RPIHX vs. HIO
RPIHX (T. Rowe Price Global High Income Bond Fund) and HIO (Western Asset High Income Opportunity Fund Inc) are both High Yield Bonds funds. Over the past 10 years, RPIHX returned 5.99%/yr vs 5.90%/yr for HIO. At a 0.36 correlation, their price movements are largely independent. RPIHX charges 0.75%/yr vs 0.01%/yr for HIO.
Performance
RPIHX vs. HIO - Performance Comparison
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Returns By Period
In the year-to-date period, RPIHX achieves a 1.46% return, which is significantly lower than HIO's 2.82% return. Both investments have delivered pretty close results over the past 10 years, with RPIHX having a 5.99% annualized return and HIO not far behind at 5.90%.
RPIHX
- 1D
- 0.11%
- 1M
- 1.03%
- YTD
- 1.46%
- 6M
- 3.19%
- 1Y
- 9.64%
- 3Y*
- 10.90%
- 5Y*
- 4.70%
- 10Y*
- 5.99%
HIO
- 1D
- -0.12%
- 1M
- 0.15%
- YTD
- 2.82%
- 6M
- 3.38%
- 1Y
- 3.34%
- 3Y*
- 9.56%
- 5Y*
- 2.63%
- 10Y*
- 5.90%
RPIHX vs. HIO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RPIHX T. Rowe Price Global High Income Bond Fund | 1.46% | 11.91% | 10.44% | 15.12% | -13.09% | 3.08% | 5.89% | 14.90% | -1.76% | 8.71% |
HIO Western Asset High Income Opportunity Fund Inc | 2.82% | 5.33% | 13.58% | 8.07% | -17.09% | 12.80% | 6.07% | 24.23% | -7.60% | 8.97% |
Correlation
The correlation between RPIHX and HIO is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.36 |
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Return for Risk
RPIHX vs. HIO — Risk / Return Rank
RPIHX
HIO
RPIHX vs. HIO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Global High Income Bond Fund (RPIHX) and Western Asset High Income Opportunity Fund Inc (HIO). 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.
| RPIHX | HIO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.70 | ||
| Sortino ratioReturn per unit of downside risk | +5.16 | ||
| Omega ratioGain probability vs. loss probability | 1.79 | 1.06 | +0.72 |
| Calmar ratioReturn relative to maximum drawdown | 3.33 | 0.50 | +2.82 |
| Martin ratioReturn relative to average drawdown | 15.26 | 1.07 | +14.18 |
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Drawdowns
RPIHX vs. HIO - Drawdown Comparison
The maximum RPIHX drawdown since its inception was -23.77%, smaller than the maximum HIO drawdown of -49.69%. Use the drawdown chart below to compare losses from any high point for RPIHX and HIO.
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Drawdown Indicators
| RPIHX | HIO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.77% | -49.69% | +25.92% |
Max Drawdown (1Y)Largest decline over 1 year | -2.91% | -6.70% | +3.79% |
Max Drawdown (3Y)Largest decline over 3 years | -3.76% | -13.29% | +9.53% |
Max Drawdown (5Y)Largest decline over 5 years | -19.25% | -26.18% | +6.93% |
Max Drawdown (10Y)Largest decline over 10 years | -23.77% | -40.57% | +16.80% |
Current DrawdownCurrent decline from peak | -0.11% | -2.02% | +1.91% |
Average DrawdownAverage peak-to-trough decline | -2.75% | -6.45% | +3.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.63% | 3.11% | -2.48% |
Volatility
RPIHX vs. HIO - Volatility Comparison
The current volatility for T. Rowe Price Global High Income Bond Fund (RPIHX) is 0.90%, while Western Asset High Income Opportunity Fund Inc (HIO) has a volatility of 2.53%. This indicates that RPIHX experiences smaller price fluctuations and is considered to be less risky than HIO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RPIHX | HIO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.90% | 2.53% | -1.63% |
Volatility (6M)Calculated over the trailing 6-month period | 2.45% | 7.89% | -5.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.20% | 10.32% | -7.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.38% | 12.86% | -8.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.34% | 15.96% | -10.62% |
RPIHX vs. HIO - Expense Ratio Comparison
RPIHX has a 0.75% expense ratio, which is higher than HIO's 0.02% expense ratio.
Dividends
RPIHX vs. HIO - Dividend Comparison
RPIHX's dividend yield for the trailing twelve months is around 9.02%, less than HIO's 11.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HIO Western Asset High Income Opportunity Fund Inc | 11.83% | 11.48% | 10.84% | 9.90% | 9.11% | 7.02% | 7.86% | 6.91% | 7.31% | 7.04% | 8.44% | 9.08% |
RPIHX T. Rowe Price Global High Income Bond Fund | 9.02% | 8.86% | 8.31% | 7.43% | 8.56% | 5.42% | 5.37% | 6.43% | 7.34% | 6.29% | 6.20% | 0.00% |
Frequently Asked Questions
RPIHX and HIO have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIO has higher volatility (2.53%) compared to RPIHX (0.90%). In terms of maximum drawdown, RPIHX dropped -23.77% vs HIO's -49.69%.
RPIHX currently has the higher Sharpe Ratio (3.03 vs 0.32), 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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