MDXBX vs. BOXX

Last updated Jun 5, 2026

MDXBX (T. Rowe Price Maryland Tax Free Bond Fund) and BOXX (Alpha Architect 1-3 Month Box ETF) are both funds - MDXBX is a Municipal Bonds fund managed by T. Rowe Price, while BOXX is a Ultrashort Bond fund tracking the Solactive 1-3 Month US T-Bill Index. Over the past 3 years, MDXBX returned 4.99%/yr vs 4.75%/yr for BOXX. At a correlation of -0.01, they often move in opposite directions. MDXBX charges 0.49%/yr vs 0.19%/yr for BOXX.

Performance

MDXBX vs. BOXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Maryland Tax Free Bond Fund (MDXBX) and Alpha Architect 1-3 Month Box ETF (BOXX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MDXBX achieves a 2.19% return, which is significantly higher than BOXX's 1.59% return.

MDXBX

• 1D: 0.00%
• 1M: 0.90%
• YTD: 2.19%
• 6M: 2.93%
• 1Y: 9.51%
• 3Y*: 4.99%
• 5Y*: 1.56%
• 10Y*: 2.43%

BOXX

• 1D: 0.01%
• 1M: 0.29%
• YTD: 1.59%
• 6M: 1.98%
• 1Y: 4.09%
• 3Y*: 4.75%
• 5Y*: —
• 10Y*: —

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

MDXBX vs. BOXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MDXBX T. Rowe Price Maryland Tax Free Bond Fund	2.19%	4.94%	3.79%	7.18%	0.27%
BOXX Alpha Architect 1-3 Month Box ETF	1.59%	4.37%	5.16%	5.04%	0.07%

Correlation

The correlation between MDXBX and BOXX is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Dec 29, 2022	-0.01

Return for Risk

MDXBX vs. BOXX — Risk / Return Rank

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

MDXBX

MDXBX Risk / Return Rank: 86
MDXBX Sharpe Ratio Rank: 94
MDXBX Sortino Ratio Rank: 96
MDXBX Omega Ratio Rank: 96
MDXBX Calmar Ratio Rank: 77
MDXBX Martin Ratio Rank: 66

BOXX

BOXX Risk / Return Rank: 100
BOXX Sharpe Ratio Rank: 100
BOXX Sortino Ratio Rank: 100
BOXX Omega Ratio Rank: 100
BOXX Calmar Ratio Rank: 100
BOXX Martin Ratio Rank: 100

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.

MDXBX vs. BOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Maryland Tax Free Bond Fund (MDXBX) and Alpha Architect 1-3 Month Box ETF (BOXX). 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.

	MDXBX	BOXX	Difference
Sharpe ratio: Return per unit of total volatility	3.32	12.81	-9.49
Sortino ratio: Return per unit of downside risk	5.28	37.95	-32.67
Omega ratio: Gain probability vs. loss probability	1.86	9.96	-8.09
Calmar ratio: Return relative to maximum drawdown	3.45	59.63	-56.18
Martin ratio: Return relative to average drawdown	12.76	530.59	-517.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MDXBX vs. BOXX - Sharpe Ratio Comparison

The current MDXBX Sharpe Ratio is 3.32, which is lower than the BOXX Sharpe Ratio of 12.81. The chart below compares the historical Sharpe Ratios of MDXBX and BOXX, 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

	MDXBX	BOXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.32	12.81	-9.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.19	12.91	-11.72

Drawdowns

MDXBX vs. BOXX - Drawdown Comparison

The maximum MDXBX drawdown since its inception was -15.38%, which is greater than BOXX's maximum drawdown of -0.12%. Use the drawdown chart below to compare losses from any high point for MDXBX and BOXX.

Drawdown Indicators

	MDXBX	BOXX	Difference
Max Drawdown Largest peak-to-trough decline	-15.38%	-0.12%	-15.26%
Max Drawdown (1Y) Largest decline over 1 year	-2.83%	-0.07%	-2.76%
Max Drawdown (3Y) Largest decline over 3 years	-6.56%	-0.12%	-6.44%
Max Drawdown (5Y) Largest decline over 5 years	-14.97%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-14.97%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.15%	-0.00%	-2.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.76%	0.01%	+0.75%

Volatility

MDXBX vs. BOXX - Volatility Comparison

T. Rowe Price Maryland Tax Free Bond Fund (MDXBX) has a higher volatility of 1.14% compared to Alpha Architect 1-3 Month Box ETF (BOXX) at 0.09%. This indicates that MDXBX's price experiences larger fluctuations and is considered to be riskier than BOXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDXBX	BOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.14%	0.09%	+1.05%
Volatility (6M) Calculated over the trailing 6-month period	2.17%	0.25%	+1.92%
Volatility (1Y) Calculated over the trailing 1-year period	2.95%	0.32%	+2.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.29%	0.37%	+3.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.91%	0.37%	+3.54%

MDXBX vs. BOXX - Expense Ratio Comparison

MDXBX has a 0.49% expense ratio, which is higher than BOXX's 0.19% expense ratio.

Dividends

MDXBX vs. BOXX - Dividend Comparison

MDXBX's dividend yield for the trailing twelve months is around 4.66%, while BOXX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BOXX Alpha Architect 1-3 Month Box ETF	0.00%	0.00%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MDXBX T. Rowe Price Maryland Tax Free Bond Fund	4.66%	4.63%	4.11%	3.51%	2.40%	2.30%	2.65%	2.82%	3.17%	3.28%	3.42%	3.61%

Frequently Asked Questions

Can I hold both MDXBX and BOXX in my portfolio?

MDXBX and BOXX have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MDXBX or BOXX?

MDXBX has higher volatility (1.14%) compared to BOXX (0.09%). In terms of maximum drawdown, MDXBX dropped -15.38% vs BOXX's -0.12%.

Which has better risk-adjusted returns?

BOXX currently has the higher Sharpe Ratio (12.81 vs 3.32), 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.