TNBMX vs. IVV
TNBMX (T. Rowe Price International Bond Fund (USD Hedged)) and IVV (iShares Core S&P 500 ETF) are both funds - TNBMX is a Global Bonds fund managed by T. Rowe Price, while IVV is a S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, TNBMX returned 1.45%/yr vs 13.50%/yr for IVV. At a 0.09 correlation, their price movements are largely independent. TNBMX charges 0.53%/yr vs 0.03%/yr for IVV.
Performance
TNBMX vs. IVV - Performance Comparison
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Returns By Period
In the year-to-date period, TNBMX achieves a 0.74% return, which is significantly lower than IVV's 8.72% return.
TNBMX
- 1D
- -0.12%
- 1M
- 0.11%
- YTD
- 0.74%
- 6M
- 1.40%
- 1Y
- 4.14%
- 3Y*
- 5.67%
- 5Y*
- 1.45%
- 10Y*
- —
IVV
- 1D
- 0.24%
- 1M
- 0.23%
- YTD
- 8.72%
- 6M
- 8.76%
- 1Y
- 24.89%
- 3Y*
- 21.44%
- 5Y*
- 13.50%
- 10Y*
- 15.32%
TNBMX vs. IVV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TNBMX T. Rowe Price International Bond Fund (USD Hedged) | 0.74% | 5.25% | 5.00% | 10.32% | -12.30% | -1.63% | 5.73% | 10.77% | 1.72% | 1.35% |
IVV iShares Core S&P 500 ETF | 8.72% | 17.85% | 24.93% | 26.31% | -18.16% | 28.76% | 18.40% | 31.07% | -4.49% | 7.78% |
Correlation
The correlation between TNBMX and IVV is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Sep 14, 2017 | 0.09 |
The correlation between TNBMX and IVV shifts across timeframes, from 0.09 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TNBMX vs. IVV — Risk / Return Rank
TNBMX
IVV
TNBMX vs. IVV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price International Bond Fund (USD Hedged) (TNBMX) and iShares Core S&P 500 ETF (IVV). 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.
| TNBMX | IVV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.39 | ||
| Sortino ratioReturn per unit of downside risk | -0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.38 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.85 | 2.81 | -0.97 |
| Martin ratioReturn relative to average drawdown | 6.28 | 12.97 | -6.69 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TNBMX | IVV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.69 | 2.07 | -0.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.40 | 0.80 | -0.40 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.85 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.86 | 0.45 | +0.42 |
Drawdowns
TNBMX vs. IVV - Drawdown Comparison
The maximum TNBMX drawdown since its inception was -15.78%, smaller than the maximum IVV drawdown of -55.25%. Use the drawdown chart below to compare losses from any high point for TNBMX and IVV.
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Drawdown Indicators
| TNBMX | IVV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.78% | -55.25% | +39.47% |
Max Drawdown (1Y)Largest decline over 1 year | -2.32% | -8.89% | +6.57% |
Max Drawdown (3Y)Largest decline over 3 years | -2.32% | -18.75% | +16.43% |
Max Drawdown (5Y)Largest decline over 5 years | -15.48% | -24.53% | +9.05% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.90% | — |
Current DrawdownCurrent decline from peak | -0.63% | -2.67% | +2.04% |
Average DrawdownAverage peak-to-trough decline | -3.06% | -10.77% | +7.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.68% | 1.92% | -1.24% |
Volatility
TNBMX vs. IVV - Volatility Comparison
The current volatility for T. Rowe Price International Bond Fund (USD Hedged) (TNBMX) is 0.81%, while iShares Core S&P 500 ETF (IVV) has a volatility of 3.77%. This indicates that TNBMX experiences smaller price fluctuations and is considered to be less risky than IVV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TNBMX | IVV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.81% | 3.77% | -2.96% |
Volatility (6M)Calculated over the trailing 6-month period | 2.15% | 9.31% | -7.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.54% | 12.08% | -9.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.63% | 16.92% | -13.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.32% | 18.07% | -14.75% |
TNBMX vs. IVV - Expense Ratio Comparison
TNBMX has a 0.53% expense ratio, which is higher than IVV's 0.03% expense ratio.
Dividends
TNBMX vs. IVV - Dividend Comparison
TNBMX's dividend yield for the trailing twelve months is around 4.79%, more than IVV's 1.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IVV iShares Core S&P 500 ETF | 1.09% | 1.17% | 1.30% | 1.44% | 1.66% | 1.20% | 1.57% | 1.85% | 2.21% | 1.75% | 2.01% | 2.27% |
TNBMX T. Rowe Price International Bond Fund (USD Hedged) | 4.79% | 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
TNBMX and IVV have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IVV has higher volatility (3.77%) compared to TNBMX (0.81%). In terms of maximum drawdown, TNBMX dropped -15.78% vs IVV's -55.25%.
IVV currently has the higher Sharpe Ratio (2.07 vs 1.69), 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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