MDXBX vs. VTEI

Last updated Aug 6, 2026

MDXBX (T. Rowe Price Maryland Tax Free Bond Fund) and VTEI (Vanguard Intermediate-Term Tax-Exempt Bond ETF) are both Municipal Bonds funds. Over the past year, MDXBX returned 7.39% vs 3.93% for VTEI. Their 0.69 correlation means they have sometimes moved together and sometimes differently. MDXBX charges 0.49%/yr vs 0.08%/yr for VTEI.

Performance

MDXBX vs. VTEI - 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 Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MDXBX achieves a 1.32% return, which is significantly higher than VTEI's 0.30% return.

MDXBX

• 1D: 0.20%
• 1M: -1.73%
• 6M: 0.61%
• YTD: 1.32%
• 1Y: 7.39%
• 3Y*: 4.83%
• 5Y*: 1.17%
• 10Y*: 2.23%
• ALL TIME*: 4.24%

VTEI

• 1D: 0.15%
• 1M: -1.26%
• 6M: -0.82%
• YTD: 0.30%
• 1Y: 3.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.58%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MDXBX T. Rowe Price Maryland Tax Free Bond Fund	$0.00	$0.00	$0.00
VTEI Vanguard Intermediate-Term Tax-Exempt Bond ETF	$8.14M	$9.12M	$9.98M

MDXBX vs. VTEI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MDXBX T. Rowe Price Maryland Tax Free Bond Fund	1.32%	4.94%	4.83%
VTEI Vanguard Intermediate-Term Tax-Exempt Bond ETF	0.30%	4.59%	1.65%

Correlation

The correlation between MDXBX and VTEI is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.69
Correlation (All Time) Calculated using the full available price history since Jan 30, 2024	0.69

The correlation between MDXBX and VTEI has been stable across timeframes, ranging from 0.69 to 0.69 - a consistent structural relationship.

Return for Risk

MDXBX vs. VTEI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MDXBX

MDXBX Risk / Return Rank: 83
MDXBX Sharpe Ratio Rank: 93
MDXBX Sortino Ratio Rank: 95
MDXBX Omega Ratio Rank: 97
MDXBX Calmar Ratio Rank: 71
MDXBX Martin Ratio Rank: 60

VTEI

VTEI Risk / Return Rank: 54
VTEI Sharpe Ratio Rank: 63
VTEI Sortino Ratio Rank: 61
VTEI Omega Ratio Rank: 74
VTEI Calmar Ratio Rank: 38
VTEI Martin Ratio Rank: 37

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MDXBX vs. VTEI - 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 Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI). 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	VTEI	Difference
Sharpe ratio: Return per unit of total volatility	2.58	1.69	+0.89
Sortino ratio: Return per unit of downside risk	3.90	2.34	+1.56
Omega ratio: Gain probability vs. loss probability	1.64	1.35	+0.29
Calmar ratio: Return relative to maximum drawdown	2.66	1.52	+1.14
Martin ratio: Return relative to average drawdown	9.14	4.24	+4.90

MDXBX vs. VTEI - Sharpe Ratio Comparison

The current MDXBX Sharpe Ratio is 2.58, which is higher than the VTEI Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of MDXBX and VTEI, 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

MDXBX vs. VTEI - Drawdown Comparison

The maximum MDXBX drawdown since its inception was -15.38%, which is greater than VTEI's maximum drawdown of -3.64%. Use the drawdown chart below to compare losses from any high point for MDXBX and VTEI.

Drawdown Indicators

	MDXBX	VTEI	Difference
Max Drawdown Largest peak-to-trough decline	-15.38%	-3.64%	-11.74%
Max Drawdown (1Y) Largest decline over 1 year	-2.83%	-2.61%	-0.22%
Max Drawdown (3Y) Largest decline over 3 years	-5.97%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-14.94%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-14.97%	—	—
Current Drawdown Current decline from peak	-1.73%	-1.66%	-0.07%
Average Drawdown Average peak-to-trough decline	-2.14%	-0.80%	-1.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	0.93%	-0.11%

Volatility

MDXBX vs. VTEI - Volatility Comparison

T. Rowe Price Maryland Tax Free Bond Fund (MDXBX) has a higher volatility of 0.93% compared to Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) at 0.83%. This indicates that MDXBX's price experiences larger fluctuations and is considered to be riskier than VTEI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDXBX	VTEI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	0.83%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	2.32%	1.94%	+0.38%
Volatility (1Y) Calculated over the trailing 1-year period	2.93%	2.34%	+0.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.31%	3.00%	+1.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.92%	3.00%	+0.92%

MDXBX vs. VTEI - Expense Ratio Comparison

MDXBX has a 0.49% expense ratio, which is higher than VTEI's 0.08% expense ratio.

Dividends

MDXBX vs. VTEI - Dividend Comparison

MDXBX's dividend yield for the trailing twelve months is around 4.50%, more than VTEI's 3.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MDXBX T. Rowe Price Maryland Tax Free Bond Fund	4.50%	4.63%	4.11%	3.51%	2.40%	2.30%	2.65%	2.82%	3.17%	3.28%	3.42%	3.61%
VTEI Vanguard Intermediate-Term Tax-Exempt Bond ETF	3.10%	3.00%	2.65%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MDXBX and VTEI in my portfolio?

MDXBX and VTEI have a correlation of 0.69, 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 VTEI?

MDXBX has higher volatility (0.93%) compared to VTEI (0.83%). In terms of maximum drawdown, MDXBX dropped -15.38% vs VTEI's -3.64%.

Which has better risk-adjusted returns?

MDXBX currently has the higher Sharpe Ratio (2.58 vs 1.69), 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.