PBDIX vs. PRXCX
PBDIX (T. Rowe Price QM U.S. Bond Index Fund) and PRXCX (T. Rowe Price California Tax Free Bond Fund) are both mutual funds - PBDIX is a Total Bond Market fund managed by T. Rowe Price, while PRXCX is a Municipal Bonds fund managed by T. Rowe Price. Over the past 10 years, PBDIX returned 2.29%/yr vs 2.29%/yr for PRXCX. A 0.58 correlation means they provide meaningful diversification when combined. PBDIX charges 0.23%/yr vs 0.53%/yr for PRXCX.
Performance
PBDIX vs. PRXCX - Performance Comparison
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Returns By Period
In the year-to-date period, PBDIX achieves a 0.20% return, which is significantly lower than PRXCX's 2.21% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: PBDIX at 2.29% and PRXCX at 2.29%.
PBDIX
- 1D
- 0.21%
- 1M
- 0.99%
- YTD
- 0.20%
- 6M
- 0.67%
- 1Y
- 4.63%
- 3Y*
- 6.00%
- 5Y*
- 1.15%
- 10Y*
- 2.29%
PRXCX
- 1D
- 0.09%
- 1M
- 1.99%
- YTD
- 2.21%
- 6M
- 3.04%
- 1Y
- 9.05%
- 3Y*
- 4.80%
- 5Y*
- 1.46%
- 10Y*
- 2.29%
PBDIX vs. PRXCX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PBDIX T. Rowe Price QM U.S. Bond Index Fund | 0.20% | 8.29% | 4.75% | 8.62% | -14.24% | -1.45% | 8.17% | 8.69% | -0.01% | 3.83% |
PRXCX T. Rowe Price California Tax Free Bond Fund | 2.21% | 3.99% | 3.62% | 7.64% | -9.93% | 2.68% | 4.39% | 7.31% | 0.75% | 5.54% |
Correlation
The correlation between PBDIX and PRXCX is 0.51, 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 | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Nov 30, 2000 | 0.58 |
The correlation between PBDIX and PRXCX shifts across timeframes, from 0.51 (1 year) to 0.61 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PBDIX vs. PRXCX — Risk / Return Rank
PBDIX
PRXCX
PBDIX vs. PRXCX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price QM U.S. Bond Index Fund (PBDIX) and T. Rowe Price California Tax Free Bond Fund (PRXCX). 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.
| PBDIX | PRXCX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.72 | ||
| Sortino ratioReturn per unit of downside risk | -2.89 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.74 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 3.00 | -1.46 |
| Martin ratioReturn relative to average drawdown | 4.25 | 11.16 | -6.90 |
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Drawdowns
PBDIX vs. PRXCX - Drawdown Comparison
The maximum PBDIX drawdown since its inception was -19.20%, smaller than the maximum PRXCX drawdown of -21.67%. Use the drawdown chart below to compare losses from any high point for PBDIX and PRXCX.
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Drawdown Indicators
| PBDIX | PRXCX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.20% | -21.67% | +2.47% |
Max Drawdown (1Y)Largest decline over 1 year | -3.08% | -3.02% | -0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -5.61% | -6.68% | +1.07% |
Max Drawdown (5Y)Largest decline over 5 years | -19.10% | -15.41% | -3.69% |
Max Drawdown (10Y)Largest decline over 10 years | -19.20% | -15.41% | -3.79% |
Current DrawdownCurrent decline from peak | -1.60% | 0.00% | -1.60% |
Average DrawdownAverage peak-to-trough decline | -2.16% | -2.78% | +0.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.11% | 0.81% | +0.30% |
Volatility
PBDIX vs. PRXCX - Volatility Comparison
T. Rowe Price QM U.S. Bond Index Fund (PBDIX) has a higher volatility of 1.28% compared to T. Rowe Price California Tax Free Bond Fund (PRXCX) at 0.89%. This indicates that PBDIX's price experiences larger fluctuations and is considered to be riskier than PRXCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PBDIX | PRXCX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.28% | 0.89% | +0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 3.13% | 2.35% | +0.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.11% | 3.15% | +0.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.11% | 4.41% | +1.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.03% | 4.14% | +0.89% |
PBDIX vs. PRXCX - Expense Ratio Comparison
PBDIX has a 0.23% expense ratio, which is lower than PRXCX's 0.53% expense ratio.
Dividends
PBDIX vs. PRXCX - Dividend Comparison
PBDIX's dividend yield for the trailing twelve months is around 4.25%, less than PRXCX's 4.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PBDIX T. Rowe Price QM U.S. Bond Index Fund | 4.25% | 5.19% | 7.21% | 6.39% | 2.01% | 1.84% | 3.59% | 3.18% | 2.94% | 2.75% | 2.82% | 2.99% |
PRXCX T. Rowe Price California Tax Free Bond Fund | 4.60% | 4.58% | 4.10% | 3.50% | 2.21% | 2.82% | 2.80% | 2.94% | 3.11% | 3.09% | 3.33% | 3.42% |
Frequently Asked Questions
PBDIX and PRXCX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PBDIX has higher volatility (1.28%) compared to PRXCX (0.89%). In terms of maximum drawdown, PBDIX dropped -19.20% vs PRXCX's -21.67%.
PRXCX currently has the higher Sharpe Ratio (2.88 vs 1.16), 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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