TNBMX vs. USHY
TNBMX (T. Rowe Price International Bond Fund (USD Hedged)) and USHY (iShares Broad USD High Yield Corporate Bond ETF) are both funds - TNBMX is a Global Bonds fund managed by T. Rowe Price, while USHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Constrained Index. Over the past 5 years, TNBMX returned 1.45%/yr vs 4.16%/yr for USHY. At a 0.26 correlation, their price movements are largely independent. TNBMX charges 0.53%/yr vs 0.15%/yr for USHY.
Performance
TNBMX vs. USHY - 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 USHY's 1.29% return.
TNBMX
- 1D
- -0.12%
- 1M
- 0.11%
- YTD
- 0.74%
- 6M
- 1.40%
- 1Y
- 4.14%
- 3Y*
- 5.67%
- 5Y*
- 1.45%
- 10Y*
- —
USHY
- 1D
- 0.08%
- 1M
- -0.14%
- YTD
- 1.29%
- 6M
- 1.85%
- 1Y
- 6.84%
- 3Y*
- 8.79%
- 5Y*
- 4.16%
- 10Y*
- —
TNBMX vs. USHY - 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% | 1.33% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.29% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 6.17% | 14.24% | -2.41% | 0.16% |
Correlation
The correlation between TNBMX and USHY is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017 | 0.26 |
The correlation between TNBMX and USHY shifts across timeframes, from 0.26 (all time) to 0.39 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
TNBMX vs. USHY — Risk / Return Rank
TNBMX
USHY
TNBMX vs. USHY - 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 Broad USD High Yield Corporate Bond ETF (USHY). 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 | USHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | -0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.36 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.85 | 2.83 | -0.98 |
| Martin ratioReturn relative to average drawdown | 6.28 | 12.68 | -6.40 |
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 | USHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.69 | 1.88 | -0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.40 | 0.57 | -0.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.86 | 0.58 | +0.29 |
Drawdowns
TNBMX vs. USHY - Drawdown Comparison
The maximum TNBMX drawdown since its inception was -15.78%, smaller than the maximum USHY drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for TNBMX and USHY.
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Drawdown Indicators
| TNBMX | USHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.78% | -22.44% | +6.66% |
Max Drawdown (1Y)Largest decline over 1 year | -2.32% | -2.43% | +0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -2.32% | -4.66% | +2.34% |
Max Drawdown (5Y)Largest decline over 5 years | -15.48% | -15.56% | +0.08% |
Current DrawdownCurrent decline from peak | -0.63% | -0.41% | -0.22% |
Average DrawdownAverage peak-to-trough decline | -3.06% | -2.66% | -0.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.68% | 0.54% | +0.14% |
Volatility
TNBMX vs. USHY - Volatility Comparison
The current volatility for T. Rowe Price International Bond Fund (USD Hedged) (TNBMX) is 0.81%, while iShares Broad USD High Yield Corporate Bond ETF (USHY) has a volatility of 1.13%. This indicates that TNBMX experiences smaller price fluctuations and is considered to be less risky than USHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TNBMX | USHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.81% | 1.13% | -0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 2.15% | 2.95% | -0.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.54% | 3.67% | -1.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.63% | 7.34% | -3.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.32% | 8.25% | -4.93% |
TNBMX vs. USHY - Expense Ratio Comparison
TNBMX has a 0.53% expense ratio, which is higher than USHY's 0.15% expense ratio.
Dividends
TNBMX vs. USHY - Dividend Comparison
TNBMX's dividend yield for the trailing twelve months is around 4.79%, less than USHY's 6.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.93% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% |
Frequently Asked Questions
TNBMX and USHY have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USHY has higher volatility (1.13%) compared to TNBMX (0.81%). In terms of maximum drawdown, TNBMX dropped -15.78% vs USHY's -22.44%.
USHY currently has the higher Sharpe Ratio (1.88 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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