TNXT vs. TBUX

Last updated Jun 6, 2026

TNXT (T. Rowe Price Innovation Leaders ETF) and TBUX (T. Rowe Price Ultra Short-Term Bond ETF) are both exchange-traded funds - TNXT is a Large Cap Growth 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. At a 0.39 correlation, their price movements are largely independent. TNXT charges 0.49%/yr vs 0.17%/yr for TBUX.

Performance

TNXT vs. TBUX - Performance Comparison

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

Returns By Period

TNXT

• 1D: -4.11%
• 1M: -0.27%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TBUX

• 1D: -0.10%
• 1M: 0.27%
• YTD: 1.63%
• 6M: 2.03%
• 1Y: 4.79%
• 3Y*: 5.83%
• 5Y*: —
• 10Y*: —

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

TNXT vs. TBUX - Yearly Performance Comparison

	2026 (YTD)
TNXT T. Rowe Price Innovation Leaders ETF	6.10%
TBUX T. Rowe Price Ultra Short-Term Bond ETF	1.28%

Correlation

The correlation between TNXT and TBUX is 0.39, 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 Jan 30, 2026	0.39

Return for Risk

TNXT vs. TBUX — Risk / Return Rank

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

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.

TNXT vs. TBUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Innovation Leaders ETF (TNXT) 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.

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

Sharpe Ratios by Period

	TNXT	TBUX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	7.15	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	3.87	-3.02

Drawdowns

TNXT vs. TBUX - Drawdown Comparison

The maximum TNXT drawdown since its inception was -12.97%, which is greater than TBUX's maximum drawdown of -1.79%. Use the drawdown chart below to compare losses from any high point for TNXT and TBUX.

Drawdown Indicators

	TNXT	TBUX	Difference
Max Drawdown Largest peak-to-trough decline	-12.97%	-1.79%	-11.18%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.10%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-0.33%	—
Current Drawdown Current decline from peak	-4.98%	-0.10%	-4.88%
Average Drawdown Average peak-to-trough decline	-3.54%	-0.28%	-3.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.03%	—

Volatility

Volatility by Period

	TNXT	TBUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.22%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.45%	—
Volatility (1Y) Calculated over the trailing 1-year period	21.86%	0.68%	+21.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.86%	1.07%	+20.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.86%	1.07%	+20.79%

TNXT vs. TBUX - Expense Ratio Comparison

TNXT has a 0.49% expense ratio, which is higher than TBUX's 0.17% expense ratio.

Dividends

TNXT vs. TBUX - Dividend Comparison

TNXT has not paid dividends to shareholders, while TBUX's dividend yield for the trailing twelve months is around 4.49%.

Position	TTM	2025	2024	2023	2022	2021
TBUX T. Rowe Price Ultra Short-Term Bond ETF	4.49%	4.67%	5.39%	4.66%	2.58%	0.27%
TNXT T. Rowe Price Innovation Leaders ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TNXT and TBUX in my portfolio?

TNXT and TBUX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TNXT or TBUX?

On fees, TBUX is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TNXT or TBUX?

TBUX is cheaper with a 0.17% expense ratio, compared with 0.49% for TNXT.

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

TBUX has the higher dividend yield at 4.49%, compared with 0.00% for TNXT.

What is the main difference between TNXT and TBUX?

TNXT is categorized as Large Cap Growth Equities, while TBUX is Ultrashort Bond. Their fees differ too: 0.49% for TNXT and 0.17% for TBUX.