NJTFX vs. GUIRX
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 2.38%/yr vs 2.66%/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
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Returns By Period
In the year-to-date period, NJTFX achieves a 2.03% return, which is significantly higher than GUIRX's 1.77% return. Over the past 10 years, NJTFX has underperformed GUIRX with an annualized return of 2.38%, while GUIRX has yielded a comparatively higher 2.66% annualized return.
NJTFX
- 1D
- 0.00%
- 1M
- 1.62%
- YTD
- 2.03%
- 6M
- 2.72%
- 1Y
- 9.01%
- 3Y*
- 4.77%
- 5Y*
- 1.57%
- 10Y*
- 2.38%
GUIRX
- 1D
- -0.07%
- 1M
- 1.37%
- YTD
- 1.77%
- 6M
- 2.22%
- 1Y
- 6.21%
- 3Y*
- 4.59%
- 5Y*
- 1.33%
- 10Y*
- 2.66%
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 | 2.03% | 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 | 1.77% | 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 0.78, 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 | 0.78 |
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 3, 2011 | 0.81 |
The correlation between NJTFX and GUIRX shifts across timeframes, from 0.78 (1 year) to 0.89 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
NJTFX vs. GUIRX — Risk / Return Rank
NJTFX
GUIRX
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.
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.
| NJTFX | GUIRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.80 | ||
| Sortino ratioReturn per unit of downside risk | +1.17 | ||
| Omega ratioGain probability vs. loss probability | 1.89 | 1.66 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 3.45 | 2.52 | +0.93 |
| Martin ratioReturn relative to average drawdown | 13.05 | 8.79 | +4.26 |
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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.
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Drawdown Indicators
| NJTFX | GUIRX | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -0.09% | -0.16% | +0.07% |
Average DrawdownAverage peak-to-trough decline | -1.81% | -2.11% | +0.30% |
Ulcer IndexDepth 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 0.71% compared to Goldman Sachs Dynamic Municipal Income Fund Investor Class (GUIRX) at 0.67%. 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.
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Volatility by Period
| NJTFX | GUIRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.71% | 0.67% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 1.96% | 1.81% | +0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.66% | 2.42% | +0.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.99% | 3.71% | +0.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.86% | 3.94% | -0.08% |
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 4.44%, 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 | 4.44% | 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
NJTFX and GUIRX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NJTFX has higher volatility (0.71%) compared to GUIRX (0.67%). In terms of maximum drawdown, NJTFX dropped -15.19% vs GUIRX's -14.21%.
NJTFX currently has the higher Sharpe Ratio (3.36 vs 2.56), 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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