TAXE vs. FOCPX

Last updated Aug 4, 2026

TAXE (T. Rowe Price Intermediate Municipal Income ETF) and FOCPX (Fidelity OTC Portfolio) are both funds - TAXE is a Municipal Bonds fund actively managed by T. Rowe Price, while FOCPX is a Large Cap Growth Equities fund actively managed by Fidelity. Both are actively managed. Over the past year, TAXE returned 4.72% vs 37.82% for FOCPX. Their 0.03 correlation means their historical movements had little consistent relationship. TAXE charges 0.24%/yr vs 0.73%/yr for FOCPX.

Performance

TAXE vs. FOCPX - Performance Comparison

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

Returns By Period

In the year-to-date period, TAXE achieves a 0.80% return, which is significantly lower than FOCPX's 19.65% return.

TAXE

• 1D: 0.16%
• 1M: -1.52%
• 6M: -0.23%
• YTD: 0.80%
• 1Y: 4.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.93%

FOCPX

• 1D: 1.25%
• 1M: -4.03%
• 6M: 16.48%
• YTD: 19.65%
• 1Y: 37.82%
• 3Y*: 29.20%
• 5Y*: 15.83%
• 10Y*: 21.22%
• ALL TIME*: 14.82%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FOCPX Fidelity OTC Portfolio	$0.00	$0.00	$0.00
TAXE T. Rowe Price Intermediate Municipal Income ETF	$2.64M	$1.93M	$1.30M

TAXE vs. FOCPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TAXE T. Rowe Price Intermediate Municipal Income ETF	0.80%	5.78%	1.56%
FOCPX Fidelity OTC Portfolio	19.65%	22.21%	7.19%

Correlation

The correlation between TAXE and FOCPX is 0.12, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.12
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024	0.03

Return for Risk

TAXE vs. FOCPX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TAXE

TAXE Risk / Return Rank: 70
TAXE Sharpe Ratio Rank: 82
TAXE Sortino Ratio Rank: 83
TAXE Omega Ratio Rank: 90
TAXE Calmar Ratio Rank: 48
TAXE Martin Ratio Rank: 48

FOCPX

FOCPX Risk / Return Rank: 72
FOCPX Sharpe Ratio Rank: 69
FOCPX Sortino Ratio Rank: 62
FOCPX Omega Ratio Rank: 58
FOCPX Calmar Ratio Rank: 86
FOCPX Martin Ratio Rank: 83

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TAXE vs. FOCPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Intermediate Municipal Income ETF (TAXE) and Fidelity OTC Portfolio (FOCPX). 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.

	TAXE	FOCPX	Difference
Sharpe ratio: Return per unit of total volatility	2.07	1.69	+0.38
Sortino ratio: Return per unit of downside risk	2.93	2.28	+0.65
Omega ratio: Gain probability vs. loss probability	1.44	1.29	+0.16
Calmar ratio: Return relative to maximum drawdown	1.87	3.12	-1.25
Martin ratio: Return relative to average drawdown	5.83	10.63	-4.80

TAXE vs. FOCPX - Sharpe Ratio Comparison

The current TAXE Sharpe Ratio is 2.07, which is comparable to the FOCPX Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of TAXE and FOCPX, 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

TAXE vs. FOCPX - Drawdown Comparison

The maximum TAXE drawdown since its inception was -3.72%, smaller than the maximum FOCPX drawdown of -70.25%. Use the drawdown chart below to compare losses from any high point for TAXE and FOCPX.

Drawdown Indicators

	TAXE	FOCPX	Difference
Max Drawdown Largest peak-to-trough decline	-3.72%	-70.25%	+66.53%
Max Drawdown (1Y) Largest decline over 1 year	-2.53%	-11.29%	+8.76%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.82%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-37.05%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-37.05%	—
Current Drawdown Current decline from peak	-1.54%	-7.69%	+6.15%
Average Drawdown Average peak-to-trough decline	-0.71%	-16.96%	+16.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	3.31%	-2.50%

Volatility

TAXE vs. FOCPX - Volatility Comparison

The current volatility for T. Rowe Price Intermediate Municipal Income ETF (TAXE) is 0.88%, while Fidelity OTC Portfolio (FOCPX) has a volatility of 6.29%. This indicates that TAXE experiences smaller price fluctuations and is considered to be less risky than FOCPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TAXE	FOCPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.88%	6.29%	-5.41%
Volatility (6M) Calculated over the trailing 6-month period	1.87%	17.28%	-15.41%
Volatility (1Y) Calculated over the trailing 1-year period	2.29%	20.92%	-18.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.11%	23.14%	-20.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.11%	22.59%	-19.48%

TAXE vs. FOCPX - Expense Ratio Comparison

TAXE has a 0.24% expense ratio, which is lower than FOCPX's 0.73% expense ratio.

Dividends

TAXE vs. FOCPX - Dividend Comparison

TAXE's dividend yield for the trailing twelve months is around 3.62%, less than FOCPX's 6.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FOCPX Fidelity OTC Portfolio	6.50%	7.78%	16.76%	0.05%	4.06%	11.53%	6.23%	7.58%	7.93%	4.86%	3.24%	5.41%
TAXE T. Rowe Price Intermediate Municipal Income ETF	3.62%	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

Can I hold both TAXE and FOCPX in my portfolio?

TAXE and FOCPX have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TAXE or FOCPX?

FOCPX has higher volatility (6.29%) compared to TAXE (0.88%). In terms of maximum drawdown, TAXE dropped -3.72% vs FOCPX's -70.25%.

Which has better risk-adjusted returns?

TAXE currently has the higher Sharpe Ratio (2.07 vs 1.69), 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.