TAXE vs. PNAIX
TAXE (T. Rowe Price Intermediate Municipal Income ETF) and PNAIX (T. Rowe Price All-Cap Opportunities Fund I Class) are both funds - TAXE is a Municipal Bonds fund actively managed by T. Rowe Price, while PNAIX is a Large Cap Growth Equities fund tracking the Russell 3000 Index. TAXE is actively managed, while PNAIX is passively managed. Over the past year, TAXE returned 6.92% vs 10.14% for PNAIX. At a 0.08 correlation, their price movements are largely independent. TAXE charges 0.24%/yr vs 0.66%/yr for PNAIX.
Performance
TAXE vs. PNAIX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TAXE achieves a 1.77% return, which is significantly higher than PNAIX's -1.66% return.
TAXE
- 1D
- -0.04%
- 1M
- 0.66%
- YTD
- 1.77%
- 6M
- 2.05%
- 1Y
- 6.92%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PNAIX
- 1D
- 2.25%
- 1M
- -1.01%
- YTD
- -1.66%
- 6M
- -1.61%
- 1Y
- 10.14%
- 3Y*
- 17.41%
- 5Y*
- 9.52%
- 10Y*
- 15.46%
TAXE vs. PNAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TAXE T. Rowe Price Intermediate Municipal Income ETF | 1.77% | 5.78% | 1.56% |
PNAIX T. Rowe Price All-Cap Opportunities Fund I Class | -1.66% | 16.53% | 3.59% |
Correlation
The correlation between TAXE and PNAIX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024 | 0.08 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TAXE vs. PNAIX — Risk / Return Rank
TAXE
PNAIX
TAXE vs. PNAIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Intermediate Municipal Income ETF (TAXE) and T. Rowe Price All-Cap Opportunities Fund I Class (PNAIX). 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 | PNAIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.37 | ||
| Sortino ratioReturn per unit of downside risk | +3.63 | ||
| Omega ratioGain probability vs. loss probability | 1.74 | 1.14 | +0.59 |
| Calmar ratioReturn relative to maximum drawdown | 2.75 | 0.75 | +2.00 |
| Martin ratioReturn relative to average drawdown | 9.31 | 2.60 | +6.71 |
Loading charts...
Drawdowns
TAXE vs. PNAIX - Drawdown Comparison
The maximum TAXE drawdown since its inception was -3.72%, smaller than the maximum PNAIX drawdown of -30.49%. Use the drawdown chart below to compare losses from any high point for TAXE and PNAIX.
Loading charts...
Drawdown Indicators
| TAXE | PNAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.72% | -30.49% | +26.77% |
Max Drawdown (1Y)Largest decline over 1 year | -2.53% | -14.02% | +11.49% |
Max Drawdown (3Y)Largest decline over 3 years | — | -19.05% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -29.29% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -30.49% | — |
Current DrawdownCurrent decline from peak | -0.60% | -3.56% | +2.96% |
Average DrawdownAverage peak-to-trough decline | -0.71% | -5.52% | +4.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.75% | 4.01% | -3.26% |
Volatility
TAXE vs. PNAIX - Volatility Comparison
The current volatility for T. Rowe Price Intermediate Municipal Income ETF (TAXE) is 0.76%, while T. Rowe Price All-Cap Opportunities Fund I Class (PNAIX) has a volatility of 5.17%. This indicates that TAXE experiences smaller price fluctuations and is considered to be less risky than PNAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TAXE | PNAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.76% | 5.17% | -4.41% |
Volatility (6M)Calculated over the trailing 6-month period | 1.66% | 11.38% | -9.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.23% | 13.90% | -11.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.13% | 17.69% | -14.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.13% | 19.20% | -16.07% |
TAXE vs. PNAIX - Expense Ratio Comparison
TAXE has a 0.24% expense ratio, which is lower than PNAIX's 0.66% expense ratio.
Dividends
TAXE vs. PNAIX - Dividend Comparison
TAXE's dividend yield for the trailing twelve months is around 3.56%, less than PNAIX's 8.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
PNAIX T. Rowe Price All-Cap Opportunities Fund I Class | 8.68% | 8.53% | 9.37% | 5.23% | 3.31% | 20.62% | 15.56% | 7.43% | 12.75% | 0.29% |
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% |
Frequently Asked Questions
TAXE and PNAIX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PNAIX has higher volatility (5.17%) compared to TAXE (0.76%). In terms of maximum drawdown, TAXE dropped -3.72% vs PNAIX's -30.49%.
TAXE currently has the higher Sharpe Ratio (3.13 vs 0.75), 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.
Find the right allocation for TAXE and PNAIX
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