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TAXE vs. RPGAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TAXE vs. RPGAX

Last updated Jun 13, 2026

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

Performance

TAXE vs. RPGAX - Performance Comparison

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

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Returns By Period

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

TAXE

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

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

TAXE vs. RPGAX - Yearly Performance Comparison

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

Correlation

The correlation between TAXE and RPGAX 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

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T. Rowe Price Intermediate Municipal Income ETF

T. Rowe Price Global Allocation Fund

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

Return for Risk

TAXE vs. RPGAX — Risk / Return Rank

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

TAXE vs. RPGAX - 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 Global Allocation Fund (RPGAX). 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.

TAXERPGAXDifference
Sharpe ratioReturn per unit of total volatility
3.13
1.92

+1.20

Sortino ratioReturn per unit of downside risk
4.76
2.73

+2.03

Omega ratioGain probability vs. loss probability

1.74

1.37

+0.37

Calmar ratioReturn relative to maximum drawdown

2.75

2.35

+0.40

Martin ratioReturn relative to average drawdown

9.31

10.09

-0.78

TAXE vs. RPGAX - Sharpe Ratio Comparison

The current TAXE Sharpe Ratio is 3.13, which is higher than the RPGAX Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of TAXE and RPGAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

TAXE vs. RPGAX - Drawdown Comparison

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

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Drawdown Indicators

TAXERPGAXDifference

Max Drawdown

Largest peak-to-trough decline

-3.72%

-24.42%

+20.70%

Max Drawdown (1Y)

Largest decline over 1 year

-2.53%

-6.75%

+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

-0.60%

-1.16%

+0.56%

Average Drawdown

Average peak-to-trough decline

-0.71%

-3.83%

+3.12%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.75%

1.57%

-0.82%

Volatility

TAXE vs. RPGAX - Volatility Comparison

The current volatility for T. Rowe Price Intermediate Municipal Income ETF (TAXE) is 0.76%, while T. Rowe Price Global Allocation Fund (RPGAX) has a volatility of 3.41%. This indicates that TAXE experiences smaller price fluctuations and is considered to be less risky than RPGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TAXERPGAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.76%

3.41%

-2.65%

Volatility (6M)

Calculated over the trailing 6-month period

1.66%

6.95%

-5.29%

Volatility (1Y)

Calculated over the trailing 1-year period

2.23%

8.26%

-6.03%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.13%

9.53%

-6.40%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.13%

10.26%

-7.13%

TAXE vs. RPGAX - Expense Ratio Comparison

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

Dividends

TAXE vs. RPGAX - Dividend Comparison

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

TAXE and RPGAX 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, TAXE dropped -3.72% vs RPGAX's -24.42%.

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.

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