TAXEvsJCALETF Comparison
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T. Rowe Price Intermediate Municipal Income ETF (TAXE) and JPMorgan California Tax Free Bond ETF (JCAL) belong to the same industry segment: Municipal Bonds. TAXE's top 1 sector exposures are Municipal. In contrast, JCAL's top sector exposures are Municipal and Sovereign. TAXE is less expensive with a Total Expense Ratio (TER) of 0.24%, versus 0.44% for JCAL. Run a side-by-side ETF comparison of TAXE and JCAL below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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TAXE vs JCAL performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/15/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | TAXE JCAL | -0.03%-0.29% | -2.75%-3.05% | -0.99%n/a | -0.00%n/a | n/an/a | n/an/a |
| Flows | TAXE JCAL | +$153M+$19M | +$184M+$19M | +$252M- | +$272M- | -- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TAXE JCAL | +4.50%+4.53% | +2.78%n/a | n/an/a | n/an/a |
| Max drawdown | TAXE JCAL | -5.12%-5.18% | -5.51%n/a | n/an/a | n/an/a |
| Max drawdown duration | TAXE JCAL | 92d92d | 101dn/a | n/an/a | n/an/a |
Trading data
TAXE | JCAL | |
Last sale 10/19/2026 at 1:30 PM | $49.22 | $47.86 |
| Previous close 10/16/2026 | $49.23 | $47.91 |
| Consolidated volume 10/16/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 10/19/2026 at 1:30 PM
Live
Closed
TAXE | JCAL | |
|---|---|---|
| Last price | $49.22 | $47.86 |
| 1D performance | -0.01% | -0.10% |
| AuM | $356.20 M | $507.02 M |
| E/R | 0.24% | 0.44% |
Characteristics
TAXE | JCAL | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | T. Rowe Price | J.P. Morgan Asset Management |
| Benchmark | - | - |
| N° of holdings | 169 | 106 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | July 10, 2024 | June 12, 2026 |
| ESG | No | No |
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Exposure
Countries
TAXE
USA
36.28%
Other
63.72%
JCAL
USA
37.65%
Other
62.35%
Sectors
TAXE
Municipal
36.28%
Other
63.72%
JCAL
Municipal
36.62%
Other
63.38%
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Diversification
TAXE
Total weight of top 15 holdings out of 15
11.04%
JCAL
Total weight of top 15 holdings out of 15
16.11%
Top 15 holdings
Data as of August 31, 2026
TAXE
New York Municipal Water Finance Authority, FRN 15jun2053, USD (2023)
1.63%
Puerto Rico, 5.75% 1jul2031, USD
0.87%
Michigan Finance Authority, 5% 15aug2055, USD (2025B-1)
0.85%
US249182LT15
0.75%
Denver, 5% 1dec2029, USD (2018A)
0.74%
US899530AY53
0.74%
US736754TT94
0.71%
Puerto Rico Sales Tax Financing Corp., 4.329% 1jul2040, USD
0.68%
Colorado, 6% 15dec2041, USD (2022)
0.67%
US040507QB45
0.59%
Puerto Rico Sales Tax Financing Corp., 4.55% 1jul2040, USD
0.58%
South Carolina Jobs-Economic Development Authority, 5% 1may2043, USD (2018A)
0.56%
US92812XXT44
0.56%
US64972JNL88
0.56%
Black Belt Energy Gas District, 5% 1nov2036, USD (2026)
0.55%
JCAL
US072024ZH86
2.06%
US072024C758
1.77%
US568087BK56
1.12%
California Community Choice Financing Authority, 5% 1feb2055, USD (2024D)
1.10%
US13063EGP51
1.03%
California, FRN 1may2033, USD (2003A-1)
1.03%
US91412HTJ22
1.03%
USA, Bills 0% 10sep2026, USD (182D)
1.03%
US13032U7S16
0.99%
California Infrastructure and Economic Development Bank, 5% 1nov2029, USD (2024)
0.96%
US13013JHG40
0.83%
Black Belt Energy Gas District, 5% 1dec2034, USD (2026)
0.80%
US13034A3Y44
0.79%
Alvord Unified School District, 0% 1aug2036, USD (2011B, 9179D)
0.79%
Sacramento Municipal Utility District, 5% 15aug2049, USD (2023)
0.78%
Frequently asked questions about TAXE and JCAL
Which ETF is bigger: TAXE or JCAL?
As of October 15, 2026, TAXE holds $356.20 M in assets under management (AUM), while JCAL manages $507.02 M.
What sectors do the TAXE and JCAL ETFs invest in?
TAXE leans toward sectors like Municipal. Meanwhile, JCAL focuses on Municipal.
What are the top holdings of the TAXE ETF and JCAL ETF?
TAXE top holdings include New York Municipal Water Finance Authority, FRN 15jun2053, USD (2023), Puerto Rico, 5.75% 1jul2031, USD and Michigan Finance Authority, 5% 15aug2055, USD (2025B-1). JCAL holds in its top three: US072024ZH86, US072024C758 and US568087BK56.
Which ETF is more diversified: TAXE or JCAL?
TAXE holds 612 securities with 11.04% of its assets in the top 15. JCAL has 306 securities and a top 15 weight of 16.11%.
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