There are plenty of choices in the Mutual Fund Bond category, but where should you start your research? Well, one fund that may not be worth investigating is Oppenheimer International Bond Y (OIBYX). OIBYX possesses a Zacks Mutual Fund Rank of 5 (Strong Sell), which is based on nine forecasting factors like size, cost, and past performance.History of Fund/ManagerOIBYX finds itself in the Invesco family, based out of Kansas City, MO. Oppenheimer International Bond Y made its debut in October of 2004, and since then, OIBYX has accumulated about $936.63 million in assets, per the most up-to-date date available. The fund's current manager is a team of investment professionals.PerformanceObviously, what investors are looking for in these funds is strong performance relative to their peers. This fund carries a 5-year annualized total return of 2.25%, and it sits in the middle third among its category peers. Investors who prefer analyzing shorter time frames should look at its 3-year annualized total return of 2.15%, which places it in the middle third during this time-frame.When looking at a fund's performance, it is also important to note the standard deviation of the returns. The lower the standard deviation, the less volatility the fund experiences. Compared to the category average of 13.03%, the standard deviation of OIBYX over the past three years is 12.63%. Over the past 5 years, the standard deviation of the fund is 10.43% compared to the category average of 11.09%. This makes the fund less volatile than its peers over the past half-decade.OIBYX carries a beta of 0.84, meaning that the fund is less volatile than a broad market index of fixed income securities. With this in mind, it has a negative alpha of -0.05, which measures performance on a risk-adjusted basis.RatingsInvestors should also consider a bond's rating, which is a grade ( 'AAA' to 'D' ) given to a bond that indicates its credit quality. With this letter scale in mind, OIBYX has 25.59% in medium quality bonds, with ratings of 'A' to 'BBB'. The fund's junk bond component-bonds rated 'BB' or below-is at 34.38%, giving OIBYX an average quality of BBB. This means that it focuses on medium quality securities.ExpensesFor investors, taking a closer look at cost-related metrics is key, since costs are increasingly important for mutual fund investing. Competition is heating up in this space, and a lower cost product will likely outperform its otherwise identical counterpart, all things being equal. In terms of fees, OIBYX is a no load fund. It has an expense ratio of 0.75% compared to the category average of 0.92%. OIBYX is actually cheaper than its peers when you consider factors like cost.While the minimum initial investment for the product is $1,000, investors should also note that each subsequent investment needs to be at least $50.Bottom LineOverall, Oppenheimer International Bond Y ( OIBYX ) has a low Zacks Mutual Fund rank, and in conjunction with its comparatively similar performance, average downside risk, and lower fees, this fund looks like a somewhat weak choice for investors right now.Don't stop here for your research on Mutual Fund Bond funds. We also have plenty more on our site in order to help you find the best possible fund for your portfolio. Make sure to check out www.zacks.com/funds/mutual-funds for more information about the world of funds, and feel free to compare OIBYX to its peers as well for additional information. If you want to check out our stock reports as well, make sure to go to Zacks.com to see all of the great tools we have to offer, including our time-tested Zacks Rank. Bitcoin, Like the Internet Itself, Could Change Everything Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities. Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly. See 3 crypto-related stocks now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Get Your Free (OIBYX): Fund Analysis Report To read this article on Zacks.com click here. Zacks Investment Research