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T. Rowe Price Maryland Tax Free Bond Fund (MDXBX) Diversifiers

Mutual Fund · Currency in USD · Last updated Jun 23, 2026

The investment seeks to provide, consistent with prudent portfolio management, the highest level of income exempt from federal and Maryland state and local income taxes by investing primarily in investment-grade Maryland municipal bonds. The fund will invest so that, under normal market conditions, at least 80% of its net assets (including any borrowings for investment purposes) are invested in bonds that pay interest exempt from federal and Maryland state and local income taxes, and at least 80% of the fund's income is expected to be exempt from federal and Maryland state and local income taxes. It is non-diversified.

Looking to diversify beyond MDXBX? The mutual funds below have the lowest correlation with MDXBX — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from MDXBX.

Best Diversifiers for MDXBX

17 mutual funds have low correlation with MDXBX (below 0.3), 1 of which are negatively correlated. The least correlated is DFA California Municipal Real Return Portfolio (DCARX) (Municipal Bonds) with a 1Y correlation of -0.01, down from 0.21 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
DCARX
DFA California Municipal Real Return Portfolio-0.010.190.21
95
Municipal BondsMDXBX vs DCARX
DMREX
DFA Municipal Real Return Portfolio0.050.220.22
94
Municipal BondsMDXBX vs DMREX
DFSMX
DFA Short Term Municipal Bond Portfolio0.090.250.34
99
Municipal BondsMDXBX vs DFSMX
TFCYX
SEI Institutional Managed Trust Tax-Free Conservat...0.100.200.18
99
Municipal BondsMDXBX vs TFCYX
FHMIX
Federated Hermes Conservative Municipal Microshort...0.120.170.13
99
Municipal BondsMDXBX vs FHMIX
See all 35 diversifiers for MDXBX

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from MDXBX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to MDXBX and solid risk/return profiles. The least correlated is Exxon Mobil Corporation (XOM) (Energy) with a 1Y correlation of -0.17, roughly unchanged from -0.08 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
XOM
Exxon Mobil Corporation-0.17-0.07-0.08
68
Energy
JNJ
Johnson & Johnson0.040.070.07
95
Healthcare
BMY
Bristol-Myers Squibb Company0.070.080.05
68
Healthcare

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Diversification Analysis

Build a portfolio that complements MDXBX

Add MDXBX to the Diversification Analyzer to see how it overlaps with your other holdings and which assets balance it best.

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