TMNL vs. TSPA

Last updated Jun 25, 2026

TMNL (T. Rowe Price Long Municipal Income ETF) and TSPA (T. Rowe Price US Equity Research ETF) are both exchange-traded funds - TMNL is a Municipal Bonds fund actively managed by T. Rowe Price, while TSPA is a Large Cap Blend Equities fund actively managed by T. Rowe Price. Both are actively managed. At a 0.40 correlation, their price movements are largely independent. TMNL charges 0.26%/yr vs 0.34%/yr for TSPA.

Performance

TMNL vs. TSPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Long Municipal Income ETF (TMNL) and T. Rowe Price US Equity Research ETF (TSPA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMNL achieves a 2.93% return, which is significantly lower than TSPA's 8.72% return.

TMNL

• 1D: 0.23%
• 1M: 1.84%
• YTD: 2.93%
• 6M: 3.06%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSPA

• 1D: -0.06%
• 1M: -1.27%
• YTD: 8.72%
• 6M: 7.36%
• 1Y: 22.54%
• 3Y*: 21.43%
• 5Y*: 13.62%
• 10Y*: —

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

TMNL vs. TSPA - Yearly Performance Comparison

	2026 (YTD)	2025
TMNL T. Rowe Price Long Municipal Income ETF	2.93%	0.32%
TSPA T. Rowe Price US Equity Research ETF	8.72%	3.30%

Correlation

The correlation between TMNL and TSPA is 0.40, 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	0.40

Return for Risk

TMNL vs. TSPA — Risk / Return Rank

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

TMNL

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

TSPA

TSPA Risk / Return Rank: 59
TSPA Sharpe Ratio Rank: 59
TSPA Sortino Ratio Rank: 56
TSPA Omega Ratio Rank: 59
TSPA Calmar Ratio Rank: 55
TSPA Martin Ratio Rank: 67

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.

TMNL vs. TSPA - 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 US Equity Research ETF (TSPA). 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	TSPA	Difference
Sharpe ratio: Return per unit of total volatility	—	1.75	—
Sortino ratio: Return per unit of downside risk	—	2.41	—
Omega ratio: Gain probability vs. loss probability	—	1.32	—
Calmar ratio: Return relative to maximum drawdown	—	2.45	—
Martin ratio: Return relative to average drawdown	—	10.98	—

Drawdowns

TMNL vs. TSPA - Drawdown Comparison

The maximum TMNL drawdown since its inception was -2.94%, smaller than the maximum TSPA drawdown of -24.72%. Use the drawdown chart below to compare losses from any high point for TMNL and TSPA.

Drawdown Indicators

	TMNL	TSPA	Difference
Max Drawdown Largest peak-to-trough decline	-2.94%	-24.72%	+21.78%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.24%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-19.04%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.72%	—
Current Drawdown Current decline from peak	0.00%	-2.98%	+2.98%
Average Drawdown Average peak-to-trough decline	-0.55%	-5.45%	+4.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.06%	—

Volatility

Volatility by Period

	TMNL	TSPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.06%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.34%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.44%	12.94%	-8.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.44%	17.09%	-12.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.44%	17.03%	-12.59%

TMNL vs. TSPA - Expense Ratio Comparison

TMNL has a 0.26% expense ratio, which is lower than TSPA's 0.34% expense ratio.

Dividends

TMNL vs. TSPA - Dividend Comparison

TMNL's dividend yield for the trailing twelve months is around 2.11%, more than TSPA's 0.57% yield.

Position	TTM	2025	2024	2023	2022	2021
TMNL T. Rowe Price Long Municipal Income ETF	2.11%	0.39%	0.00%	0.00%	0.00%	0.00%
TSPA T. Rowe Price US Equity Research ETF	0.57%	0.62%	0.50%	0.41%	1.16%	0.43%

Frequently Asked Questions

Can I hold both TMNL and TSPA in my portfolio?

TMNL and TSPA have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TMNL or TSPA?

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.

Which ETF is cheaper, TMNL or TSPA?

TMNL is cheaper with a 0.26% expense ratio, compared with 0.34% for TSPA.

Which ETF pays a higher dividend yield, TMNL or TSPA?

TMNL has the higher dividend yield at 2.11%, compared with 0.57% for TSPA.

What is the main difference between TMNL and TSPA?

TMNL is categorized as Municipal Bonds, while TSPA is Large Cap Blend Equities. Their fees differ too: 0.26% for TMNL and 0.34% for TSPA.