T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (PRMDX)
The fund will invest so that, under normal market conditions, at least 80% of its net assets (including any borrowings for investment purposes) are invested in bonds that pay interest exempt from federal and Maryland state and local income taxes, and at least 80% of the fund's income is expected to be exempt from federal and Maryland state and local income taxes. It is non-diversified.
Fund Info
US77957R6062
77957R606
Jan 28, 1993
$2,500
Expense Ratio
PRMDX has an expense ratio of 0.53%, placing it in the medium range.
Share Price Chart
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Compare to other instruments
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Performance
Performance Chart
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Returns By Period
T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (PRMDX) returned 1.03% year-to-date (YTD) and 3.47% over the past 12 months. Over the past 10 years, PRMDX returned 1.42% annually, underperforming the S&P 500 benchmark at 10.85%.
PRMDX
1.03%
0.20%
0.65%
3.47%
2.23%
1.44%
1.42%
^GSPC (Benchmark)
0.51%
6.15%
-2.00%
12.92%
12.68%
14.19%
10.85%
Monthly Returns
The table below presents the monthly returns of PRMDX, 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 0.61% | 0.39% | -0.19% | 0.01% | 0.20% | 1.03% | |||||||
| 2024 | -0.01% | -0.01% | 0.00% | -0.20% | 0.02% | 0.58% | 0.60% | 1.00% | 0.57% | -0.57% | 0.60% | -0.37% | 2.20% |
| 2023 | 1.22% | -0.97% | 1.26% | -0.28% | -0.46% | 0.54% | 0.14% | -0.04% | -0.64% | 0.16% | 1.98% | 0.78% | 3.72% |
| 2022 | -0.89% | -0.12% | -0.90% | -0.50% | 0.85% | -0.32% | 1.07% | -1.20% | -1.29% | -0.10% | 1.51% | 0.12% | -1.80% |
| 2021 | 0.34% | -0.04% | 0.07% | 0.07% | 0.14% | 0.12% | 0.30% | -0.10% | -0.11% | -0.11% | 0.04% | 0.04% | 0.76% |
| 2020 | 0.61% | 0.29% | -0.94% | -0.55% | 1.20% | 0.10% | 0.49% | -0.03% | 0.16% | 0.18% | 0.08% | 0.38% | 1.95% |
| 2019 | 0.59% | 0.22% | 0.50% | -0.08% | 0.63% | 0.29% | 0.49% | 0.12% | -0.19% | 0.11% | 0.11% | 0.22% | 3.06% |
| 2018 | 0.08% | -0.09% | -0.11% | -0.20% | 0.58% | 0.29% | 0.09% | 0.11% | -0.49% | 0.23% | 0.31% | 0.61% | 1.41% |
| 2017 | 0.45% | 0.57% | -0.04% | 0.46% | 0.31% | -0.11% | 0.25% | 0.34% | -0.31% | -0.05% | -0.42% | 0.08% | 1.54% |
| 2016 | 0.42% | 0.27% | -0.13% | 0.27% | -0.13% | 0.46% | 0.06% | 0.06% | -0.30% | -0.13% | -1.26% | 0.27% | -0.18% |
| 2015 | 0.44% | -0.11% | -0.13% | 0.06% | -0.13% | 0.06% | 0.25% | 0.06% | 0.06% | 0.25% | -0.13% | -0.13% | 0.52% |
| 2014 | 0.23% | 0.27% | -0.52% | 0.25% | 0.25% | 0.06% | 0.06% | 0.25% | -0.13% | 0.06% | 0.06% | -0.13% | 0.69% |
Risk-Adjusted Performance
Risk-Adjusted Performance Rank
With an overall rank of 93, PRMDX is among the top 7% of mutual funds on our website when it comes to balancing risk and reward. Below is a breakdown of how it compares using common performance measures.
Risk-Adjusted Performance Indicators
The charts below present risk-adjusted performance metrics for T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (PRMDX) and compare them to a chosen benchmark (^GSPC). These indicators evaluate an investment's returns against its associated risks.
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Dividends
Dividend History
T. Rowe Price Maryland Short-Term Tax-Free Bond Fund provided a 2.43% dividend yield over the last twelve months, with an annual payout of $0.12 per share. The fund has been increasing its distributions for 2 consecutive years.
| Period | TTM | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.12 | $0.13 | $0.11 | $0.06 | $0.06 | $0.10 | $0.10 | $0.08 | $0.07 | $0.04 | $0.04 | $0.04 |
Dividend yield | 2.43% | 2.57% | 2.05% | 1.11% | 1.15% | 1.93% | 1.85% | 1.59% | 1.35% | 0.79% | 0.71% | 0.69% |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | $0.01 | $0.01 | $0.01 | $0.01 | $0.00 | $0.04 | |||||||
| 2024 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.02 | $0.01 | $0.01 | $0.01 | $0.13 |
| 2023 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.11 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.01 | $0.00 | $0.01 | $0.01 | $0.01 | $0.06 |
| 2021 | $0.01 | $0.01 | $0.00 | $0.00 | $0.01 | $0.01 | $0.01 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.06 |
| 2020 | $0.01 | $0.00 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.00 | $0.01 | $0.10 |
| 2019 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.10 |
| 2018 | $0.00 | $0.01 | $0.00 | $0.01 | $0.01 | $0.01 | $0.00 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.08 |
| 2017 | $0.00 | $0.01 | $0.01 | $0.00 | $0.01 | $0.00 | $0.00 | $0.01 | $0.00 | $0.01 | $0.01 | $0.00 | $0.07 |
| 2016 | $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 |
| 2015 | $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 |
| 2014 | $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 4.17%, occurring on Mar 20, 2020. Recovery took 134 trading sessions.
The current T. Rowe Price Maryland Short-Term Tax-Free Bond Fund drawdown is 0.18%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -4.17% | Mar 10, 2020 | 9 | Mar 20, 2020 | 134 | Sep 30, 2020 | 143 |
| -3.72% | Aug 19, 2021 | 298 | Oct 24, 2022 | 269 | Nov 17, 2023 | 567 |
| -2.29% | Mar 18, 2004 | 40 | May 13, 2004 | 263 | May 31, 2005 | 303 |
| -1.99% | Feb 3, 1994 | 44 | Apr 5, 1994 | 106 | Aug 31, 1994 | 150 |
| -1.86% | Sep 16, 2008 | 22 | Oct 15, 2008 | 53 | Dec 31, 2008 | 75 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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