FXIEX vs. PRFHX
FXIEX (PIMCO Fixed Income SHares: Series TE) and PRFHX (T. Rowe Price Tax Free High Yield Fund) are both mutual funds - FXIEX is a Municipal Bonds fund managed by PIMCO, while PRFHX is a High Yield Muni fund managed by T. Rowe Price. Over the past 10 years, FXIEX returned 2.83%/yr vs 2.98%/yr for PRFHX. A 0.71 correlation means they provide meaningful diversification when combined. FXIEX charges 0.07%/yr vs 0.63%/yr for PRFHX.
Performance
FXIEX vs. PRFHX - Performance Comparison
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Returns By Period
In the year-to-date period, FXIEX achieves a 1.92% return, which is significantly lower than PRFHX's 3.26% return. Over the past 10 years, FXIEX has underperformed PRFHX with an annualized return of 2.83%, while PRFHX has yielded a comparatively higher 2.98% annualized return.
FXIEX
- 1D
- 0.10%
- 1M
- 1.85%
- YTD
- 1.92%
- 6M
- 2.44%
- 1Y
- 6.56%
- 3Y*
- 5.16%
- 5Y*
- 1.65%
- 10Y*
- 2.83%
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%
FXIEX vs. PRFHX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXIEX PIMCO Fixed Income SHares: Series TE | 1.92% | 3.37% | 5.16% | 8.92% | -10.89% | 2.19% | 7.22% | 8.45% | 1.00% | 7.71% |
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 FXIEX and PRFHX is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Jun 25, 2012 | 0.71 |
The correlation between FXIEX and PRFHX shifts across timeframes, from 0.70 (1 year) to 0.86 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FXIEX vs. PRFHX — Risk / Return Rank
FXIEX
PRFHX
FXIEX vs. PRFHX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Fixed Income SHares: Series TE (FXIEX) 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.
| FXIEX | PRFHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.03 | ||
| Sortino ratioReturn per unit of downside risk | -1.38 | ||
| Omega ratioGain probability vs. loss probability | 1.58 | 1.82 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 3.40 | 4.09 | -0.69 |
| Martin ratioReturn relative to average drawdown | 11.23 | 15.18 | -3.95 |
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Drawdowns
FXIEX vs. PRFHX - Drawdown Comparison
The maximum FXIEX drawdown since its inception was -15.25%, smaller than the maximum PRFHX drawdown of -24.76%. Use the drawdown chart below to compare losses from any high point for FXIEX and PRFHX.
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Drawdown Indicators
| FXIEX | PRFHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.25% | -24.76% | +9.51% |
Max Drawdown (1Y)Largest decline over 1 year | -2.42% | -2.75% | +0.33% |
Max Drawdown (3Y)Largest decline over 3 years | -5.56% | -6.91% | +1.35% |
Max Drawdown (5Y)Largest decline over 5 years | -15.25% | -18.81% | +3.56% |
Max Drawdown (10Y)Largest decline over 10 years | -15.25% | -18.81% | +3.56% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.89% | -2.77% | -0.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.65% | 0.73% | +0.92% |
Volatility
FXIEX vs. PRFHX - Volatility Comparison
PIMCO Fixed Income SHares: Series TE (FXIEX) has a higher volatility of 0.92% compared to T. Rowe Price Tax Free High Yield Fund (PRFHX) at 0.78%. This indicates that FXIEX's price experiences larger fluctuations and is considered to be riskier than PRFHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXIEX | PRFHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.92% | 0.78% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 2.17% | 2.33% | -0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.46% | 3.31% | +0.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.37% | 4.89% | -0.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.10% | 4.64% | -0.54% |
FXIEX vs. PRFHX - Expense Ratio Comparison
FXIEX has a 0.07% expense ratio, which is lower than PRFHX's 0.63% expense ratio.
Dividends
FXIEX vs. PRFHX - Dividend Comparison
FXIEX's dividend yield for the trailing twelve months is around 2.78%, less than PRFHX's 5.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXIEX PIMCO Fixed Income SHares: Series TE | 2.78% | 2.75% | 4.53% | 3.98% | 3.25% | 2.63% | 3.37% | 3.63% | 3.79% | 2.67% | 0.00% | 0.00% |
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
FXIEX and PRFHX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXIEX has higher volatility (0.92%) compared to PRFHX (0.78%). In terms of maximum drawdown, FXIEX dropped -15.25% vs PRFHX's -24.76%.
PRFHX currently has the higher Sharpe Ratio (3.40 vs 2.37), 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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