MDXBX vs. MUB
MDXBX (T. Rowe Price Maryland Tax Free Bond Fund) and MUB (iShares National AMT-Free Muni Bond ETF) are both Municipal Bonds funds. Over the past 10 years, MDXBX returned 2.43%/yr vs 2.01%/yr for MUB. A 0.58 correlation means they provide meaningful diversification when combined. MDXBX charges 0.49%/yr vs 0.07%/yr for MUB.
Performance
MDXBX vs. MUB - Performance Comparison
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Returns By Period
In the year-to-date period, MDXBX achieves a 2.19% return, which is significantly higher than MUB's 1.41% return. Over the past 10 years, MDXBX has outperformed MUB with an annualized return of 2.43%, while MUB has yielded a comparatively lower 2.01% annualized 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%
MUB
- 1D
- 0.17%
- 1M
- 0.66%
- YTD
- 1.41%
- 6M
- 1.92%
- 1Y
- 6.87%
- 3Y*
- 3.41%
- 5Y*
- 0.89%
- 10Y*
- 2.01%
MDXBX vs. MUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MDXBX T. Rowe Price Maryland Tax Free Bond Fund | 2.19% | 4.94% | 3.79% | 7.18% | -10.37% | 3.07% | 4.05% | 6.89% | 0.83% | 4.91% |
MUB iShares National AMT-Free Muni Bond ETF | 1.41% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 5.12% | 7.06% | 0.93% | 4.72% |
Correlation
The correlation between MDXBX and MUB is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Sep 11, 2007 | 0.58 |
The correlation between MDXBX and MUB shifts across timeframes, from 0.58 (all time) to 0.69 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
MDXBX vs. MUB — Risk / Return Rank
MDXBX
MUB
MDXBX vs. MUB - 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 iShares National AMT-Free Muni Bond ETF (MUB). 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 | MUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.94 | ||
| Sortino ratioReturn per unit of downside risk | +1.82 | ||
| Omega ratioGain probability vs. loss probability | 1.86 | 1.50 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 3.45 | 2.48 | +0.98 |
| Martin ratioReturn relative to average drawdown | 12.76 | 8.74 | +4.02 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MDXBX | MUB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.32 | 2.37 | +0.94 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.37 | 0.22 | +0.15 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.62 | 0.41 | +0.21 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.19 | 0.59 | +0.60 |
Drawdowns
MDXBX vs. MUB - Drawdown Comparison
The maximum MDXBX drawdown since its inception was -15.38%, which is greater than MUB's maximum drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for MDXBX and MUB.
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Drawdown Indicators
| MDXBX | MUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.38% | -13.68% | -1.70% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -2.79% | -0.04% |
Max Drawdown (3Y)Largest decline over 3 years | -6.56% | -5.34% | -1.22% |
Max Drawdown (5Y)Largest decline over 5 years | -14.97% | -11.88% | -3.09% |
Max Drawdown (10Y)Largest decline over 10 years | -14.97% | -13.68% | -1.29% |
Current DrawdownCurrent decline from peak | 0.00% | -0.53% | +0.53% |
Average DrawdownAverage peak-to-trough decline | -2.15% | -2.23% | +0.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.76% | 0.79% | -0.03% |
Volatility
MDXBX vs. MUB - Volatility Comparison
T. Rowe Price Maryland Tax Free Bond Fund (MDXBX) has a higher volatility of 1.14% compared to iShares National AMT-Free Muni Bond ETF (MUB) at 0.98%. This indicates that MDXBX's price experiences larger fluctuations and is considered to be riskier than MUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MDXBX | MUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 0.98% | +0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 2.17% | 2.22% | -0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.95% | 2.92% | +0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.29% | 4.06% | +0.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.91% | 4.92% | -1.01% |
MDXBX vs. MUB - Expense Ratio Comparison
MDXBX has a 0.49% expense ratio, which is higher than MUB's 0.07% expense ratio.
Dividends
MDXBX vs. MUB - Dividend Comparison
MDXBX's dividend yield for the trailing twelve months is around 4.66%, more than MUB's 3.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
MUB iShares National AMT-Free Muni Bond ETF | 3.17% | 3.14% | 3.01% | 2.65% | 2.11% | 1.81% | 2.11% | 2.42% | 2.46% | 2.26% | 2.21% | 2.51% |
Frequently Asked Questions
MDXBX and MUB have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MDXBX has higher volatility (1.14%) compared to MUB (0.98%). In terms of maximum drawdown, MDXBX dropped -15.38% vs MUB's -13.68%.
MDXBX currently has the higher Sharpe Ratio (3.32 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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