TSPA vs. TAXE

Last updated Jun 4, 2026

TSPA (T. Rowe Price US Equity Research ETF) and TAXE (T. Rowe Price Intermediate Municipal Income ETF) are both exchange-traded funds - TSPA is a Large Cap Blend Equities fund actively managed by T. Rowe Price, while TAXE is a Municipal Bonds fund actively managed by T. Rowe Price. Both are actively managed. Over the past year, TSPA returned 27.74% vs 7.44% for TAXE. At a 0.11 correlation, their price movements are largely independent. TSPA charges 0.34%/yr vs 0.24%/yr for TAXE.

Performance

TSPA vs. TAXE - Performance Comparison

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

Returns By Period

In the year-to-date period, TSPA achieves a 11.31% return, which is significantly higher than TAXE's 1.80% return.

TSPA

• 1D: -0.67%
• 1M: 4.87%
• YTD: 11.31%
• 6M: 11.41%
• 1Y: 27.74%
• 3Y*: 22.97%
• 5Y*: —
• 10Y*: —

TAXE

• 1D: 0.01%
• 1M: 0.61%
• YTD: 1.80%
• 6M: 2.08%
• 1Y: 7.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSPA vs. TAXE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSPA T. Rowe Price US Equity Research ETF	11.31%	16.44%	4.66%
TAXE T. Rowe Price Intermediate Municipal Income ETF	1.80%	5.78%	1.55%

Correlation

The correlation between TSPA and TAXE is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (All Time) Calculated using the full available price history since Jul 11, 2024	0.11

Return for Risk

TSPA vs. TAXE — Risk / Return Rank

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

TSPA

TSPA Risk / Return Rank: 67
TSPA Sharpe Ratio Rank: 68
TSPA Sortino Ratio Rank: 67
TSPA Omega Ratio Rank: 68
TSPA Calmar Ratio Rank: 61
TSPA Martin Ratio Rank: 74

TAXE

TAXE Risk / Return Rank: 80
TAXE Sharpe Ratio Rank: 92
TAXE Sortino Ratio Rank: 95
TAXE Omega Ratio Rank: 96
TAXE Calmar Ratio Rank: 60
TAXE Martin Ratio Rank: 58

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.

TSPA vs. TAXE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price US Equity Research ETF (TSPA) 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.

	TSPA	TAXE	Difference
Sharpe ratio: Return per unit of total volatility	2.28	3.33	-1.06
Sortino ratio: Return per unit of downside risk	3.12	5.08	-1.96
Omega ratio: Gain probability vs. loss probability	1.41	1.80	-0.38
Calmar ratio: Return relative to maximum drawdown	3.02	2.96	+0.06
Martin ratio: Return relative to average drawdown	14.04	10.09	+3.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSPA vs. TAXE - Sharpe Ratio Comparison

The current TSPA Sharpe Ratio is 2.28, which is lower than the TAXE Sharpe Ratio of 3.33. The chart below compares the historical Sharpe Ratios of TSPA 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.

Sharpe Ratios by Period

	TSPA	TAXE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.28	3.33	-1.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	1.54	-0.68

Drawdowns

TSPA vs. TAXE - Drawdown Comparison

The maximum TSPA drawdown since its inception was -24.72%, which is greater than TAXE's maximum drawdown of -3.72%. Use the drawdown chart below to compare losses from any high point for TSPA and TAXE.

Drawdown Indicators

	TSPA	TAXE	Difference
Max Drawdown Largest peak-to-trough decline	-24.72%	-3.72%	-21.00%
Max Drawdown (1Y) Largest decline over 1 year	-9.24%	-2.53%	-6.71%
Max Drawdown (3Y) Largest decline over 3 years	-19.04%	—	—
Current Drawdown Current decline from peak	-0.67%	-0.57%	-0.10%
Average Drawdown Average peak-to-trough decline	-5.49%	-0.71%	-4.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	0.74%	+1.24%

Volatility

TSPA vs. TAXE - Volatility Comparison

T. Rowe Price US Equity Research ETF (TSPA) has a higher volatility of 2.98% compared to T. Rowe Price Intermediate Municipal Income ETF (TAXE) at 0.76%. This indicates that TSPA'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.

Volatility by Period

	TSPA	TAXE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.98%	0.76%	+2.22%
Volatility (6M) Calculated over the trailing 6-month period	9.44%	1.65%	+7.79%
Volatility (1Y) Calculated over the trailing 1-year period	12.26%	2.24%	+10.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.00%	3.15%	+13.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.00%	3.15%	+13.85%

TSPA vs. TAXE - Expense Ratio Comparison

TSPA has a 0.34% expense ratio, which is higher than TAXE's 0.24% expense ratio.

Dividends

TSPA vs. TAXE - Dividend Comparison

TSPA's dividend yield for the trailing twelve months is around 0.56%, less than TAXE's 3.56% yield.

Position	TTM	2025	2024	2023	2022	2021
TAXE T. Rowe Price Intermediate Municipal Income ETF	3.56%	3.46%	1.74%	0.00%	0.00%	0.00%
TSPA T. Rowe Price US Equity Research ETF	0.56%	0.62%	0.50%	0.41%	1.16%	0.43%

Frequently Asked Questions

Can I hold both TSPA and TAXE in my portfolio?

TSPA and TAXE have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSPA or TAXE?

TSPA has higher volatility (2.98%) compared to TAXE (0.76%). In terms of maximum drawdown, TSPA dropped -24.72% vs TAXE's -3.72%.

Which ETF is better, TSPA or TAXE?

On 1-year performance, TSPA leads with 27.74% vs 7.44% for TAXE. On fees, TAXE is cheaper at 0.24% per year. On volatility, TAXE has been the lower-risk option at 0.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSPA or TAXE?

Over the 1-year period, TSPA has performed better with a 27.74% return vs 7.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSPA or TAXE?

TAXE is cheaper with a 0.24% expense ratio, compared with 0.34% for TSPA.

Which ETF pays a higher dividend yield, TSPA or TAXE?

TAXE has the higher dividend yield at 3.56%, compared with 0.56% for TSPA.

What is the main difference between TSPA and TAXE?

TSPA is categorized as Large Cap Blend Equities, while TAXE is Municipal Bonds. Their fees differ too: 0.34% for TSPA and 0.24% for TAXE.

Which has better risk-adjusted returns?

TAXE currently has the higher Sharpe Ratio (3.33 vs 2.28), 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.