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TRPBX vs. TAXE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TRPBX vs. TAXE

Last updated Jun 13, 2026

TRPBX (T. Rowe Price Spectrum Moderate Allocation Fund) and TAXE (T. Rowe Price Intermediate Municipal Income ETF) are both funds - TRPBX is a Diversified Portfolio fund managed by T. Rowe Price, while TAXE is a Municipal Bonds fund actively managed by T. Rowe Price. Over the past year, TRPBX returned 15.63% vs 6.92% for TAXE. At a 0.23 correlation, their price movements are largely independent. TRPBX charges 0.51%/yr vs 0.24%/yr for TAXE.

Performance

TRPBX vs. TAXE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Spectrum Moderate Allocation Fund (TRPBX) and T. Rowe Price Intermediate Municipal Income ETF (TAXE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TRPBX achieves a 6.41% return, which is significantly higher than TAXE's 1.77% return.

TRPBX

1D
1.49%
1M
-0.11%
YTD
6.41%
6M
6.94%
1Y
15.63%
3Y*
12.85%
5Y*
5.57%
10Y*
8.73%

TAXE

1D
-0.04%
1M
0.66%
YTD
1.77%
6M
2.05%
1Y
6.92%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

TRPBX vs. TAXE - Yearly Performance Comparison

2026 (YTD)20252024
TRPBX
T. Rowe Price Spectrum Moderate Allocation Fund		6.41%14.47%2.00%
TAXE
T. Rowe Price Intermediate Municipal Income ETF		1.77%5.78%1.56%

Correlation

The correlation between TRPBX and TAXE is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.29

Correlation (All Time)
Calculated using the full available price history since Jul 10, 2024

0.23

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T. Rowe Price Spectrum Moderate Allocation Fund

T. Rowe Price Intermediate Municipal Income ETF

Often compared with TRPBX:
TRPBX vs. RPBAXTRPBX vs. PRDGXTRPBX vs. VOOTRPBX vs. PREIXTRPBX vs. PRCOXTRPBX vs. VSMGXTRPBX vs. BWBIX
Often compared with TAXE:
TAXE vs. VTEBTAXE vs. CGMUTAXE vs. FUMBTAXE vs. TGRWTAXE vs. THYFTAXE vs. MUBTAXE vs. TSPA

Return for Risk

TRPBX vs. TAXE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TRPBX
TRPBX Risk / Return Rank: 6363
Overall Rank
TRPBX Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
TRPBX Sortino Ratio Rank: 6464
Sortino Ratio Rank
TRPBX Omega Ratio Rank: 6767
Omega Ratio Rank
TRPBX Calmar Ratio Rank: 5555
Calmar Ratio Rank
TRPBX Martin Ratio Rank: 6767
Martin Ratio Rank
TAXE
TAXE Risk / Return Rank: 8181
Overall Rank
TAXE Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
TAXE Sortino Ratio Rank: 9595
Sortino Ratio Rank
TAXE Omega Ratio Rank: 9696
Omega Ratio Rank
TAXE Calmar Ratio Rank: 6262
Calmar Ratio Rank
TAXE Martin Ratio Rank: 5959
Martin Ratio Rank
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.

TRPBX vs. TAXE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Spectrum Moderate Allocation Fund (TRPBX) and T. Rowe Price Intermediate Municipal Income ETF (TAXE). 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.

TRPBXTAXEDifference
Sharpe ratioReturn per unit of total volatility
1.90
3.13

-1.22

Sortino ratioReturn per unit of downside risk
2.68
4.76

-2.08

Omega ratioGain probability vs. loss probability

1.37

1.74

-0.37

Calmar ratioReturn relative to maximum drawdown

2.39

2.75

-0.36

Martin ratioReturn relative to average drawdown

10.42

9.31

+1.11

TRPBX vs. TAXE - Sharpe Ratio Comparison

The current TRPBX Sharpe Ratio is 1.90, which is lower than the TAXE Sharpe Ratio of 3.13. The chart below compares the historical Sharpe Ratios of TRPBX and TAXE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

TRPBX vs. TAXE - Drawdown Comparison

The maximum TRPBX drawdown since its inception was -41.62%, which is greater than TAXE's maximum drawdown of -3.72%. Use the drawdown chart below to compare losses from any high point for TRPBX and TAXE.

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Drawdown Indicators

TRPBXTAXEDifference

Max Drawdown

Largest peak-to-trough decline

-41.62%

-3.72%

-37.90%

Max Drawdown (1Y)

Largest decline over 1 year

-6.72%

-2.53%

-4.19%

Max Drawdown (3Y)

Largest decline over 3 years

-9.73%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-23.21%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-24.55%

—

—

Current Drawdown

Current decline from peak

-1.15%

-0.60%

-0.55%

Average Drawdown

Average peak-to-trough decline

-4.13%

-0.71%

-3.42%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.53%

0.75%

+0.78%

Volatility

TRPBX vs. TAXE - Volatility Comparison

T. Rowe Price Spectrum Moderate Allocation Fund (TRPBX) has a higher volatility of 3.34% compared to T. Rowe Price Intermediate Municipal Income ETF (TAXE) at 0.76%. This indicates that TRPBX's price experiences larger fluctuations and is considered to be riskier than TAXE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TRPBXTAXEDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.34%

0.76%

+2.58%

Volatility (6M)

Calculated over the trailing 6-month period

7.06%

1.66%

+5.40%

Volatility (1Y)

Calculated over the trailing 1-year period

8.41%

2.23%

+6.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.98%

3.13%

+6.85%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.57%

3.13%

+7.44%

TRPBX vs. TAXE - Expense Ratio Comparison

TRPBX has a 0.51% expense ratio, which is higher than TAXE's 0.24% expense ratio.

Dividends

TRPBX vs. TAXE - Dividend Comparison

TRPBX's dividend yield for the trailing twelve months is around 7.99%, more than TAXE's 3.56% yield.

PositionTTM20252024202320222021202020192018201720162015
TAXE
T. Rowe Price Intermediate Municipal Income ETF		3.56%3.46%1.74%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
TRPBX
T. Rowe Price Spectrum Moderate Allocation Fund		7.99%8.46%6.87%3.09%7.38%9.57%4.90%5.41%8.82%5.40%2.76%6.89%

Frequently Asked Questions

TRPBX and TAXE have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TRPBX has higher volatility (3.34%) compared to TAXE (0.76%). In terms of maximum drawdown, TRPBX dropped -41.62% vs TAXE's -3.72%.

TAXE currently has the higher Sharpe Ratio (3.13 vs 1.90), 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.

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