PRDGX vs. PRMDX

Last updated Jun 24, 2026

PRDGX (T. Rowe Price Dividend Growth Fund, Inc.) and PRMDX (T. Rowe Price Maryland Short-Term Tax-Free Bond Fund) are both mutual funds - PRDGX is a Large Cap Blend Equities fund actively managed by T. Rowe Price, while PRMDX is a Municipal Bonds fund managed by T. Rowe Price. Over the past 10 years, PRDGX returned 13.21%/yr vs 1.60%/yr for PRMDX. At a 0.01 correlation, their price movements are largely independent. PRDGX charges 0.64%/yr vs 0.53%/yr for PRMDX.

Performance

PRDGX vs. PRMDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Dividend Growth Fund, Inc. (PRDGX) and T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (PRMDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRDGX achieves a 8.54% return, which is significantly higher than PRMDX's 0.85% return. Over the past 10 years, PRDGX has outperformed PRMDX with an annualized return of 13.21%, while PRMDX has yielded a comparatively lower 1.60% annualized return.

PRDGX

• 1D: 0.15%
• 1M: 1.74%
• YTD: 8.54%
• 6M: 7.79%
• 1Y: 18.04%
• 3Y*: 15.62%
• 5Y*: 10.33%
• 10Y*: 13.21%

PRMDX

• 1D: 0.00%
• 1M: 0.60%
• YTD: 0.85%
• 6M: 1.28%
• 1Y: 2.98%
• 3Y*: 4.11%
• 5Y*: 2.24%
• 10Y*: 1.60%

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

PRDGX vs. PRMDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRDGX T. Rowe Price Dividend Growth Fund, Inc.	8.54%	14.74%	13.48%	13.68%	-10.22%	26.03%	13.92%	31.76%	-1.06%	18.89%
PRMDX T. Rowe Price Maryland Short-Term Tax-Free Bond Fund	0.85%	4.24%	3.84%	4.83%	-2.29%	0.30%	1.15%	2.52%	0.98%	1.09%

Correlation

The correlation between PRDGX and PRMDX is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (10Y) Calculated over the trailing 10-year period	0.05
Correlation (All Time) Calculated using the full available price history since Jan 3, 1994	0.01

Return for Risk

PRDGX vs. PRMDX — Risk / Return Rank

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

PRDGX

PRDGX Risk / Return Rank: 52
PRDGX Sharpe Ratio Rank: 51
PRDGX Sortino Ratio Rank: 52
PRDGX Omega Ratio Rank: 48
PRDGX Calmar Ratio Rank: 51
PRDGX Martin Ratio Rank: 57

PRMDX

PRMDX Risk / Return Rank: 75
PRMDX Sharpe Ratio Rank: 69
PRMDX Sortino Ratio Rank: 90
PRMDX Omega Ratio Rank: 98
PRMDX Calmar Ratio Rank: 71
PRMDX Martin Ratio Rank: 49

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.

PRDGX vs. PRMDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Dividend Growth Fund, Inc. (PRDGX) and T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (PRMDX). 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.

	PRDGX	PRMDX	Difference
Sharpe ratio: Return per unit of total volatility	1.96	2.24	-0.28
Sortino ratio: Return per unit of downside risk	2.79	4.08	-1.29
Omega ratio: Gain probability vs. loss probability	1.35	2.09	-0.74
Calmar ratio: Return relative to maximum drawdown	2.62	3.11	-0.49
Martin ratio: Return relative to average drawdown	10.76	9.56	+1.19

PRDGX vs. PRMDX - Sharpe Ratio Comparison

The current PRDGX Sharpe Ratio is 1.96, which is comparable to the PRMDX Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of PRDGX and PRMDX, 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

PRDGX vs. PRMDX - Drawdown Comparison

The maximum PRDGX drawdown since its inception was -49.79%, which is greater than PRMDX's maximum drawdown of -4.31%. Use the drawdown chart below to compare losses from any high point for PRDGX and PRMDX.

Drawdown Indicators

	PRDGX	PRMDX	Difference
Max Drawdown Largest peak-to-trough decline	-49.79%	-4.31%	-45.48%
Max Drawdown (1Y) Largest decline over 1 year	-7.34%	-0.96%	-6.38%
Max Drawdown (3Y) Largest decline over 3 years	-14.15%	-1.56%	-12.59%
Max Drawdown (5Y) Largest decline over 5 years	-19.31%	-4.31%	-15.00%
Max Drawdown (10Y) Largest decline over 10 years	-33.18%	-4.31%	-28.87%
Current Drawdown Current decline from peak	-0.18%	-0.14%	-0.04%
Average Drawdown Average peak-to-trough decline	-5.41%	-0.36%	-5.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	0.31%	+1.48%

Volatility

PRDGX vs. PRMDX - Volatility Comparison

T. Rowe Price Dividend Growth Fund, Inc. (PRDGX) has a higher volatility of 2.73% compared to T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (PRMDX) at 0.33%. This indicates that PRDGX's price experiences larger fluctuations and is considered to be riskier than PRMDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRDGX	PRMDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.73%	0.33%	+2.40%
Volatility (6M) Calculated over the trailing 6-month period	7.66%	1.09%	+6.57%
Volatility (1Y) Calculated over the trailing 1-year period	9.87%	1.34%	+8.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.06%	1.75%	+12.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.89%	1.64%	+14.25%

PRDGX vs. PRMDX - Expense Ratio Comparison

PRDGX has a 0.64% expense ratio, which is higher than PRMDX's 0.53% expense ratio.

Dividends

PRDGX vs. PRMDX - Dividend Comparison

PRDGX's dividend yield for the trailing twelve months is around 7.46%, more than PRMDX's 2.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRDGX T. Rowe Price Dividend Growth Fund, Inc.	7.46%	8.02%	4.66%	2.78%	3.81%	2.00%	1.03%	2.33%	3.67%	1.82%	3.07%	7.57%
PRMDX T. Rowe Price Maryland Short-Term Tax-Free Bond Fund	2.55%	3.16%	4.15%	3.10%	0.61%	0.69%	1.14%	1.33%	1.16%	0.89%	0.74%	0.67%

Frequently Asked Questions

Can I hold both PRDGX and PRMDX in my portfolio?

PRDGX and PRMDX have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRDGX or PRMDX?

PRDGX has higher volatility (2.73%) compared to PRMDX (0.33%). In terms of maximum drawdown, PRDGX dropped -49.79% vs PRMDX's -4.31%.

Which has better risk-adjusted returns?

PRMDX currently has the higher Sharpe Ratio (2.24 vs 1.96), 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.