TBUX vs. IWP
TBUX (T. Rowe Price Ultra Short-Term Bond ETF) and IWP (iShares Russell Mid-Cap Growth ETF) are both exchange-traded funds - TBUX is a Ultrashort Bond fund actively managed by T. Rowe Price, while IWP is a Mid Cap Growth Equities fund tracking the Russell Midcap Growth Index. TBUX is actively managed, while IWP is passively managed. Over the past 3 years, TBUX returned 5.75%/yr vs 12.07%/yr for IWP. At a 0.12 correlation, their price movements are largely independent. TBUX charges 0.17%/yr vs 0.23%/yr for IWP.
Performance
TBUX vs. IWP - Performance Comparison
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Returns By Period
In the year-to-date period, TBUX achieves a 2.21% return, which is significantly higher than IWP's 0.63% return.
TBUX
- 1D
- 0.02%
- 1M
- 0.37%
- 6M
- 2.05%
- YTD
- 2.21%
- 1Y
- 4.64%
- 3Y*
- 5.75%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.12%
IWP
- 1D
- 0.00%
- 1M
- -3.07%
- 6M
- -2.52%
- YTD
- 0.63%
- 1Y
- -1.82%
- 3Y*
- 12.07%
- 5Y*
- 4.51%
- 10Y*
- 11.64%
- ALL TIME*
- 9.13%
TBUX vs. IWP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TBUX T. Rowe Price Ultra Short-Term Bond ETF | 2.21% | 5.37% | 6.38% | 6.39% | -0.13% | -0.25% |
IWP iShares Russell Mid-Cap Growth ETF | 0.63% | 8.45% | 21.86% | 25.70% | -26.90% | 1.93% |
Correlation
The correlation between TBUX and IWP is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2021 | 0.12 |
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Return for Risk
TBUX vs. IWP — Risk / Return Rank
TBUX
IWP
TBUX vs. IWP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Ultra Short-Term Bond ETF (TBUX) and iShares Russell Mid-Cap Growth ETF (IWP). 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.
| TBUX | IWP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +7.15 | ||
| Sortino ratioReturn per unit of downside risk | +14.04 | ||
| Omega ratioGain probability vs. loss probability | 3.05 | 1.00 | +2.05 |
| Calmar ratioReturn relative to maximum drawdown | 46.42 | -0.12 | +46.54 |
| Martin ratioReturn relative to average drawdown | 173.65 | -0.35 | +174.01 |
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Drawdowns
TBUX vs. IWP - Drawdown Comparison
The maximum TBUX drawdown since its inception was -1.82%, smaller than the maximum IWP drawdown of -56.92%. Use the drawdown chart below to compare losses from any high point for TBUX and IWP.
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Drawdown Indicators
| TBUX | IWP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.82% | -56.92% | +55.10% |
Max Drawdown (1Y)Largest decline over 1 year | -0.10% | -14.79% | +14.69% |
Max Drawdown (3Y)Largest decline over 3 years | -0.33% | -25.20% | +24.87% |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.62% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -38.62% | — |
Current DrawdownCurrent decline from peak | 0.00% | -6.02% | +6.02% |
Average DrawdownAverage peak-to-trough decline | -0.28% | -9.65% | +9.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | 5.19% | -5.16% |
Volatility
TBUX vs. IWP - Volatility Comparison
The current volatility for T. Rowe Price Ultra Short-Term Bond ETF (TBUX) is 0.16%, while iShares Russell Mid-Cap Growth ETF (IWP) has a volatility of 5.06%. This indicates that TBUX experiences smaller price fluctuations and is considered to be less risky than IWP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBUX | IWP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.16% | 5.06% | -4.90% |
Volatility (6M)Calculated over the trailing 6-month period | 0.48% | 13.78% | -13.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.66% | 17.32% | -16.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.06% | 22.44% | -21.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.06% | 21.69% | -20.63% |
TBUX vs. IWP - Expense Ratio Comparison
TBUX has a 0.17% expense ratio, which is lower than IWP's 0.23% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
TBUX vs. IWP - Dividend Comparison
TBUX's dividend yield for the trailing twelve months is around 4.44%, more than IWP's 0.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWP iShares Russell Mid-Cap Growth ETF | 0.36% | 0.37% | 0.40% | 0.54% | 0.77% | 0.30% | 0.38% | 0.59% | 1.02% | 0.78% | 1.16% | 0.98% |
TBUX T. Rowe Price Ultra Short-Term Bond ETF | 4.44% | 4.67% | 5.39% | 4.66% | 2.58% | 0.27% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TBUX and IWP have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IWP has higher volatility (5.06%) compared to TBUX (0.16%). In terms of maximum drawdown, TBUX dropped -1.82% vs IWP's -56.92%.
On 3-year performance, IWP leads with 12.07% vs 5.75% for TBUX. On fees, TBUX is cheaper at 0.17% per year. On volatility, TBUX has been the lower-risk option at 0.16%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IWP has performed better with a 12.07% return vs 5.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBUX is cheaper with a 0.17% expense ratio, compared with 0.23% for IWP.
TBUX has the higher dividend yield at 4.44%, compared with 0.36% for IWP.
TBUX is categorized as Ultrashort Bond, while IWP is Mid Cap Growth Equities. They also come from different issuers: T. Rowe Price and iShares. Their fees differ too: 0.17% for TBUX and 0.23% for IWP.
TBUX currently has the higher Sharpe Ratio (7.05 vs -0.11), 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.
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