AMHIX vs. PRFHX
AMHIX (American High-Income Municipal Bond Fund) and PRFHX (T. Rowe Price Tax Free High Yield Fund) are both High Yield Muni funds. Over the past 10 years, AMHIX returned 3.22%/yr vs 2.98%/yr for PRFHX. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.63% expense ratio.
Performance
AMHIX vs. PRFHX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, AMHIX achieves a 2.43% return, which is significantly lower than PRFHX's 3.26% return. Over the past 10 years, AMHIX has outperformed PRFHX with an annualized return of 3.22%, while PRFHX has yielded a comparatively lower 2.98% annualized return.
AMHIX
- 1D
- 0.06%
- 1M
- 1.83%
- YTD
- 2.43%
- 6M
- 2.91%
- 1Y
- 8.01%
- 3Y*
- 6.11%
- 5Y*
- 1.67%
- 10Y*
- 3.22%
PRFHX
- 1D
- 0.09%
- 1M
- 1.88%
- YTD
- 3.26%
- 6M
- 4.25%
- 1Y
- 10.90%
- 3Y*
- 6.43%
- 5Y*
- 1.77%
- 10Y*
- 2.98%
AMHIX vs. PRFHX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AMHIX American High-Income Municipal Bond Fund | 2.43% | 5.70% | 6.19% | 7.18% | -12.59% | 5.28% | 4.39% | 8.88% | 1.59% | 8.89% |
PRFHX T. Rowe Price Tax Free High Yield Fund | 3.26% | 5.53% | 7.00% | 7.65% | -14.41% | 6.09% | 3.40% | 9.03% | 0.66% | 7.31% |
Correlation
The correlation between AMHIX and PRFHX is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 1994 | 0.86 |
The correlation between AMHIX and PRFHX has been stable across timeframes, ranging from 0.81 to 0.90 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
AMHIX vs. PRFHX — Risk / Return Rank
AMHIX
PRFHX
AMHIX vs. PRFHX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for American High-Income Municipal Bond Fund (AMHIX) and T. Rowe Price Tax Free High Yield Fund (PRFHX). 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.
| AMHIX | PRFHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.71 | ||
| Sortino ratioReturn per unit of downside risk | -1.18 | ||
| Omega ratioGain probability vs. loss probability | 1.65 | 1.82 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.91 | 4.09 | -1.18 |
| Martin ratioReturn relative to average drawdown | 10.34 | 15.18 | -4.84 |
Loading charts...
Drawdowns
AMHIX vs. PRFHX - Drawdown Comparison
The maximum AMHIX drawdown since its inception was -21.74%, smaller than the maximum PRFHX drawdown of -24.76%. Use the drawdown chart below to compare losses from any high point for AMHIX and PRFHX.
Loading charts...
Drawdown Indicators
| AMHIX | PRFHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.74% | -24.76% | +3.02% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -2.75% | -0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -6.25% | -6.91% | +0.66% |
Max Drawdown (5Y)Largest decline over 5 years | -17.81% | -18.81% | +1.00% |
Max Drawdown (10Y)Largest decline over 10 years | -17.81% | -18.81% | +1.00% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.12% | -2.77% | +0.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 0.73% | +0.05% |
Volatility
AMHIX vs. PRFHX - Volatility Comparison
American High-Income Municipal Bond Fund (AMHIX) and T. Rowe Price Tax Free High Yield Fund (PRFHX) have volatilities of 0.75% and 0.78%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| AMHIX | PRFHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.75% | 0.78% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 2.18% | 2.33% | -0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.00% | 3.31% | -0.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.84% | 4.89% | -0.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.53% | 4.64% | -0.11% |
AMHIX vs. PRFHX - Expense Ratio Comparison
Both AMHIX and PRFHX have an expense ratio of 0.63%.
Dividends
AMHIX vs. PRFHX - Dividend Comparison
AMHIX's dividend yield for the trailing twelve months is around 3.88%, less than PRFHX's 5.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AMHIX American High-Income Municipal Bond Fund | 3.88% | 5.26% | 3.80% | 3.10% | 2.53% | 3.23% | 3.40% | 3.46% | 3.67% | 4.01% | 3.55% | 4.03% |
PRFHX T. Rowe Price Tax Free High Yield Fund | 5.46% | 5.46% | 4.75% | 4.19% | 2.81% | 3.01% | 3.47% | 3.52% | 3.71% | 3.64% | 3.88% | 4.02% |
Frequently Asked Questions
AMHIX and PRFHX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRFHX has higher volatility (0.78%) compared to AMHIX (0.75%). In terms of maximum drawdown, AMHIX dropped -21.74% vs PRFHX's -24.76%.
PRFHX currently has the higher Sharpe Ratio (3.40 vs 2.68), 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.
Find the right allocation for AMHIX and PRFHX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer