TAXEvsSMBSETF Comparison
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T. Rowe Price Intermediate Municipal Income ETF (TAXE) belongs to the Municipal Bonds segment. Schwab Mortgage-Backed Securities ETF (SMBS) is part of the MBS & ABS segment. TAXE's top 1 sector exposures are Municipal. In contrast, SMBS's top sector exposures are Industrials, Finance and Government Agencies. TAXE is more expensive with a Total Expense Ratio (TER) of 0.24%, versus 0.03% for SMBS. TAXE is up 0.25% year-to-date (YTD) with +$97M in YTD flows. SMBS performs worse with -0.06% YTD performance, and +$891M in YTD flows. Run a side-by-side ETF comparison of TAXE and SMBS 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 SMBS performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/01/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | TAXE SMBS | -0.43%-0.11% | -1.29%-0.85% | +0.25%-0.06% | +3.92%+2.96% | n/an/a | n/an/a |
| Flows | TAXE SMBS | +$14M+$120M | +$43M+$287M | +$97M+$891M | +$118M+$1.28B | -- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TAXE SMBS | +2.25%+4.44% | +2.09%+3.94% | n/an/a | n/an/a |
| Max drawdown | TAXE SMBS | -1.94%-1.75% | -2.39%-2.67% | n/an/a | n/an/a |
| Max drawdown duration | TAXE SMBS | 57d64d | 122d184d | n/an/a | n/an/a |
Trading data
TAXE | SMBS | |
Last sale 9/3/2026 at 5:03 PM | $50.00 | $24.86 |
| Previous close 09/02/2026 | $49.94 | $24.79 |
| Consolidated volume 09/02/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of August 31, 2026
1-year trailing difference
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TAXE
is actively managed and doesn’t replicate an indexTAXE | SMBS | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/3/2026 at 5:03 PM
Live
Closed
TAXE | SMBS | |
|---|---|---|
| Last price | $50.00 | $24.86 |
| 1D performance | +0.12% | +0.28% |
| AuM | $202.12 M | $6.53 B |
| E/R | 0.24% | 0.03% |
Characteristics
TAXE | SMBS | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | T. Rowe Price | Schwab ETFs |
| Benchmark | - | Bloomberg U.S. MBS Float Adjusted Index |
| N° of holdings | 163 | 443 |
| Asset class | - | Bonds |
| Trailing 12m distribution yield | Join | Join |
| Inception date | July 10, 2024 | November 19, 2024 |
| ESG | No | No |
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Exposure
Countries
TAXE
USA
35.75%
Other
64.25%
SMBS
USA
34%
Other
66%
Sectors
TAXE
Municipal
35.75%
Other
64.25%
SMBS
Industrials
33.45%
Other
66.55%
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Diversification
TAXE
Total weight of top 15 holdings out of 15
12.17%
SMBS
Total weight of top 15 holdings out of 15
5.64%
Top 15 holdings
Data as of July 31, 2026
TAXE
US45204FME24
1.90%
US46246K5E87
0.96%
Michigan Finance Authority, 5% 15aug2055, USD (2025B-1)
0.91%
Puerto Rico, 5.75% 1jul2031, USD
0.85%
US45506EQS53
0.83%
US249182LT15
0.81%
Denver, 5% 1dec2029, USD (2018A)
0.79%
Colorado, 6% 15dec2041, USD (2022)
0.72%
US899530AY53
0.72%
Puerto Rico Sales Tax Financing Corp., 4.329% 1jul2040, USD
0.70%
Puerto Rico Sales Tax Financing Corp., 4.55% 1jul2040, USD
0.62%
US64972JNL88
0.61%
US92812XXT44
0.60%
Black Belt Energy Gas District, 5% 1nov2036, USD (2026)
0.59%
Black Belt Energy Gas District, 4% 1jun2051, USD (2021A)
0.58%
SMBS
G2 MB0025, 5% 20nov2054, USD (ABS)
0.67%
FR SD8469, 5.5% 1oct2054, USD (ABS)
0.49%
US31418DYX47
0.40%
US31427R6E50
0.39%
FR SD8193, 2% 1feb2052, USD (ABS)
0.37%
FR SD8106, 2% 1nov2050, USD (ABS)
0.35%
US3618N6HU47
0.35%
US3618N56H72
0.35%
US3618N53X59
0.35%
FR RQ0110, 5% 1apr2056, USD (ABS)
0.34%
FR RQ0102, 5% 1mar2056, USD (ABS)
0.34%
US3132DWDC47
0.33%
FR SD7552, 2.5% 1jan2052, USD (ABS)
0.31%
US3142J6BK85
0.30%
US3132DWAN39
0.30%
Frequently asked questions about TAXE and SMBS
How have the TAXE and SMBS ETFs performed in 2026?
As of September 1, 2026, TAXE is up 0.25% year-to-date (YTD), while SMBS has lost -0.06%. That puts TAXE better performer ahead so far this year.
Which ETF is attracting more investor money: TAXE or SMBS?
Year-to-date, the TAXE ETF saw +$97M in flows, compared to +$891M for SMBS.
Which ETF is more volatile: TAXE or SMBS?
Over the past year, TAXE had a volatility of 2.09%, while SMBS experienced 3.94%.
Which ETF is bigger: TAXE or SMBS?
As of September 1, 2026, TAXE holds $202.12 M in assets under management (AUM), while SMBS manages $6.53 B.
What sectors do the TAXE and SMBS ETFs invest in?
TAXE leans toward sectors like Municipal. Meanwhile, SMBS focuses on Industrials.
What are the top holdings of the TAXE ETF and SMBS ETF?
TAXE top holdings include US45204FME24, US46246K5E87 and Michigan Finance Authority, 5% 15aug2055, USD (2025B-1). SMBS holds in its top three: G2 MB0025, 5% 20nov2054, USD (ABS), FR SD8469, 5.5% 1oct2054, USD (ABS) and US31418DYX47.
Which ETF is more diversified: TAXE or SMBS?
TAXE holds 579 securities with 12.17% of its assets in the top 15. SMBS has 1999 securities and a top 15 weight of 5.64%.
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