- ISIN
- US77957R1014
- CUSIP
- 77957R101
- Issuer
- T. Rowe Price
- Inception Date
- Mar 30, 1987
- Category
- Municipal Bonds
- Min. Investment
- $2,500
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
MDXBX Performance Chart
T. Rowe Price Maryland Tax Free Bond Fund (MDXBX) is up 2.4% since the beginning of the year. MDXBX is currently trading at $10 per share. Investors who bought $1,000 worth of MDXBX shares 5 years ago would now be looking at an investment worth $1,081.
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Returns By Period
T. Rowe Price Maryland Tax Free Bond Fund (MDXBX) has returned 2.39% so far this year and 9.39% over the past 12 months. Over the last ten years, MDXBX has returned 2.40% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
T. Rowe Price Maryland Tax Free Bond Fund
- 1D
- 0.10%
- 1M
- 1.91%
- YTD
- 2.39%
- 6M
- 3.23%
- 1Y
- 9.39%
- 3Y*
- 4.95%
- 5Y*
- 1.57%
- 10Y*
- 2.40%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
MDXBX Monthly Returns History
Based on dividend-adjusted daily data since Mar 31, 1987, MDXBX's average daily return is +0.02%, while the average monthly return is +0.36%. At this rate, an investment would double in approximately 16.1 years.
Historically, 67% of months were positive and 33% were negative. The best month was Nov 2023 with a return of +7.1%, while the worst month was Apr 1987 at -9.3%. The longest winning streak lasted 14 consecutive months, and the longest losing streak was 4 months.
On a daily basis, MDXBX closed higher 37% of trading days. The best single day was Mar 25, 2020 with a return of +2.9%, while the worst single day was Apr 14, 1987 at -5.1%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.60% | 1.46% | -2.05% | 1.30% | 0.70% | 0.39% | 2.39% | ||||||
| 2025 | 0.19% | 0.95% | -1.70% | -0.81% | -0.50% | 0.59% | -0.31% | 1.15% | 3.24% | 1.32% | 0.37% | 0.43% | 4.94% |
| 2024 | -0.03% | 0.06% | 0.18% | -0.85% | 0.20% | 1.97% | 0.77% | 0.69% | 1.13% | -1.01% | 1.95% | -1.28% | 3.79% |
| 2023 | 3.45% | -2.12% | 1.81% | 0.23% | -0.54% | 0.78% | 0.24% | -1.24% | -3.10% | -1.84% | 7.09% | 2.61% | 7.18% |
| 2022 | -2.24% | -0.56% | -3.03% | -2.83% | 0.92% | -2.35% | 2.50% | -2.21% | -4.40% | -1.01% | 5.13% | -0.43% | -10.37% |
| 2021 | 0.64% | -1.25% | 0.76% | 1.02% | 0.73% | 0.37% | 0.82% | -0.35% | -0.71% | -0.08% | 0.91% | 0.21% | 3.07% |
Benchmark Metrics
T. Rowe Price Maryland Tax Free Bond Fund has an annualized alpha of 4.30%, beta of 0.00, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since March 31, 1987.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (15.80%) than losses (2.90%) - typical of diversified or defensive assets.
- Beta of 0.00 may look defensive, but with R2 of 0.00 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.00 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 4.30%
- Beta
- 0.00
- R²
- 0.00
- Upside Capture
- 15.80%
- Downside Capture
- 2.90%
Expense Ratio
MDXBX has an expense ratio of 0.49%, placing it in the medium range.
Return for Risk
Risk / Return Rank
MDXBX ranks 87 for risk / return — in the top 87% of mutual funds on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for T. Rowe Price Maryland Tax Free Bond Fund (MDXBX) and compare them to S&P 500 Index.
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.
| MDXBX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.24 | ||
| Sortino ratioReturn per unit of downside risk | +2.46 | ||
| Omega ratioGain probability vs. loss probability | 1.87 | 1.37 | +0.50 |
| Calmar ratioReturn relative to maximum drawdown | 3.37 | 2.78 | +0.58 |
| Martin ratioReturn relative to average drawdown | 12.46 | 12.44 | +0.02 |
Dividends
Dividend History
T. Rowe Price Maryland Tax Free Bond Fund provided a 4.65% dividend yield over the last twelve months, with an annual payout of $0.47 per share. The fund has been increasing its distributions for 3 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.47 | $0.47 | $0.41 | $0.36 | $0.24 | $0.26 | $0.29 | $0.31 | $0.33 | $0.35 | $0.36 | $0.39 |
Dividend yield | 4.65% | 4.63% | 4.11% | 3.51% | 2.40% | 2.30% | 2.65% | 2.82% | 3.17% | 3.28% | 3.42% | 3.61% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price Maryland Tax Free Bond Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.15 | ||||||
| 2025 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.06 | $0.06 | $0.06 | $0.03 | $0.03 | $0.06 | $0.47 |
| 2024 | $0.03 | $0.03 | $0.03 | $0.05 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.06 | $0.06 | $0.03 | $0.41 |
| 2023 | $0.05 | $0.05 | $0.03 | $0.02 | $0.03 | $0.03 | $0.02 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.36 |
| 2022 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.00 | $0.00 | $0.02 | $0.00 | $0.02 | $0.02 | $0.06 | $0.24 |
| 2021 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.26 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the T. Rowe Price Maryland Tax Free Bond Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the T. Rowe Price Maryland Tax Free Bond Fund was 15.38%, occurring on Oct 16, 1987. Recovery took 774 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Black Monday1987 | -15.38%Oct 1987 | 6mo 12d | 3y 23d | 3y 7moApr 1987 - Nov 1990 |
Bear market2022 | -14.97%Oct 2022 | 1y 2mo | 1y 11mo | 3y 1moAug 2021 - Sep 2024 |
Financial crisis2007–2009 | -11.87%Dec 2008 | 10mo 26d | 4mo 28d | 1y 3moJan 2008 - May 2009 |
1994 correction1994 | -10.52%Nov 1994 | 9mo 23d | 4mo 14d | 1y 2moFeb 1994 - Apr 1995 |
COVID crash2020 | -9.79%Mar 2020 | 10d | 8mo 15d | 8mo 25dMar 2020 - Nov 2020 |
Drawdown Indicators
| MDXBX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.38% | -56.78% | +41.40% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -9.10% | +6.27% |
Max Drawdown (3Y)Largest decline over 3 years | -6.56% | -18.90% | +12.34% |
Max Drawdown (5Y)Largest decline over 5 years | -14.97% | -25.43% | +10.46% |
Max Drawdown (10Y)Largest decline over 10 years | -14.97% | -33.92% | +18.95% |
Current DrawdownCurrent decline from peak | 0.00% | -1.80% | +1.80% |
Average DrawdownAverage peak-to-trough decline | -2.14% | -10.71% | +8.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.76% | 2.03% | -1.27% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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