WAVLX vs. RPIEX
WAVLX (Wavelength Interest Rate Neutral Fund) and RPIEX (T. Rowe Price Dynamic Global Bond Fund) are both Nontraditional Bonds funds. Over the past 10 years, WAVLX returned 4.19%/yr vs 2.32%/yr for RPIEX. At a correlation of -0.28, they often move in opposite directions. WAVLX charges 0.99%/yr vs 0.71%/yr for RPIEX.
Performance
WAVLX vs. RPIEX - Performance Comparison
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Returns By Period
In the year-to-date period, WAVLX achieves a 2.83% return, which is significantly lower than RPIEX's 3.29% return. Over the past 10 years, WAVLX has outperformed RPIEX with an annualized return of 4.19%, while RPIEX has yielded a comparatively lower 2.32% annualized return.
WAVLX
- 1D
- -0.29%
- 1M
- 0.32%
- YTD
- 2.83%
- 6M
- 2.77%
- 1Y
- 9.09%
- 3Y*
- 7.53%
- 5Y*
- 2.69%
- 10Y*
- 4.19%
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%
WAVLX vs. RPIEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
WAVLX Wavelength Interest Rate Neutral Fund | 2.83% | 9.86% | 5.21% | 7.02% | -11.34% | 1.72% | 8.29% | 13.07% | -1.46% | 5.59% |
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 WAVLX and RPIEX is -0.02, 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 | -0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.30 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | -0.28 |
Over the past year, the inverse relationship between WAVLX and RPIEX has weakened: their correlation has moved from -0.28 to -0.02, meaning they move in opposite directions less often than they have historically.
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Return for Risk
WAVLX vs. RPIEX — Risk / Return Rank
WAVLX
RPIEX
WAVLX vs. RPIEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Wavelength Interest Rate Neutral Fund (WAVLX) 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.
| WAVLX | RPIEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.81 | ||
| Sortino ratioReturn per unit of downside risk | +0.88 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.30 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 3.13 | 1.63 | +1.50 |
| Martin ratioReturn relative to average drawdown | 13.29 | 5.49 | +7.79 |
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Drawdowns
WAVLX vs. RPIEX - Drawdown Comparison
The maximum WAVLX drawdown since its inception was -14.39%, which is greater than RPIEX's maximum drawdown of -9.59%. Use the drawdown chart below to compare losses from any high point for WAVLX and RPIEX.
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Drawdown Indicators
| WAVLX | RPIEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.39% | -9.59% | -4.80% |
Max Drawdown (1Y)Largest decline over 1 year | -3.03% | -3.64% | +0.61% |
Max Drawdown (3Y)Largest decline over 3 years | -5.33% | -3.64% | -1.69% |
Max Drawdown (5Y)Largest decline over 5 years | -14.39% | -9.59% | -4.80% |
Max Drawdown (10Y)Largest decline over 10 years | -14.39% | -9.59% | -4.80% |
Current DrawdownCurrent decline from peak | -0.58% | -0.13% | -0.45% |
Average DrawdownAverage peak-to-trough decline | -2.97% | -2.46% | -0.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.71% | 1.08% | -0.37% |
Volatility
WAVLX vs. RPIEX - Volatility Comparison
Wavelength Interest Rate Neutral Fund (WAVLX) has a higher volatility of 1.52% compared to T. Rowe Price Dynamic Global Bond Fund (RPIEX) at 1.03%. This indicates that WAVLX's price experiences larger fluctuations and is considered to be riskier 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
| WAVLX | RPIEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.52% | 1.03% | +0.49% |
Volatility (6M)Calculated over the trailing 6-month period | 3.39% | 3.88% | -0.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.38% | 4.40% | -0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.61% | 4.91% | +0.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.32% | 4.19% | +1.13% |
WAVLX vs. RPIEX - Expense Ratio Comparison
WAVLX has a 0.99% expense ratio, which is higher than RPIEX's 0.71% expense ratio.
Dividends
WAVLX vs. RPIEX - Dividend Comparison
WAVLX's dividend yield for the trailing twelve months is around 4.34%, 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% |
WAVLX Wavelength Interest Rate Neutral Fund | 4.34% | 3.67% | 4.41% | 4.83% | 3.63% | 2.83% | 2.21% | 4.96% | 2.65% | 2.09% | 2.13% | 2.18% |
Frequently Asked Questions
WAVLX and RPIEX have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WAVLX has higher volatility (1.52%) compared to RPIEX (1.03%). In terms of maximum drawdown, WAVLX dropped -14.39% vs RPIEX's -9.59%.
WAVLX currently has the higher Sharpe Ratio (2.16 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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