TAXE vs. TBLYX

Last updated Jun 5, 2026

TAXE (T. Rowe Price Intermediate Municipal Income ETF) and TBLYX (T. Rowe Price Retirement Blend 2035 Fund) are both funds - TAXE is a Municipal Bonds fund actively managed by T. Rowe Price, while TBLYX is a Target Retirement Date fund actively managed by T. Rowe Price. Both are actively managed. Over the past year, TAXE returned 7.37% vs 21.64% for TBLYX. At a 0.21 correlation, their price movements are largely independent. TAXE charges 0.24%/yr vs 0.40%/yr for TBLYX.

Performance

TAXE vs. TBLYX - 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 Retirement Blend 2035 Fund (TBLYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TAXE achieves a 1.90% return, which is significantly lower than TBLYX's 8.97% return.

TAXE

• 1D: 0.10%
• 1M: 0.69%
• YTD: 1.90%
• 6M: 2.21%
• 1Y: 7.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TBLYX

• 1D: -0.60%
• 1M: 2.64%
• YTD: 8.97%
• 6M: 9.47%
• 1Y: 21.64%
• 3Y*: 16.22%
• 5Y*: —
• 10Y*: —

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

TAXE vs. TBLYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TAXE T. Rowe Price Intermediate Municipal Income ETF	1.90%	5.78%	1.55%
TBLYX T. Rowe Price Retirement Blend 2035 Fund	8.97%	17.30%	2.05%

Correlation

The correlation between TAXE and TBLYX is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (All Time) Calculated using the full available price history since Jul 11, 2024	0.21

Return for Risk

TAXE vs. TBLYX — Risk / Return Rank

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

TAXE

TAXE Risk / Return Rank: 80
TAXE Sharpe Ratio Rank: 93
TAXE Sortino Ratio Rank: 95
TAXE Omega Ratio Rank: 96
TAXE Calmar Ratio Rank: 60
TAXE Martin Ratio Rank: 57

TBLYX

TBLYX Risk / Return Rank: 59
TBLYX Sharpe Ratio Rank: 59
TBLYX Sortino Ratio Rank: 58
TBLYX Omega Ratio Rank: 58
TBLYX Calmar Ratio Rank: 55
TBLYX Martin Ratio Rank: 65

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. TBLYX - 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 Retirement Blend 2035 Fund (TBLYX). 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.

	TAXE	TBLYX	Difference
Sharpe ratio: Return per unit of total volatility	3.31	2.23	+1.07
Sortino ratio: Return per unit of downside risk	5.03	3.15	+1.88
Omega ratio: Gain probability vs. loss probability	1.79	1.42	+0.37
Calmar ratio: Return relative to maximum drawdown	2.93	2.80	+0.12
Martin ratio: Return relative to average drawdown	9.99	12.43	-2.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TAXE vs. TBLYX - Sharpe Ratio Comparison

The current TAXE Sharpe Ratio is 3.31, which is higher than the TBLYX Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of TAXE and TBLYX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TAXE	TBLYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.31	2.23	+1.07
Sharpe Ratio (All Time) Calculated using the full available price history	1.55	0.63	+0.92

Drawdowns

TAXE vs. TBLYX - Drawdown Comparison

The maximum TAXE drawdown since its inception was -3.72%, smaller than the maximum TBLYX drawdown of -24.54%. Use the drawdown chart below to compare losses from any high point for TAXE and TBLYX.

Drawdown Indicators

	TAXE	TBLYX	Difference
Max Drawdown Largest peak-to-trough decline	-3.72%	-24.54%	+20.82%
Max Drawdown (1Y) Largest decline over 1 year	-2.53%	-7.83%	+5.30%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.02%	—
Current Drawdown Current decline from peak	-0.47%	-0.60%	+0.13%
Average Drawdown Average peak-to-trough decline	-0.71%	-6.10%	+5.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.74%	1.76%	-1.02%

Volatility

TAXE vs. TBLYX - Volatility Comparison

The current volatility for T. Rowe Price Intermediate Municipal Income ETF (TAXE) is 0.77%, while T. Rowe Price Retirement Blend 2035 Fund (TBLYX) has a volatility of 3.03%. This indicates that TAXE experiences smaller price fluctuations and is considered to be less risky than TBLYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TAXE	TBLYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	3.03%	-2.26%
Volatility (6M) Calculated over the trailing 6-month period	1.65%	7.89%	-6.24%
Volatility (1Y) Calculated over the trailing 1-year period	2.24%	9.83%	-7.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.15%	13.06%	-9.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.15%	13.06%	-9.91%

TAXE vs. TBLYX - Expense Ratio Comparison

TAXE has a 0.24% expense ratio, which is lower than TBLYX's 0.40% expense ratio.

Dividends

TAXE vs. TBLYX - Dividend Comparison

TAXE's dividend yield for the trailing twelve months is around 3.56%, more than TBLYX's 2.30% yield.

Position	TTM	2025	2024	2023	2022	2021
TAXE T. Rowe Price Intermediate Municipal Income ETF	3.56%	3.46%	1.74%	0.00%	0.00%	0.00%
TBLYX T. Rowe Price Retirement Blend 2035 Fund	2.30%	2.50%	2.05%	1.94%	2.18%	1.40%

Frequently Asked Questions

Can I hold both TAXE and TBLYX in my portfolio?

TAXE and TBLYX have a correlation of 0.24, 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 TBLYX?

TBLYX has higher volatility (3.03%) compared to TAXE (0.77%). In terms of maximum drawdown, TAXE dropped -3.72% vs TBLYX's -24.54%.

Which has better risk-adjusted returns?

TAXE currently has the higher Sharpe Ratio (3.31 vs 2.23), 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.