SABA vs. TNBMX
SABA (Saba Capital Income & Opportunities Fund II) and TNBMX (T. Rowe Price International Bond Fund (USD Hedged)) are both Global Bonds funds. Over the past 5 years, SABA returned 3.61%/yr vs 1.44%/yr for TNBMX. At a 0.14 correlation, their price movements are largely independent.
Performance
SABA vs. TNBMX - Performance Comparison
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Returns By Period
In the year-to-date period, SABA achieves a 6.04% return, which is significantly higher than TNBMX's 1.13% return.
SABA
- 1D
- -0.12%
- 1M
- 0.83%
- 6M
- 4.54%
- YTD
- 6.04%
- 1Y
- -0.28%
- 3Y*
- 9.09%
- 5Y*
- 3.61%
- 10Y*
- 2.82%
TNBMX
- 1D
- 0.00%
- 1M
- -0.24%
- 6M
- 0.90%
- YTD
- 1.13%
- 1Y
- 4.35%
- 3Y*
- 5.65%
- 5Y*
- 1.44%
- 10Y*
- —
SABA vs. TNBMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SABA Saba Capital Income & Opportunities Fund II | 6.04% | -0.31% | 31.32% | -2.77% | -9.02% | 1.05% | -6.63% | 8.55% | -1.25% | -1.69% |
TNBMX T. Rowe Price International Bond Fund (USD Hedged) | 1.13% | 5.25% | 5.00% | 10.32% | -12.30% | -1.63% | 5.73% | 10.77% | 1.72% | 1.35% |
Correlation
The correlation between SABA and TNBMX is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2017 | 0.14 |
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Return for Risk
SABA vs. TNBMX — Risk / Return Rank
SABA
TNBMX
SABA vs. TNBMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Saba Capital Income & Opportunities Fund II (SABA) and T. Rowe Price International Bond Fund (USD Hedged) (TNBMX). 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.
| SABA | TNBMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.74 | ||
| Sortino ratioReturn per unit of downside risk | -2.70 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.38 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.03 | 1.94 | -1.96 |
| Martin ratioReturn relative to average drawdown | -0.05 | 6.93 | -6.98 |
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Drawdowns
SABA vs. TNBMX - Drawdown Comparison
The maximum SABA drawdown since its inception was -32.37%, which is greater than TNBMX's maximum drawdown of -15.78%. Use the drawdown chart below to compare losses from any high point for SABA and TNBMX.
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Drawdown Indicators
| SABA | TNBMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.37% | -15.78% | -16.59% |
Max Drawdown (1Y)Largest decline over 1 year | -10.45% | -2.32% | -8.13% |
Max Drawdown (3Y)Largest decline over 3 years | -14.96% | -2.32% | -12.64% |
Max Drawdown (5Y)Largest decline over 5 years | -19.76% | -15.48% | -4.28% |
Max Drawdown (10Y)Largest decline over 10 years | -31.39% | — | — |
Current DrawdownCurrent decline from peak | -3.12% | -0.70% | -2.42% |
Average DrawdownAverage peak-to-trough decline | -7.56% | -3.03% | -4.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.52% | 0.65% | +4.87% |
Volatility
SABA vs. TNBMX - Volatility Comparison
Saba Capital Income & Opportunities Fund II (SABA) has a higher volatility of 3.10% compared to T. Rowe Price International Bond Fund (USD Hedged) (TNBMX) at 0.72%. This indicates that SABA's price experiences larger fluctuations and is considered to be riskier than TNBMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SABA | TNBMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.10% | 0.72% | +2.38% |
Volatility (6M)Calculated over the trailing 6-month period | 8.41% | 2.24% | +6.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.87% | 2.62% | +9.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.60% | 3.64% | +10.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.63% | 3.32% | +13.31% |
Dividends
SABA vs. TNBMX - Dividend Comparison
SABA's dividend yield for the trailing twelve months is around 9.56%, more than TNBMX's 5.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SABA Saba Capital Income & Opportunities Fund II | 9.56% | 9.65% | 8.32% | 11.43% | 9.14% | 7.19% | 4.00% | 6.68% | 5.81% | 4.44% | 4.63% | 4.72% |
TNBMX T. Rowe Price International Bond Fund (USD Hedged) | 5.12% | 4.76% | 4.24% | 2.85% | 10.20% | 2.84% | 1.90% | 4.65% | 8.20% | 0.64% | 0.00% | 0.00% |
Frequently Asked Questions
SABA and TNBMX have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SABA has higher volatility (3.10%) compared to TNBMX (0.72%). In terms of maximum drawdown, SABA dropped -32.37% vs TNBMX's -15.78%.
TNBMX currently has the higher Sharpe Ratio (1.71 vs -0.02), 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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