TVAL vs. TRBUX

Last updated Jun 3, 2026

TVAL (T. Rowe Price Value ETF) and TRBUX (T. Rowe Price Ultra Short-Term Bond Fund) are both funds - TVAL is a Large Cap Value Equities fund actively managed by T. Rowe Price, while TRBUX is a Ultrashort Bond fund managed by T. Rowe Price. Over the past year, TVAL returned 29.12% vs 6.43% for TRBUX. At a 0.06 correlation, their price movements are largely independent. TVAL charges 0.33%/yr vs 0.31%/yr for TRBUX.

Performance

TVAL vs. TRBUX - Performance Comparison

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

Returns By Period

In the year-to-date period, TVAL achieves a 15.47% return, which is significantly higher than TRBUX's 1.59% return.

TVAL

• 1D: 0.77%
• 1M: 3.30%
• YTD: 15.47%
• 6M: 17.77%
• 1Y: 29.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TRBUX

• 1D: 0.00%
• 1M: 0.36%
• YTD: 1.59%
• 6M: 2.58%
• 1Y: 6.43%
• 3Y*: 6.82%
• 5Y*: 4.32%
• 10Y*: 3.31%

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

TVAL vs. TRBUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TVAL T. Rowe Price Value ETF	15.47%	15.59%	14.54%	8.28%
TRBUX T. Rowe Price Ultra Short-Term Bond Fund	1.59%	6.88%	7.88%	3.85%

Correlation

The correlation between TVAL and TRBUX is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (All Time) Calculated using the full available price history since Jun 16, 2023	0.06

Return for Risk

TVAL vs. TRBUX — Risk / Return Rank

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

TVAL

TVAL Risk / Return Rank: 82
TVAL Sharpe Ratio Rank: 83
TVAL Sortino Ratio Rank: 85
TVAL Omega Ratio Rank: 81
TVAL Calmar Ratio Rank: 79
TVAL Martin Ratio Rank: 83

TRBUX

TRBUX Risk / Return Rank: 99
TRBUX Sharpe Ratio Rank: 98
TRBUX Sortino Ratio Rank: 99
TRBUX Omega Ratio Rank: 99
TRBUX Calmar Ratio Rank: 100
TRBUX 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.

TVAL vs. TRBUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Value ETF (TVAL) and T. Rowe Price Ultra Short-Term Bond Fund (TRBUX). 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.

	TVAL	TRBUX	Difference
Sharpe ratio Return per unit of total volatility	2.75	3.90	-1.15
Sortino ratio Return per unit of downside risk	3.85	10.21	-6.36
Omega ratio Gain probability vs. loss probability	1.50	4.18	-2.68
Calmar ratio Return relative to maximum drawdown	4.11	17.50	-13.39
Martin ratio Return relative to average drawdown	17.29	69.31	-52.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TVAL vs. TRBUX - Sharpe Ratio Comparison

The current TVAL Sharpe Ratio is 2.75, which is comparable to the TRBUX Sharpe Ratio of 3.90. The chart below compares the historical Sharpe Ratios of TVAL and TRBUX, 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

	TVAL	TRBUX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	3.90	-1.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.60	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	2.21	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.48	1.96	-0.48

Drawdowns

TVAL vs. TRBUX - Drawdown Comparison

The maximum TVAL drawdown since its inception was -14.84%, which is greater than TRBUX's maximum drawdown of -4.15%. Use the drawdown chart below to compare losses from any high point for TVAL and TRBUX.

Drawdown Indicators

	TVAL	TRBUX	Difference
Max Drawdown Largest peak-to-trough decline	-14.84%	-4.15%	-10.69%
Max Drawdown (1Y) Largest decline over 1 year	-7.15%	-0.39%	-6.76%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.78%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-2.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-4.15%	—
Current Drawdown Current decline from peak	-0.34%	0.00%	-0.34%
Average Drawdown Average peak-to-trough decline	-2.06%	-0.21%	-1.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.70%	0.10%	+1.60%

Volatility

TVAL vs. TRBUX - Volatility Comparison

T. Rowe Price Value ETF (TVAL) has a higher volatility of 3.27% compared to T. Rowe Price Ultra Short-Term Bond Fund (TRBUX) at 0.68%. This indicates that TVAL's price experiences larger fluctuations and is considered to be riskier than TRBUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TVAL	TRBUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.27%	0.68%	+2.59%
Volatility (6M) Calculated over the trailing 6-month period	8.26%	1.18%	+7.08%
Volatility (1Y) Calculated over the trailing 1-year period	10.65%	1.71%	+8.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.60%	1.68%	+10.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.60%	1.50%	+11.10%

TVAL vs. TRBUX - Expense Ratio Comparison

TVAL has a 0.33% expense ratio, which is higher than TRBUX's 0.31% expense ratio.

Dividends

TVAL vs. TRBUX - Dividend Comparison

TVAL's dividend yield for the trailing twelve months is around 1.00%, less than TRBUX's 6.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TRBUX T. Rowe Price Ultra Short-Term Bond Fund	6.03%	6.23%	6.36%	4.48%	1.53%	1.21%	1.86%	2.73%	2.47%	1.62%	1.18%	0.81%
TVAL T. Rowe Price Value ETF	1.00%	1.15%	1.16%	0.64%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TVAL and TRBUX in my portfolio?

TVAL and TRBUX have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TVAL or TRBUX?

TVAL has higher volatility (3.27%) compared to TRBUX (0.68%). In terms of maximum drawdown, TVAL dropped -14.84% vs TRBUX's -4.15%.

Which has better risk-adjusted returns?

TRBUX currently has the higher Sharpe Ratio (3.90 vs 2.75), 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.