TAXE vs. USD=X

Last updated Jun 13, 2026

TAXE (T. Rowe Price Intermediate Municipal Income ETF) is Municipal Bonds fund actively managed by T. Rowe Price, while USD=X (USD Cash) is a currency. Over the past year, TAXE returned 6.92% vs 0.00% for USD=X.

Performance

TAXE vs. USD=X - Performance Comparison

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

Returns By Period

TAXE

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

USD=X

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: 0.00%
• 3Y*: 0.00%
• 5Y*: 0.00%
• 10Y*: 0.00%

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

TAXE vs. USD=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TAXE T. Rowe Price Intermediate Municipal Income ETF	1.77%	5.78%	1.56%
USD=X USD Cash	0.00%	0.00%	0.00%

Return for Risk

TAXE vs. USD=X — Risk / Return Rank

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

TAXE

TAXE Risk / Return Rank: 81
TAXE Sharpe Ratio Rank: 94
TAXE Sortino Ratio Rank: 95
TAXE Omega Ratio Rank: 96
TAXE Calmar Ratio Rank: 62
TAXE Martin Ratio Rank: 59

USD=X

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. USD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Intermediate Municipal Income ETF (TAXE) and USD Cash (USD=X). 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	USD=X	Difference
Sharpe ratio: Return per unit of total volatility	3.13	—	—
Sortino ratio: Return per unit of downside risk	4.76	—	—
Omega ratio: Gain probability vs. loss probability	1.74	—	—
Calmar ratio: Return relative to maximum drawdown	2.75	—	—
Martin ratio: Return relative to average drawdown	9.31	—	—

Drawdowns

TAXE vs. USD=X - Drawdown Comparison

The maximum TAXE drawdown since its inception was -3.72%, which is greater than USD=X's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for TAXE and USD=X.

Drawdown Indicators

	TAXE	USD=X	Difference
Max Drawdown Largest peak-to-trough decline	-3.72%	0.00%	-3.72%
Max Drawdown (1Y) Largest decline over 1 year	-2.53%	0.00%	-2.53%
Max Drawdown (3Y) Largest decline over 3 years	—	0.00%	—
Max Drawdown (5Y) Largest decline over 5 years	—	0.00%	—
Max Drawdown (10Y) Largest decline over 10 years	—	0.00%	—
Current Drawdown Current decline from peak	-0.60%	0.00%	-0.60%
Average Drawdown Average peak-to-trough decline	-0.71%	0.00%	-0.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.75%	0.00%	+0.75%

Volatility

TAXE vs. USD=X - Volatility Comparison

T. Rowe Price Intermediate Municipal Income ETF (TAXE) has a higher volatility of 0.76% compared to USD Cash (USD=X) at 0.00%. This indicates that TAXE's price experiences larger fluctuations and is considered to be riskier than USD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TAXE	USD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.76%	0.00%	+0.76%
Volatility (6M) Calculated over the trailing 6-month period	1.66%	0.00%	+1.66%
Volatility (1Y) Calculated over the trailing 1-year period	2.23%	0.00%	+2.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.13%	0.00%	+3.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.13%	0.00%	+3.13%

Frequently Asked Questions

Which is riskier, TAXE or USD=X?

TAXE has higher volatility (0.76%) compared to USD=X (0.00%). In terms of maximum drawdown, TAXE dropped -3.72% vs USD=X's 0.00%.