TAXE vs. TGRW

Last updated Apr 2, 2026

Compare and contrast key facts about T. Rowe Price Intermediate Municipal Income ETF (TAXE) and T. Rowe Price Growth Stock ETF (TGRW).

TAXE and TGRW are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TAXE is an actively managed fund by T. Rowe Price. It was launched on Jul 9, 2024. TGRW is an actively managed fund by T. Rowe Price. It was launched on Aug 4, 2020.

Performance

TAXE vs. TGRW - 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 Growth Stock ETF (TGRW). The values are adjusted to include any dividend payments, if applicable.

TAXE vs. TGRW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TAXE T. Rowe Price Intermediate Municipal Income ETF	0.32%	5.78%	1.55%
TGRW T. Rowe Price Growth Stock ETF	-11.02%	15.62%	2.49%

Returns By Period

In the year-to-date period, TAXE achieves a 0.32% return, which is significantly higher than TGRW's -11.02% return.

TAXE

• 1D: 0.15%
• 1M: -1.77%
• YTD: 0.32%
• 6M: 1.98%
• 1Y: 5.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TGRW

• 1D: 1.10%
• 1M: -5.00%
• YTD: -11.02%
• 6M: -10.46%
• 1Y: 13.39%
• 3Y*: 19.40%
• 5Y*: 6.67%
• 10Y*: —

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

TAXE vs. TGRW - Expense Ratio Comparison

TAXE has a 0.24% expense ratio, which is lower than TGRW's 0.52% expense ratio.

TGRW

T. Rowe Price Growth Stock ETF

TAXE

T. Rowe Price Intermediate Municipal Income ETF

Return for Risk

TAXE vs. TGRW — Risk / Return Rank

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

TAXE

TAXE Risk / Return Rank: 76
TAXE Sharpe Ratio Rank: 82
TAXE Sortino Ratio Rank: 78
TAXE Omega Ratio Rank: 91
TAXE Calmar Ratio Rank: 66
TAXE Martin Ratio Rank: 60

TGRW

TGRW Risk / Return Rank: 30
TGRW Sharpe Ratio Rank: 30
TGRW Sortino Ratio Rank: 32
TGRW Omega Ratio Rank: 32
TGRW Calmar Ratio Rank: 30
TGRW Martin Ratio Rank: 29

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. TGRW - 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 Growth Stock ETF (TGRW). 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	TGRW	Difference
Sharpe ratio Return per unit of total volatility	1.68	0.58	+1.09
Sortino ratio Return per unit of downside risk	2.12	1.01	+1.11
Omega ratio Gain probability vs. loss probability	1.41	1.14	+0.27
Calmar ratio Return relative to maximum drawdown	1.89	0.77	+1.13
Martin ratio Return relative to average drawdown	6.74	2.54	+4.20
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. TGRW - Sharpe Ratio Comparison

The current TAXE Sharpe Ratio is 1.68, which is higher than the TGRW Sharpe Ratio of 0.58. The chart below compares the historical Sharpe Ratios of TAXE and TGRW, 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

	TAXE	TGRW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.68	0.58	+1.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.29	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.38	0.39	+0.99

Correlation

The correlation between TAXE and TGRW is -0.00. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

TAXE vs. TGRW - Dividend Comparison

TAXE's dividend yield for the trailing twelve months is around 3.50%, while TGRW has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020
TAXE T. Rowe Price Intermediate Municipal Income ETF	3.50%	3.46%	1.74%	0.00%	0.00%	0.00%	0.00%
TGRW T. Rowe Price Growth Stock ETF	0.00%	0.00%	0.00%	0.01%	0.00%	0.40%	0.21%

Drawdowns

TAXE vs. TGRW - Drawdown Comparison

The maximum TAXE drawdown since its inception was -3.72%, smaller than the maximum TGRW drawdown of -43.33%. Use the drawdown chart below to compare losses from any high point for TAXE and TGRW.

Drawdown Indicators

	TAXE	TGRW	Difference
Max Drawdown Largest peak-to-trough decline	-3.72%	-43.33%	+39.61%
Max Drawdown (1Y) Largest decline over 1 year	-3.05%	-18.84%	+15.79%
Max Drawdown (5Y) Largest decline over 5 years	—	-43.33%	—
Current Drawdown Current decline from peak	-2.01%	-14.75%	+12.74%
Average Drawdown Average peak-to-trough decline	-0.66%	-12.72%	+12.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.86%	5.69%	-4.83%

Volatility

TAXE vs. TGRW - Volatility Comparison

The current volatility for T. Rowe Price Intermediate Municipal Income ETF (TAXE) is 0.99%, while T. Rowe Price Growth Stock ETF (TGRW) has a volatility of 7.19%. This indicates that TAXE experiences smaller price fluctuations and is considered to be less risky than TGRW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TAXE	TGRW	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.99%	7.19%	-6.20%
Volatility (6M) Calculated over the trailing 6-month period	1.50%	13.22%	-11.72%
Volatility (1Y) Calculated over the trailing 1-year period	3.25%	23.02%	-19.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.23%	23.28%	-20.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.23%	23.20%	-19.97%