T. Rowe Price Tax Free High Yield Fund (PRFHX) belongs to the High Yield Muni category. Below you'll find alternative mutual funds from the same category, ranked by key criteria, plus funds that investors commonly compare with PRFHX. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to PRFHX
PRFHX charges 0.63% annually. There are 22 mutual funds in the High Yield Muni category with lower expense ratios, going as low as 0.09%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Vanguard High-Yield Tax-Exempt Fund Admiral Shares | 0.09% | 17.60B | Nov 2001 | PRFHX vs VWALX | |
| BlackRock Allocation Target Shares Series E Portfo... | 0.11% | — | Aug 2014 | PRFHX vs BATEX | |
| Vanguard High-Yield Tax-Exempt Fund Investor Share... | 0.17% | 17.60B | Dec 1978 | PRFHX vs VWAHX | |
| Eaton Vance High Yield Municipal Income Fund Class... | 0.18% | — | May 2007 | PRFHX vs EWHYX | |
| American High-Income Municipal Bond Fund Class F-3 | 0.31% | — | Jan 2017 | PRFHX vs HIMFX |
Best Risk-Adjusted Alternatives to PRFHX
PRFHX has a PortfoliosLab risk / return rank of 93. No mutual funds in the High Yield Muni category have higher risk-adjusted ranks; the top alternatives shown here go as high as 91.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| Federated Hermes Municipal High Yield Advtg Fd | 91 | — | Apr 1987 | PRFHX vs FHTFX | |
| Invesco Short Duration High Yield Municipal Fund | 89 | — | Sep 2015 | PRFHX vs ISHYX | |
| Columbia High Yield Municipal Fund | 83 | — | Mar 1984 | PRFHX vs SRHMX | |
| Eaton Vance High Yield Municipal Income Fund Class... | 82 | — | May 2007 | PRFHX vs EWHYX | |
| American High-Income Municipal Bond Fund Class F-3 | 80 | — | Jan 2017 | PRFHX vs HIMFX |
Top Performing PRFHX Alternatives (YTD)
PRFHX is at 3.17% YTD. There are 10 mutual funds in the High Yield Muni category with higher YTD returns, going as high as 5.38%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Nuveen Municipal High Income Opportunity Fund | 5.38% | — | Nov 2003 | PRFHX vs NMZ | |
| Eaton Vance High Yield Municipal Income Fund Class... | 3.60% | — | May 2007 | PRFHX vs EWHYX | |
| Nuveen High Yield Municipal Bond Fund Class R6 | 3.41% | — | Jun 2016 | PRFHX vs NHMFX | |
| Columbia High Yield Municipal Fund | 3.38% | — | Mar 1984 | PRFHX vs SRHMX | |
| Nuveen High Yield Municipal Bond Fund | 3.32% | — | Jun 1999 | PRFHX vs NHMRX |
Lowest Volatility Alternatives to PRFHX
PRFHX has 3.31% 1-year volatility. There are 20 mutual funds in the High Yield Muni category with lower 1-year volatility, going as low as 2.02%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Redwood Managed Municipal Income Fund | 2.02% | — | Mar 2017 | PRFHX vs RWMIX | |
| Lord Abbett Short Duration High Income Municipal B... | 2.06% | — | Jun 2015 | PRFHX vs SDHIX | |
| Nuveen Short Duration High Yield Municipal Bond Fu... | 2.24% | — | Jan 2013 | PRFHX vs NVHIX | |
| Invesco Short Duration High Yield Municipal Fund | 2.30% | — | Sep 2015 | PRFHX vs ISHYX | |
| Counterpoint Tactical Municipal Fund | 2.56% | — | Jun 2018 | PRFHX vs TMNIX |
Lowest Drawdown Alternatives to PRFHX
PRFHX has a 1-year max drawdown of -2.75%. There are 14 mutual funds in the High Yield Muni category with shallower 1-year drawdowns, going as shallow as -1.80%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Nuveen Short Duration High Yield Municipal Bond Fu... | -1.80% | — | Jan 2013 | PRFHX vs NVHIX | |
| Invesco Short Duration High Yield Municipal Fund | -1.89% | — | Sep 2015 | PRFHX vs ISHYX | |
| abrdn Short Duration High Yield Municipal Fund | -1.98% | — | May 2013 | PRFHX vs AHYMX | |
| Lord Abbett Short Duration High Income Municipal B... | -2.08% | — | Jun 2015 | PRFHX vs SDHIX | |
| Counterpoint Tactical Municipal Fund | -2.26% | — | Jun 2018 | PRFHX vs TMNIX |
Other Mutual Funds from T. Rowe Price
The 10 most viewed T. Rowe Price mutual funds shown here include TRBCX, PRWCX, PRDGX and span 6 categories.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| T. Rowe Price Blue Chip Growth Fund | Large Cap Growth Equities | 12 | 0.19% | — | Jun 1993 | PRFHX vs TRBCX | |
| T. Rowe Price Capital Appreciation Fund | Diversified Portfolio | 39 | 4.53% | — | Jun 1986 | PRFHX vs PRWCX | |
| T. Rowe Price Dividend Growth Fund, Inc. | Large Cap Blend Equities, Dividend | 52 | 8.54% | — | Dec 1992 | PRFHX vs PRDGX | |
| T. Rowe Price All-Cap Opportunities Fund | Large Cap Growth Equities | 13 | 0.15% | — | Sep 1985 | PRFHX vs PRWAX | |
| T. Rowe Price U.S. Equity Research Fund | Large Cap Blend Equities | 64 | 10.53% | — | Nov 1994 | PRFHX vs PRCOX | |
| T. Rowe Price Blue Chip Growth Fund I Class | Large Cap Growth Equities | 13 | 0.26% | — | — | PRFHX vs TBCIX | |
| T. Rowe Price Equity Index 500 Fund | Large Cap Blend Equities | 64 | 9.68% | — | Mar 1990 | PRFHX vs PREIX | |
| T. Rowe Price Large-Cap Growth Fund | Large Cap Growth Equities | 11 | -0.26% | — | Oct 2001 | PRFHX vs TRLGX | |
| T. Rowe Price Science And Technology Fund | Technology Equities | 89 | 44.94% | — | Sep 1987 | PRFHX vs PRSCX | |
| T. Rowe Price Retirement 2035 Fund | Target Retirement Date | 31 | 8.90% | — | Feb 2004 | PRFHX vs TRRJX |
Often Compared With PRFHX
Investors most often compare PRFHX with PRXCX, FTABX, FXIEX. These 20 comparison targets span 7 categories, based on PortfoliosLab usage data.
Compare PRFHX with Any Fund or Stock
Compare PRFHX with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair PRFHX with funds that move differently
T. Rowe Price Tax Free High Yield Fund alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to PRFHX.
Explore PRFHX Diversifiers