PRFHX vs. AMHIX
Compare and contrast key facts about T. Rowe Price Tax Free High Yield Fund (PRFHX) and American High-Income Municipal Bond Fund (AMHIX).
PRFHX is managed by T. Rowe Price. It was launched on Feb 28, 1985. AMHIX is managed by American Funds. It was launched on Sep 25, 1994.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: PRFHX or AMHIX.
Performance
PRFHX vs. AMHIX - Performance Comparison
Returns By Period
The year-to-date returns for both investments are quite close, with PRFHX having a 6.47% return and AMHIX slightly higher at 6.54%. Over the past 10 years, PRFHX has underperformed AMHIX with an annualized return of 3.15%, while AMHIX has yielded a comparatively higher 3.64% annualized return.
PRFHX
6.47%
-0.30%
4.48%
11.88%
1.71%
3.15%
AMHIX
6.54%
-0.05%
4.98%
12.18%
2.20%
3.64%
Key characteristics
| PRFHX | AMHIX | |
|---|---|---|
| Sharpe Ratio | 3.01 | 3.14 |
| Sortino Ratio | 4.70 | 4.77 |
| Omega Ratio | 1.76 | 1.77 |
| Calmar Ratio | 1.02 | 1.20 |
| Martin Ratio | 15.95 | 15.23 |
| Ulcer Index | 0.76% | 0.81% |
| Daily Std Dev | 4.05% | 3.96% |
| Max Drawdown | -24.76% | -21.73% |
| Current Drawdown | -1.57% | -1.26% |
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PRFHX vs. AMHIX - Expense Ratio Comparison
Both PRFHX and AMHIX have an expense ratio of 0.63%.
Correlation
The correlation between PRFHX and AMHIX is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Risk-Adjusted Performance
PRFHX vs. AMHIX - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Tax Free High Yield Fund (PRFHX) and American High-Income Municipal Bond Fund (AMHIX). 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.
Dividends
PRFHX vs. AMHIX - Dividend Comparison
PRFHX's dividend yield for the trailing twelve months is around 3.66%, less than AMHIX's 3.80% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRFHX T. Rowe Price Tax Free High Yield Fund | 3.66% | 3.62% | 3.75% | 2.98% | 3.50% | 3.53% | 3.68% | 3.62% | 3.89% | 4.01% | 4.13% | 4.58% |
AMHIX American High-Income Municipal Bond Fund | 3.80% | 3.77% | 3.39% | 2.72% | 3.25% | 3.39% | 3.68% | 3.71% | 3.89% | 4.01% | 4.20% | 4.55% |
Drawdowns
PRFHX vs. AMHIX - Drawdown Comparison
The maximum PRFHX drawdown since its inception was -24.76%, which is greater than AMHIX's maximum drawdown of -21.73%. Use the drawdown chart below to compare losses from any high point for PRFHX and AMHIX. For additional features, visit the drawdowns tool.
Volatility
PRFHX vs. AMHIX - Volatility Comparison
T. Rowe Price Tax Free High Yield Fund (PRFHX) and American High-Income Municipal Bond Fund (AMHIX) have volatilities of 1.80% and 1.80%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.