TIBWX vs. TNBMX
TIBWX (TIAA-CREF International Bond Fund) and TNBMX (T. Rowe Price International Bond Fund (USD Hedged)) are both Global Bonds funds. Over the past 5 years, TIBWX returned 0.85%/yr vs 1.31%/yr for TNBMX. Their 0.77 correlation means they have sometimes moved together and sometimes differently. TIBWX charges 0.59%/yr vs 0.53%/yr for TNBMX.
Performance
TIBWX vs. TNBMX - Performance Comparison
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Returns By Period
In the year-to-date period, TIBWX achieves a 0.62% return, which is significantly lower than TNBMX's 1.02% return.
TIBWX
- 1D
- 0.11%
- 1M
- -0.46%
- 6M
- 0.06%
- YTD
- 0.62%
- 1Y
- 2.17%
- 3Y*
- 4.70%
- 5Y*
- 0.85%
- 10Y*
- —
- ALL TIME*
- 2.51%
TNBMX
- 1D
- -0.12%
- 1M
- -0.59%
- 6M
- 0.49%
- YTD
- 1.02%
- 1Y
- 3.45%
- 3Y*
- 5.49%
- 5Y*
- 1.31%
- 10Y*
- —
- ALL TIME*
- 2.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
TIBWX vs. TNBMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TIBWX TIAA-CREF International Bond Fund | 0.62% | 4.24% | 4.60% | 9.06% | -11.39% | -2.19% | 4.81% | 9.96% | 0.39% | 1.00% |
TNBMX T. Rowe Price International Bond Fund (USD Hedged) | 1.02% | 5.25% | 5.00% | 10.32% | -12.30% | -1.63% | 5.73% | 10.77% | 1.72% | 1.35% |
Correlation
The correlation between TIBWX and TNBMX is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.65 |
Correlation (3Y) Balances recent behavior with more history. | 0.78 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.82 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2017 | 0.77 |
The correlation between TIBWX and TNBMX shifts across timeframes, from 0.65 (1 year) to 0.82 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
TIBWX vs. TNBMX — Risk / Return Rank
TIBWX
TNBMX
TIBWX vs. TNBMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF International Bond Fund (TIBWX) 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.
| TIBWX | TNBMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.50 | ||
| Sortino ratioReturn per unit of downside risk | -0.90 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.30 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.81 | 1.58 | -0.77 |
| Martin ratioReturn relative to average drawdown | 2.33 | 5.50 | -3.17 |
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Drawdowns
TIBWX vs. TNBMX - Drawdown Comparison
The maximum TIBWX drawdown since its inception was -16.47%, roughly equal to the maximum TNBMX drawdown of -15.78%. Use the drawdown chart below to compare losses from any high point for TIBWX and TNBMX.
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Drawdown Indicators
| TIBWX | TNBMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.47% | -15.78% | -0.69% |
Max Drawdown (1Y)Largest decline over 1 year | -2.99% | -2.32% | -0.67% |
Max Drawdown (3Y)Largest decline over 3 years | -2.99% | -2.32% | -0.67% |
Max Drawdown (5Y)Largest decline over 5 years | -16.06% | -15.48% | -0.58% |
Current DrawdownCurrent decline from peak | -1.16% | -0.82% | -0.34% |
Average DrawdownAverage peak-to-trough decline | -3.22% | -3.01% | -0.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.04% | 0.67% | +0.37% |
Volatility
TIBWX vs. TNBMX - Volatility Comparison
TIAA-CREF International Bond Fund (TIBWX) has a higher volatility of 0.65% compared to T. Rowe Price International Bond Fund (USD Hedged) (TNBMX) at 0.60%. This indicates that TIBWX'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
| TIBWX | TNBMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.65% | 0.60% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 2.35% | 2.23% | +0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.65% | 2.63% | +0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.41% | 3.65% | -0.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.30% | 3.31% | -0.01% |
TIBWX vs. TNBMX - Expense Ratio Comparison
TIBWX has a 0.59% expense ratio, which is higher than TNBMX's 0.53% expense ratio.
Dividends
TIBWX vs. TNBMX - Dividend Comparison
TIBWX's dividend yield for the trailing twelve months is around 3.58%, less than TNBMX's 4.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TIBWX TIAA-CREF International Bond Fund | 3.58% | 1.53% | 1.95% | 0.24% | 11.88% | 2.03% | 2.75% | 5.40% | 3.93% | 1.47% |
TNBMX T. Rowe Price International Bond Fund (USD Hedged) | 4.48% | 4.76% | 4.24% | 2.85% | 10.20% | 2.84% | 1.90% | 4.65% | 8.20% | 0.64% |
Frequently Asked Questions
TIBWX and TNBMX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TIBWX has higher volatility (0.65%) compared to TNBMX (0.60%). In terms of maximum drawdown, TIBWX dropped -16.47% vs TNBMX's -15.78%.
TNBMX currently has the higher Sharpe Ratio (1.41 vs 0.92), 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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