WAARX vs. RPIEX
WAARX (Western Asset Total Return Unconstrained Fund) and RPIEX (T. Rowe Price Dynamic Global Bond Fund) are both Nontraditional Bonds funds. Over the past 10 years, WAARX returned 2.26%/yr vs 2.32%/yr for RPIEX. At a correlation of -0.13, they often move in opposite directions. WAARX charges 0.74%/yr vs 0.71%/yr for RPIEX.
Performance
WAARX vs. RPIEX - Performance Comparison
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Returns By Period
In the year-to-date period, WAARX achieves a 0.55% return, which is significantly lower than RPIEX's 3.29% return. Both investments have delivered pretty close results over the past 10 years, with WAARX having a 2.26% annualized return and RPIEX not far ahead at 2.32%.
WAARX
- 1D
- -0.11%
- 1M
- 0.22%
- YTD
- 0.55%
- 6M
- 0.66%
- 1Y
- 3.23%
- 3Y*
- 4.62%
- 5Y*
- 0.05%
- 10Y*
- 2.26%
RPIEX
- 1D
- 0.00%
- 1M
- 1.00%
- YTD
- 3.29%
- 6M
- 4.66%
- 1Y
- 6.04%
- 3Y*
- 4.46%
- 5Y*
- 2.23%
- 10Y*
- 2.32%
WAARX vs. RPIEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
WAARX Western Asset Total Return Unconstrained Fund | 0.55% | 7.13% | 1.80% | 7.50% | -13.93% | -1.84% | 5.12% | 8.72% | -2.65% | 7.69% |
RPIEX T. Rowe Price Dynamic Global Bond Fund | 3.29% | 4.82% | 6.83% | -4.51% | 3.08% | 0.08% | 9.42% | -0.39% | 0.89% | -1.89% |
Correlation
The correlation between WAARX and RPIEX is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.14 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | -0.13 |
The correlation between WAARX and RPIEX shifts across timeframes, from -0.23 (5 years) to -0.08 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
WAARX vs. RPIEX — Risk / Return Rank
WAARX
RPIEX
WAARX vs. RPIEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset Total Return Unconstrained Fund (WAARX) and T. Rowe Price Dynamic Global Bond Fund (RPIEX). 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.
| WAARX | RPIEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.30 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.53 | 1.63 | -0.10 |
| Martin ratioReturn relative to average drawdown | 5.68 | 5.49 | +0.18 |
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Drawdowns
WAARX vs. RPIEX - Drawdown Comparison
The maximum WAARX drawdown since its inception was -20.10%, which is greater than RPIEX's maximum drawdown of -9.59%. Use the drawdown chart below to compare losses from any high point for WAARX and RPIEX.
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Drawdown Indicators
| WAARX | RPIEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.10% | -9.59% | -10.51% |
Max Drawdown (1Y)Largest decline over 1 year | -2.26% | -3.64% | +1.38% |
Max Drawdown (3Y)Largest decline over 3 years | -5.04% | -3.64% | -1.40% |
Max Drawdown (5Y)Largest decline over 5 years | -19.35% | -9.59% | -9.76% |
Max Drawdown (10Y)Largest decline over 10 years | -19.35% | -9.59% | -9.76% |
Current DrawdownCurrent decline from peak | -0.64% | -0.13% | -0.51% |
Average DrawdownAverage peak-to-trough decline | -3.13% | -2.46% | -0.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.61% | 1.08% | -0.47% |
Volatility
WAARX vs. RPIEX - Volatility Comparison
The current volatility for Western Asset Total Return Unconstrained Fund (WAARX) is 0.80%, while T. Rowe Price Dynamic Global Bond Fund (RPIEX) has a volatility of 1.03%. This indicates that WAARX experiences smaller price fluctuations and is considered to be less risky than RPIEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| WAARX | RPIEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.80% | 1.03% | -0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 1.88% | 3.88% | -2.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.46% | 4.40% | -1.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.36% | 4.91% | -0.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.18% | 4.19% | -0.01% |
WAARX vs. RPIEX - Expense Ratio Comparison
WAARX has a 0.74% expense ratio, which is higher than RPIEX's 0.71% expense ratio.
Dividends
WAARX vs. RPIEX - Dividend Comparison
WAARX's dividend yield for the trailing twelve months is around 4.86%, less than RPIEX's 7.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RPIEX T. Rowe Price Dynamic Global Bond Fund | 7.51% | 7.69% | 6.32% | 4.68% | 15.28% | 3.76% | 1.93% | 2.51% | 4.36% | 0.61% | 2.72% | 0.00% |
WAARX Western Asset Total Return Unconstrained Fund | 4.86% | 4.40% | 3.86% | 2.54% | 1.04% | 4.40% | 1.59% | 4.30% | 3.69% | 3.59% | 3.18% | 3.16% |
Frequently Asked Questions
WAARX and RPIEX have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RPIEX has higher volatility (1.03%) compared to WAARX (0.80%). In terms of maximum drawdown, WAARX dropped -20.10% vs RPIEX's -9.59%.
WAARX currently has the higher Sharpe Ratio (1.41 vs 1.35), 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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