TMSL vs. TBUX

Last updated Jun 4, 2026

TMSL (T. Rowe Price Small-Mid Cap ETF) and TBUX (T. Rowe Price Ultra Short-Term Bond ETF) are both exchange-traded funds - TMSL is a Mid Cap Blend Equities fund actively managed by T. Rowe Price, while TBUX is a Ultrashort Bond fund actively managed by T. Rowe Price. Both are actively managed. Over the past year, TMSL returned 31.37% vs 4.77% for TBUX. At a 0.10 correlation, their price movements are largely independent. TMSL charges 0.55%/yr vs 0.17%/yr for TBUX.

Performance

TMSL vs. TBUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Small-Mid Cap ETF (TMSL) and T. Rowe Price Ultra Short-Term Bond ETF (TBUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMSL achieves a 16.49% return, which is significantly higher than TBUX's 1.65% return.

TMSL

• 1D: 0.02%
• 1M: 3.85%
• YTD: 16.49%
• 6M: 16.75%
• 1Y: 31.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TBUX

• 1D: -0.04%
• 1M: 0.41%
• YTD: 1.65%
• 6M: 2.09%
• 1Y: 4.77%
• 3Y*: 5.85%
• 5Y*: —
• 10Y*: —

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

TMSL vs. TBUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TMSL T. Rowe Price Small-Mid Cap ETF	16.49%	11.95%	15.81%	11.22%
TBUX T. Rowe Price Ultra Short-Term Bond ETF	1.65%	5.37%	6.38%	3.92%

Correlation

The correlation between TMSL and TBUX is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (All Time) Calculated using the full available price history since Jun 16, 2023	0.10

TMSL vs. TBUX - Sectors Allocation Comparison

Sectors	TMSL	TBUX
Technology	24.3%	52.7%
Industrials	19.7%	3.5%
Financial Services	14.4%	0.5%
Healthcare	13.4%	5.0%
Consumer Cyclical	8.7%	14.3%
Energy	6.8%	0.6%
Real Estate	4.6%	0.2%
Basic Materials	3.9%	1.3%
Consumer Defensive	1.6%	5.5%
Utilities	1.6%	1.2%
Communication Services	1.0%	15.2%

Return for Risk

TMSL vs. TBUX — Risk / Return Rank

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

TMSL

TMSL Risk / Return Rank: 56
TMSL Sharpe Ratio Rank: 53
TMSL Sortino Ratio Rank: 55
TMSL Omega Ratio Rank: 53
TMSL Calmar Ratio Rank: 57
TMSL Martin Ratio Rank: 64

TBUX

TBUX Risk / Return Rank: 99
TBUX Sharpe Ratio Rank: 99
TBUX Sortino Ratio Rank: 99
TBUX Omega Ratio Rank: 99
TBUX Calmar Ratio Rank: 99
TBUX Martin Ratio Rank: 99

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.

TMSL vs. TBUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Small-Mid Cap ETF (TMSL) and T. Rowe Price Ultra Short-Term Bond ETF (TBUX). 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.

	TMSL	TBUX	Difference
Sharpe ratio: Return per unit of total volatility	1.83	7.13	-5.30
Sortino ratio: Return per unit of downside risk	2.63	14.36	-11.72
Omega ratio: Gain probability vs. loss probability	1.33	3.08	-1.76
Calmar ratio: Return relative to maximum drawdown	2.82	39.71	-36.89
Martin ratio: Return relative to average drawdown	11.55	170.19	-158.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TMSL vs. TBUX - Sharpe Ratio Comparison

The current TMSL Sharpe Ratio is 1.83, which is lower than the TBUX Sharpe Ratio of 7.13. The chart below compares the historical Sharpe Ratios of TMSL and TBUX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TMSL	TBUX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	7.13	-5.30
Sharpe Ratio (All Time) Calculated using the full available price history	1.05	3.89	-2.84

Drawdowns

TMSL vs. TBUX - Drawdown Comparison

The maximum TMSL drawdown since its inception was -24.39%, which is greater than TBUX's maximum drawdown of -1.79%. Use the drawdown chart below to compare losses from any high point for TMSL and TBUX.

Drawdown Indicators

	TMSL	TBUX	Difference
Max Drawdown Largest peak-to-trough decline	-24.39%	-1.79%	-22.60%
Max Drawdown (1Y) Largest decline over 1 year	-11.19%	-0.12%	-11.07%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.33%	—
Current Drawdown Current decline from peak	-0.50%	-0.04%	-0.46%
Average Drawdown Average peak-to-trough decline	-3.94%	-0.28%	-3.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.72%	0.03%	+2.69%

Volatility

TMSL vs. TBUX - Volatility Comparison

T. Rowe Price Small-Mid Cap ETF (TMSL) has a higher volatility of 5.40% compared to T. Rowe Price Ultra Short-Term Bond ETF (TBUX) at 0.19%. This indicates that TMSL's price experiences larger fluctuations and is considered to be riskier than TBUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMSL	TBUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.40%	0.19%	+5.21%
Volatility (6M) Calculated over the trailing 6-month period	13.66%	0.43%	+13.23%
Volatility (1Y) Calculated over the trailing 1-year period	17.27%	0.67%	+16.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.39%	1.07%	+17.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.39%	1.07%	+17.32%

TMSL vs. TBUX - Expense Ratio Comparison

TMSL has a 0.55% expense ratio, which is higher than TBUX's 0.17% expense ratio.

Dividends

TMSL vs. TBUX - Dividend Comparison

TMSL's dividend yield for the trailing twelve months is around 0.49%, less than TBUX's 4.48% yield.

Position	TTM	2025	2024	2023	2022	2021
TBUX T. Rowe Price Ultra Short-Term Bond ETF	4.48%	4.67%	5.39%	4.66%	2.58%	0.27%
TMSL T. Rowe Price Small-Mid Cap ETF	0.49%	0.57%	0.44%	0.34%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TMSL and TBUX in my portfolio?

TMSL and TBUX have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TMSL or TBUX?

TMSL has higher volatility (5.40%) compared to TBUX (0.19%). In terms of maximum drawdown, TMSL dropped -24.39% vs TBUX's -1.79%.

Which ETF is better, TMSL or TBUX?

On 1-year performance, TMSL leads with 31.37% vs 4.77% for TBUX. On fees, TBUX is cheaper at 0.17% per year. On volatility, TBUX has been the lower-risk option at 0.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TMSL or TBUX?

Over the 1-year period, TMSL has performed better with a 31.37% return vs 4.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TMSL or TBUX?

TBUX is cheaper with a 0.17% expense ratio, compared with 0.55% for TMSL.

Which ETF pays a higher dividend yield, TMSL or TBUX?

TBUX has the higher dividend yield at 4.48%, compared with 0.49% for TMSL.

What is the main difference between TMSL and TBUX?

TMSL is categorized as Mid Cap Blend Equities, while TBUX is Ultrashort Bond. Their fees differ too: 0.55% for TMSL and 0.17% for TBUX.

Which has better risk-adjusted returns?

TBUX currently has the higher Sharpe Ratio (7.13 vs 1.83), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.