TBUX vs. USD=X

Last updated Jun 13, 2026

TBUX (T. Rowe Price Ultra Short-Term Bond ETF) is Ultrashort Bond fund actively managed by T. Rowe Price, while USD=X (USD Cash) is a currency. Over the past 3 years, TBUX returned 5.89%/yr vs 0.00%/yr for USD=X.

Performance

TBUX vs. USD=X - Performance Comparison

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

Returns By Period

TBUX

• 1D: 0.00%
• 1M: 0.39%
• YTD: 1.83%
• 6M: 2.14%
• 1Y: 4.81%
• 3Y*: 5.89%
• 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)

TBUX vs. USD=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TBUX T. Rowe Price Ultra Short-Term Bond ETF	1.83%	5.37%	6.38%	6.39%	-0.13%	-0.25%
USD=X USD Cash	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Return for Risk

TBUX vs. USD=X — Risk / Return Rank

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

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

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.

TBUX vs. USD=X - 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 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.

	TBUX	USD=X	Difference
Sharpe ratio: Return per unit of total volatility	7.19	—	—
Sortino ratio: Return per unit of downside risk	14.51	—	—
Omega ratio: Gain probability vs. loss probability	3.12	—	—
Calmar ratio: Return relative to maximum drawdown	48.17	—	—
Martin ratio: Return relative to average drawdown	182.82	—	—

Drawdowns

TBUX vs. USD=X - Drawdown Comparison

The maximum TBUX drawdown since its inception was -1.82%, 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 TBUX and USD=X.

Drawdown Indicators

	TBUX	USD=X	Difference
Max Drawdown Largest peak-to-trough decline	-1.82%	0.00%	-1.82%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	0.00%	-0.10%
Max Drawdown (3Y) Largest decline over 3 years	-0.33%	0.00%	-0.33%
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.28%	0.00%	-0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	0.00%	+0.03%

Volatility

TBUX vs. USD=X - Volatility Comparison

T. Rowe Price Ultra Short-Term Bond ETF (TBUX) has a higher volatility of 0.22% compared to USD Cash (USD=X) at 0.00%. This indicates that TBUX'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

	TBUX	USD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.22%	0.00%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	0.46%	0.00%	+0.46%
Volatility (1Y) Calculated over the trailing 1-year period	0.67%	0.00%	+0.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.07%	0.00%	+1.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.07%	0.00%	+1.07%

Frequently Asked Questions

Which is riskier, TBUX or USD=X?

TBUX has higher volatility (0.22%) compared to USD=X (0.00%). In terms of maximum drawdown, TBUX dropped -1.82% vs USD=X's 0.00%.