PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
RPGAX vs. TAXE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

RPGAX vs. TAXE

Last updated Jun 13, 2026

RPGAX (T. Rowe Price Global Allocation Fund) and TAXE (T. Rowe Price Intermediate Municipal Income ETF) are both funds - RPGAX is a Global Allocation fund actively managed by T. Rowe Price, while TAXE is a Municipal Bonds fund actively managed by T. Rowe Price. Both are actively managed. Over the past year, RPGAX returned 15.44% vs 6.92% for TAXE. At a 0.23 correlation, their price movements are largely independent. RPGAX charges 1.01%/yr vs 0.24%/yr for TAXE.

Performance

RPGAX vs. TAXE - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, RPGAX achieves a 6.32% return, which is significantly higher than TAXE's 1.77% return.

RPGAX

1D
1.56%
1M
0.06%
YTD
6.32%
6M
6.83%
1Y
15.44%
3Y*
12.71%
5Y*
5.66%
10Y*
8.21%

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)

RPGAX vs. TAXE - Yearly Performance Comparison

2026 (YTD)20252024
RPGAX
T. Rowe Price Global Allocation Fund		6.32%15.00%1.59%
TAXE
T. Rowe Price Intermediate Municipal Income ETF		1.77%5.78%1.56%

Correlation

The correlation between RPGAX and TAXE is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.29

Correlation (All Time)
Calculated using the full available price history since Jul 10, 2024

0.23

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

T. Rowe Price Global Allocation Fund

T. Rowe Price Intermediate Municipal Income ETF

Often compared with RPGAX:
RPGAX vs. GIMFXRPGAX vs. VGWAXRPGAX vs. GGSIXRPGAX vs. VHGEXRPGAX vs. FBALXRPGAX vs. TOUSRPGAX vs. PRGSX
Often compared with TAXE:
TAXE vs. CATAXE vs. VTEBTAXE vs. CGMUTAXE vs. FUMBTAXE vs. TGRWTAXE vs. THYFTAXE vs. MUB

Return for Risk

RPGAX vs. TAXE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
RPGAX
RPGAX Risk / Return Rank: 6262
Overall Rank
RPGAX Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
RPGAX Sortino Ratio Rank: 6464
Sortino Ratio Rank
RPGAX Omega Ratio Rank: 6868
Omega Ratio Rank
RPGAX Calmar Ratio Rank: 5353
Calmar Ratio Rank
RPGAX Martin Ratio Rank: 6262
Martin Ratio Rank
TAXE
TAXE Risk / Return Rank: 8181
Overall Rank
TAXE Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
TAXE Sortino Ratio Rank: 9595
Sortino Ratio Rank
TAXE Omega Ratio Rank: 9696
Omega Ratio Rank
TAXE Calmar Ratio Rank: 6262
Calmar Ratio Rank
TAXE Martin Ratio Rank: 5959
Martin Ratio Rank
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.

RPGAX vs. TAXE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Global Allocation Fund (RPGAX) 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.

RPGAXTAXEDifference
Sharpe ratioReturn per unit of total volatility
1.92
3.13

-1.20

Sortino ratioReturn per unit of downside risk
2.73
4.76

-2.03

Omega ratioGain probability vs. loss probability

1.37

1.74

-0.37

Calmar ratioReturn relative to maximum drawdown

2.35

2.75

-0.40

Martin ratioReturn relative to average drawdown

10.09

9.31

+0.78

RPGAX vs. TAXE - Sharpe Ratio Comparison

The current RPGAX Sharpe Ratio is 1.92, which is lower than the TAXE Sharpe Ratio of 3.13. The chart below compares the historical Sharpe Ratios of RPGAX 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.

Loading charts...

Drawdowns

RPGAX vs. TAXE - Drawdown Comparison

The maximum RPGAX drawdown since its inception was -24.42%, which is greater than TAXE's maximum drawdown of -3.72%. Use the drawdown chart below to compare losses from any high point for RPGAX and TAXE.

Loading charts...

Drawdown Indicators

RPGAXTAXEDifference

Max Drawdown

Largest peak-to-trough decline

-24.42%

-3.72%

-20.70%

Max Drawdown (1Y)

Largest decline over 1 year

-6.75%

-2.53%

-4.22%

Max Drawdown (3Y)

Largest decline over 3 years

-9.57%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-21.79%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-24.42%

—

—

Current Drawdown

Current decline from peak

-1.16%

-0.60%

-0.56%

Average Drawdown

Average peak-to-trough decline

-3.83%

-0.71%

-3.12%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.57%

0.75%

+0.82%

Volatility

RPGAX vs. TAXE - Volatility Comparison

T. Rowe Price Global Allocation Fund (RPGAX) has a higher volatility of 3.41% compared to T. Rowe Price Intermediate Municipal Income ETF (TAXE) at 0.76%. This indicates that RPGAX'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.

Loading charts...

Volatility by Period

RPGAXTAXEDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.41%

0.76%

+2.65%

Volatility (6M)

Calculated over the trailing 6-month period

6.95%

1.66%

+5.29%

Volatility (1Y)

Calculated over the trailing 1-year period

8.26%

2.23%

+6.03%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.53%

3.13%

+6.40%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.26%

3.13%

+7.13%

RPGAX vs. TAXE - Expense Ratio Comparison

RPGAX has a 1.01% expense ratio, which is higher than TAXE's 0.24% expense ratio.

Dividends

RPGAX vs. TAXE - Dividend Comparison

RPGAX's dividend yield for the trailing twelve months is around 6.61%, more than TAXE's 3.56% yield.

PositionTTM20252024202320222021202020192018201720162015
RPGAX
T. Rowe Price Global Allocation Fund		6.61%7.03%5.24%2.49%3.15%7.54%1.05%2.97%2.52%0.75%0.36%1.62%
TAXE
T. Rowe Price Intermediate Municipal Income ETF		3.56%3.46%1.74%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

RPGAX and TAXE have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

RPGAX has higher volatility (3.41%) compared to TAXE (0.76%). In terms of maximum drawdown, RPGAX dropped -24.42% vs TAXE's -3.72%.

TAXE currently has the higher Sharpe Ratio (3.13 vs 1.92), 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.

Portfolio Optimizer

Find the right allocation for RPGAX and TAXE

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer