MDXBX vs. SMDMX
MDXBX (T. Rowe Price Maryland Tax Free Bond Fund) and SMDMX (Fidelity Maryland Municipal Income Fund) are both Municipal Bonds funds. Over the past 10 years, MDXBX returned 2.17%/yr vs 1.65%/yr for SMDMX. Their correlation of 0.84 means they have usually moved in the same direction. MDXBX charges 0.49%/yr vs 0.55%/yr for SMDMX.
Performance
MDXBX vs. SMDMX - Performance Comparison
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Returns By Period
In the year-to-date period, MDXBX achieves a 0.78% return, which is significantly higher than SMDMX's -0.67% return. Over the past 10 years, MDXBX has outperformed SMDMX with an annualized return of 2.17%, while SMDMX has yielded a comparatively lower 1.65% annualized return.
MDXBX
- 1D
- -0.10%
- 1M
- -2.25%
- 6M
- 0.18%
- YTD
- 0.78%
- 1Y
- 7.04%
- 3Y*
- 4.32%
- 5Y*
- 1.06%
- 10Y*
- 2.17%
- ALL TIME*
- 4.22%
SMDMX
- 1D
- -0.09%
- 1M
- -2.27%
- 6M
- -1.42%
- YTD
- -0.67%
- 1Y
- 4.03%
- 3Y*
- 3.52%
- 5Y*
- 0.43%
- 10Y*
- 1.65%
- ALL TIME*
- 3.75%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
MDXBX vs. SMDMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MDXBX T. Rowe Price Maryland Tax Free Bond Fund | 0.78% | 4.94% | 3.79% | 7.18% | -10.37% | 3.07% | 4.05% | 6.89% | 0.83% | 4.91% |
SMDMX Fidelity Maryland Municipal Income Fund | -0.67% | 5.86% | 1.57% | 6.21% | -9.56% | 1.62% | 3.79% | 7.17% | 0.27% | 5.92% |
Correlation
The correlation between MDXBX and SMDMX is 0.82, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.82 |
Correlation (3Y) Balances recent behavior with more history. | 0.88 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.90 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.88 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 1994 | 0.85 |
The correlation between MDXBX and SMDMX has been stable across timeframes, ranging from 0.82 to 0.90 - a consistent structural relationship.
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Return for Risk
MDXBX vs. SMDMX — Risk / Return Rank
MDXBX
SMDMX
MDXBX vs. SMDMX - 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 Fidelity Maryland Municipal Income Fund (SMDMX). 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.
| MDXBX | SMDMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.94 | ||
| Sortino ratioReturn per unit of downside risk | +1.58 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 1.37 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 2.65 | 1.33 | +1.32 |
| Martin ratioReturn relative to average drawdown | 9.23 | 3.95 | +5.28 |
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Drawdowns
MDXBX vs. SMDMX - Drawdown Comparison
The maximum MDXBX drawdown since its inception was -15.38%, which is greater than SMDMX's maximum drawdown of -14.13%. Use the drawdown chart below to compare losses from any high point for MDXBX and SMDMX.
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Drawdown Indicators
| MDXBX | SMDMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.38% | -14.13% | -1.25% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -3.41% | +0.58% |
Max Drawdown (3Y)Largest decline over 3 years | -5.97% | -4.65% | -1.32% |
Max Drawdown (5Y)Largest decline over 5 years | -14.97% | -14.06% | -0.91% |
Max Drawdown (10Y)Largest decline over 10 years | -14.97% | -14.13% | -0.84% |
Current DrawdownCurrent decline from peak | -2.25% | -2.66% | +0.41% |
Average DrawdownAverage peak-to-trough decline | -2.14% | -1.96% | -0.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.81% | 1.15% | -0.34% |
Volatility
MDXBX vs. SMDMX - Volatility Comparison
The current volatility for T. Rowe Price Maryland Tax Free Bond Fund (MDXBX) is 0.92%, while Fidelity Maryland Municipal Income Fund (SMDMX) has a volatility of 0.99%. This indicates that MDXBX experiences smaller price fluctuations and is considered to be less risky than SMDMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MDXBX | SMDMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.92% | 0.99% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 2.33% | 2.39% | -0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.00% | 2.87% | +0.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.31% | 3.90% | +0.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.92% | 3.82% | +0.10% |
MDXBX vs. SMDMX - Expense Ratio Comparison
MDXBX has a 0.49% expense ratio, which is lower than SMDMX's 0.55% expense ratio.
Dividends
MDXBX vs. SMDMX - Dividend Comparison
MDXBX's dividend yield for the trailing twelve months is around 4.18%, more than SMDMX's 2.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MDXBX T. Rowe Price Maryland Tax Free Bond Fund | 4.18% | 4.63% | 4.11% | 3.51% | 2.40% | 2.30% | 2.65% | 2.82% | 3.17% | 3.28% | 3.42% | 3.61% |
SMDMX Fidelity Maryland Municipal Income Fund | 2.38% | 3.39% | 2.76% | 2.38% | 1.53% | 2.04% | 2.49% | 2.42% | 2.30% | 3.06% | 2.95% | 3.78% |
Frequently Asked Questions
MDXBX and SMDMX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMDMX has higher volatility (0.99%) compared to MDXBX (0.92%). In terms of maximum drawdown, MDXBX dropped -15.38% vs SMDMX's -14.13%.
MDXBX currently has the higher Sharpe Ratio (2.54 vs 1.60), 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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