- ISIN
- US77957R6062
- CUSIP
- 77957R606
- Issuer
- T. Rowe Price
- Inception Date
- Jan 28, 1993
- Category
- Municipal Bonds
- Min. Investment
- $2,500
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
PRMDX Performance Chart
T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (PRMDX) is up 0.9% since the beginning of the year. PRMDX is currently trading at $5 per share. Investors who bought $1,000 worth of PRMDX shares 5 years ago would now be looking at an investment worth $1,117.
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Returns By Period
T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (PRMDX) has returned 0.85% so far this year and 2.98% over the past 12 months. Over the last ten years, PRMDX has returned 1.62% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
T. Rowe Price Maryland Short-Term Tax-Free Bond Fund
- 1D
- 0.00%
- 1M
- 0.60%
- YTD
- 0.85%
- 6M
- 1.28%
- 1Y
- 2.98%
- 3Y*
- 4.11%
- 5Y*
- 2.24%
- 10Y*
- 1.62%
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%
PRMDX Monthly Returns History
Based on dividend-adjusted daily data since Jan 3, 1994, PRMDX's average daily return is +0.01%, while the average monthly return is +0.19%. At this rate, an investment would double in approximately 30.4 years.
Historically, 73% of months were positive and 27% were negative. The best month was Nov 2023 with a return of +2.2%, while the worst month was Sep 2022 at -1.4%. The longest winning streak lasted 15 consecutive months, and the longest losing streak was 4 months.
On a daily basis, PRMDX closed higher 12% of trading days. The best single day was Mar 25, 2020 with a return of +1.2%, while the worst single day was Mar 20, 2020 at -1.0%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.41% | 0.39% | -0.37% | 0.21% | 0.21% | 0.00% | 0.85% | ||||||
| 2025 | 0.83% | 0.58% | 0.02% | 0.01% | 0.42% | 0.60% | 0.61% | 0.42% | 0.21% | -0.15% | 0.20% | 0.42% | 4.24% |
| 2024 | 0.17% | 0.16% | 0.00% | -0.01% | 0.23% | 0.58% | 0.79% | 1.22% | 0.56% | -0.36% | 0.81% | -0.37% | 3.84% |
| 2023 | 1.22% | -0.97% | 1.26% | -0.16% | -0.32% | 0.68% | 0.28% | -0.04% | -0.48% | 0.16% | 2.16% | 0.98% | 4.83% |
| 2022 | -0.92% | -0.16% | -0.93% | -0.55% | 0.85% | -0.39% | 0.98% | -1.29% | -1.38% | -0.10% | 1.51% | 0.12% | -2.29% |
| 2021 | 0.26% | -0.12% | 0.08% | 0.08% | 0.08% | 0.06% | 0.25% | -0.15% | -0.15% | -0.15% | 0.04% | 0.04% | 0.30% |
Benchmark Metrics
T. Rowe Price Maryland Short-Term Tax-Free Bond Fund has an annualized alpha of 2.35%, 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 captured 5.90% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -4.14%) - 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
- 2.35%
- Beta
- 0.00
- R²
- 0.00
- Upside Capture
- 5.90%
- Downside Capture
- -4.14%
Expense Ratio
PRMDX has an expense ratio of 0.53%, placing it in the medium range.
Return for Risk
Risk / Return Rank
PRMDX ranks 76 for risk / return — better than 76% 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 Maryland Short-Term Tax-Free Bond Fund (PRMDX) 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.
| PRMDX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +1.33 | ||
| Omega ratioGain probability vs. loss probability | 2.09 | 1.37 | +0.72 |
| Calmar ratioReturn relative to maximum drawdown | 3.11 | 2.78 | +0.33 |
| Martin ratioReturn relative to average drawdown | 9.57 | 12.44 | -2.87 |
Dividends
Dividend History
T. Rowe Price Maryland Short-Term Tax-Free Bond Fund provided a 2.55% dividend yield over the last twelve months, with an annual payout of $0.13 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.13 | $0.16 | $0.21 | $0.16 | $0.03 | $0.04 | $0.06 | $0.07 | $0.06 | $0.05 | $0.04 | $0.04 |
Dividend yield | 2.55% | 3.16% | 4.15% | 3.10% | 0.61% | 0.69% | 1.14% | 1.33% | 1.16% | 0.89% | 0.74% | 0.67% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price Maryland Short-Term Tax-Free Bond 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 | $0.05 | ||||||
| 2025 | $0.02 | $0.02 | $0.02 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.16 |
| 2024 | $0.02 | $0.02 | $0.01 | $0.02 | $0.02 | $0.01 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.01 | $0.21 |
| 2023 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.02 | $0.01 | $0.02 | $0.02 | $0.16 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.01 | $0.01 | $0.01 | $0.03 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.04 |
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 Maryland Short-Term Tax-Free Bond 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 Maryland Short-Term Tax-Free Bond Fund was 4.31%, occurring on Oct 24, 2022. Recovery took 269 trading sessions.
The current T. Rowe Price Maryland Short-Term Tax-Free Bond Fund drawdown is 0.14%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -4.31%Oct 2022 | 1y 2mo | 1y 24d | 2y 3moAug 2021 - Nov 2023 |
COVID crash2020 | -4.17%Mar 2020 | 10d | 10mo 12d | 10mo 22dMar 2020 - Jan 2021 |
2004 pullback2004 | -2.30%May 2004 | 1mo 26d | 1y 18d | 1y 2moMar 2004 - May 2005 |
1994 pullback1994 | -1.99%Apr 1994 | 2mo 1d | 4mo 28d | 6mo 29dFeb 1994 - Aug 1994 |
Financial crisis2007–2009 | -1.87%Oct 2008 | 1mo 7d | 2mo 17d | 3mo 24dSep 2008 - Dec 2008 |
Drawdown Indicators
| PRMDX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.31% | -56.78% | +52.47% |
Max Drawdown (1Y)Largest decline over 1 year | -0.96% | -9.10% | +8.14% |
Max Drawdown (3Y)Largest decline over 3 years | -1.56% | -18.90% | +17.34% |
Max Drawdown (5Y)Largest decline over 5 years | -4.31% | -25.43% | +21.12% |
Max Drawdown (10Y)Largest decline over 10 years | -4.31% | -33.92% | +29.61% |
Current DrawdownCurrent decline from peak | -0.14% | -1.80% | +1.66% |
Average DrawdownAverage peak-to-trough decline | -0.36% | -10.71% | +10.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.31% | 2.03% | -1.72% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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