TIBWX vs. DFSHX

Last updated Jun 4, 2026

TIBWX (TIAA-CREF International Bond Fund) and DFSHX (DFA Selectively Hedged Global Fixed Income Portfolio) are both Global Bonds funds. Over the past 5 years, TIBWX returned 1.11%/yr vs 1.99%/yr for DFSHX. A 0.52 correlation means they provide meaningful diversification when combined. TIBWX charges 0.59%/yr vs 0.16%/yr for DFSHX.

Performance

TIBWX vs. DFSHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA-CREF International Bond Fund (TIBWX) and DFA Selectively Hedged Global Fixed Income Portfolio (DFSHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TIBWX achieves a 0.68% return, which is significantly lower than DFSHX's 1.62% return.

TIBWX

• 1D: 0.11%
• 1M: 0.90%
• YTD: 0.68%
• 6M: 0.64%
• 1Y: 3.28%
• 3Y*: 5.11%
• 5Y*: 1.11%
• 10Y*: —

DFSHX

• 1D: 0.11%
• 1M: 0.75%
• YTD: 1.62%
• 6M: 1.78%
• 1Y: 4.38%
• 3Y*: 5.18%
• 5Y*: 1.99%
• 10Y*: 2.14%

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

TIBWX vs. DFSHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TIBWX TIAA-CREF International Bond Fund	0.68%	4.24%	4.60%	9.06%	-11.39%	-2.19%	4.81%	9.96%	0.39%	5.66%
DFSHX DFA Selectively Hedged Global Fixed Income Portfolio	1.62%	4.84%	5.66%	5.55%	-6.24%	-0.82%	2.33%	4.82%	1.83%	2.61%

Correlation

The correlation between TIBWX and DFSHX is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.52

The correlation between TIBWX and DFSHX shifts across timeframes, from 0.36 (3 years) to 0.59 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

TIBWX vs. DFSHX — Risk / Return Rank

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

TIBWX

TIBWX Risk / Return Rank: 17
TIBWX Sharpe Ratio Rank: 20
TIBWX Sortino Ratio Rank: 19
TIBWX Omega Ratio Rank: 24
TIBWX Calmar Ratio Rank: 12
TIBWX Martin Ratio Rank: 12

DFSHX

DFSHX Risk / Return Rank: 86
DFSHX Sharpe Ratio Rank: 88
DFSHX Sortino Ratio Rank: 92
DFSHX Omega Ratio Rank: 95
DFSHX Calmar Ratio Rank: 76
DFSHX Martin Ratio Rank: 78

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.

TIBWX vs. DFSHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF International Bond Fund (TIBWX) and DFA Selectively Hedged Global Fixed Income Portfolio (DFSHX). 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.

	TIBWX	DFSHX	Difference
Sharpe ratio: Return per unit of total volatility	1.27	2.90	-1.62
Sortino ratio: Return per unit of downside risk	1.84	4.58	-2.73
Omega ratio: Gain probability vs. loss probability	1.26	1.81	-0.55
Calmar ratio: Return relative to maximum drawdown	1.10	3.44	-2.34
Martin ratio: Return relative to average drawdown	3.48	14.63	-11.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TIBWX vs. DFSHX - Sharpe Ratio Comparison

The current TIBWX Sharpe Ratio is 1.27, which is lower than the DFSHX Sharpe Ratio of 2.90. The chart below compares the historical Sharpe Ratios of TIBWX and DFSHX, 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

	TIBWX	DFSHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.27	2.90	-1.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	0.60	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.81	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.49	+0.28

Drawdowns

TIBWX vs. DFSHX - Drawdown Comparison

The maximum TIBWX drawdown since its inception was -16.47%, which is greater than DFSHX's maximum drawdown of -9.58%. Use the drawdown chart below to compare losses from any high point for TIBWX and DFSHX.

Drawdown Indicators

	TIBWX	DFSHX	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-9.58%	-6.89%
Max Drawdown (1Y) Largest decline over 1 year	-2.99%	-1.28%	-1.71%
Max Drawdown (3Y) Largest decline over 3 years	-2.99%	-4.18%	+1.19%
Max Drawdown (5Y) Largest decline over 5 years	-16.06%	-9.58%	-6.48%
Max Drawdown (10Y) Largest decline over 10 years	—	-9.58%	—
Current Drawdown Current decline from peak	-1.11%	-0.11%	-1.00%
Average Drawdown Average peak-to-trough decline	-3.26%	-2.29%	-0.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	0.30%	+0.65%

Volatility

TIBWX vs. DFSHX - Volatility Comparison

TIAA-CREF International Bond Fund (TIBWX) has a higher volatility of 1.05% compared to DFA Selectively Hedged Global Fixed Income Portfolio (DFSHX) at 0.70%. This indicates that TIBWX's price experiences larger fluctuations and is considered to be riskier than DFSHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TIBWX	DFSHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.05%	0.70%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	2.25%	1.36%	+0.89%
Volatility (1Y) Calculated over the trailing 1-year period	2.59%	1.52%	+1.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.39%	3.37%	+0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.31%	2.65%	+0.66%

TIBWX vs. DFSHX - Expense Ratio Comparison

TIBWX has a 0.59% expense ratio, which is higher than DFSHX's 0.16% expense ratio.

Dividends

TIBWX vs. DFSHX - Dividend Comparison

TIBWX's dividend yield for the trailing twelve months is around 1.52%, less than DFSHX's 4.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFSHX DFA Selectively Hedged Global Fixed Income Portfolio	4.19%	4.26%	4.50%	3.90%	0.04%	1.77%	0.03%	2.52%	3.23%	1.75%	1.63%	1.11%
TIBWX TIAA-CREF International Bond Fund	1.52%	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 TIBWX and DFSHX in my portfolio?

TIBWX and DFSHX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TIBWX or DFSHX?

TIBWX has higher volatility (1.05%) compared to DFSHX (0.70%). In terms of maximum drawdown, TIBWX dropped -16.47% vs DFSHX's -9.58%.

Which has better risk-adjusted returns?

DFSHX currently has the higher Sharpe Ratio (2.90 vs 1.27), 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.