PRFHX vs. AMHIX
PRFHX (T. Rowe Price Tax Free High Yield Fund) and AMHIX (American High-Income Municipal Bond Fund) are both High Yield Muni funds. Over the past 10 years, PRFHX returned 2.98%/yr vs 3.22%/yr for AMHIX. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.63% expense ratio.
Performance
PRFHX vs. AMHIX - Performance Comparison
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Returns By Period
In the year-to-date period, PRFHX achieves a 3.26% return, which is significantly higher than AMHIX's 2.43% return. Over the past 10 years, PRFHX has underperformed AMHIX with an annualized return of 2.98%, while AMHIX has yielded a comparatively higher 3.22% annualized return.
PRFHX
- 1D
- 0.09%
- 1M
- 1.88%
- YTD
- 3.26%
- 6M
- 4.25%
- 1Y
- 10.90%
- 3Y*
- 6.43%
- 5Y*
- 1.77%
- 10Y*
- 2.98%
AMHIX
- 1D
- 0.06%
- 1M
- 1.83%
- YTD
- 2.43%
- 6M
- 2.91%
- 1Y
- 8.01%
- 3Y*
- 6.11%
- 5Y*
- 1.67%
- 10Y*
- 3.22%
PRFHX vs. AMHIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRFHX T. Rowe Price Tax Free High Yield Fund | 3.26% | 5.53% | 7.00% | 7.65% | -14.41% | 6.09% | 3.40% | 9.03% | 0.66% | 7.31% |
AMHIX American High-Income Municipal Bond Fund | 2.43% | 5.70% | 6.19% | 7.18% | -12.59% | 5.28% | 4.39% | 8.88% | 1.59% | 8.89% |
Correlation
The correlation between PRFHX and AMHIX is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 1994 | 0.86 |
The correlation between PRFHX and AMHIX has been stable across timeframes, ranging from 0.81 to 0.90 - a consistent structural relationship.
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Return for Risk
PRFHX vs. AMHIX — Risk / Return Rank
PRFHX
AMHIX
PRFHX vs. AMHIX - Risk-Adjusted Trends 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.
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.
| PRFHX | AMHIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.71 | ||
| Sortino ratioReturn per unit of downside risk | +1.18 | ||
| Omega ratioGain probability vs. loss probability | 1.82 | 1.65 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 4.09 | 2.91 | +1.18 |
| Martin ratioReturn relative to average drawdown | 15.18 | 10.34 | +4.84 |
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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 -21.74%. Use the drawdown chart below to compare losses from any high point for PRFHX and AMHIX.
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Drawdown Indicators
| PRFHX | AMHIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.76% | -21.74% | -3.02% |
Max Drawdown (1Y)Largest decline over 1 year | -2.75% | -2.76% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -6.91% | -6.25% | -0.66% |
Max Drawdown (5Y)Largest decline over 5 years | -18.81% | -17.81% | -1.00% |
Max Drawdown (10Y)Largest decline over 10 years | -18.81% | -17.81% | -1.00% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.77% | -2.12% | -0.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.73% | 0.78% | -0.05% |
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 0.78% and 0.75%, 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.
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Volatility by Period
| PRFHX | AMHIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.78% | 0.75% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 2.33% | 2.18% | +0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.31% | 3.00% | +0.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.89% | 4.84% | +0.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.64% | 4.53% | +0.11% |
PRFHX vs. AMHIX - Expense Ratio Comparison
Both PRFHX and AMHIX have an expense ratio of 0.63%.
Dividends
PRFHX vs. AMHIX - Dividend Comparison
PRFHX's dividend yield for the trailing twelve months is around 5.46%, more than AMHIX's 3.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AMHIX American High-Income Municipal Bond Fund | 3.88% | 5.26% | 3.80% | 3.10% | 2.53% | 3.23% | 3.40% | 3.46% | 3.67% | 4.01% | 3.55% | 4.03% |
PRFHX T. Rowe Price Tax Free High Yield Fund | 5.46% | 5.46% | 4.75% | 4.19% | 2.81% | 3.01% | 3.47% | 3.52% | 3.71% | 3.64% | 3.88% | 4.02% |
Frequently Asked Questions
PRFHX and AMHIX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRFHX has higher volatility (0.78%) compared to AMHIX (0.75%). In terms of maximum drawdown, PRFHX dropped -24.76% vs AMHIX's -21.74%.
PRFHX currently has the higher Sharpe Ratio (3.40 vs 2.68), 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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