TMNL vs. TGRW
TMNL (T. Rowe Price Long Municipal Income ETF) and TGRW (T. Rowe Price Growth Stock ETF) are both exchange-traded funds - TMNL is a Municipal Bonds fund actively managed by T. Rowe Price, while TGRW is a Large Cap Growth Equities fund actively managed by T. Rowe Price. Both are actively managed. At a 0.34 correlation, their price movements are largely independent. TMNL charges 0.26%/yr vs 0.52%/yr for TGRW.
Performance
TMNL vs. TGRW - Performance Comparison
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Returns By Period
In the year-to-date period, TMNL achieves a 2.93% return, which is significantly higher than TGRW's -0.25% return.
TMNL
- 1D
- 0.23%
- 1M
- 1.84%
- YTD
- 2.93%
- 6M
- 3.06%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TGRW
- 1D
- -0.98%
- 1M
- -4.22%
- YTD
- -0.25%
- 6M
- -1.38%
- 1Y
- 12.42%
- 3Y*
- 19.33%
- 5Y*
- 7.33%
- 10Y*
- —
TMNL vs. TGRW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TMNL T. Rowe Price Long Municipal Income ETF | 2.93% | 0.32% |
TGRW T. Rowe Price Growth Stock ETF | -0.25% | 1.98% |
Correlation
The correlation between TMNL and TGRW is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 20, 2025 | 0.34 |
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Return for Risk
TMNL vs. TGRW — Risk / Return Rank
TMNL
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
TGRW
TMNL vs. TGRW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Long Municipal Income ETF (TMNL) and T. Rowe Price Growth Stock ETF (TGRW). 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.
| TMNL | TGRW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.13 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 0.66 | — |
| Martin ratioReturn relative to average drawdown | — | 2.05 | — |
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Drawdowns
TMNL vs. TGRW - Drawdown Comparison
The maximum TMNL drawdown since its inception was -2.94%, smaller than the maximum TGRW drawdown of -43.33%. Use the drawdown chart below to compare losses from any high point for TMNL and TGRW.
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Drawdown Indicators
| TMNL | TGRW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.94% | -43.33% | +40.39% |
Max Drawdown (1Y)Largest decline over 1 year | — | -18.84% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -23.18% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.33% | — |
Current DrawdownCurrent decline from peak | 0.00% | -7.42% | +7.42% |
Average DrawdownAverage peak-to-trough decline | -0.55% | -12.40% | +11.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 6.07% | — |
Volatility
TMNL vs. TGRW - Volatility Comparison
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Volatility by Period
| TMNL | TGRW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 6.44% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 13.51% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.44% | 17.40% | -12.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.44% | 23.40% | -18.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.44% | 23.04% | -18.60% |
TMNL vs. TGRW - Expense Ratio Comparison
TMNL has a 0.26% expense ratio, which is lower than TGRW's 0.52% expense ratio.
Dividends
TMNL vs. TGRW - Dividend Comparison
TMNL's dividend yield for the trailing twelve months is around 2.11%, while TGRW has not paid dividends to shareholders.
| Position | 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% |
TMNL T. Rowe Price Long Municipal Income ETF | 2.11% | 0.39% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TMNL and TGRW have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TMNL is cheaper at 0.26% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TMNL is cheaper with a 0.26% expense ratio, compared with 0.52% for TGRW.
TMNL has the higher dividend yield at 2.11%, compared with 0.00% for TGRW.
TMNL is categorized as Municipal Bonds, while TGRW is Large Cap Growth Equities. Their fees differ too: 0.26% for TMNL and 0.52% for TGRW.
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