TAGG vs. TBUX

Last updated Apr 2, 2026

Compare and contrast key facts about T. Rowe Price QM U.S. Bond ETF (TAGG) and T. Rowe Price Ultra Short-Term Bond ETF (TBUX).

TAGG and TBUX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TAGG is an actively managed fund by T. Rowe Price. It was launched on Sep 28, 2021. TBUX is an actively managed fund by T. Rowe Price. It was launched on Sep 28, 2021.

Performance

TAGG vs. TBUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price QM U.S. Bond ETF (TAGG) and T. Rowe Price Ultra Short-Term Bond ETF (TBUX). The values are adjusted to include any dividend payments, if applicable.

TAGG vs. TBUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TAGG T. Rowe Price QM U.S. Bond ETF	0.16%	7.40%	1.73%	5.72%	-12.63%	0.01%
TBUX T. Rowe Price Ultra Short-Term Bond ETF	0.81%	5.37%	6.38%	6.39%	-0.13%	-0.22%

Returns By Period

In the year-to-date period, TAGG achieves a 0.16% return, which is significantly lower than TBUX's 0.81% return.

TAGG

• 1D: 0.11%
• 1M: -1.28%
• YTD: 0.16%
• 6M: 1.02%
• 1Y: 4.10%
• 3Y*: 3.79%
• 5Y*: —
• 10Y*: —

TBUX

• 1D: -0.02%
• 1M: 0.17%
• YTD: 0.81%
• 6M: 1.96%
• 1Y: 4.82%
• 3Y*: 5.86%
• 5Y*: —
• 10Y*: —

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

TAGG vs. TBUX - Expense Ratio Comparison

TAGG has a 0.08% expense ratio, which is lower than TBUX's 0.17% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

TBUX

T. Rowe Price Ultra Short-Term Bond ETF

TAGG

T. Rowe Price QM U.S. Bond ETF

Return for Risk

TAGG vs. TBUX — Risk / Return Rank

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

TAGG

TAGG Risk / Return Rank: 40
TAGG Sharpe Ratio Rank: 44
TAGG Sortino Ratio Rank: 45
TAGG Omega Ratio Rank: 38
TAGG Calmar Ratio Rank: 41
TAGG Martin Ratio Rank: 31

TBUX

TBUX Risk / Return Rank: 99
TBUX Sharpe Ratio Rank: 99
TBUX Sortino Ratio Rank: 99
TBUX Omega Ratio Rank: 99
TBUX Calmar Ratio Rank: 99
TBUX Martin Ratio Rank: 99

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.

TAGG vs. TBUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price QM U.S. Bond ETF (TAGG) and T. Rowe Price Ultra Short-Term Bond ETF (TBUX). 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.

	TAGG	TBUX	Difference
Sharpe ratio Return per unit of total volatility	0.87	5.76	-4.89
Sortino ratio Return per unit of downside risk	1.31	9.93	-8.63
Omega ratio Gain probability vs. loss probability	1.16	2.61	-1.45
Calmar ratio Return relative to maximum drawdown	1.16	14.61	-13.45
Martin ratio Return relative to average drawdown	2.92	99.09	-96.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TAGG vs. TBUX - Sharpe Ratio Comparison

The current TAGG Sharpe Ratio is 0.87, which is lower than the TBUX Sharpe Ratio of 5.76. The chart below compares the historical Sharpe Ratios of TAGG and TBUX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TAGG	TBUX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.87	5.76	-4.89
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	3.81	-3.78

Correlation

The correlation between TAGG and TBUX is 0.43, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

TAGG vs. TBUX - Dividend Comparison

TAGG's dividend yield for the trailing twelve months is around 4.52%, which matches TBUX's 4.55% yield.

	TTM	2025	2024	2023	2022	2021
TAGG T. Rowe Price QM U.S. Bond ETF	4.52%	4.36%	4.36%	3.48%	3.67%	0.33%
TBUX T. Rowe Price Ultra Short-Term Bond ETF	4.55%	4.67%	5.39%	4.66%	2.58%	0.27%

Drawdowns

TAGG vs. TBUX - Drawdown Comparison

The maximum TAGG drawdown since its inception was -17.26%, which is greater than TBUX's maximum drawdown of -1.79%. Use the drawdown chart below to compare losses from any high point for TAGG and TBUX.

Drawdown Indicators

	TAGG	TBUX	Difference
Max Drawdown Largest peak-to-trough decline	-17.26%	-1.79%	-15.47%
Max Drawdown (1Y) Largest decline over 1 year	-3.63%	-0.33%	-3.30%
Current Drawdown Current decline from peak	-2.05%	-0.02%	-2.03%
Average Drawdown Average peak-to-trough decline	-7.06%	-0.29%	-6.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.45%	0.05%	+1.40%

Volatility

TAGG vs. TBUX - Volatility Comparison

T. Rowe Price QM U.S. Bond ETF (TAGG) has a higher volatility of 1.57% compared to T. Rowe Price Ultra Short-Term Bond ETF (TBUX) at 0.25%. This indicates that TAGG's price experiences larger fluctuations and is considered to be riskier than TBUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TAGG	TBUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.57%	0.25%	+1.32%
Volatility (6M) Calculated over the trailing 6-month period	2.62%	0.44%	+2.18%
Volatility (1Y) Calculated over the trailing 1-year period	4.74%	0.84%	+3.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.62%	1.08%	+5.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.62%	1.08%	+5.54%