TAXE vs. TGRW

Last updated Jun 24, 2026

TAXE (T. Rowe Price Intermediate Municipal Income ETF) and TGRW (T. Rowe Price Growth Stock ETF) are both exchange-traded funds - TAXE is a Municipal Bonds fund actively managed by T. Rowe Price, while TGRW is a Large Cap Growth Equities fund actively managed by T. Rowe Price. Both are actively managed. Over the past year, TAXE returned 6.90% vs 15.30% for TGRW. At a 0.05 correlation, their price movements are largely independent. TAXE charges 0.24%/yr vs 0.52%/yr for TGRW.

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.

Returns By Period

In the year-to-date period, TAXE achieves a 1.94% return, which is significantly higher than TGRW's 0.74% return.

TAXE

• 1D: -0.14%
• 1M: 1.19%
• YTD: 1.94%
• 6M: 2.02%
• 1Y: 6.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TGRW

• 1D: -1.34%
• 1M: -3.27%
• YTD: 0.74%
• 6M: -0.34%
• 1Y: 15.30%
• 3Y*: 19.72%
• 5Y*: 7.54%
• 10Y*: —

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

TAXE vs. TGRW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TAXE T. Rowe Price Intermediate Municipal Income ETF	1.94%	5.78%	1.56%
TGRW T. Rowe Price Growth Stock ETF	0.74%	15.62%	3.61%

Correlation

The correlation between TAXE and TGRW is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024	0.05

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: 80
TAXE Sharpe Ratio Rank: 93
TAXE Sortino Ratio Rank: 95
TAXE Omega Ratio Rank: 96
TAXE Calmar Ratio Rank: 61
TAXE Martin Ratio Rank: 57

TGRW

TGRW Risk / Return Rank: 23
TGRW Sharpe Ratio Rank: 26
TGRW Sortino Ratio Rank: 25
TGRW Omega Ratio Rank: 24
TGRW Calmar Ratio Rank: 19
TGRW Martin Ratio Rank: 22

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.

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	TGRW	Difference
Sharpe ratio: Return per unit of total volatility	3.12	0.88	+2.23
Sortino ratio: Return per unit of downside risk	4.74	1.30	+3.44
Omega ratio: Gain probability vs. loss probability	1.74	1.16	+0.58
Calmar ratio: Return relative to maximum drawdown	2.74	0.82	+1.92
Martin ratio: Return relative to average drawdown	9.24	2.53	+6.70

TAXE vs. TGRW - Sharpe Ratio Comparison

The current TAXE Sharpe Ratio is 3.12, which is higher than the TGRW Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of TAXE and TGRW, 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. 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	-2.53%	-18.84%	+16.31%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.18%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-43.33%	—
Current Drawdown Current decline from peak	-0.42%	-6.51%	+6.09%
Average Drawdown Average peak-to-trough decline	-0.71%	-12.40%	+11.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.75%	6.05%	-5.30%

Volatility

TAXE vs. TGRW - Volatility Comparison

The current volatility for T. Rowe Price Intermediate Municipal Income ETF (TAXE) is 0.55%, while T. Rowe Price Growth Stock ETF (TGRW) has a volatility of 6.40%. 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	0.55%	6.40%	-5.85%
Volatility (6M) Calculated over the trailing 6-month period	1.68%	13.54%	-11.86%
Volatility (1Y) Calculated over the trailing 1-year period	2.22%	17.40%	-15.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.12%	23.40%	-20.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.12%	23.04%	-19.92%

TAXE vs. TGRW - Expense Ratio Comparison

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

Dividends

TAXE vs. TGRW - Dividend Comparison

TAXE's dividend yield for the trailing twelve months is around 3.56%, while TGRW has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
TAXE T. Rowe Price Intermediate Municipal Income ETF	3.56%	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%

Frequently Asked Questions

Can I hold both TAXE and TGRW in my portfolio?

TAXE and TGRW 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 TGRW?

TGRW has higher volatility (6.40%) compared to TAXE (0.55%). In terms of maximum drawdown, TAXE dropped -3.72% vs TGRW's -43.33%.

Which ETF is better, TAXE or TGRW?

On 1-year performance, TGRW leads with 15.30% vs 6.90% for TAXE. On fees, TAXE is cheaper at 0.24% per year. On volatility, TAXE has been the lower-risk option at 0.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TAXE or TGRW?

Over the 1-year period, TGRW has performed better with a 15.30% return vs 6.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TAXE or TGRW?

TAXE is cheaper with a 0.24% expense ratio, compared with 0.52% for TGRW.

Which ETF pays a higher dividend yield, TAXE or TGRW?

TAXE has the higher dividend yield at 3.56%, compared with 0.00% for TGRW.

What is the main difference between TAXE and TGRW?

TAXE is categorized as Municipal Bonds, while TGRW is Large Cap Growth Equities. Their fees differ too: 0.24% for TAXE and 0.52% for TGRW.

Which has better risk-adjusted returns?

TAXE currently has the higher Sharpe Ratio (3.12 vs 0.88), 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.