NJTFX vs. GUIRX

Last updated Jun 4, 2026

NJTFX (T. Rowe Price New Jersey Tax Free Bond Fund) and GUIRX (Goldman Sachs Dynamic Municipal Income Fund Investor Class) are both Municipal Bonds funds. Over the past 10 years, NJTFX returned 2.49%/yr vs 2.78%/yr for GUIRX. Their correlation of 0.81 suggests significant overlap in exposure. NJTFX charges 0.56%/yr vs 0.47%/yr for GUIRX.

Performance

NJTFX vs. GUIRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price New Jersey Tax Free Bond Fund (NJTFX) and Goldman Sachs Dynamic Municipal Income Fund Investor Class (GUIRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NJTFX achieves a 1.94% return, which is significantly higher than GUIRX's 1.70% return. Over the past 10 years, NJTFX has underperformed GUIRX with an annualized return of 2.49%, while GUIRX has yielded a comparatively higher 2.78% annualized return.

NJTFX

• 1D: 0.17%
• 1M: 0.73%
• YTD: 1.94%
• 6M: 2.72%
• 1Y: 9.51%
• 3Y*: 4.92%
• 5Y*: 1.57%
• 10Y*: 2.49%

GUIRX

• 1D: 0.13%
• 1M: 0.71%
• YTD: 1.70%
• 6M: 2.16%
• 1Y: 6.57%
• 3Y*: 4.75%
• 5Y*: 1.34%
• 10Y*: 2.78%

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

NJTFX vs. GUIRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NJTFX T. Rowe Price New Jersey Tax Free Bond Fund	1.94%	5.00%	4.01%	7.17%	-10.24%	2.67%	4.73%	6.65%	1.31%	5.30%
GUIRX Goldman Sachs Dynamic Municipal Income Fund Investor Class	1.70%	4.73%	3.66%	6.37%	-9.66%	3.11%	3.86%	7.80%	3.09%	5.81%

Correlation

The correlation between NJTFX and GUIRX is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jan 4, 2011	0.81

The correlation between NJTFX and GUIRX has been stable across timeframes, ranging from 0.80 to 0.89 - a consistent structural relationship.

Return for Risk

NJTFX vs. GUIRX — Risk / Return Rank

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

NJTFX

NJTFX Risk / Return Rank: 88
NJTFX Sharpe Ratio Rank: 96
NJTFX Sortino Ratio Rank: 97
NJTFX Omega Ratio Rank: 97
NJTFX Calmar Ratio Rank: 80
NJTFX Martin Ratio Rank: 72

GUIRX

GUIRX Risk / Return Rank: 72
GUIRX Sharpe Ratio Rank: 83
GUIRX Sortino Ratio Rank: 91
GUIRX Omega Ratio Rank: 92
GUIRX Calmar Ratio Rank: 48
GUIRX Martin Ratio Rank: 44

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.

NJTFX vs. GUIRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price New Jersey Tax Free Bond Fund (NJTFX) and Goldman Sachs Dynamic Municipal Income Fund Investor Class (GUIRX). 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.

	NJTFX	GUIRX	Difference
Sharpe ratio Return per unit of total volatility	3.50	2.70	+0.80
Sortino ratio Return per unit of downside risk	5.65	4.51	+1.14
Omega ratio Gain probability vs. loss probability	1.92	1.70	+0.22
Calmar ratio Return relative to maximum drawdown	3.64	2.66	+0.98
Martin ratio Return relative to average drawdown	13.78	9.33	+4.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NJTFX vs. GUIRX - Sharpe Ratio Comparison

The current NJTFX Sharpe Ratio is 3.50, which is comparable to the GUIRX Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of NJTFX and GUIRX, 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

	NJTFX	GUIRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.50	2.70	+0.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.36	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.71	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	1.27	1.10	+0.17

Drawdowns

NJTFX vs. GUIRX - Drawdown Comparison

The maximum NJTFX drawdown since its inception was -15.19%, which is greater than GUIRX's maximum drawdown of -14.21%. Use the drawdown chart below to compare losses from any high point for NJTFX and GUIRX.

Drawdown Indicators

	NJTFX	GUIRX	Difference
Max Drawdown Largest peak-to-trough decline	-15.19%	-14.21%	-0.98%
Max Drawdown (1Y) Largest decline over 1 year	-2.59%	-2.46%	-0.13%
Max Drawdown (3Y) Largest decline over 3 years	-5.69%	-5.33%	-0.36%
Max Drawdown (5Y) Largest decline over 5 years	-15.19%	-14.16%	-1.03%
Max Drawdown (10Y) Largest decline over 10 years	-15.19%	-14.21%	-0.98%
Current Drawdown Current decline from peak	-0.01%	-0.22%	+0.21%
Average Drawdown Average peak-to-trough decline	-1.81%	-2.12%	+0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	0.70%	-0.02%

Volatility

NJTFX vs. GUIRX - Volatility Comparison

T. Rowe Price New Jersey Tax Free Bond Fund (NJTFX) has a higher volatility of 1.06% compared to Goldman Sachs Dynamic Municipal Income Fund Investor Class (GUIRX) at 0.91%. This indicates that NJTFX's price experiences larger fluctuations and is considered to be riskier than GUIRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NJTFX	GUIRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.06%	0.91%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	1.98%	1.83%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	2.72%	2.44%	+0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.99%	3.70%	+0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.87%	3.94%	-0.07%

NJTFX vs. GUIRX - Expense Ratio Comparison

NJTFX has a 0.56% expense ratio, which is higher than GUIRX's 0.47% expense ratio.

Dividends

NJTFX vs. GUIRX - Dividend Comparison

NJTFX's dividend yield for the trailing twelve months is around 4.45%, more than GUIRX's 3.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GUIRX Goldman Sachs Dynamic Municipal Income Fund Investor Class	3.74%	4.90%	3.86%	2.78%	2.06%	2.16%	2.38%	2.84%	3.04%	3.23%	3.60%	3.68%
NJTFX T. Rowe Price New Jersey Tax Free Bond Fund	4.45%	4.44%	4.27%	3.27%	2.03%	2.56%	2.79%	2.84%	3.13%	3.13%	3.26%	3.36%

Frequently Asked Questions

Can I hold both NJTFX and GUIRX in my portfolio?

NJTFX and GUIRX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NJTFX or GUIRX?

NJTFX has higher volatility (1.06%) compared to GUIRX (0.91%). In terms of maximum drawdown, NJTFX dropped -15.19% vs GUIRX's -14.21%.

Which has better risk-adjusted returns?

NJTFX currently has the higher Sharpe Ratio (3.50 vs 2.70), 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.