2026

RPIEX (T. Rowe Price Dynamic Global Bond Fund) and SEMPX (Semper MBS Total Return Fund) are both Nontraditional Bonds funds. Over the past 10 years, RPIEX returned 2.29%/yr vs 3.56%/yr for SEMPX. At a correlation of -0.11, they often move in opposite directions. RPIEX charges 0.71%/yr vs 1.07%/yr for SEMPX.

Performance

RPIEX vs. SEMPX - Performance Comparison

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

Returns By Period

In the year-to-date period, RPIEX achieves a 2.75% return, which is significantly higher than SEMPX's 1.01% return. Over the past 10 years, RPIEX has underperformed SEMPX with an annualized return of 2.29%, while SEMPX has yielded a comparatively higher 3.56% annualized return.

RPIEX

• 1D: -0.13%
• 1M: 1.00%
• YTD: 2.75%
• 6M: 4.12%
• 1Y: 4.95%
• 3Y*: 3.89%
• 5Y*: 1.86%
• 10Y*: 2.29%

SEMPX

• 1D: 0.12%
• 1M: 0.23%
• YTD: 1.01%
• 6M: 1.36%
• 1Y: 6.71%
• 3Y*: 9.71%
• 5Y*: 4.36%
• 10Y*: 3.56%

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

RPIEX vs. SEMPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RPIEX T. Rowe Price Dynamic Global Bond Fund	2.75%	4.82%	6.83%	-4.51%	3.08%	0.08%	9.42%	-0.39%	0.89%	-1.89%
SEMPX Semper MBS Total Return Fund	1.01%	8.57%	12.84%	12.51%	-13.26%	6.70%	-7.09%	4.52%	3.75%	5.93%

Correlation

The correlation between RPIEX and SEMPX is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.15
Correlation (3Y) Calculated over the trailing 3-year period	-0.21
Correlation (5Y) Calculated over the trailing 5-year period	-0.18
Correlation (10Y) Calculated over the trailing 10-year period	-0.12
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	-0.11

Return for Risk

RPIEX vs. SEMPX — Risk / Return Rank

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

RPIEX

RPIEX Risk / Return Rank: 18
RPIEX Sharpe Ratio Rank: 16
RPIEX Sortino Ratio Rank: 21
RPIEX Omega Ratio Rank: 24
RPIEX Calmar Ratio Rank: 15
RPIEX Martin Ratio Rank: 16

SEMPX

SEMPX Risk / Return Rank: 73
SEMPX Sharpe Ratio Rank: 69
SEMPX Sortino Ratio Rank: 91
SEMPX Omega Ratio Rank: 82
SEMPX Calmar Ratio Rank: 72
SEMPX Martin Ratio Rank: 53

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. SEMPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Dynamic Global Bond Fund (RPIEX) and Semper MBS Total Return Fund (SEMPX). 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	SEMPX	Difference
Sharpe ratio: Return per unit of total volatility	1.14	2.43	-1.29
Sortino ratio: Return per unit of downside risk	1.92	4.48	-2.56
Omega ratio: Gain probability vs. loss probability	1.25	1.55	-0.30
Calmar ratio: Return relative to maximum drawdown	1.37	3.30	-1.93
Martin ratio: Return relative to average drawdown	4.59	10.72	-6.13
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. SEMPX - Sharpe Ratio Comparison

The current RPIEX Sharpe Ratio is 1.14, which is lower than the SEMPX Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of RPIEX and SEMPX, 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	SEMPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.14	2.43	-1.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	1.40	-1.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.91	-0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	1.10	-0.52

Drawdowns

RPIEX vs. SEMPX - Drawdown Comparison

The maximum RPIEX drawdown since its inception was -9.59%, smaller than the maximum SEMPX drawdown of -25.02%. Use the drawdown chart below to compare losses from any high point for RPIEX and SEMPX.

Drawdown Indicators

	RPIEX	SEMPX	Difference
Max Drawdown Largest peak-to-trough decline	-9.59%	-25.02%	+15.43%
Max Drawdown (1Y) Largest decline over 1 year	-3.64%	-2.04%	-1.60%
Max Drawdown (3Y) Largest decline over 3 years	-3.64%	-2.04%	-1.60%
Max Drawdown (5Y) Largest decline over 5 years	-9.59%	-14.67%	+5.08%
Max Drawdown (10Y) Largest decline over 10 years	-9.59%	-25.02%	+15.43%
Current Drawdown Current decline from peak	-0.26%	-0.68%	+0.42%
Average Drawdown Average peak-to-trough decline	-2.48%	-3.27%	+0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.08%	0.63%	+0.45%

Volatility

RPIEX vs. SEMPX - Volatility Comparison

The current volatility for T. Rowe Price Dynamic Global Bond Fund (RPIEX) is 0.86%, while Semper MBS Total Return Fund (SEMPX) has a volatility of 0.97%. This indicates that RPIEX experiences smaller price fluctuations and is considered to be less risky than SEMPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RPIEX	SEMPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	0.97%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	3.87%	2.07%	+1.80%
Volatility (1Y) Calculated over the trailing 1-year period	4.36%	2.78%	+1.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.92%	3.12%	+1.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.19%	3.92%	+0.27%

RPIEX vs. SEMPX - Expense Ratio Comparison

RPIEX has a 0.71% expense ratio, which is lower than SEMPX's 1.07% expense ratio.

Dividends

RPIEX vs. SEMPX - Dividend Comparison

RPIEX's dividend yield for the trailing twelve months is around 7.55%, more than SEMPX's 5.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RPIEX T. Rowe Price Dynamic Global Bond Fund	7.55%	7.69%	6.32%	4.68%	15.28%	3.76%	1.93%	2.51%	4.36%	0.61%	2.72%	0.00%
SEMPX Semper MBS Total Return Fund	5.71%	5.83%	6.66%	8.75%	6.15%	2.97%	4.07%	4.72%	5.65%	5.00%	5.94%	5.10%

Frequently Asked Questions

Can I hold both RPIEX and SEMPX in my portfolio?

RPIEX and SEMPX have a correlation of -0.15, 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 SEMPX?

SEMPX has higher volatility (0.97%) compared to RPIEX (0.86%). In terms of maximum drawdown, RPIEX dropped -9.59% vs SEMPX's -25.02%.

Which has better risk-adjusted returns?

SEMPX currently has the higher Sharpe Ratio (2.43 vs 1.14), 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.