USHY vs. TNBMX
USHY (iShares Broad USD High Yield Corporate Bond ETF) and TNBMX (T. Rowe Price International Bond Fund (USD Hedged)) are both funds - USHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Constrained Index, while TNBMX is a Global Bonds fund managed by T. Rowe Price. Over the past 5 years, USHY returned 4.16%/yr vs 1.45%/yr for TNBMX. At a 0.26 correlation, their price movements are largely independent. USHY charges 0.15%/yr vs 0.53%/yr for TNBMX.
Performance
USHY vs. TNBMX - Performance Comparison
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Returns By Period
In the year-to-date period, USHY achieves a 1.29% return, which is significantly higher than TNBMX's 0.74% return.
USHY
- 1D
- 0.08%
- 1M
- -0.14%
- YTD
- 1.29%
- 6M
- 1.85%
- 1Y
- 6.84%
- 3Y*
- 8.79%
- 5Y*
- 4.16%
- 10Y*
- —
TNBMX
- 1D
- -0.12%
- 1M
- 0.11%
- YTD
- 0.74%
- 6M
- 1.40%
- 1Y
- 4.14%
- 3Y*
- 5.67%
- 5Y*
- 1.45%
- 10Y*
- —
USHY vs. TNBMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
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% |
Correlation
The correlation between USHY and TNBMX 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 USHY and TNBMX 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
USHY vs. TNBMX — Risk / Return Rank
USHY
TNBMX
USHY vs. TNBMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Broad USD High Yield Corporate Bond ETF (USHY) 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.
| USHY | TNBMX | 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 | 1.36 | 1.38 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.83 | 1.85 | +0.98 |
| Martin ratioReturn relative to average drawdown | 12.68 | 6.28 | +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
| USHY | TNBMX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.88 | 1.69 | +0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.57 | 0.40 | +0.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.86 | -0.29 |
Drawdowns
USHY vs. TNBMX - Drawdown Comparison
The maximum USHY drawdown since its inception was -22.44%, which is greater than TNBMX's maximum drawdown of -15.78%. Use the drawdown chart below to compare losses from any high point for USHY and TNBMX.
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Drawdown Indicators
| USHY | TNBMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.44% | -15.78% | -6.66% |
Max Drawdown (1Y)Largest decline over 1 year | -2.43% | -2.32% | -0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -4.66% | -2.32% | -2.34% |
Max Drawdown (5Y)Largest decline over 5 years | -15.56% | -15.48% | -0.08% |
Current DrawdownCurrent decline from peak | -0.41% | -0.63% | +0.22% |
Average DrawdownAverage peak-to-trough decline | -2.66% | -3.06% | +0.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 0.68% | -0.14% |
Volatility
USHY vs. TNBMX - Volatility Comparison
iShares Broad USD High Yield Corporate Bond ETF (USHY) has a higher volatility of 1.13% compared to T. Rowe Price International Bond Fund (USD Hedged) (TNBMX) at 0.81%. This indicates that USHY'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
| USHY | TNBMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.13% | 0.81% | +0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 2.95% | 2.15% | +0.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.67% | 2.54% | +1.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.34% | 3.63% | +3.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.25% | 3.32% | +4.93% |
USHY vs. TNBMX - Expense Ratio Comparison
USHY has a 0.15% expense ratio, which is lower than TNBMX's 0.53% expense ratio.
Dividends
USHY vs. TNBMX - Dividend Comparison
USHY's dividend yield for the trailing twelve months is around 6.93%, more than TNBMX's 4.79% 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
USHY and TNBMX 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, USHY dropped -22.44% vs TNBMX's -15.78%.
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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