FEOE vs. TAXE

Last updated Jun 13, 2026

FEOE (First Eagle Overseas Equity ETF) and TAXE (T. Rowe Price Intermediate Municipal Income ETF) are both exchange-traded funds - FEOE is a Foreign Large Cap Equities fund actively managed by First Eagle, while TAXE is a Municipal Bonds fund actively managed by T. Rowe Price. Both are actively managed. Over the past year, FEOE returned 28.89% vs 6.92% for TAXE. At a 0.21 correlation, their price movements are largely independent. FEOE charges 0.50%/yr vs 0.24%/yr for TAXE.

Performance

FEOE vs. TAXE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Eagle Overseas Equity ETF (FEOE) and T. Rowe Price Intermediate Municipal Income ETF (TAXE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEOE achieves a 11.04% return, which is significantly higher than TAXE's 1.77% return.

FEOE

• 1D: 0.09%
• 1M: -1.29%
• YTD: 11.04%
• 6M: 12.65%
• 1Y: 28.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TAXE

• 1D: -0.04%
• 1M: 0.66%
• YTD: 1.77%
• 6M: 2.05%
• 1Y: 6.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FEOE vs. TAXE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FEOE First Eagle Overseas Equity ETF	11.04%	41.33%	-0.74%
TAXE T. Rowe Price Intermediate Municipal Income ETF	1.77%	5.78%	0.43%

Correlation

The correlation between FEOE and TAXE is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since Dec 20, 2024	0.21

Return for Risk

FEOE vs. TAXE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FEOE

FEOE Risk / Return Rank: 60
FEOE Sharpe Ratio Rank: 67
FEOE Sortino Ratio Rank: 62
FEOE Omega Ratio Rank: 67
FEOE Calmar Ratio Rank: 53
FEOE Martin Ratio Rank: 53

TAXE

TAXE Risk / Return Rank: 81
TAXE Sharpe Ratio Rank: 94
TAXE Sortino Ratio Rank: 95
TAXE Omega Ratio Rank: 96
TAXE Calmar Ratio Rank: 62
TAXE Martin Ratio Rank: 59

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FEOE vs. TAXE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Eagle Overseas Equity ETF (FEOE) and T. Rowe Price Intermediate Municipal Income ETF (TAXE). 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.

	FEOE	TAXE	Difference
Sharpe ratio: Return per unit of total volatility	1.94	3.13	-1.19
Sortino ratio: Return per unit of downside risk	2.55	4.76	-2.21
Omega ratio: Gain probability vs. loss probability	1.35	1.74	-0.39
Calmar ratio: Return relative to maximum drawdown	2.36	2.75	-0.38
Martin ratio: Return relative to average drawdown	8.23	9.31	-1.09

FEOE vs. TAXE - Sharpe Ratio Comparison

The current FEOE Sharpe Ratio is 1.94, which is lower than the TAXE Sharpe Ratio of 3.13. The chart below compares the historical Sharpe Ratios of FEOE and TAXE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FEOE vs. TAXE - Drawdown Comparison

The maximum FEOE drawdown since its inception was -12.27%, which is greater than TAXE's maximum drawdown of -3.72%. Use the drawdown chart below to compare losses from any high point for FEOE and TAXE.

Drawdown Indicators

	FEOE	TAXE	Difference
Max Drawdown Largest peak-to-trough decline	-12.27%	-3.72%	-8.55%
Max Drawdown (1Y) Largest decline over 1 year	-12.27%	-2.53%	-9.74%
Current Drawdown Current decline from peak	-3.50%	-0.60%	-2.90%
Average Drawdown Average peak-to-trough decline	-1.83%	-0.71%	-1.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.53%	0.75%	+2.78%

Volatility

FEOE vs. TAXE - Volatility Comparison

First Eagle Overseas Equity ETF (FEOE) has a higher volatility of 5.11% compared to T. Rowe Price Intermediate Municipal Income ETF (TAXE) at 0.76%. This indicates that FEOE's price experiences larger fluctuations and is considered to be riskier than TAXE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEOE	TAXE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.11%	0.76%	+4.35%
Volatility (6M) Calculated over the trailing 6-month period	12.96%	1.66%	+11.30%
Volatility (1Y) Calculated over the trailing 1-year period	14.99%	2.23%	+12.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.85%	3.13%	+12.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.85%	3.13%	+12.72%

FEOE vs. TAXE - Expense Ratio Comparison

FEOE has a 0.50% expense ratio, which is higher than TAXE's 0.24% expense ratio.

Dividends

FEOE vs. TAXE - Dividend Comparison

FEOE's dividend yield for the trailing twelve months is around 1.37%, less than TAXE's 3.56% yield.

Position	TTM	2025	2024
FEOE First Eagle Overseas Equity ETF	1.37%	1.53%	0.00%
TAXE T. Rowe Price Intermediate Municipal Income ETF	3.56%	3.46%	1.74%

Frequently Asked Questions

Can I hold both FEOE and TAXE in my portfolio?

FEOE and TAXE have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEOE or TAXE?

FEOE has higher volatility (5.11%) compared to TAXE (0.76%). In terms of maximum drawdown, FEOE dropped -12.27% vs TAXE's -3.72%.

Which ETF is better, FEOE or TAXE?

On 1-year performance, FEOE leads with 28.89% vs 6.92% for TAXE. On fees, TAXE is cheaper at 0.24% per year. On volatility, TAXE has been the lower-risk option at 0.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEOE or TAXE?

Over the 1-year period, FEOE has performed better with a 28.89% return vs 6.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEOE or TAXE?

TAXE is cheaper with a 0.24% expense ratio, compared with 0.50% for FEOE.

Which ETF pays a higher dividend yield, FEOE or TAXE?

TAXE has the higher dividend yield at 3.56%, compared with 1.37% for FEOE.

What is the main difference between FEOE and TAXE?

FEOE is categorized as Foreign Large Cap Equities, while TAXE is Municipal Bonds. They also come from different issuers: First Eagle and T. Rowe Price. Their fees differ too: 0.50% for FEOE and 0.24% for TAXE.

Which has better risk-adjusted returns?

TAXE currently has the higher Sharpe Ratio (3.13 vs 1.94), 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.