A composite rotary tool includes at least first and second regions comprising first and second materials, respectively. The first and second regions are autogenously bonded and differ with respect to at least one characteristic such as, for example, modulus of elasticity, hardness, wear resistance, fracture toughness, tensile strength, corrosion resistance, coefficient of thermal expansion, or coefficient of thermal conductivity. A method for producing the composite rotary tool includes placing a first metallurgical powder into a first region of a void of a mold, and placing a second metallurgical powder into a second region of the void. The first metallurgical powder differs from the second metallurgical powder, and at least a portion of the first metallurgical is brought into contact with the second metallurgical powder. The mold is compressed to consolidate the first and second metallurgical powders to form a compact, and the compact subsequently is sintered.