TBLYX vs. TBUX

Last updated Jun 4, 2026

TBLYX (T. Rowe Price Retirement Blend 2035 Fund) and TBUX (T. Rowe Price Ultra Short-Term Bond ETF) are both funds - TBLYX is a Target Retirement Date fund actively managed by T. Rowe Price, while TBUX is a Ultrashort Bond fund actively managed by T. Rowe Price. Both are actively managed. Over the past 3 years, TBLYX returned 16.45%/yr vs 5.85%/yr for TBUX. At a 0.15 correlation, their price movements are largely independent. TBLYX charges 0.40%/yr vs 0.17%/yr for TBUX.

Performance

TBLYX vs. TBUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Retirement Blend 2035 Fund (TBLYX) and T. Rowe Price Ultra Short-Term Bond ETF (TBUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBLYX achieves a 9.63% return, which is significantly higher than TBUX's 1.65% return.

TBLYX

• 1D: 0.30%
• 1M: 3.98%
• YTD: 9.63%
• 6M: 10.22%
• 1Y: 22.59%
• 3Y*: 16.45%
• 5Y*: —
• 10Y*: —

TBUX

• 1D: -0.04%
• 1M: 0.41%
• YTD: 1.65%
• 6M: 2.09%
• 1Y: 4.77%
• 3Y*: 5.85%
• 5Y*: —
• 10Y*: —

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

TBLYX vs. TBUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TBLYX T. Rowe Price Retirement Blend 2035 Fund	9.63%	17.30%	12.43%	18.44%	-17.17%	4.51%
TBUX T. Rowe Price Ultra Short-Term Bond ETF	1.65%	5.37%	6.38%	6.39%	-0.13%	-0.22%

Correlation

The correlation between TBLYX and TBUX is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	0.15

Return for Risk

TBLYX vs. TBUX — Risk / Return Rank

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

TBLYX

TBLYX Risk / Return Rank: 62
TBLYX Sharpe Ratio Rank: 64
TBLYX Sortino Ratio Rank: 61
TBLYX Omega Ratio Rank: 62
TBLYX Calmar Ratio Rank: 59
TBLYX Martin Ratio Rank: 66

TBUX

TBUX Risk / Return Rank: 99
TBUX Sharpe Ratio Rank: 99
TBUX Sortino Ratio Rank: 99
TBUX Omega Ratio Rank: 99
TBUX Calmar Ratio Rank: 99
TBUX Martin Ratio Rank: 99

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.

TBLYX vs. TBUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement Blend 2035 Fund (TBLYX) and T. Rowe Price Ultra Short-Term Bond ETF (TBUX). 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.

	TBLYX	TBUX	Difference
Sharpe ratio Return per unit of total volatility	2.34	7.13	-4.79
Sortino ratio Return per unit of downside risk	3.29	14.36	-11.07
Omega ratio Gain probability vs. loss probability	1.44	3.08	-1.65
Calmar ratio Return relative to maximum drawdown	2.93	39.71	-36.78
Martin ratio Return relative to average drawdown	12.98	170.19	-157.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBLYX vs. TBUX - Sharpe Ratio Comparison

The current TBLYX Sharpe Ratio is 2.34, which is lower than the TBUX Sharpe Ratio of 7.13. The chart below compares the historical Sharpe Ratios of TBLYX and TBUX, 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

	TBLYX	TBUX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.34	7.13	-4.79
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	3.89	-3.24

Drawdowns

TBLYX vs. TBUX - Drawdown Comparison

The maximum TBLYX drawdown since its inception was -24.54%, which is greater than TBUX's maximum drawdown of -1.79%. Use the drawdown chart below to compare losses from any high point for TBLYX and TBUX.

Drawdown Indicators

	TBLYX	TBUX	Difference
Max Drawdown Largest peak-to-trough decline	-24.54%	-1.79%	-22.75%
Max Drawdown (1Y) Largest decline over 1 year	-7.83%	-0.12%	-7.71%
Max Drawdown (3Y) Largest decline over 3 years	-13.02%	-0.33%	-12.69%
Current Drawdown Current decline from peak	0.00%	-0.04%	+0.04%
Average Drawdown Average peak-to-trough decline	-6.10%	-0.28%	-5.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.76%	0.03%	+1.73%

Volatility

TBLYX vs. TBUX - Volatility Comparison

T. Rowe Price Retirement Blend 2035 Fund (TBLYX) has a higher volatility of 2.98% compared to T. Rowe Price Ultra Short-Term Bond ETF (TBUX) at 0.19%. This indicates that TBLYX's price experiences larger fluctuations and is considered to be riskier than TBUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBLYX	TBUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.98%	0.19%	+2.79%
Volatility (6M) Calculated over the trailing 6-month period	7.88%	0.43%	+7.45%
Volatility (1Y) Calculated over the trailing 1-year period	9.81%	0.67%	+9.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.07%	1.07%	+12.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.07%	1.07%	+12.00%

TBLYX vs. TBUX - Expense Ratio Comparison

TBLYX has a 0.40% expense ratio, which is higher than TBUX's 0.17% expense ratio.

Dividends

TBLYX vs. TBUX - Dividend Comparison

TBLYX's dividend yield for the trailing twelve months is around 2.28%, less than TBUX's 4.48% yield.

Position	TTM	2025	2024	2023	2022	2021
TBLYX T. Rowe Price Retirement Blend 2035 Fund	2.28%	2.50%	2.05%	1.94%	2.18%	1.40%
TBUX T. Rowe Price Ultra Short-Term Bond ETF	4.48%	4.67%	5.39%	4.66%	2.58%	0.27%

Frequently Asked Questions

Can I hold both TBLYX and TBUX in my portfolio?

TBLYX and TBUX have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBLYX or TBUX?

TBLYX has higher volatility (2.98%) compared to TBUX (0.19%). In terms of maximum drawdown, TBLYX dropped -24.54% vs TBUX's -1.79%.

Which has better risk-adjusted returns?

TBUX currently has the higher Sharpe Ratio (7.13 vs 2.34), 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.