TMSF vs. TMB

Last updated Jun 4, 2026

TMSF (T. Rowe Price Multi-Sector Income ETF) and TMB (Thornburg Multi Sector Bond ETF) are both Multisector Bonds funds. Both are actively managed. With a 1.00 correlation, they move nearly in lockstep. TMSF charges 0.37%/yr vs 0.55%/yr for TMB.

Performance

TMSF vs. TMB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Multi-Sector Income ETF (TMSF) and Thornburg Multi Sector Bond ETF (TMB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TMSF

• 1D: -0.20%
• 1M: 0.53%
• YTD: 1.71%
• 6M: 2.23%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TMB

• 1D: -0.23%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TMSF vs. TMB - Yearly Performance Comparison

	2026 (YTD)
TMSF T. Rowe Price Multi-Sector Income ETF	0.44%
TMB Thornburg Multi Sector Bond ETF	0.17%

Correlation

The correlation between TMSF and TMB is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 27, 2026	1.00

Return for Risk

TMSF vs. TMB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Multi-Sector Income ETF (TMSF) and Thornburg Multi Sector Bond ETF (TMB). 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

	TMSF	TMB	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.99	3.18	-1.19

Drawdowns

TMSF vs. TMB - Drawdown Comparison

The maximum TMSF drawdown since its inception was -2.28%, which is greater than TMB's maximum drawdown of -0.24%. Use the drawdown chart below to compare losses from any high point for TMSF and TMB.

Drawdown Indicators

	TMSF	TMB	Difference
Max Drawdown Largest peak-to-trough decline	-2.28%	-0.24%	-2.04%
Current Drawdown Current decline from peak	-0.25%	-0.24%	-0.01%
Average Drawdown Average peak-to-trough decline	-0.38%	-0.06%	-0.32%

Volatility

Volatility by Period

	TMSF	TMB	Difference
Volatility (1Y) Calculated over the trailing 1-year period	2.94%	2.52%	+0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.94%	2.52%	+0.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.94%	2.52%	+0.42%

TMSF vs. TMB - Expense Ratio Comparison

TMSF has a 0.37% expense ratio, which is lower than TMB's 0.55% expense ratio.

Dividends

TMSF vs. TMB - Dividend Comparison

TMSF's dividend yield for the trailing twelve months is around 3.06%, more than TMB's 0.36% yield.

Position	TTM	2025
TMB Thornburg Multi Sector Bond ETF	0.36%	0.00%
TMSF T. Rowe Price Multi-Sector Income ETF	3.06%	0.75%

Frequently Asked Questions

Can I hold both TMSF and TMB in my portfolio?

With a correlation of 1.00, TMSF and TMB move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, TMSF or TMB?

On fees, TMSF is cheaper at 0.37% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TMSF or TMB?

TMSF is cheaper with a 0.37% expense ratio, compared with 0.55% for TMB.

Which ETF pays a higher dividend yield, TMSF or TMB?

TMSF has the higher dividend yield at 3.06%, compared with 0.36% for TMB.

What is the main difference between TMSF and TMB?

They also come from different issuers: T. Rowe Price and Thornburg. Their fees differ too: 0.37% for TMSF and 0.55% for TMB.