ABHYX vs. PRTAX
ABHYX (American Century High-Yield Municipal Fund) and PRTAX (T. Rowe Price Tax Free Income Fund) are both mutual funds - ABHYX is a High Yield Muni fund managed by American Century, while PRTAX is a Municipal Bonds fund managed by T. Rowe Price. Over the past 10 years, ABHYX returned 2.61%/yr vs 2.52%/yr for PRTAX. Their correlation of 0.82 means they have usually moved in the same direction. ABHYX charges 0.59%/yr vs 0.53%/yr for PRTAX.
Performance
ABHYX vs. PRTAX - Performance Comparison
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Returns By Period
In the year-to-date period, ABHYX achieves a 1.21% return, which is significantly higher than PRTAX's 1.02% return. Both investments have delivered pretty close results over the past 10 years, with ABHYX having a 2.61% annualized return and PRTAX not far behind at 2.52%.
ABHYX
- 1D
- -0.35%
- 1M
- -2.15%
- 6M
- 0.61%
- YTD
- 1.21%
- 1Y
- 6.52%
- 3Y*
- 4.69%
- 5Y*
- 0.30%
- 10Y*
- 2.61%
- ALL TIME*
- 4.10%
PRTAX
- 1D
- -0.21%
- 1M
- -2.11%
- 6M
- 0.38%
- YTD
- 1.02%
- 1Y
- 6.43%
- 3Y*
- 5.07%
- 5Y*
- 1.65%
- 10Y*
- 2.52%
- ALL TIME*
- 3.77%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
ABHYX vs. PRTAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ABHYX American Century High-Yield Municipal Fund | 1.21% | 3.77% | 6.16% | 5.90% | -13.90% | 5.61% | 4.68% | 9.72% | 1.48% | 9.27% |
PRTAX T. Rowe Price Tax Free Income Fund | 1.02% | 4.45% | 5.18% | 9.82% | -10.81% | 2.85% | 4.87% | 7.25% | 0.70% | 5.17% |
Correlation
The correlation between ABHYX and PRTAX is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.79 |
Correlation (3Y) Balances recent behavior with more history. | 0.84 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.87 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.85 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 1998 | 0.82 |
The correlation between ABHYX and PRTAX has been stable across timeframes, ranging from 0.79 to 0.87 - a consistent structural relationship.
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Return for Risk
ABHYX vs. PRTAX — Risk / Return Rank
ABHYX
PRTAX
ABHYX vs. PRTAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for American Century High-Yield Municipal Fund (ABHYX) and T. Rowe Price Tax Free Income Fund (PRTAX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
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.
| ABHYX | PRTAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.57 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | 2.55 | -0.15 |
| Martin ratioReturn relative to average drawdown | 8.39 | 8.88 | -0.49 |
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Drawdowns
ABHYX vs. PRTAX - Drawdown Comparison
The maximum ABHYX drawdown since its inception was -26.34%, which is greater than PRTAX's maximum drawdown of -20.97%. Use the drawdown chart below to compare losses from any high point for ABHYX and PRTAX.
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Drawdown Indicators
| ABHYX | PRTAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.34% | -20.97% | -5.37% |
Max Drawdown (1Y)Largest decline over 1 year | -3.16% | -2.83% | -0.33% |
Max Drawdown (3Y)Largest decline over 3 years | -6.60% | -5.67% | -0.93% |
Max Drawdown (5Y)Largest decline over 5 years | -18.54% | -15.68% | -2.86% |
Max Drawdown (10Y)Largest decline over 10 years | -18.54% | -15.68% | -2.86% |
Current DrawdownCurrent decline from peak | -2.15% | -2.11% | -0.04% |
Average DrawdownAverage peak-to-trough decline | -3.10% | -3.23% | +0.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.90% | 0.80% | +0.10% |
Volatility
ABHYX vs. PRTAX - Volatility Comparison
American Century High-Yield Municipal Fund (ABHYX) has a higher volatility of 1.06% compared to T. Rowe Price Tax Free Income Fund (PRTAX) at 0.92%. This indicates that ABHYX's price experiences larger fluctuations and is considered to be riskier than PRTAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ABHYX | PRTAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 0.92% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 2.60% | 2.40% | +0.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.35% | 3.09% | +0.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.97% | 4.42% | +0.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.99% | 4.23% | +0.76% |
ABHYX vs. PRTAX - Expense Ratio Comparison
ABHYX has a 0.59% expense ratio, which is higher than PRTAX's 0.53% expense ratio.
Dividends
ABHYX vs. PRTAX - Dividend Comparison
ABHYX's dividend yield for the trailing twelve months is around 4.00%, more than PRTAX's 3.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ABHYX American Century High-Yield Municipal Fund | 4.00% | 5.11% | 4.96% | 4.02% | 2.77% | 3.50% | 3.35% | 4.08% | 3.90% | 3.61% | 3.61% | 3.91% |
PRTAX T. Rowe Price Tax Free Income Fund | 3.53% | 4.61% | 5.90% | 5.55% | 2.20% | 2.42% | 2.85% | 3.28% | 3.61% | 3.63% | 3.80% | 3.78% |
Frequently Asked Questions
ABHYX and PRTAX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ABHYX has higher volatility (1.06%) compared to PRTAX (0.92%). In terms of maximum drawdown, ABHYX dropped -26.34% vs PRTAX's -20.97%.
PRTAX currently has the higher Sharpe Ratio (2.35 vs 2.27), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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