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ISIN
US77954J1025
CUSIP
77954J102
Inception Date
Sep 14, 1986
Min. Investment
$2,500
Distribution Policy
Distributing
Asset Class
Bond

Share Price Chart


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Performance

PRXCX Performance Chart

T. Rowe Price California Tax Free Bond Fund (PRXCX) is up 2.2% since the beginning of the year. PRXCX is currently trading at $11 per share. Investors who bought $1,000 worth of PRXCX shares 5 years ago would now be looking at an investment worth $1,075.


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S&P 500 Index

Returns By Period

T. Rowe Price California Tax Free Bond Fund (PRXCX) has returned 2.21% so far this year and 9.05% over the past 12 months. Over the last ten years, PRXCX has returned 2.29% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.


T. Rowe Price California Tax Free Bond Fund

1D
0.09%
1M
1.99%
YTD
2.21%
6M
3.04%
1Y
9.05%
3Y*
4.80%
5Y*
1.46%
10Y*
2.29%

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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PRXCX Monthly Returns History

Based on dividend-adjusted daily data since Jan 2, 1987, PRXCX's average daily return is +0.02%, while the average monthly return is +0.36%. At this rate, an investment would double in approximately 16.1 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 Apr 1987 at -10.3%. The longest winning streak lasted 13 consecutive months, and the longest losing streak was 4 months.

On a daily basis, PRXCX closed higher 38% of trading days. The best single day was Mar 25, 2020 with a return of +3.6%, while the worst single day was Apr 14, 1987 at -3.9%.


JanFebMarAprMayJunJulAugSepOctNovDecTotal
20260.49%1.57%-2.09%1.23%0.67%0.37%2.21%
2025-0.08%1.09%-1.85%-1.03%-0.65%0.47%-0.45%1.11%3.56%1.34%0.36%0.16%3.99%
2024-0.20%0.16%0.09%-0.93%0.50%1.85%0.74%0.66%1.07%-0.91%1.94%-1.35%3.62%
20233.26%-1.95%1.81%0.05%-0.67%1.03%0.24%-1.05%-2.68%-1.99%6.91%2.83%7.64%
2022-2.50%-0.59%-2.92%-3.11%1.06%-2.49%2.74%-2.07%-4.24%-1.23%5.45%-0.11%-9.93%
20210.79%-1.39%0.56%1.16%0.54%0.46%0.88%-0.38%-0.80%-0.04%0.88%0.03%2.68%

Benchmark Metrics

T. Rowe Price California Tax Free Bond Fund has an annualized alpha of 4.32%, beta of 0.01, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since January 02, 1987.

  • This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (15.76%) than losses (3.21%) - 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
4.32%
Beta
0.01
0.00
Upside Capture
15.76%
Downside Capture
3.21%

Expense Ratio

PRXCX has an expense ratio of 0.53%, placing it in the medium range.


Return for Risk

Risk / Return Rank

PRXCX ranks 82 for risk / return — in the top 82% of mutual funds on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.


PRXCX Risk / Return Rank: 8282
Overall Rank
PRXCX Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
PRXCX Sortino Ratio Rank: 9595
Sortino Ratio Rank
PRXCX Omega Ratio Rank: 9595
Omega Ratio Rank
PRXCX Calmar Ratio Rank: 6767
Calmar Ratio Rank
PRXCX Martin Ratio Rank: 6060
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

Return / Risk — by metrics

The table below present risk-adjusted performance metrics for T. Rowe Price California Tax Free Bond Fund (PRXCX) 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.


PRXCXBenchmarkDifference
Sharpe ratioReturn per unit of total volatility

+0.85

Sortino ratioReturn per unit of downside risk

+1.88

Omega ratioGain probability vs. loss probability

1.74

1.37

+0.38

Calmar ratioReturn relative to maximum drawdown

3.00

2.78

+0.22

Martin ratioReturn relative to average drawdown

11.16

12.44

-1.28

Dividends

Dividend History

T. Rowe Price California Tax Free Bond Fund provided a 4.60% dividend yield over the last twelve months, with an annual payout of $0.50 per share. The fund has been increasing its distributions for 3 consecutive years.


2.50%3.00%3.50%4.00%4.50%$0.00$0.10$0.20$0.30$0.40$0.5020152016201720182019202020212022202320242025
Dividends
Dividend Yield
PeriodTTM20252024202320222021202020192018201720162015
Dividend$0.50$0.49$0.44$0.38$0.23$0.34$0.33$0.34$0.35$0.36$0.38$0.40

Dividend yield

4.60%4.58%4.10%3.50%2.21%2.82%2.80%2.94%3.11%3.09%3.33%3.42%

Monthly Dividends

The table displays the monthly dividend distributions for T. Rowe Price California Tax Free Bond Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.


JanFebMarAprMayJunJulAugSepOctNovDecTotal
2026$0.03$0.03$0.03$0.03$0.03$0.00$0.16
2025$0.03$0.03$0.03$0.03$0.03$0.03$0.06$0.06$0.06$0.03$0.03$0.07$0.49
2024$0.03$0.03$0.03$0.03$0.06$0.03$0.03$0.03$0.03$0.06$0.06$0.03$0.44
2023$0.05$0.05$0.03$0.03$0.03$0.03$0.03$0.03$0.03$0.03$0.03$0.03$0.38
2022$0.02$0.02$0.02$0.02$0.02$0.00$0.00$0.03$0.00$0.03$0.03$0.04$0.23
2021$0.02$0.02$0.03$0.03$0.02$0.03$0.03$0.02$0.02$0.02$0.02$0.06$0.34

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 California 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 California Tax Free Bond Fund was 21.67%, occurring on Oct 16, 1987. Recovery took 900 trading sessions.


Related event

Drawdown

Fall

Recovery

Underwater

Black Monday1987
-21.67%Oct 1987
8mo 26d3y 6mo
4y 3moJan 1987 - May 1991
Bear market2022
-15.41%Oct 2022
1y 2mo1y 10mo
3y 1moAug 2021 - Sep 2024
Financial crisis2007–2009
-12.07%Oct 2008
8mo 26d7mo 5d
1y 3moJan 2008 - May 2009
COVID crash2020
-10.88%Mar 2020
10d8mo 4d
8mo 14dMar 2020 - Nov 2020
1994 correction1994
-10.55%Nov 1994
9mo 23d4mo 14d
1y 2moFeb 1994 - Apr 1995

Drawdown Indicators


PRXCXBenchmarkDifference

Max Drawdown

Largest peak-to-trough decline

-21.67%

-56.78%

+35.11%

Max Drawdown (1Y)

Largest decline over 1 year

-3.02%

-9.10%

+6.08%

Max Drawdown (3Y)

Largest decline over 3 years

-6.68%

-18.90%

+12.22%

Max Drawdown (5Y)

Largest decline over 5 years

-15.41%

-25.43%

+10.02%

Max Drawdown (10Y)

Largest decline over 10 years

-15.41%

-33.92%

+18.51%

Current Drawdown

Current decline from peak

0.00%

-1.80%

+1.80%

Average Drawdown

Average peak-to-trough decline

-2.78%

-10.71%

+7.93%

Ulcer Index

Depth 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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