- ISIN
- US87378P1057
- Issuer
- T. Rowe Price
- Inception Date
- Sep 28, 2021
- Region
- North America (U.S.)
- Category
- Intermediate Core Bond
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $2B
Highlights
- Avg. Volume (1M)
- 124K
- Avg. Volume Value (1M)
- $5.24M
Share Price Chart
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Performance
TAGG Performance Chart
T. Rowe Price QM U.S. Bond ETF (TAGG) is down 0.5% since the beginning of the year. TAGG is currently trading at $42 per share.
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Returns By Period
T. Rowe Price QM U.S. Bond ETF (TAGG) has returned -0.52% so far this year and 2.12% over the past 12 months.
T. Rowe Price QM U.S. Bond ETF
- 1D
- -0.28%
- 1M
- -1.22%
- 6M
- -0.79%
- YTD
- -0.52%
- 1Y
- 2.12%
- 3Y*
- 4.25%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 0.08%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
TAGG Monthly Returns History
Based on dividend-adjusted daily data since Sep 29, 2021, TAGG's average daily return is 0.00%, while the average monthly return is +0.02%. At this rate, an investment would double in approximately 288.8 years.
Historically, 54% of months were positive and 46% were negative. The best month was Nov 2023 with a return of +4.8%, while the worst month was Sep 2022 at -4.3%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 6 months.
On a daily basis, TAGG closed higher 51% of trading days. The best single day was Nov 10, 2022 with a return of +2.0%, while the worst single day was Jun 13, 2022 at -1.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.27% | 1.98% | -2.15% | 0.09% | 0.22% | 0.45% | -1.33% | -0.52% | |||||
| 2025 | 0.56% | 2.30% | 0.34% | 0.10% | -0.82% | 1.56% | -0.32% | 1.24% | 1.15% | 0.63% | 0.69% | -0.22% | 7.40% |
| 2024 | 0.00% | -1.41% | 0.83% | -2.41% | 1.56% | 1.14% | 2.38% | 1.54% | 1.38% | -2.55% | 1.12% | -1.71% | 1.73% |
| 2023 | 3.72% | -2.48% | 2.32% | 0.55% | -0.93% | -0.44% | -0.28% | -0.51% | -2.69% | -1.83% | 4.77% | 3.75% | 5.72% |
| 2022 | -0.83% | -1.10% | -2.93% | -3.71% | 0.44% | -1.72% | 2.35% | -2.81% | -4.33% | -1.64% | 3.79% | -0.61% | -12.63% |
| 2021 | 0.01% | -0.01% | 0.26% | -0.28% | -0.01% |
Benchmark Metrics
T. Rowe Price QM U.S. Bond ETF has an annualized alpha of -0.47%, beta of 0.06, and R2 of 0.03 versus S&P 500 Index. Calculated based on daily prices since September 29, 2021.
- This ETF participated in 38.30% of S&P 500 Index downside but only 16.95% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.06 may look defensive, but with R2 of 0.03 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.03 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- -0.47%
- Beta
- 0.06
- R²
- 0.03
- Upside Capture
- 16.95%
- Downside Capture
- 38.30%
Expense Ratio
TAGG has an expense ratio of 0.08%, which is considered low.
Return for Risk
Risk / Return Rank
TAGG ranks 30 for risk / return — above 30% of ETFs peers on PortfoliosLab. Its historical combined result is below the peer median.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for T. Rowe Price QM U.S. Bond ETF (TAGG) and compare them to S&P 500 Index.
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.
| TAGG | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.60 | ||
| Sortino ratioReturn per unit of downside risk | -0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.25 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.94 | 2.00 | -1.06 |
| Martin ratioReturn relative to average drawdown | 2.27 | 8.49 | -6.22 |
Dividends
Dividend History
T. Rowe Price QM U.S. Bond ETF provided a 4.59% dividend yield over the last twelve months, with an annual payout of $1.92 per share. The fund has been increasing its distributions for 2 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Dividend | $1.92 | $1.88 | $1.82 | $1.50 | $1.55 | $0.17 |
Dividend yield | 4.59% | 4.36% | 4.36% | 3.48% | 3.67% | 0.33% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price QM U.S. Bond ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.15 | $0.15 | $0.16 | $0.16 | $0.16 | $0.14 | $0.16 | $1.09 | |||||
| 2025 | $0.16 | $0.12 | $0.14 | $0.15 | $0.16 | $0.16 | $0.16 | $0.17 | $0.17 | $0.16 | $0.16 | $0.17 | $1.88 |
| 2024 | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | $1.82 |
| 2023 | $0.10 | $0.10 | $0.11 | $0.11 | $0.12 | $0.12 | $0.10 | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | $1.50 |
| 2022 | $0.65 | $0.03 | $0.05 | $0.06 | $0.07 | $0.08 | $0.09 | $0.10 | $0.11 | $0.09 | $0.09 | $0.13 | $1.55 |
| 2021 | $0.03 | $0.06 | $0.08 | $0.17 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the T. Rowe Price QM U.S. Bond ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the T. Rowe Price QM U.S. Bond ETF was 17.26%, occurring on Oct 20, 2022. Recovery took 749 trading sessions.
The current T. Rowe Price QM U.S. Bond ETF drawdown is 2.71%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-17.26%Oct 2022 | 11mo 14d | 2y 12mo | 3y 11moNov 2021 - Oct 2025 | Bear market2022 |
-3.19%May 2026 | 2mo 18d | — | 5mo 3dMar 2026 - now | — |
-1.08%Nov 2025 | 8d | 21d | 29dOct 2025 - Nov 2025 | — |
-1.01%Oct 2021 | 17d | 15d | 1mo 2dOct 2021 - Nov 2021 | — |
-0.88%Dec 2025 | 10d | 1mo 7d | 1mo 17dNov 2025 - Jan 2026 | — |
Drawdown Indicators
| TAGG | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.26% | -56.78% | +39.52% |
Max Drawdown (1Y)Largest decline over 1 year | -3.19% | -9.10% | +5.91% |
Max Drawdown (3Y)Largest decline over 3 years | -4.97% | -18.90% | +13.93% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -2.71% | -1.58% | -1.13% |
Average DrawdownAverage peak-to-trough decline | -6.70% | -10.70% | +4.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.32% | 2.14% | -0.82% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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