- ISIN
- US7795761078
- CUSIP
- 779576107
- Issuer
- T. Rowe Price
- Inception Date
- Oct 25, 1976
- Category
- Municipal Bonds
- Min. Investment
- $2,500
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
PRTAX Performance Chart
T. Rowe Price Tax Free Income Fund (PRTAX) is up 2.2% since the beginning of the year. PRTAX is currently trading at $9 per share. Investors who bought $1,000 worth of PRTAX shares 5 years ago would now be looking at an investment worth $1,112.
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Returns By Period
T. Rowe Price Tax Free Income Fund (PRTAX) has returned 2.22% so far this year and 8.61% over the past 12 months. Over the last ten years, PRTAX has returned 2.77% per year, falling short of the S&P 500 Index benchmark, which averaged 13.66% annually.
T. Rowe Price Tax Free Income Fund
- 1D
- 0.21%
- 1M
- 0.96%
- YTD
- 2.22%
- 6M
- 2.59%
- 1Y
- 8.61%
- 3Y*
- 5.93%
- 5Y*
- 2.15%
- 10Y*
- 2.77%
Benchmark (S&P 500 Index)
- 1D
- -0.74%
- 1M
- 4.90%
- YTD
- 10.35%
- 6M
- 10.28%
- 1Y
- 26.52%
- 3Y*
- 20.83%
- 5Y*
- 12.30%
- 10Y*
- 13.66%
PRTAX Monthly Returns History
Based on dividend-adjusted daily data since Jan 31, 1980, PRTAX's average daily return is +0.02%, while the average monthly return is +0.32%. At this rate, an investment would double in approximately 18.1 years.
Historically, 63% of months were positive and 37% were negative. The best month was Nov 2023 with a return of +7.1%, while the worst month was Apr 1987 at -8.0%. The longest winning streak lasted 12 consecutive months, and the longest losing streak was 9 months.
On a daily basis, PRTAX closed higher 37% of trading days. The best single day was Oct 30, 1981 with a return of +5.7%, while the worst single day was Mar 9, 1987 at -5.3%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.64% | 1.57% | -2.00% | 1.28% | 0.64% | 0.11% | 2.22% | ||||||
| 2025 | 0.41% | 1.41% | -1.64% | -0.77% | -0.65% | 0.75% | -0.66% | 0.91% | 3.17% | 1.30% | 0.18% | 0.04% | 4.45% |
| 2024 | 0.11% | 0.41% | 0.07% | -0.83% | 0.40% | 1.87% | 1.21% | 0.93% | 1.46% | -1.10% | 2.08% | -1.47% | 5.18% |
| 2023 | 3.22% | -1.89% | 2.09% | 0.37% | -0.32% | 1.09% | 0.49% | -1.24% | -2.52% | -1.65% | 7.12% | 3.05% | 9.82% |
| 2022 | -2.68% | -0.60% | -2.95% | -2.93% | 1.01% | -2.52% | 2.47% | -2.28% | -4.20% | -1.21% | 4.93% | -0.05% | -10.81% |
| 2021 | 0.77% | -1.71% | 0.80% | 1.09% | 0.68% | 0.49% | 0.87% | -0.37% | -0.85% | -0.09% | 0.96% | 0.21% | 2.85% |
Benchmark Metrics
T. Rowe Price Tax Free Income Fund has an annualized alpha of 4.29%, beta of 0.01, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since February 29, 1980.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (15.99%) than losses (4.68%) - typical of diversified or defensive assets.
- Beta of 0.01 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
- 4.29%
- Beta
- 0.01
- R²
- 0.00
- Upside Capture
- 15.99%
- Downside Capture
- 4.68%
Expense Ratio
PRTAX has an expense ratio of 0.53%, placing it in the medium range.
Return for Risk
Risk / Return Rank
PRTAX ranks 78 for risk / return — better than 78% 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 Income Fund (PRTAX) and compare them to S&P 500 Index.
| PRTAX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | +1.50 | ||
| Omega ratioGain probability vs. loss probability | 1.72 | 1.41 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 3.09 | 2.93 | +0.16 |
| Martin ratioReturn relative to average drawdown | 10.94 | 13.52 | -2.59 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
T. Rowe Price Tax Free Income Fund provided a 3.76% dividend yield over the last twelve months, with an annual payout of $0.35 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.35 | $0.43 | $0.56 | $0.53 | $0.20 | $0.25 | $0.30 | $0.34 | $0.36 | $0.37 | $0.38 | $0.39 |
Dividend yield | 3.76% | 4.61% | 5.90% | 5.55% | 2.20% | 2.42% | 2.85% | 3.28% | 3.61% | 3.63% | 3.80% | 3.78% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price Tax Free 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 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.15 | ||||||
| 2025 | $0.06 | $0.05 | $0.05 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.43 |
| 2024 | $0.05 | $0.05 | $0.03 | $0.05 | $0.06 | $0.02 | $0.05 | $0.06 | $0.05 | $0.05 | $0.06 | $0.03 | $0.56 |
| 2023 | $0.04 | $0.04 | $0.05 | $0.04 | $0.05 | $0.05 | $0.05 | $0.02 | $0.05 | $0.02 | $0.05 | $0.05 | $0.53 |
| 2022 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.00 | $0.00 | $0.02 | $0.00 | $0.02 | $0.02 | $0.03 | $0.20 |
| 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 | $0.25 |
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 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 Tax Free Income Fund was 20.97%, occurring on Jan 29, 1982. Recovery took 15 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
1982 bear market1982 | -20.97%Jan 1982 | 1y 11mo | 1y 3mo | 3y 2moFeb 1980 - Apr 1983 |
Black Monday1987 | -20.37%Oct 1987 | 7mo 11d | 4y 1mo | 4y 9moMar 1987 - Dec 1991 |
Bear market2022 | -15.68%Oct 2022 | 1y 2mo | 1y 8mo | 2y 11moAug 2021 - Jul 2024 |
Financial crisis2007–2009 | -11.70%Dec 2008 | 10mo 26d | 4mo 24d | 1y 3moJan 2008 - May 2009 |
COVID crash2020 | -11.66%Mar 2020 | 10d | 8mo 4d | 8mo 14dMar 2020 - Nov 2020 |
Drawdown Indicators
| PRTAX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.97% | -56.78% | +35.81% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -9.10% | +6.27% |
Max Drawdown (3Y)Largest decline over 3 years | -5.67% | -18.90% | +13.23% |
Max Drawdown (5Y)Largest decline over 5 years | -15.68% | -25.43% | +9.75% |
Max Drawdown (10Y)Largest decline over 10 years | -15.68% | -33.92% | +18.24% |
Current DrawdownCurrent decline from peak | 0.00% | -0.74% | +0.74% |
Average DrawdownAverage peak-to-trough decline | -3.24% | -10.72% | +7.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 1.97% | -1.18% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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