- ISIN
- US77957N3089
- CUSIP
- 77957N308
- Issuer
- T. Rowe Price
- Inception Date
- Oct 28, 1993
- Category
- Municipal Bonds
- Min. Investment
- $25,000
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
PRINX Performance Chart
T. Rowe Price Summit Municipal Income Fund (PRINX) is up 2.5% since the beginning of the year. PRINX is currently trading at $11 per share. Investors who bought $1,000 worth of PRINX shares 5 years ago would now be looking at an investment worth $1,028.
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Returns By Period
T. Rowe Price Summit Municipal Income Fund (PRINX) has returned 2.47% so far this year and 8.13% over the past 12 months. Over the last ten years, PRINX has returned 2.01% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
T. Rowe Price Summit Municipal Income Fund
- 1D
- 0.09%
- 1M
- 2.04%
- YTD
- 2.47%
- 6M
- 2.99%
- 1Y
- 8.13%
- 3Y*
- 3.87%
- 5Y*
- 0.56%
- 10Y*
- 2.01%
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%
PRINX Monthly Returns History
Based on dividend-adjusted daily data since Jan 3, 1994, PRINX's average daily return is +0.02%, while the average monthly return is +0.37%. At this rate, an investment would double in approximately 15.6 years.
Historically, 65% of months were positive and 35% were negative. The best month was Nov 2023 with a return of +6.9%, while the worst month was Mar 2020 at -5.7%. The longest winning streak lasted 13 consecutive months, and the longest losing streak was 4 months.
On a daily basis, PRINX closed higher 38% of trading days. The best single day was Mar 25, 2020 with a return of +3.8%, while the worst single day was Mar 19, 2020 at -3.3%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.59% | 1.63% | -2.07% | 1.31% | 0.59% | 0.44% | 2.47% | ||||||
| 2025 | 0.13% | 1.07% | -1.93% | -0.87% | -0.59% | 0.67% | -0.69% | 0.81% | 3.17% | 1.32% | 0.20% | 0.06% | 3.29% |
| 2024 | 0.08% | 0.17% | -0.09% | -0.97% | 0.21% | 1.44% | 0.72% | 0.65% | 1.22% | -1.38% | 1.80% | -1.46% | 2.36% |
| 2023 | 3.37% | -2.20% | 1.74% | 0.23% | -0.47% | 0.90% | 0.24% | -1.44% | -2.75% | -2.17% | 6.94% | 2.54% | 6.71% |
| 2022 | -2.63% | -0.75% | -3.13% | -2.98% | 1.18% | -2.63% | 2.61% | -2.41% | -4.32% | -1.56% | 5.12% | -0.42% | -11.67% |
| 2021 | 0.91% | -1.50% | 0.77% | 1.08% | 0.73% | 0.57% | 0.74% | -0.38% | -0.79% | -0.23% | 1.06% | 0.18% | 3.16% |
Benchmark Metrics
T. Rowe Price Summit Municipal Income Fund has an annualized alpha of 4.53%, beta of 0.00, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since January 03, 1994.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (15.02%) than losses (0.63%) - typical of diversified or defensive 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
- 4.53%
- Beta
- 0.00
- R²
- 0.00
- Upside Capture
- 15.02%
- Downside Capture
- 0.63%
Expense Ratio
PRINX has an expense ratio of 0.50%, placing it in the medium range.
Return for Risk
Risk / Return Rank
PRINX ranks 79 for risk / return — better than 79% 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 Summit Municipal Income Fund (PRINX) 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.
| PRINX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.77 | ||
| Sortino ratioReturn per unit of downside risk | +1.63 | ||
| Omega ratioGain probability vs. loss probability | 1.69 | 1.37 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 2.89 | 2.78 | +0.10 |
| Martin ratioReturn relative to average drawdown | 10.22 | 12.44 | -2.22 |
Dividends
Dividend History
T. Rowe Price Summit Municipal Income Fund provided a 3.68% dividend yield over the last twelve months, with an annual payout of $0.42 per share. The fund has been increasing its distributions for 3 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.42 | $0.41 | $0.31 | $0.28 | $0.21 | $0.27 | $0.33 | $0.35 | $0.36 | $0.38 | $0.39 | $0.41 |
Dividend yield | 3.68% | 3.63% | 2.78% | 2.46% | 1.96% | 2.14% | 2.64% | 2.87% | 3.12% | 3.19% | 3.32% | 3.42% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price Summit Municipal Income 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 | $0.04 | $0.03 | $0.03 | $0.04 | $0.04 | $0.00 | $0.17 | ||||||
| 2025 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.03 | $0.04 | $0.03 | $0.04 | $0.41 |
| 2024 | $0.03 | $0.03 | $0.00 | $0.03 | $0.03 | $0.00 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.31 |
| 2023 | $0.03 | $0.02 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.03 | $0.00 | $0.03 | $0.03 | $0.28 |
| 2022 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.00 | $0.00 | $0.03 | $0.00 | $0.02 | $0.02 | $0.03 | $0.21 |
| 2021 | $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 |
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 Summit Municipal Income 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 Summit Municipal Income Fund was 16.27%, occurring on Oct 25, 2022. Recovery took 813 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -16.27%Oct 2022 | 1y 2mo | 3y 3mo | 4y 5moAug 2021 - Jan 2026 |
Financial crisis2007–2009 | -13.06%Dec 2008 | 10mo 26d | 5mo 6d | 1y 3moJan 2008 - May 2009 |
COVID crash2020 | -12.36%Mar 2020 | 17d | 8mo 15d | 9mo 2dMar 2020 - Nov 2020 |
1994 correction1994 | -10.24%Nov 1994 | 9mo 23d | 4mo 10d | 1y 1moFeb 1994 - Mar 1995 |
2013 pullback2013 | -8.85%Sep 2013 | 4mo 5d | 8mo 4d | 1y 4dMay 2013 - May 2014 |
Drawdown Indicators
| PRINX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.27% | -56.78% | +40.51% |
Max Drawdown (1Y)Largest decline over 1 year | -2.90% | -9.10% | +6.20% |
Max Drawdown (3Y)Largest decline over 3 years | -6.67% | -18.90% | +12.23% |
Max Drawdown (5Y)Largest decline over 5 years | -16.27% | -25.43% | +9.16% |
Max Drawdown (10Y)Largest decline over 10 years | -16.27% | -33.92% | +17.65% |
Current DrawdownCurrent decline from peak | 0.00% | -1.80% | +1.80% |
Average DrawdownAverage peak-to-trough decline | -2.18% | -10.71% | +8.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.81% | 2.03% | -1.22% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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