- ISIN
- US7799021057
- CUSIP
- 779902105
- Issuer
- T. Rowe Price
- Inception Date
- Dec 22, 1983
- Category
- Municipal Bonds
- Min. Investment
- $2,500
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
PRFSX Performance Chart
T. Rowe Price Tax Free Short-Intermediate Fund (PRFSX) is up 1.1% since the beginning of the year. PRFSX is currently trading at $6 per share. Investors who bought $1,000 worth of PRFSX shares 5 years ago would now be looking at an investment worth $1,119.
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Returns By Period
T. Rowe Price Tax Free Short-Intermediate Fund (PRFSX) has returned 1.05% so far this year and 3.96% over the past 12 months. Over the last ten years, PRFSX has returned 1.98% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
T. Rowe Price Tax Free Short-Intermediate Fund
- 1D
- 0.00%
- 1M
- 0.79%
- YTD
- 1.05%
- 6M
- 1.50%
- 1Y
- 3.96%
- 3Y*
- 4.74%
- 5Y*
- 2.28%
- 10Y*
- 1.98%
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%
PRFSX Monthly Returns History
Based on dividend-adjusted daily data since Jan 9, 1984, PRFSX's average daily return is +0.01%, while the average monthly return is +0.25%. At this rate, an investment would double in approximately 23.1 years.
Historically, 66% of months were positive and 34% were negative. The best month was Nov 2023 with a return of +2.8%, while the worst month was Apr 1987 at -3.2%. The longest winning streak lasted 29 consecutive months, and the longest losing streak was 5 months.
On a daily basis, PRFSX closed higher 16% of trading days. The best single day was Mar 25, 2020 with a return of +1.9%, while the worst single day was Mar 20, 2020 at -1.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.62% | 0.77% | -1.00% | 0.24% | 0.25% | 0.18% | 1.05% | ||||||
| 2025 | 0.87% | 0.81% | -0.08% | -0.31% | 0.63% | 0.79% | 0.62% | 0.63% | 0.60% | 0.09% | 0.05% | 0.45% | 5.25% |
| 2024 | 0.01% | 0.37% | 0.02% | -0.33% | 0.07% | 0.75% | 0.99% | 1.21% | 0.76% | -0.47% | 0.84% | -0.30% | 3.96% |
| 2023 | 1.78% | -1.36% | 1.64% | -0.07% | -0.40% | 0.73% | 0.33% | -0.19% | -0.94% | -0.19% | 2.83% | 1.51% | 5.73% |
| 2022 | -1.49% | -0.45% | -1.51% | -1.35% | 1.04% | -0.37% | 1.10% | -1.15% | -2.03% | -0.24% | 2.04% | 0.17% | -4.24% |
| 2021 | 0.28% | -0.59% | 0.11% | 0.45% | -0.07% | 0.10% | 0.28% | -0.09% | -0.26% | -0.25% | 0.11% | 0.11% | 0.17% |
Benchmark Metrics
T. Rowe Price Tax Free Short-Intermediate Fund has an annualized alpha of 2.98%, beta of 0.00, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since January 09, 1984.
- This fund captured 8.58% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -2.83%) - a profile typical of hedging or uncorrelated 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
- 2.98%
- Beta
- 0.00
- R²
- 0.00
- Upside Capture
- 8.58%
- Downside Capture
- -2.83%
Expense Ratio
PRFSX has an expense ratio of 0.50%, placing it in the medium range.
Return for Risk
Risk / Return Rank
PRFSX ranks 74 for risk / return — better than 74% of mutual funds on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for T. Rowe Price Tax Free Short-Intermediate Fund (PRFSX) 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.
| PRFSX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.38 | ||
| Sortino ratioReturn per unit of downside risk | +1.46 | ||
| Omega ratioGain probability vs. loss probability | 1.94 | 1.37 | +0.57 |
| Calmar ratioReturn relative to maximum drawdown | 2.85 | 2.78 | +0.06 |
| Martin ratioReturn relative to average drawdown | 8.49 | 12.44 | -3.94 |
Dividends
Dividend History
T. Rowe Price Tax Free Short-Intermediate Fund provided a 2.97% dividend yield over the last twelve months, with an annual payout of $0.16 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.16 | $0.20 | $0.24 | $0.20 | $0.06 | $0.07 | $0.09 | $0.09 | $0.08 | $0.08 | $0.07 | $0.08 |
Dividend yield | 2.97% | 3.63% | 4.43% | 3.67% | 1.09% | 1.22% | 1.49% | 1.62% | 1.48% | 1.37% | 1.34% | 1.41% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price Tax Free Short-Intermediate 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 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.00 | $0.07 | ||||||
| 2025 | $0.03 | $0.02 | $0.03 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.02 | $0.01 | $0.01 | $0.20 |
| 2024 | $0.02 | $0.02 | $0.01 | $0.02 | $0.02 | $0.01 | $0.02 | $0.03 | $0.02 | $0.02 | $0.03 | $0.01 | $0.24 |
| 2023 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.01 | $0.02 | $0.01 | $0.02 | $0.02 | $0.20 |
| 2022 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.00 | $0.00 | $0.01 | $0.00 | $0.01 | $0.01 | $0.01 | $0.06 |
| 2021 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.07 |
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 Tax Free Short-Intermediate 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 Short-Intermediate Fund was 6.97%, occurring on Oct 25, 2022. Recovery took 286 trading sessions.
The current T. Rowe Price Tax Free Short-Intermediate Fund drawdown is 0.34%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -6.97%Oct 2022 | 1y 2mo | 1y 1mo | 2y 3moAug 2021 - Dec 2023 |
COVID crash2020 | -6.29%Mar 2020 | 10d | 2mo 23d | 3mo 3dMar 2020 - Jun 2020 |
1989 pullback1989 | -6.17%Mar 1989 | 2y 13d | 1y 6mo | 3y 6moMar 1987 - Sep 1990 |
Financial crisis2007–2009 | -3.98%Oct 2008 | 1mo 4d | 2mo 22d | 3mo 26dSep 2008 - Jan 2009 |
2004 pullback2004 | -3.33%May 2004 | 1mo 29d | 7mo 22d | 9mo 21dMar 2004 - Dec 2004 |
Drawdown Indicators
| PRFSX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.97% | -56.78% | +49.81% |
Max Drawdown (1Y)Largest decline over 1 year | -1.43% | -9.10% | +7.67% |
Max Drawdown (3Y)Largest decline over 3 years | -2.18% | -18.90% | +16.72% |
Max Drawdown (5Y)Largest decline over 5 years | -6.97% | -25.43% | +18.46% |
Max Drawdown (10Y)Largest decline over 10 years | -6.97% | -33.92% | +26.95% |
Current DrawdownCurrent decline from peak | -0.34% | -1.80% | +1.46% |
Average DrawdownAverage peak-to-trough decline | -0.90% | -10.71% | +9.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.47% | 2.03% | -1.56% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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