USD=X vs. TBUX

Last updated Jun 13, 2026

USD=X (USD Cash) is a currency, while TBUX (T. Rowe Price Ultra Short-Term Bond ETF) is Ultrashort Bond fund actively managed by T. Rowe Price. Over the past 3 years, USD=X returned 0.00%/yr vs 5.89%/yr for TBUX.

Performance

USD=X vs. TBUX - Performance Comparison

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

Returns By Period

USD=X

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: 0.00%
• 3Y*: 0.00%
• 5Y*: 0.00%
• 10Y*: 0.00%

TBUX

• 1D: 0.00%
• 1M: 0.39%
• YTD: 1.83%
• 6M: 2.14%
• 1Y: 4.81%
• 3Y*: 5.89%
• 5Y*: —
• 10Y*: —

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

USD=X vs. TBUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
USD=X USD Cash	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TBUX T. Rowe Price Ultra Short-Term Bond ETF	1.83%	5.37%	6.38%	6.39%	-0.13%	-0.25%

Return for Risk

USD=X vs. TBUX — Risk / Return Rank

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

USD=X

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

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.

USD=X vs. TBUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USD Cash (USD=X) 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.

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.

	USD=X	TBUX	Difference
Sharpe ratio: Return per unit of total volatility	—	7.19	—
Sortino ratio: Return per unit of downside risk	—	14.51	—
Omega ratio: Gain probability vs. loss probability	—	3.12	—
Calmar ratio: Return relative to maximum drawdown	—	48.17	—
Martin ratio: Return relative to average drawdown	—	182.82	—

Drawdowns

USD=X vs. TBUX - Drawdown Comparison

The maximum USD=X drawdown since its inception was 0.00%, smaller than the maximum TBUX drawdown of -1.82%. Use the drawdown chart below to compare losses from any high point for USD=X and TBUX.

Drawdown Indicators

	USD=X	TBUX	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-1.82%	+1.82%
Max Drawdown (1Y) Largest decline over 1 year	0.00%	-0.10%	+0.10%
Max Drawdown (3Y) Largest decline over 3 years	0.00%	-0.33%	+0.33%
Max Drawdown (5Y) Largest decline over 5 years	0.00%	—	—
Max Drawdown (10Y) Largest decline over 10 years	0.00%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	0.00%	-0.28%	+0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.03%	-0.03%

Volatility

USD=X vs. TBUX - Volatility Comparison

The current volatility for USD Cash (USD=X) is 0.00%, while T. Rowe Price Ultra Short-Term Bond ETF (TBUX) has a volatility of 0.22%. This indicates that USD=X experiences smaller price fluctuations and is considered to be less risky than TBUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USD=X	TBUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	0.22%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	0.00%	0.46%	-0.46%
Volatility (1Y) Calculated over the trailing 1-year period	0.00%	0.67%	-0.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.00%	1.07%	-1.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.00%	1.07%	-1.07%

Frequently Asked Questions

Which is riskier, USD=X or TBUX?

TBUX has higher volatility (0.22%) compared to USD=X (0.00%). In terms of maximum drawdown, USD=X dropped 0.00% vs TBUX's -1.82%.