PRFHX vs. ETHYX
PRFHX (T. Rowe Price Tax Free High Yield Fund) and ETHYX (Eaton Vance High Yield Municipal Income Fund) are both High Yield Muni funds. Over the past 10 years, PRFHX returned 2.77%/yr vs 2.64%/yr for ETHYX. Their 0.79 correlation means they have sometimes moved together and sometimes differently. PRFHX charges 0.63%/yr vs 0.73%/yr for ETHYX.
Performance
PRFHX vs. ETHYX - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with PRFHX having a 2.05% return and ETHYX slightly lower at 2.04%. Both investments have delivered pretty close results over the past 10 years, with PRFHX having a 2.77% annualized return and ETHYX not far behind at 2.64%.
PRFHX
- 1D
- -0.36%
- 1M
- -1.95%
- 6M
- 1.24%
- YTD
- 2.05%
- 1Y
- 9.17%
- 3Y*
- 5.89%
- 5Y*
- 1.24%
- 10Y*
- 2.77%
- ALL TIME*
- 4.82%
ETHYX
- 1D
- -0.37%
- 1M
- -2.07%
- 6M
- 1.14%
- YTD
- 2.04%
- 1Y
- 7.83%
- 3Y*
- 4.69%
- 5Y*
- 0.87%
- 10Y*
- 2.64%
- ALL TIME*
- 4.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
PRFHX vs. ETHYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRFHX T. Rowe Price Tax Free High Yield Fund | 2.05% | 5.53% | 7.00% | 7.65% | -14.41% | 6.09% | 3.40% | 9.03% | 0.66% | 7.31% |
ETHYX Eaton Vance High Yield Municipal Income Fund | 2.04% | 3.97% | 5.17% | 6.93% | -12.25% | 3.87% | 3.90% | 10.07% | 1.46% | 7.97% |
Correlation
The correlation between PRFHX and ETHYX is 0.81, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.81 |
Correlation (3Y) Balances recent behavior with more history. | 0.87 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.89 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.87 |
Correlation (All Time) Calculated using the full available price history since Aug 3, 1995 | 0.79 |
The correlation between PRFHX and ETHYX shifts across timeframes, from 0.79 (all time) to 0.89 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PRFHX vs. ETHYX — Risk / Return Rank
PRFHX
ETHYX
PRFHX vs. ETHYX - 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 Eaton Vance High Yield Municipal Income Fund (ETHYX). 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 | ETHYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | +0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.76 | 1.63 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 3.86 | 3.04 | +0.82 |
| Martin ratioReturn relative to average drawdown | 14.78 | 11.18 | +3.60 |
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Drawdowns
PRFHX vs. ETHYX - Drawdown Comparison
The maximum PRFHX drawdown since its inception was -24.76%, smaller than the maximum ETHYX drawdown of -43.98%. Use the drawdown chart below to compare losses from any high point for PRFHX and ETHYX.
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Drawdown Indicators
| PRFHX | ETHYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.76% | -43.98% | +19.22% |
Max Drawdown (1Y)Largest decline over 1 year | -2.75% | -3.05% | +0.30% |
Max Drawdown (3Y)Largest decline over 3 years | -6.82% | -7.07% | +0.25% |
Max Drawdown (5Y)Largest decline over 5 years | -18.81% | -17.10% | -1.71% |
Max Drawdown (10Y)Largest decline over 10 years | -18.81% | -17.10% | -1.71% |
Current DrawdownCurrent decline from peak | -1.95% | -2.07% | +0.12% |
Average DrawdownAverage peak-to-trough decline | -2.77% | -3.95% | +1.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.71% | 0.83% | -0.12% |
Volatility
PRFHX vs. ETHYX - Volatility Comparison
The current volatility for T. Rowe Price Tax Free High Yield Fund (PRFHX) is 0.98%, while Eaton Vance High Yield Municipal Income Fund (ETHYX) has a volatility of 1.04%. This indicates that PRFHX experiences smaller price fluctuations and is considered to be less risky than ETHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRFHX | ETHYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 1.04% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 2.49% | 2.77% | -0.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.34% | 3.61% | -0.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.92% | 5.05% | -0.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.65% | 4.69% | -0.04% |
PRFHX vs. ETHYX - Expense Ratio Comparison
PRFHX has a 0.63% expense ratio, which is lower than ETHYX's 0.73% expense ratio.
Dividends
PRFHX vs. ETHYX - Dividend Comparison
PRFHX's dividend yield for the trailing twelve months is around 4.89%, more than ETHYX's 4.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ETHYX Eaton Vance High Yield Municipal Income Fund | 4.12% | 5.43% | 4.56% | 3.36% | 3.85% | 3.04% | 3.41% | 4.66% | 3.82% | 3.74% | 4.04% | 4.10% |
PRFHX T. Rowe Price Tax Free High Yield Fund | 4.89% | 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 ETHYX 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.
ETHYX has higher volatility (1.04%) compared to PRFHX (0.98%). In terms of maximum drawdown, PRFHX dropped -24.76% vs ETHYX's -43.98%.
PRFHX currently has the higher Sharpe Ratio (3.18 vs 2.57), 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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