T. Rowe Price Intermediate Tax-Free High Yield Fund (PRAHX)
The fund normally invests at least 80% of its net assets (including any borrowings for investment purposes) in securities whose interest is free from federal income taxes. However, up to 20% of its income could be derived from securities subject to the alternative minimum tax. Although the fund may purchase securities of any maturity, the fund normally maintains a weighted average effective maturity of between three and 10 years. Targeting effective maturity gives the portfolio manager additional flexibility.
Fund Info
| ISIN | US87279L2034 |
|---|---|
| Issuer | T. Rowe Price |
| Inception Date | Jul 23, 2014 |
| Category | High Yield Muni |
| Min. Investment | $2,500 |
| Asset Class | Bond |
Expense Ratio
PRAHX has a high expense ratio of 0.80%, indicating higher-than-average management fees.
Share Price Chart
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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in T. Rowe Price Intermediate Tax-Free High Yield Fund, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
Returns By Period
| Period | Return | Benchmark |
|---|---|---|
| Year-To-Date | N/A | 9.47% |
| 1 month | N/A | 1.91% |
| 6 months | N/A | 18.36% |
| 1 year | N/A | 26.61% |
| 5 years (annualized) | N/A | 12.90% |
| 10 years (annualized) | N/A | 10.79% |
Monthly Returns
The table below presents the monthly returns of PRAHX, with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 2.36% | -1.54% | 1.22% | -0.30% | -0.25% | 0.39% | 0.26% | -0.58% | -1.69% | -0.20% | |||
| 2022 | -1.94% | -0.76% | -2.94% | -2.34% | 0.75% | -1.77% | 2.35% | -1.48% | -3.55% | -0.82% | 2.95% | 0.20% | -9.16% |
| 2021 | 1.22% | -0.77% | 0.58% | 1.06% | 0.74% | 0.93% | 0.75% | -0.28% | -0.56% | -0.26% | 0.76% | 0.17% | 4.40% |
| 2020 | 1.27% | 0.94% | -6.46% | -1.86% | 2.34% | 2.11% | 1.50% | 0.11% | 0.21% | -0.37% | 1.43% | 1.20% | 2.12% |
| 2019 | 0.71% | 0.60% | 1.30% | 0.41% | 1.11% | 0.40% | 0.60% | 1.28% | -0.36% | 0.03% | 0.22% | 0.31% | 6.81% |
| 2018 | -0.46% | -0.15% | 0.32% | -0.26% | 0.91% | 0.13% | 0.22% | 0.35% | -0.48% | -0.55% | 0.53% | 0.63% | 1.18% |
| 2017 | 0.60% | 0.62% | 0.34% | 0.80% | 1.49% | -0.15% | 0.59% | 0.80% | -0.06% | 0.12% | -0.07% | 0.71% | 5.92% |
| 2016 | 1.16% | 0.13% | 0.60% | 0.80% | 0.39% | 1.44% | -0.08% | 0.29% | -0.16% | -0.85% | -3.43% | 0.56% | 0.76% |
| 2015 | 1.48% | -0.56% | 0.26% | -0.30% | -0.10% | -0.19% | 0.42% | 0.18% | 0.51% | 0.62% | -0.10% | 0.93% | 3.20% |
| 2014 | 0.00% | 0.80% | 0.20% | 0.81% | 0.12% | 0.62% | 2.57% |
Risk-Adjusted Performance
Risk-Adjusted Performance Indicators
The charts below present risk-adjusted performance metrics for T. Rowe Price Intermediate Tax-Free High Yield Fund (PRAHX) and compare them to a chosen benchmark (^GSPC). These indicators evaluate an investment's returns against its associated risks.
Dividends
Dividend History
T. Rowe Price Intermediate Tax-Free High Yield Fund granted a 101.10% dividend yield in the last twelve months. The annual payout for that period amounted to $9.39 per share.
| Period | TTM | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $9.39 | $0.30 | $0.25 | $0.27 | $0.31 | $0.28 | $0.27 | $0.27 | $0.25 | $0.07 |
Dividend yield | 101.10% | 3.13% | 2.33% | 2.52% | 2.91% | 2.73% | 2.60% | 2.70% | 2.45% | 0.66% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price Intermediate Tax-Free High Yield 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | $0.02 | $0.02 | $0.03 | $0.01 | $0.03 | $0.03 | $0.02 | $0.02 | $9.29 | $0.00 | $9.47 | ||
| 2022 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.02 | $0.02 | $0.02 | $0.02 | $0.04 | $0.30 |
| 2021 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.25 |
| 2020 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.27 |
| 2019 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.02 | $0.02 | $0.03 | $0.02 | $0.02 | $0.02 | $0.05 | $0.31 |
| 2018 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.02 | $0.02 | $0.02 | $0.02 | $0.28 |
| 2017 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.27 |
| 2016 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.04 | $0.27 |
| 2015 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.25 |
| 2014 | $0.02 | $0.02 | $0.02 | $0.07 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way.
Worst Drawdowns
The table below displays the maximum drawdowns of the T. Rowe Price Intermediate Tax-Free High Yield 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 Intermediate Tax-Free High Yield Fund was 12.59%, occurring on Oct 25, 2022. The portfolio has not yet recovered.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -12.59% | Aug 10, 2021 | 306 | Oct 25, 2022 | — | — | — |
| -10.46% | Mar 3, 2020 | 14 | Mar 20, 2020 | 201 | Jan 6, 2021 | 215 |
| -4.79% | Sep 2, 2016 | 63 | Dec 1, 2016 | 127 | Jun 6, 2017 | 190 |
| -1.38% | Feb 3, 2015 | 89 | Jun 10, 2015 | 78 | Sep 30, 2015 | 167 |
| -1.31% | Feb 17, 2021 | 7 | Feb 25, 2021 | 34 | Apr 15, 2021 | 41 |
Volatility
Volatility Chart
The current T. Rowe Price Intermediate Tax-Free High Yield Fund volatility is 0.67%, representing the average percentage change in the investments's value, either up or down over the past month. The chart below shows the rolling one-month volatility.