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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_C000166333Member_lbl" xml:lang="en-US">T. Rowe Price Short-Term Bond Fund, Inc.-I Class</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_C000005537Member_lbl" xml:lang="en-US">T. Rowe Price Short-Term Bond Fund, Inc.-Advisor Class</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_C000225824Member_lbl" xml:lang="en-US">T. Rowe Price Short-Term Bond Fund, Inc.-Z Class</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_C000119983Member_lbl" xml:lang="en-US">T. Rowe Price Ultra Short-Term Bond Fund-Investor Class</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_C000193195Member_lbl" xml:lang="en-US">T. Rowe Price Ultra Short-Term Bond Fund-I Class</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_C000225825Member_lbl" xml:lang="en-US">T. Rowe Price Ultra Short-Term Bond Fund-Z Class</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_C000222038Member_lbl" xml:lang="en-US">T. Rowe Price Short Duration Income Fund-Investor Class</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_C000222039Member_lbl" xml:lang="en-US">T. Rowe Price Short Duration Income Fund-I Class</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_BloombergUSAggregateBondIndexMember_lbl" xml:lang="en-US">Bloomberg U.S. Aggregate Bond Index</link:label>
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      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_LipperShortInvestmentGradeDebtFundsAverageMember" xlink:label="trowe_LipperShortInvestmentGradeDebtFundsAverageMember" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_Bloomberg13YearUSGovernmentCreditBondIndexMember_lbl" xml:lang="en-US">Bloomberg 1-3 Year U.S. Government/Credit Bond Index</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_BloombergShortTermGovernmentCorporateIndexMember_lbl" xml:lang="en-US">Bloomberg Short-Term Government/Corporate Index</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_LipperUltraShortObligationsFundsAverageMember" xlink:label="trowe_LipperUltraShortObligationsFundsAverageMember" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_CybersecurityBreachesMember_doc" xml:lang="en-US">Cybersecurity breaches.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_ActiveManagementMember_doc" xml:lang="en-US">Active management.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_LiquidityMember_doc" xml:lang="en-US">Liquidity.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_TBAsAndDollarRollsMember_doc" xml:lang="en-US">TBAs and dollar rolls.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_DerivativesMember_doc" xml:lang="en-US">Derivatives.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_EmergingMarketsMember_doc" xml:lang="en-US">Emerging markets.</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_Bloomberg1To3YearUSCorporateBondIndexMember" xlink:to="trowe_Bloomberg1To3YearUSCorporateBondIndexMember_doc" xlink:type="arc" />
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