LTMFX vs. PRMDX

Last updated Jun 4, 2026

LTMFX (Thornburg Limited Term Municipal Fund) and PRMDX (T. Rowe Price Maryland Short-Term Tax-Free Bond Fund) are both Municipal Bonds funds. Over the past 10 years, LTMFX returned 1.45%/yr vs 1.43%/yr for PRMDX. A 0.51 correlation means they provide meaningful diversification when combined. LTMFX charges 0.71%/yr vs 0.53%/yr for PRMDX.

Performance

LTMFX vs. PRMDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thornburg Limited Term Municipal Fund (LTMFX) and T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (PRMDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with LTMFX having a 0.82% return and PRMDX slightly higher at 0.85%. Both investments have delivered pretty close results over the past 10 years, with LTMFX having a 1.45% annualized return and PRMDX not far behind at 1.43%.

LTMFX

• 1D: 0.07%
• 1M: 0.34%
• YTD: 0.82%
• 6M: 1.01%
• 1Y: 4.35%
• 3Y*: 3.80%
• 5Y*: 1.28%
• 10Y*: 1.45%

PRMDX

• 1D: 0.00%
• 1M: 0.21%
• YTD: 0.85%
• 6M: 1.51%
• 1Y: 4.09%
• 3Y*: 3.59%
• 5Y*: 1.82%
• 10Y*: 1.43%

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

LTMFX vs. PRMDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LTMFX Thornburg Limited Term Municipal Fund	0.82%	5.74%	1.84%	3.83%	-5.27%	-0.18%	2.97%	3.81%	1.00%	2.29%
PRMDX T. Rowe Price Maryland Short-Term Tax-Free Bond Fund	0.85%	4.51%	2.64%	3.59%	-2.29%	0.30%	1.15%	2.52%	0.98%	1.09%

Correlation

The correlation between LTMFX and PRMDX is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Jan 4, 1994	0.51

The correlation between LTMFX and PRMDX shifts across timeframes, from 0.32 (1 year) to 0.56 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

LTMFX vs. PRMDX — Risk / Return Rank

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

LTMFX

LTMFX Risk / Return Rank: 68
LTMFX Sharpe Ratio Rank: 84
LTMFX Sortino Ratio Rank: 92
LTMFX Omega Ratio Rank: 96
LTMFX Calmar Ratio Rank: 36
LTMFX Martin Ratio Rank: 30

PRMDX

PRMDX Risk / Return Rank: 89
PRMDX Sharpe Ratio Rank: 86
PRMDX Sortino Ratio Rank: 96
PRMDX Omega Ratio Rank: 98
PRMDX Calmar Ratio Rank: 87
PRMDX Martin Ratio Rank: 77

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.

LTMFX vs. PRMDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thornburg Limited Term Municipal Fund (LTMFX) and T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (PRMDX). 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.

	LTMFX	PRMDX	Difference
Sharpe ratio: Return per unit of total volatility	2.75	2.80	-0.05
Sortino ratio: Return per unit of downside risk	4.64	5.37	-0.73
Omega ratio: Gain probability vs. loss probability	1.88	2.38	-0.50
Calmar ratio: Return relative to maximum drawdown	2.23	4.27	-2.04
Martin ratio: Return relative to average drawdown	7.01	14.49	-7.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LTMFX vs. PRMDX - Sharpe Ratio Comparison

The current LTMFX Sharpe Ratio is 2.75, which is comparable to the PRMDX Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of LTMFX and PRMDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	LTMFX	PRMDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	2.80	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	1.06	-0.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.88	-0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	1.44	-0.60

Drawdowns

LTMFX vs. PRMDX - Drawdown Comparison

The maximum LTMFX drawdown since its inception was -8.40%, which is greater than PRMDX's maximum drawdown of -4.31%. Use the drawdown chart below to compare losses from any high point for LTMFX and PRMDX.

Drawdown Indicators

	LTMFX	PRMDX	Difference
Max Drawdown Largest peak-to-trough decline	-8.40%	-4.31%	-4.09%
Max Drawdown (1Y) Largest decline over 1 year	-1.96%	-0.96%	-1.00%
Max Drawdown (3Y) Largest decline over 3 years	-2.95%	-1.56%	-1.39%
Max Drawdown (5Y) Largest decline over 5 years	-8.40%	-4.31%	-4.09%
Max Drawdown (10Y) Largest decline over 10 years	-8.40%	-4.31%	-4.09%
Current Drawdown Current decline from peak	-0.81%	-0.14%	-0.67%
Average Drawdown Average peak-to-trough decline	-1.64%	-0.37%	-1.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.62%	0.28%	+0.34%

Volatility

LTMFX vs. PRMDX - Volatility Comparison

Thornburg Limited Term Municipal Fund (LTMFX) has a higher volatility of 0.63% compared to T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (PRMDX) at 0.53%. This indicates that LTMFX's price experiences larger fluctuations and is considered to be riskier than PRMDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LTMFX	PRMDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.63%	0.53%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	1.28%	1.11%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	1.59%	1.47%	+0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.35%	1.72%	+0.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.27%	1.62%	+0.65%

LTMFX vs. PRMDX - Expense Ratio Comparison

LTMFX has a 0.71% expense ratio, which is higher than PRMDX's 0.53% expense ratio.

Dividends

LTMFX vs. PRMDX - Dividend Comparison

LTMFX's dividend yield for the trailing twelve months is around 3.23%, less than PRMDX's 3.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LTMFX Thornburg Limited Term Municipal Fund	3.23%	4.28%	3.60%	2.11%	1.62%	1.27%	1.54%	1.78%	1.83%	1.64%	1.57%	1.56%
PRMDX T. Rowe Price Maryland Short-Term Tax-Free Bond Fund	3.43%	3.43%	3.00%	1.93%	0.61%	0.69%	1.14%	1.33%	1.16%	0.89%	0.74%	0.67%

Frequently Asked Questions

Can I hold both LTMFX and PRMDX in my portfolio?

LTMFX and PRMDX have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LTMFX or PRMDX?

LTMFX has higher volatility (0.63%) compared to PRMDX (0.53%). In terms of maximum drawdown, LTMFX dropped -8.40% vs PRMDX's -4.31%.

Which has better risk-adjusted returns?

PRMDX currently has the higher Sharpe Ratio (2.80 vs 2.75), 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.