SEBFX vs. TNBMX

Last updated Jun 26, 2026

SEBFX (Saturna Sustainable Bond Fund) and TNBMX (T. Rowe Price International Bond Fund (USD Hedged)) are both Global Bonds funds. Over the past 5 years, SEBFX returned 1.25%/yr vs 1.66%/yr for TNBMX. At a 0.47 correlation, their price movements are largely independent. SEBFX charges 0.65%/yr vs 0.53%/yr for TNBMX.

Performance

SEBFX vs. TNBMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Saturna Sustainable Bond Fund (SEBFX) and T. Rowe Price International Bond Fund (USD Hedged) (TNBMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SEBFX having a 1.49% return and TNBMX slightly higher at 1.50%.

SEBFX

• 1D: 0.21%
• 1M: 0.00%
• YTD: 1.49%
• 6M: 1.38%
• 1Y: 5.22%
• 3Y*: 4.55%
• 5Y*: 1.25%
• 10Y*: 2.25%

TNBMX

• 1D: 0.12%
• 1M: 0.70%
• YTD: 1.50%
• 6M: 2.17%
• 1Y: 4.81%
• 3Y*: 5.89%
• 5Y*: 1.66%
• 10Y*: —

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

SEBFX vs. TNBMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SEBFX Saturna Sustainable Bond Fund	1.49%	10.10%	-0.75%	6.95%	-8.54%	-1.77%	6.86%	7.18%	-2.95%	-0.85%
TNBMX T. Rowe Price International Bond Fund (USD Hedged)	1.50%	5.25%	5.00%	10.32%	-12.30%	-1.63%	5.73%	10.77%	1.72%	1.35%

Correlation

The correlation between SEBFX and TNBMX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (All Time) Calculated using the full available price history since Sep 13, 2017	0.47

The correlation between SEBFX and TNBMX shifts across timeframes, from 0.41 (1 year) to 0.51 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

SEBFX vs. TNBMX — Risk / Return Rank

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

SEBFX

SEBFX Risk / Return Rank: 40
SEBFX Sharpe Ratio Rank: 42
SEBFX Sortino Ratio Rank: 42
SEBFX Omega Ratio Rank: 49
SEBFX Calmar Ratio Rank: 33
SEBFX Martin Ratio Rank: 32

TNBMX

TNBMX Risk / Return Rank: 59
TNBMX Sharpe Ratio Rank: 60
TNBMX Sortino Ratio Rank: 75
TNBMX Omega Ratio Rank: 78
TNBMX Calmar Ratio Rank: 41
TNBMX Martin Ratio Rank: 40

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.

SEBFX vs. TNBMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saturna Sustainable Bond Fund (SEBFX) 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.

	SEBFX	TNBMX	Difference
Sharpe ratio: Return per unit of total volatility	1.56	1.85	-0.30
Sortino ratio: Return per unit of downside risk	2.22	2.99	-0.77
Omega ratio: Gain probability vs. loss probability	1.31	1.42	-0.11
Calmar ratio: Return relative to maximum drawdown	1.82	2.08	-0.26
Martin ratio: Return relative to average drawdown	6.16	7.41	-1.25

SEBFX vs. TNBMX - Sharpe Ratio Comparison

The current SEBFX Sharpe Ratio is 1.56, which is comparable to the TNBMX Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of SEBFX and TNBMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SEBFX vs. TNBMX - Drawdown Comparison

The maximum SEBFX drawdown since its inception was -13.51%, smaller than the maximum TNBMX drawdown of -15.78%. Use the drawdown chart below to compare losses from any high point for SEBFX and TNBMX.

Drawdown Indicators

	SEBFX	TNBMX	Difference
Max Drawdown Largest peak-to-trough decline	-13.51%	-15.78%	+2.27%
Max Drawdown (1Y) Largest decline over 1 year	-3.01%	-2.32%	-0.69%
Max Drawdown (3Y) Largest decline over 3 years	-5.51%	-2.32%	-3.19%
Max Drawdown (5Y) Largest decline over 5 years	-13.26%	-15.48%	+2.22%
Max Drawdown (10Y) Largest decline over 10 years	-13.51%	—	—
Current Drawdown Current decline from peak	-0.93%	0.00%	-0.93%
Average Drawdown Average peak-to-trough decline	-2.92%	-3.04%	+0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.89%	0.65%	+0.24%

Volatility

SEBFX vs. TNBMX - Volatility Comparison

Saturna Sustainable Bond Fund (SEBFX) has a higher volatility of 1.01% compared to T. Rowe Price International Bond Fund (USD Hedged) (TNBMX) at 0.75%. This indicates that SEBFX'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.

Volatility by Period

	SEBFX	TNBMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.01%	0.75%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	2.93%	2.22%	+0.71%
Volatility (1Y) Calculated over the trailing 1-year period	3.51%	2.61%	+0.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.93%	3.64%	+0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.62%	3.32%	+0.30%

SEBFX vs. TNBMX - Expense Ratio Comparison

SEBFX has a 0.65% expense ratio, which is higher than TNBMX's 0.53% expense ratio.

Dividends

SEBFX vs. TNBMX - Dividend Comparison

SEBFX's dividend yield for the trailing twelve months is around 3.83%, less than TNBMX's 5.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
SEBFX Saturna Sustainable Bond Fund	3.83%	3.89%	3.28%	3.68%	0.65%	2.61%	0.89%	2.60%	3.05%	2.75%	2.61%
TNBMX T. Rowe Price International Bond Fund (USD Hedged)	5.05%	4.76%	4.24%	2.85%	10.20%	2.84%	1.90%	4.65%	8.20%	0.64%	0.00%

Frequently Asked Questions

Can I hold both SEBFX and TNBMX in my portfolio?

SEBFX and TNBMX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SEBFX or TNBMX?

SEBFX has higher volatility (1.01%) compared to TNBMX (0.75%). In terms of maximum drawdown, SEBFX dropped -13.51% vs TNBMX's -15.78%.

Which has better risk-adjusted returns?

TNBMX currently has the higher Sharpe Ratio (1.85 vs 1.56), 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.