T. Rowe Price Tax Free High Yield Fund (PRFHX)
The investment seeks a high level of income exempt from federal income taxes by investing primarily in long-term low- to upper-medium-grade municipal securities. Normally, at least 80% of the fund's income will be exempt from federal income taxes. However, up to 20% of the fund's income could be derived from securities subject to the alternative minimum tax. It generally seeks higher yielding municipal bonds, including those that are rated noninvestment grade (BB and lower, or an equivalent rating) by a major credit rating agency or by T. Rowe Price, known as "junk" bonds.
Fund Info
| ISIN | US7414861044 |
|---|---|
| CUSIP | 741486104 |
| Issuer | T. Rowe Price |
| Inception Date | Feb 28, 1985 |
| Category | High Yield Muni |
| Min. Investment | $2,500 |
| Asset Class | Bond |
Expense Ratio
PRFHX has a high expense ratio of 0.63%, indicating higher-than-average management fees.
Share Price Chart
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Compare to other instruments
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Popular comparisons: PRFHX vs. VTEB, PRFHX vs. PRXCX, PRFHX vs. FTABX, PRFHX vs. STLG
Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in T. Rowe Price 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
T. Rowe Price Tax Free High Yield Fund had a return of 2.19% year-to-date (YTD) and 5.58% in the last 12 months. Over the past 10 years, T. Rowe Price Tax Free High Yield Fund had an annualized return of 3.12%, while the S&P 500 had an annualized return of 10.84%, indicating that T. Rowe Price Tax Free High Yield Fund did not perform as well as the benchmark.
| Period | Return | Benchmark |
|---|---|---|
| Year-To-Date | 2.19% | 10.00% |
| 1 month | 1.15% | 2.41% |
| 6 months | 8.42% | 16.70% |
| 1 year | 5.58% | 26.85% |
| 5 years (annualized) | 1.56% | 12.81% |
| 10 years (annualized) | 3.12% | 10.84% |
Monthly Returns
The table below presents the monthly returns of PRFHX, 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 0.59% | 0.76% | 0.78% | -1.23% | 2.19% | ||||||||
| 2023 | 3.91% | -2.49% | 1.29% | 0.47% | -0.33% | 0.79% | 0.29% | -1.19% | -3.27% | -2.13% | 7.07% | 2.88% | 7.03% |
| 2022 | -2.22% | -0.91% | -3.34% | -3.45% | 1.19% | -3.28% | 3.42% | -2.26% | -5.73% | -1.99% | 5.24% | -0.63% | -13.57% |
| 2021 | 1.63% | -1.05% | 0.75% | 1.33% | 1.05% | 1.12% | 0.97% | -0.23% | -0.63% | -0.23% | 1.04% | 0.21% | 6.09% |
| 2020 | 1.68% | 1.54% | -9.12% | -3.27% | 3.04% | 3.65% | 2.12% | 0.29% | 0.37% | -0.14% | 2.12% | 1.84% | 3.48% |
| 2019 | 0.57% | 0.71% | 1.92% | 0.63% | 1.57% | 0.51% | 0.63% | 1.95% | -0.46% | 0.06% | 0.22% | 0.39% | 9.04% |
| 2018 | -0.79% | -0.28% | 0.56% | -0.30% | 1.15% | 0.14% | 0.29% | 0.34% | -0.65% | -1.14% | 0.50% | 0.85% | 0.66% |
| 2017 | 0.46% | 0.83% | 0.50% | 0.80% | 1.73% | -0.08% | 0.62% | 0.81% | -0.10% | 0.21% | 0.22% | 1.08% | 7.31% |
| 2016 | 0.89% | 0.16% | 0.92% | 0.91% | 0.72% | 2.20% | -0.02% | 0.39% | -0.25% | -1.10% | -4.13% | 0.87% | 1.42% |
| 2015 | 1.92% | -0.91% | 0.54% | -0.58% | -0.24% | -0.42% | 0.71% | 0.24% | 0.51% | 0.69% | 0.33% | 1.06% | 3.87% |
| 2014 | 3.17% | 1.62% | 0.72% | 1.68% | 2.09% | 0.09% | 0.09% | 1.64% | 0.52% | 0.96% | 0.49% | 1.04% | 15.01% |
| 2013 | 1.01% | 0.52% | -0.24% | 1.18% | -0.99% | -4.62% | -1.66% | -2.78% | 2.54% | 1.12% | -0.25% | -0.20% | -4.49% |
Risk-Adjusted Performance
Risk-Adjusted Performance Rank
The current rank of PRFHX is 35, suggesting that the investment has average results relative to other mutual funds in terms of risk-adjusted performance. This ranking is determined by the cumulative values of the indicators listed below.
PRFHX (T. Rowe Price Tax Free High Yield Fund)
Risk-Adjusted Performance Indicators
The charts below present risk-adjusted performance metrics for T. Rowe Price Tax Free High Yield Fund (PRFHX) 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 Tax Free High Yield Fund granted a 3.66% dividend yield in the last twelve months. The annual payout for that period amounted to $0.40 per share.
| Period | TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.40 | $0.39 | $0.40 | $0.38 | $0.44 | $0.44 | $0.44 | $0.44 | $0.46 | $0.48 | $0.50 | $0.50 |
Dividend yield | 3.66% | 3.62% | 3.82% | 3.01% | 3.54% | 3.53% | 3.71% | 3.64% | 3.91% | 4.02% | 4.15% | 4.63% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.14 | |||||||
| 2023 | $0.03 | $0.03 | $0.04 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.39 |
| 2022 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.40 |
| 2021 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.38 |
| 2020 | $0.04 | $0.03 | $0.03 | $0.03 | $0.04 | $0.03 | $0.04 | $0.03 | $0.03 | $0.03 | $0.03 | $0.05 | $0.44 |
| 2019 | $0.04 | $0.03 | $0.04 | $0.04 | $0.04 | $0.03 | $0.04 | $0.04 | $0.03 | $0.04 | $0.04 | $0.04 | $0.44 |
| 2018 | $0.03 | $0.04 | $0.04 | $0.03 | $0.04 | $0.04 | $0.04 | $0.04 | $0.03 | $0.04 | $0.04 | $0.04 | $0.44 |
| 2017 | $0.03 | $0.04 | $0.04 | $0.03 | $0.04 | $0.04 | $0.03 | $0.04 | $0.04 | $0.03 | $0.04 | $0.04 | $0.44 |
| 2016 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.03 | $0.04 | $0.04 | $0.46 |
| 2015 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.05 | $0.48 |
| 2014 | $0.05 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.50 |
| 2013 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.05 | $0.50 |
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 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 Tax Free High Yield Fund was 24.76%, occurring on Dec 15, 2008. Recovery took 198 trading sessions.
The current T. Rowe Price Tax Free High Yield Fund drawdown is 5.47%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -24.76% | May 14, 2007 | 401 | Dec 15, 2008 | 198 | Sep 29, 2009 | 599 |
| -18.02% | Jan 4, 2022 | 204 | Oct 25, 2022 | — | — | — |
| -14.76% | Mar 2, 2020 | 15 | Mar 20, 2020 | 197 | Dec 30, 2020 | 212 |
| -12.66% | Mar 9, 1987 | 161 | Oct 19, 1987 | 183 | Jun 30, 1988 | 344 |
| -10.36% | May 3, 2013 | 87 | Sep 5, 2013 | 164 | May 1, 2014 | 251 |
Volatility
Volatility Chart
The current T. Rowe Price Tax Free High Yield Fund volatility is 0.89%, 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.