T. Rowe Price Long Municipal Income ETF (TMNL) belongs to the Municipal Bonds category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with TMNL. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to TMNL
TMNL charges 0.26% annually. There are 71 ETFs in the Municipal Bonds category with lower expense ratios, going as low as 0.03%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Vanguard Tax-Exempt Bond ETF | 0.03% | 47.60B | Aug 2015 | TMNL vs VTEB | |
| Schwab Municipal Bond ETF | 0.03% | 3.92B | Oct 2022 | TMNL vs SCMB | |
| Northern Trust Tax-Exempt Bond ETF | 0.05% | 60.89M | Aug 2025 | TMNL vs TAXT | |
| Fidelity Systematic Municipal Bond Index ETF | 0.05% | 180.62M | Jul 2019 | TMNL vs FMUN | |
| Northern Trust Intermediate Tax-Exempt Bond ETF | 0.05% | 153.73M | Aug 2025 | TMNL vs TAXI |
Best Risk-Adjusted Alternatives to TMNL
Among 107 ETFs in the Municipal Bonds category with risk / return rank data, the top risk-adjusted alternatives shown here go as high as 98.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| State Street My2027 Municipal Bond ETF | 98 | 9.88M | Sep 2024 | TMNL vs MYMG | |
| First Trust Ultra Short Duration Municipal ETF | 97 | 246.08M | Nov 2018 | TMNL vs FUMB | |
| State Street My2026 Municipal Bond ETF | 97 | 8.74M | Sep 2024 | TMNL vs MYMF | |
| iShares Short Maturity Municipal Bond ETF | 96 | 1.39B | Mar 2015 | TMNL vs MEAR | |
| Goldman Sachs Ultra Short Municipal Income ETF | 95 | 38.99M | Jul 2024 | TMNL vs GUMI |
Top Performing TMNL Alternatives (YTD)
TMNL is at 2.93% YTD. There are 14 ETFs in the Municipal Bonds category with higher YTD returns, going as high as 4.59%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Xtrackers Municipal Infrastructure Revenue Bond ET... | 4.59% | 142.76M | Jun 2013 | TMNL vs RVNU | |
| First Trust Flexible Municipal High Income ETF | 4.35% | 19.03M | Sep 2016 | TMNL vs MFLX | |
| T. Rowe Price High Income Municipal ETF | 4.16% | 25.43M | Nov 2025 | TMNL vs THYM | |
| Rareview Tax Advantaged Income ETF | 3.87% | 18.13M | Oct 2020 | TMNL vs RTAI | |
| Overlay Shares Municipal Bond ETF | 3.68% | 30.60M | Sep 2019 | TMNL vs OVM |
Lowest Volatility Alternatives to TMNL
TMNL has 4.44% 1-year volatility. There are 132 ETFs in the Municipal Bonds category with lower 1-year volatility, going as low as 0.54%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| F/m Ultrashort Tax-Free Municipal ETF | 0.54% | 30.59M | Sep 2025 | TMNL vs ZMUN | |
| State Street My2026 Municipal Bond ETF | 0.73% | 8.74M | Sep 2024 | TMNL vs MYMF | |
| iShares Short-Term California Muni Active ETF | 0.75% | 398.45M | Oct 2007 | TMNL vs CALI | |
| Allspring Ultra Short Municipal ETF | 0.78% | 30.06M | Jul 2025 | TMNL vs AUSM | |
| First Trust Ultra Short Duration Municipal ETF | 0.78% | 246.08M | Nov 2018 | TMNL vs FUMB |
Lowest Drawdown Alternatives to TMNL
Among 107 ETFs in the Municipal Bonds category with 1-year drawdown data, the lowest-drawdown alternatives shown here go as shallow as -0.22%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| First Trust Ultra Short Duration Municipal ETF | -0.22% | 246.08M | Nov 2018 | TMNL vs FUMB | |
| Invesco BulletShares 2026 Municipal Bond ETF | -0.33% | 290.51M | Sep 2019 | TMNL vs BSMQ | |
| Goldman Sachs Ultra Short Municipal Income ETF | -0.36% | 38.99M | Jul 2024 | TMNL vs GUMI | |
| State Street My2027 Municipal Bond ETF | -0.36% | 9.88M | Sep 2024 | TMNL vs MYMG | |
| iShares iBonds Dec 2026 Term Muni Bond ETF | -0.38% | 587.10M | Apr 2019 | TMNL vs IBMO |
Other ETFs from T. Rowe Price
The 10 most viewed T. Rowe Price ETFs shown here include TCAF, TFLR, TDVG and span 7 categories. AUM among these funds goes as high as $7B.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| T. Rowe Price Capital Appreciation Equity ETF | Large Cap Blend Equities | 39 | 4.89% | 7.13B | Jun 2023 | TMNL vs TCAF | |
| T. Rowe Price Floating Rate ETF | Bank Loan | 78 | 1.25% | 625.68M | Nov 2022 | TMNL vs TFLR | |
| T. Rowe Price Dividend Growth ETF | Large Cap Growth Equities, Dividend | 58 | 8.26% | 1.36B | Aug 2020 | TMNL vs TDVG | |
| T. Rowe Price Ultra Short-Term Bond ETF | Ultrashort Bond | 99 | 1.93% | 1.17B | Sep 2021 | TMNL vs TBUX | |
| T. Rowe Price Blue Chip Growth ETF | Large Cap Growth Equities | 19 | -1.95% | 2.16B | Aug 2020 | TMNL vs TCHP | |
| T. Rowe Price US Equity Research ETF | Large Cap Blend Equities | 59 | 8.72% | 3.56B | Jun 2021 | TMNL vs TSPA | |
| T. Rowe Price Growth Stock ETF | Large Cap Growth Equities | 20 | -0.25% | 1.01B | Aug 2020 | TMNL vs TGRW | |
| T. Rowe Price U.S. High Yield ETF | High Yield Bonds | 60 | 1.96% | 818.81M | Oct 2022 | TMNL vs THYF | |
| T. Rowe Price International Equity ETF | Foreign Large Cap Equities | 40 | 9.19% | 1.52B | Jun 2023 | TMNL vs TOUS | |
| T. Rowe Price Growth ETF | Large Cap Growth Equities | 22 | 0.43% | 1.24B | Jun 2023 | TMNL vs TGRT |
Often Compared With TMNL
Investors most often compare TMNL with TAXS, BSMR, HYMB. These 4 comparison targets span 2 categories, based on PortfoliosLab usage data.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| Northern Trust Short-Term Tax-Exempt Bond ETF | Municipal Bonds, Short-Term Bond | — | 1.06% | 116.60M | Aug 2025 | TMNL vs TAXS | |
| Invesco BulletShares 2027 Municipal Bond ETF | Municipal Bonds | 94 | 1.18% | 342.74M | Sep 2019 | TMNL vs BSMR | |
| SPDR Nuveen Bloomberg Barclays High Yield Municipa... | Municipal Bonds | 61 | 3.60% | 2.99B | Apr 2011 | TMNL vs HYMB | |
| Invesco New York AMT-Free Municipal Bond ETF | Municipal Bonds | 65 | 3.37% | 137.69M | Oct 2007 | TMNL vs PZT |
Compare TMNL with Any Fund or Stock
Compare TMNL with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair TMNL with funds that move differently
T. Rowe Price Long Municipal Income ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to TMNL.
Explore TMNL Diversifiers