TGRW vs. TAXE

Last updated Apr 2, 2026

Compare and contrast key facts about T. Rowe Price Growth Stock ETF (TGRW) and T. Rowe Price Intermediate Municipal Income ETF (TAXE).

TGRW and TAXE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TGRW is an actively managed fund by T. Rowe Price. It was launched on Aug 4, 2020. TAXE is an actively managed fund by T. Rowe Price. It was launched on Jul 9, 2024.

Performance

TGRW vs. TAXE - Performance Comparison

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

TGRW vs. TAXE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TGRW T. Rowe Price Growth Stock ETF	-11.02%	15.62%	2.49%
TAXE T. Rowe Price Intermediate Municipal Income ETF	0.32%	5.78%	1.55%

Returns By Period

In the year-to-date period, TGRW achieves a -11.02% return, which is significantly lower than TAXE's 0.32% return.

TGRW

• 1D: 1.10%
• 1M: -5.00%
• YTD: -11.02%
• 6M: -10.46%
• 1Y: 13.39%
• 3Y*: 19.40%
• 5Y*: 6.67%
• 10Y*: —

TAXE

• 1D: 0.15%
• 1M: -1.77%
• YTD: 0.32%
• 6M: 1.98%
• 1Y: 5.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TGRW vs. TAXE - Expense Ratio Comparison

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

TGRW

T. Rowe Price Growth Stock ETF

TAXE

T. Rowe Price Intermediate Municipal Income ETF

Return for Risk

TGRW vs. TAXE — Risk / Return Rank

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

TGRW

TGRW Risk / Return Rank: 30
TGRW Sharpe Ratio Rank: 30
TGRW Sortino Ratio Rank: 32
TGRW Omega Ratio Rank: 32
TGRW Calmar Ratio Rank: 30
TGRW Martin Ratio Rank: 29

TAXE

TAXE Risk / Return Rank: 76
TAXE Sharpe Ratio Rank: 82
TAXE Sortino Ratio Rank: 78
TAXE Omega Ratio Rank: 91
TAXE Calmar Ratio Rank: 66
TAXE Martin Ratio Rank: 60

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.

TGRW vs. TAXE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Growth Stock ETF (TGRW) and T. Rowe Price Intermediate Municipal Income ETF (TAXE). 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.

	TGRW	TAXE	Difference
Sharpe ratio Return per unit of total volatility	0.58	1.68	-1.09
Sortino ratio Return per unit of downside risk	1.01	2.12	-1.11
Omega ratio Gain probability vs. loss probability	1.14	1.41	-0.27
Calmar ratio Return relative to maximum drawdown	0.77	1.89	-1.13
Martin ratio Return relative to average drawdown	2.54	6.74	-4.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TGRW vs. TAXE - Sharpe Ratio Comparison

The current TGRW Sharpe Ratio is 0.58, which is lower than the TAXE Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of TGRW and TAXE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TGRW	TAXE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.58	1.68	-1.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	1.38	-0.99

Correlation

The correlation between TGRW and TAXE is -0.00. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

TGRW vs. TAXE - Dividend Comparison

TGRW has not paid dividends to shareholders, while TAXE's dividend yield for the trailing twelve months is around 3.50%.

	TTM	2025	2024	2023	2022	2021	2020
TGRW T. Rowe Price Growth Stock ETF	0.00%	0.00%	0.00%	0.01%	0.00%	0.40%	0.21%
TAXE T. Rowe Price Intermediate Municipal Income ETF	3.50%	3.46%	1.74%	0.00%	0.00%	0.00%	0.00%

Drawdowns

TGRW vs. TAXE - Drawdown Comparison

The maximum TGRW drawdown since its inception was -43.33%, which is greater than TAXE's maximum drawdown of -3.72%. Use the drawdown chart below to compare losses from any high point for TGRW and TAXE.

Drawdown Indicators

	TGRW	TAXE	Difference
Max Drawdown Largest peak-to-trough decline	-43.33%	-3.72%	-39.61%
Max Drawdown (1Y) Largest decline over 1 year	-18.84%	-3.05%	-15.79%
Max Drawdown (5Y) Largest decline over 5 years	-43.33%	—	—
Current Drawdown Current decline from peak	-14.75%	-2.01%	-12.74%
Average Drawdown Average peak-to-trough decline	-12.72%	-0.66%	-12.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.69%	0.86%	+4.83%

Volatility

TGRW vs. TAXE - Volatility Comparison

T. Rowe Price Growth Stock ETF (TGRW) has a higher volatility of 7.19% compared to T. Rowe Price Intermediate Municipal Income ETF (TAXE) at 0.99%. This indicates that TGRW's price experiences larger fluctuations and is considered to be riskier than TAXE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TGRW	TAXE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.19%	0.99%	+6.20%
Volatility (6M) Calculated over the trailing 6-month period	13.22%	1.50%	+11.72%
Volatility (1Y) Calculated over the trailing 1-year period	23.02%	3.25%	+19.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.28%	3.23%	+20.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.20%	3.23%	+19.97%