PBMFX vs. NJTFX

Last updated Jun 4, 2026

PBMFX (Pioneer AMT Free Municipal Fund) and NJTFX (T. Rowe Price New Jersey Tax Free Bond Fund) are both Municipal Bonds funds. Over the past 10 years, PBMFX returned 0.86%/yr vs 2.49%/yr for NJTFX. Their correlation of 0.84 suggests significant overlap in exposure. PBMFX charges 0.78%/yr vs 0.56%/yr for NJTFX.

Performance

PBMFX vs. NJTFX - Performance Comparison

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

Returns By Period

In the year-to-date period, PBMFX achieves a 1.61% return, which is significantly lower than NJTFX's 1.94% return. Over the past 10 years, PBMFX has underperformed NJTFX with an annualized return of 0.86%, while NJTFX has yielded a comparatively higher 2.49% annualized return.

PBMFX

• 1D: 0.41%
• 1M: 0.64%
• YTD: 1.61%
• 6M: 1.32%
• 1Y: 6.56%
• 3Y*: 1.58%
• 5Y*: -1.98%
• 10Y*: 0.86%

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%

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

PBMFX vs. NJTFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PBMFX Pioneer AMT Free Municipal Fund	1.61%	-1.43%	0.80%	7.15%	-17.35%	1.54%	6.75%	9.82%	0.11%	6.57%
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%

Correlation

The correlation between PBMFX and NJTFX is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Oct 1, 1996	0.84

Over the past year, the correlation between PBMFX and NJTFX has dropped to 0.61 - well below their long-term average of 0.84, suggesting their price drivers have been diverging.

Return for Risk

PBMFX vs. NJTFX — Risk / Return Rank

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

PBMFX

PBMFX Risk / Return Rank: 25
PBMFX Sharpe Ratio Rank: 23
PBMFX Sortino Ratio Rank: 27
PBMFX Omega Ratio Rank: 40
PBMFX Calmar Ratio Rank: 18
PBMFX Martin Ratio Rank: 17

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

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.

PBMFX vs. NJTFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pioneer AMT Free Municipal Fund (PBMFX) and T. Rowe Price New Jersey Tax Free Bond Fund (NJTFX). 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.

	PBMFX	NJTFX	Difference
Sharpe ratio: Return per unit of total volatility	1.36	3.50	-2.14
Sortino ratio: Return per unit of downside risk	2.15	5.65	-3.50
Omega ratio: Gain probability vs. loss probability	1.34	1.92	-0.58
Calmar ratio: Return relative to maximum drawdown	1.53	3.64	-2.11
Martin ratio: Return relative to average drawdown	4.79	13.78	-8.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBMFX vs. NJTFX - Sharpe Ratio Comparison

The current PBMFX Sharpe Ratio is 1.36, which is lower than the NJTFX Sharpe Ratio of 3.50. The chart below compares the historical Sharpe Ratios of PBMFX and NJTFX, 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

	PBMFX	NJTFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	3.50	-2.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.27	0.40	-0.66
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.13	0.64	-0.51
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	1.27	-0.81

Drawdowns

PBMFX vs. NJTFX - Drawdown Comparison

The maximum PBMFX drawdown since its inception was -24.21%, which is greater than NJTFX's maximum drawdown of -15.19%. Use the drawdown chart below to compare losses from any high point for PBMFX and NJTFX.

Drawdown Indicators

	PBMFX	NJTFX	Difference
Max Drawdown Largest peak-to-trough decline	-24.21%	-15.19%	-9.02%
Max Drawdown (1Y) Largest decline over 1 year	-4.33%	-2.59%	-1.74%
Max Drawdown (3Y) Largest decline over 3 years	-11.49%	-5.69%	-5.80%
Max Drawdown (5Y) Largest decline over 5 years	-24.21%	-15.19%	-9.02%
Max Drawdown (10Y) Largest decline over 10 years	-24.21%	-15.19%	-9.02%
Current Drawdown Current decline from peak	-10.88%	-0.01%	-10.87%
Average Drawdown Average peak-to-trough decline	-4.70%	-1.81%	-2.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.38%	0.68%	+0.70%

Volatility

PBMFX vs. NJTFX - Volatility Comparison

Pioneer AMT Free Municipal Fund (PBMFX) has a higher volatility of 1.76% compared to T. Rowe Price New Jersey Tax Free Bond Fund (NJTFX) at 1.06%. This indicates that PBMFX's price experiences larger fluctuations and is considered to be riskier than NJTFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBMFX	NJTFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.76%	1.06%	+0.70%
Volatility (6M) Calculated over the trailing 6-month period	3.61%	1.98%	+1.63%
Volatility (1Y) Calculated over the trailing 1-year period	4.89%	2.72%	+2.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.42%	3.99%	+3.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.64%	3.87%	+2.77%

PBMFX vs. NJTFX - Expense Ratio Comparison

PBMFX has a 0.78% expense ratio, which is higher than NJTFX's 0.56% expense ratio.

Dividends

PBMFX vs. NJTFX - Dividend Comparison

PBMFX's dividend yield for the trailing twelve months is around 4.94%, more than NJTFX's 4.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PBMFX Pioneer AMT Free Municipal Fund	4.94%	4.82%	2.32%	2.15%	2.01%	1.97%	3.06%	2.91%	2.94%	2.70%	2.97%	3.62%

Frequently Asked Questions

Can I hold both PBMFX and NJTFX in my portfolio?

PBMFX and NJTFX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBMFX or NJTFX?

PBMFX has higher volatility (1.76%) compared to NJTFX (1.06%). In terms of maximum drawdown, PBMFX dropped -24.21% vs NJTFX's -15.19%.

Which has better risk-adjusted returns?

NJTFX currently has the higher Sharpe Ratio (3.50 vs 1.36), 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.