RPSIX vs. PBDIX
RPSIX (T. Rowe Price Spectrum Income Fund) and PBDIX (T. Rowe Price QM U.S. Bond Index Fund) are both mutual funds - RPSIX is a Multisector Bonds fund managed by T. Rowe Price, while PBDIX is a Total Bond Market fund managed by T. Rowe Price. Over the past 10 years, RPSIX returned 3.84%/yr vs 2.29%/yr for PBDIX. At a 0.45 correlation, their price movements are largely independent. RPSIX charges 0.62%/yr vs 0.23%/yr for PBDIX.
Performance
RPSIX vs. PBDIX - Performance Comparison
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Returns By Period
In the year-to-date period, RPSIX achieves a 1.27% return, which is significantly higher than PBDIX's 0.20% return. Over the past 10 years, RPSIX has outperformed PBDIX with an annualized return of 3.84%, while PBDIX has yielded a comparatively lower 2.29% annualized return.
RPSIX
- 1D
- 0.09%
- 1M
- 0.82%
- YTD
- 1.27%
- 6M
- 2.32%
- 1Y
- 7.78%
- 3Y*
- 7.25%
- 5Y*
- 2.67%
- 10Y*
- 3.84%
PBDIX
- 1D
- 0.21%
- 1M
- 0.99%
- YTD
- 0.20%
- 6M
- 0.67%
- 1Y
- 4.63%
- 3Y*
- 6.00%
- 5Y*
- 1.15%
- 10Y*
- 2.29%
RPSIX vs. PBDIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RPSIX T. Rowe Price Spectrum Income Fund | 1.27% | 9.91% | 5.62% | 8.55% | -11.40% | 2.60% | 6.07% | 11.57% | -2.61% | 7.03% |
PBDIX T. Rowe Price QM U.S. Bond Index Fund | 0.20% | 8.29% | 4.75% | 8.62% | -14.24% | -1.45% | 8.17% | 8.69% | -0.01% | 3.83% |
Correlation
The correlation between RPSIX and PBDIX is 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Nov 30, 2000 | 0.45 |
Over the past year, RPSIX and PBDIX have become more correlated (0.78) than their long-term average of 0.45, meaning their price movements have been converging.
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Return for Risk
RPSIX vs. PBDIX — Risk / Return Rank
RPSIX
PBDIX
RPSIX vs. PBDIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Spectrum Income Fund (RPSIX) and T. Rowe Price QM U.S. Bond Index Fund (PBDIX). 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.
| RPSIX | PBDIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.48 | ||
| Sortino ratioReturn per unit of downside risk | +2.75 | ||
| Omega ratioGain probability vs. loss probability | 1.57 | 1.21 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 3.20 | 1.55 | +1.65 |
| Martin ratioReturn relative to average drawdown | 15.18 | 4.25 | +10.92 |
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Drawdowns
RPSIX vs. PBDIX - Drawdown Comparison
The maximum RPSIX drawdown since its inception was -16.73%, smaller than the maximum PBDIX drawdown of -19.20%. Use the drawdown chart below to compare losses from any high point for RPSIX and PBDIX.
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Drawdown Indicators
| RPSIX | PBDIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.73% | -19.20% | +2.47% |
Max Drawdown (1Y)Largest decline over 1 year | -2.54% | -3.08% | +0.54% |
Max Drawdown (3Y)Largest decline over 3 years | -4.92% | -5.61% | +0.69% |
Max Drawdown (5Y)Largest decline over 5 years | -16.73% | -19.10% | +2.37% |
Max Drawdown (10Y)Largest decline over 10 years | -16.73% | -19.20% | +2.47% |
Current DrawdownCurrent decline from peak | -0.18% | -1.60% | +1.42% |
Average DrawdownAverage peak-to-trough decline | -1.69% | -2.16% | +0.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 1.11% | -0.58% |
Volatility
RPSIX vs. PBDIX - Volatility Comparison
The current volatility for T. Rowe Price Spectrum Income Fund (RPSIX) is 0.89%, while T. Rowe Price QM U.S. Bond Index Fund (PBDIX) has a volatility of 1.28%. This indicates that RPSIX experiences smaller price fluctuations and is considered to be less risky than PBDIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RPSIX | PBDIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.89% | 1.28% | -0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 2.37% | 3.13% | -0.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.08% | 4.11% | -1.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.50% | 6.11% | -1.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.54% | 5.03% | -0.49% |
RPSIX vs. PBDIX - Expense Ratio Comparison
RPSIX has a 0.62% expense ratio, which is higher than PBDIX's 0.23% expense ratio.
Dividends
RPSIX vs. PBDIX - Dividend Comparison
RPSIX's dividend yield for the trailing twelve months is around 7.52%, more than PBDIX's 4.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PBDIX T. Rowe Price QM U.S. Bond Index Fund | 4.25% | 5.19% | 7.21% | 6.39% | 2.01% | 1.84% | 3.59% | 3.18% | 2.94% | 2.75% | 2.82% | 2.99% |
RPSIX T. Rowe Price Spectrum Income Fund | 7.52% | 7.45% | 6.57% | 4.83% | 3.99% | 3.92% | 3.64% | 3.79% | 4.73% | 3.91% | 3.75% | 4.71% |
Frequently Asked Questions
RPSIX and PBDIX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PBDIX has higher volatility (1.28%) compared to RPSIX (0.89%). In terms of maximum drawdown, RPSIX dropped -16.73% vs PBDIX's -19.20%.
RPSIX currently has the higher Sharpe Ratio (2.64 vs 1.16), 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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