TMNS vs. TGRW

Last updated Jun 5, 2026

TMNS (T. Rowe Price Short Municipal Income ETF) and TGRW (T. Rowe Price Growth Stock ETF) are both exchange-traded funds - TMNS 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 0.21 correlation, their price movements are largely independent. TMNS charges 0.18%/yr vs 0.52%/yr for TGRW.

Performance

TMNS vs. TGRW - Performance Comparison

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

Returns By Period

In the year-to-date period, TMNS achieves a 1.24% return, which is significantly lower than TGRW's 5.88% return.

TMNS

• 1D: 0.10%
• 1M: 0.41%
• YTD: 1.24%
• 6M: 1.57%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TGRW

• 1D: 0.05%
• 1M: 5.84%
• YTD: 5.88%
• 6M: 5.29%
• 1Y: 20.84%
• 3Y*: 22.38%
• 5Y*: 9.70%
• 10Y*: —

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

TMNS vs. TGRW - Yearly Performance Comparison

	2026 (YTD)	2025
TMNS T. Rowe Price Short Municipal Income ETF	1.24%	0.57%
TGRW T. Rowe Price Growth Stock ETF	5.88%	4.08%

Correlation

The correlation between TMNS and TGRW is 0.21, 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 21, 2025	0.21

Return for Risk

TMNS vs. TGRW — Risk / Return Rank

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

TGRW

TGRW Risk / Return Rank: 31
TGRW Sharpe Ratio Rank: 36
TGRW Sortino Ratio Rank: 35
TGRW Omega Ratio Rank: 34
TGRW Calmar Ratio Rank: 24
TGRW Martin Ratio Rank: 26

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.

TMNS vs. TGRW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Short Municipal Income ETF (TMNS) 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.

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

Sharpe Ratios by Period

	TMNS	TGRW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.26	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.42	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.12	0.53	+1.59

Drawdowns

TMNS vs. TGRW - Drawdown Comparison

The maximum TMNS drawdown since its inception was -1.28%, smaller than the maximum TGRW drawdown of -43.33%. Use the drawdown chart below to compare losses from any high point for TMNS and TGRW.

Drawdown Indicators

	TMNS	TGRW	Difference
Max Drawdown Largest peak-to-trough decline	-1.28%	-43.33%	+42.05%
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 Drawdown Current decline from peak	-0.23%	-1.74%	+1.51%
Average Drawdown Average peak-to-trough decline	-0.32%	-12.47%	+12.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	5.94%	—

Volatility

Volatility by Period

	TMNS	TGRW	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.91%	—
Volatility (6M) Calculated over the trailing 6-month period	—	12.52%	—
Volatility (1Y) Calculated over the trailing 1-year period	1.64%	16.56%	-14.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.64%	23.26%	-21.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.64%	23.02%	-21.38%

TMNS vs. TGRW - Expense Ratio Comparison

TMNS has a 0.18% expense ratio, which is lower than TGRW's 0.52% expense ratio.

Dividends

TMNS vs. TGRW - Dividend Comparison

TMNS's dividend yield for the trailing twelve months is around 1.72%, 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%
TMNS T. Rowe Price Short Municipal Income ETF	1.72%	0.33%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TMNS and TGRW in my portfolio?

TMNS and TGRW have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TMNS or TGRW?

On fees, TMNS is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TMNS or TGRW?

TMNS is cheaper with a 0.18% expense ratio, compared with 0.52% for TGRW.

Which ETF pays a higher dividend yield, TMNS or TGRW?

TMNS has the higher dividend yield at 1.72%, compared with 0.00% for TGRW.

What is the main difference between TMNS and TGRW?

TMNS is categorized as Municipal Bonds, while TGRW is Large Cap Growth Equities. Their fees differ too: 0.18% for TMNS and 0.52% for TGRW.