GTFBX vs. SCMB

Last updated Jun 24, 2026

GTFBX (T. Rowe Price Georgia Tax Free Bond Fund) and SCMB (Schwab Municipal Bond ETF) are both Municipal Bonds funds. Over the past 3 years, GTFBX returned 4.92%/yr vs 3.13%/yr for SCMB. A 0.72 correlation means they provide meaningful diversification when combined. GTFBX charges 0.56%/yr vs 0.03%/yr for SCMB.

Performance

GTFBX vs. SCMB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Georgia Tax Free Bond Fund (GTFBX) and Schwab Municipal Bond ETF (SCMB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GTFBX achieves a 2.26% return, which is significantly higher than SCMB's 1.39% return.

GTFBX

• 1D: -0.09%
• 1M: 1.89%
• YTD: 2.26%
• 6M: 3.10%
• 1Y: 9.03%
• 3Y*: 4.92%
• 5Y*: 1.53%
• 10Y*: 2.18%

SCMB

• 1D: -0.16%
• 1M: 1.47%
• YTD: 1.39%
• 6M: 1.58%
• 1Y: 6.25%
• 3Y*: 3.13%
• 5Y*: —
• 10Y*: —

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

GTFBX vs. SCMB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GTFBX T. Rowe Price Georgia Tax Free Bond Fund	2.26%	4.97%	3.36%	8.40%	2.08%
SCMB Schwab Municipal Bond ETF	1.39%	3.78%	0.91%	5.86%	2.88%

Correlation

The correlation between GTFBX and SCMB is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (All Time) Calculated using the full available price history since Oct 12, 2022	0.72

The correlation between GTFBX and SCMB shifts across timeframes, from 0.60 (1 year) to 0.72 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GTFBX vs. SCMB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GTFBX

GTFBX Risk / Return Rank: 82
GTFBX Sharpe Ratio Rank: 94
GTFBX Sortino Ratio Rank: 95
GTFBX Omega Ratio Rank: 96
GTFBX Calmar Ratio Rank: 66
GTFBX Martin Ratio Rank: 61

SCMB

SCMB Risk / Return Rank: 63
SCMB Sharpe Ratio Rank: 71
SCMB Sortino Ratio Rank: 76
SCMB Omega Ratio Rank: 81
SCMB Calmar Ratio Rank: 45
SCMB Martin Ratio Rank: 45

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.

GTFBX vs. SCMB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Georgia Tax Free Bond Fund (GTFBX) and Schwab Municipal Bond ETF (SCMB). 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.

	GTFBX	SCMB	Difference
Sharpe ratio: Return per unit of total volatility	3.02	2.17	+0.85
Sortino ratio: Return per unit of downside risk	4.65	3.18	+1.47
Omega ratio: Gain probability vs. loss probability	1.77	1.46	+0.32
Calmar ratio: Return relative to maximum drawdown	2.98	2.15	+0.83
Martin ratio: Return relative to average drawdown	11.33	7.06	+4.27

GTFBX vs. SCMB - Sharpe Ratio Comparison

The current GTFBX Sharpe Ratio is 3.02, which is higher than the SCMB Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of GTFBX and SCMB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GTFBX vs. SCMB - Drawdown Comparison

The maximum GTFBX drawdown since its inception was -15.79%, which is greater than SCMB's maximum drawdown of -6.13%. Use the drawdown chart below to compare losses from any high point for GTFBX and SCMB.

Drawdown Indicators

	GTFBX	SCMB	Difference
Max Drawdown Largest peak-to-trough decline	-15.79%	-6.13%	-9.66%
Max Drawdown (1Y) Largest decline over 1 year	-3.07%	-2.92%	-0.15%
Max Drawdown (3Y) Largest decline over 3 years	-6.26%	-5.57%	-0.69%
Max Drawdown (5Y) Largest decline over 5 years	-15.79%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-15.79%	—	—
Current Drawdown Current decline from peak	-0.09%	-0.56%	+0.47%
Average Drawdown Average peak-to-trough decline	-2.00%	-1.31%	-0.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	0.89%	-0.08%

Volatility

GTFBX vs. SCMB - Volatility Comparison

T. Rowe Price Georgia Tax Free Bond Fund (GTFBX) has a higher volatility of 0.85% compared to Schwab Municipal Bond ETF (SCMB) at 0.76%. This indicates that GTFBX's price experiences larger fluctuations and is considered to be riskier than SCMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GTFBX	SCMB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.85%	0.76%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	2.33%	2.17%	+0.16%
Volatility (1Y) Calculated over the trailing 1-year period	3.04%	2.89%	+0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.48%	4.14%	+0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.18%	4.14%	+0.04%

GTFBX vs. SCMB - Expense Ratio Comparison

GTFBX has a 0.56% expense ratio, which is higher than SCMB's 0.03% expense ratio.

Dividends

GTFBX vs. SCMB - Dividend Comparison

GTFBX's dividend yield for the trailing twelve months is around 4.74%, more than SCMB's 3.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GTFBX T. Rowe Price Georgia Tax Free Bond Fund	4.74%	4.67%	4.13%	3.47%	2.05%	2.10%	2.34%	2.61%	2.91%	2.94%	3.01%	3.22%
SCMB Schwab Municipal Bond ETF	3.52%	3.36%	3.34%	3.10%	0.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GTFBX and SCMB in my portfolio?

GTFBX and SCMB have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GTFBX or SCMB?

GTFBX has higher volatility (0.85%) compared to SCMB (0.76%). In terms of maximum drawdown, GTFBX dropped -15.79% vs SCMB's -6.13%.

Which has better risk-adjusted returns?

GTFBX currently has the higher Sharpe Ratio (3.02 vs 2.17), 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.