TCIEX vs. TIBWX

Last updated Jun 4, 2026

TCIEX (TIAA-CREF International Equity Index Fund Institutional Class) and TIBWX (TIAA-CREF International Bond Fund) are both mutual funds - TCIEX is a Large Cap Blend Equities fund tracking the MSCI EAFE Index, while TIBWX is a Global Bonds fund managed by TIAA Investments. Over the past 5 years, TCIEX returned 8.81%/yr vs 1.06%/yr for TIBWX. At a 0.18 correlation, their price movements are largely independent. TCIEX charges 0.05%/yr vs 0.59%/yr for TIBWX.

Performance

TCIEX vs. TIBWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA-CREF International Equity Index Fund Institutional Class (TCIEX) and TIAA-CREF International Bond Fund (TIBWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TCIEX achieves a 9.52% return, which is significantly higher than TIBWX's 0.56% return.

TCIEX

• 1D: 0.33%
• 1M: 4.10%
• YTD: 9.52%
• 6M: 11.87%
• 1Y: 22.18%
• 3Y*: 17.07%
• 5Y*: 8.81%
• 10Y*: 9.38%

TIBWX

• 1D: -0.11%
• 1M: 0.68%
• YTD: 0.56%
• 6M: 0.52%
• 1Y: 3.16%
• 3Y*: 5.07%
• 5Y*: 1.06%
• 10Y*: —

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

TCIEX vs. TIBWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TCIEX TIAA-CREF International Equity Index Fund Institutional Class	9.52%	31.55%	3.69%	18.21%	-14.19%	11.30%	8.13%	21.82%	-13.27%	24.59%
TIBWX TIAA-CREF International Bond Fund	0.56%	4.24%	4.60%	9.06%	-11.39%	-2.19%	4.81%	9.96%	0.39%	5.66%

Correlation

The correlation between TCIEX and TIBWX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.18

Over the past year, TCIEX and TIBWX have become more correlated (0.40) than their long-term average of 0.18, meaning their price movements have been converging.

Return for Risk

TCIEX vs. TIBWX — Risk / Return Rank

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

TCIEX

TCIEX Risk / Return Rank: 26
TCIEX Sharpe Ratio Rank: 25
TCIEX Sortino Ratio Rank: 24
TCIEX Omega Ratio Rank: 25
TCIEX Calmar Ratio Rank: 26
TCIEX Martin Ratio Rank: 30

TIBWX

TIBWX Risk / Return Rank: 17
TIBWX Sharpe Ratio Rank: 18
TIBWX Sortino Ratio Rank: 18
TIBWX Omega Ratio Rank: 23
TIBWX Calmar Ratio Rank: 12
TIBWX Martin Ratio Rank: 12

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.

TCIEX vs. TIBWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF International Equity Index Fund Institutional Class (TCIEX) and TIAA-CREF International Bond Fund (TIBWX). 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.

	TCIEX	TIBWX	Difference
Sharpe ratio Return per unit of total volatility	1.42	1.23	+0.19
Sortino ratio Return per unit of downside risk	2.04	1.78	+0.26
Omega ratio Gain probability vs. loss probability	1.26	1.25	+0.01
Calmar ratio Return relative to maximum drawdown	1.89	1.17	+0.71
Martin ratio Return relative to average drawdown	7.06	3.72	+3.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TCIEX vs. TIBWX - Sharpe Ratio Comparison

The current TCIEX Sharpe Ratio is 1.42, which is comparable to the TIBWX Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of TCIEX and TIBWX, 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

	TCIEX	TIBWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.42	1.23	+0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.32	+0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.77	-0.37

Drawdowns

TCIEX vs. TIBWX - Drawdown Comparison

The maximum TCIEX drawdown since its inception was -59.27%, which is greater than TIBWX's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for TCIEX and TIBWX.

Drawdown Indicators

	TCIEX	TIBWX	Difference
Max Drawdown Largest peak-to-trough decline	-59.27%	-16.47%	-42.80%
Max Drawdown (1Y) Largest decline over 1 year	-11.35%	-2.99%	-8.36%
Max Drawdown (3Y) Largest decline over 3 years	-13.58%	-2.99%	-10.59%
Max Drawdown (5Y) Largest decline over 5 years	-29.25%	-16.06%	-13.19%
Max Drawdown (10Y) Largest decline over 10 years	-33.58%	—	—
Current Drawdown Current decline from peak	-0.49%	-1.22%	+0.73%
Average Drawdown Average peak-to-trough decline	-10.58%	-3.26%	-7.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.02%	0.94%	+2.08%

Volatility

TCIEX vs. TIBWX - Volatility Comparison

TIAA-CREF International Equity Index Fund Institutional Class (TCIEX) has a higher volatility of 4.65% compared to TIAA-CREF International Bond Fund (TIBWX) at 1.05%. This indicates that TCIEX's price experiences larger fluctuations and is considered to be riskier than TIBWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TCIEX	TIBWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.65%	1.05%	+3.60%
Volatility (6M) Calculated over the trailing 6-month period	12.25%	2.25%	+10.00%
Volatility (1Y) Calculated over the trailing 1-year period	15.11%	2.59%	+12.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.10%	3.39%	+12.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.65%	3.32%	+13.33%

TCIEX vs. TIBWX - Expense Ratio Comparison

TCIEX has a 0.05% expense ratio, which is lower than TIBWX's 0.59% expense ratio.

Dividends

TCIEX vs. TIBWX - Dividend Comparison

TCIEX's dividend yield for the trailing twelve months is around 3.55%, more than TIBWX's 1.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TCIEX TIAA-CREF International Equity Index Fund Institutional Class	3.55%	3.89%	3.17%	3.14%	2.82%	3.02%	1.96%	3.08%	3.42%	2.78%	2.95%	3.06%
TIBWX TIAA-CREF International Bond Fund	1.53%	1.53%	1.95%	0.24%	11.88%	2.03%	2.75%	5.40%	3.93%	1.47%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TCIEX and TIBWX in my portfolio?

TCIEX and TIBWX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TCIEX or TIBWX?

TCIEX has higher volatility (4.65%) compared to TIBWX (1.05%). In terms of maximum drawdown, TCIEX dropped -59.27% vs TIBWX's -16.47%.

Which has better risk-adjusted returns?

TCIEX currently has the higher Sharpe Ratio (1.42 vs 1.23), 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.