PRFHX vs. FTABX
PRFHX (T. Rowe Price Tax Free High Yield Fund) and FTABX (Fidelity Tax-Free Bond Fund) are both mutual funds - PRFHX is a High Yield Muni fund managed by T. Rowe Price, while FTABX is a Municipal Bonds fund actively managed by Fidelity. Over the past 10 years, PRFHX returned 2.77%/yr vs 2.06%/yr for FTABX. Their correlation of 0.84 means they have usually moved in the same direction. PRFHX charges 0.63%/yr vs 0.25%/yr for FTABX.
Performance
PRFHX vs. FTABX - Performance Comparison
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Returns By Period
In the year-to-date period, PRFHX achieves a 2.05% return, which is significantly higher than FTABX's 0.14% return. Over the past 10 years, PRFHX has outperformed FTABX with an annualized return of 2.77%, while FTABX has yielded a comparatively lower 2.06% annualized return.
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%
FTABX
- 1D
- -0.18%
- 1M
- -2.06%
- 6M
- -0.66%
- YTD
- 0.14%
- 1Y
- 4.93%
- 3Y*
- 3.63%
- 5Y*
- 0.52%
- 10Y*
- 2.06%
- ALL TIME*
- 3.95%
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. FTABX - 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% |
FTABX Fidelity Tax-Free Bond Fund | 0.14% | 5.60% | 1.54% | 7.51% | -10.74% | 2.20% | 4.80% | 8.58% | 0.67% | 6.45% |
Correlation
The correlation between PRFHX and FTABX is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.79 |
Correlation (3Y) Balances recent behavior with more history. | 0.86 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.88 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.86 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2001 | 0.84 |
The correlation between PRFHX and FTABX has been stable across timeframes, ranging from 0.79 to 0.88 - a consistent structural relationship.
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Return for Risk
PRFHX vs. FTABX — Risk / Return Rank
PRFHX
FTABX
PRFHX vs. FTABX - 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 Fidelity Tax-Free Bond Fund (FTABX). 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 | FTABX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.14 | ||
| Sortino ratioReturn per unit of downside risk | +2.06 | ||
| Omega ratioGain probability vs. loss probability | 1.76 | 1.47 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 3.86 | 1.88 | +1.98 |
| Martin ratioReturn relative to average drawdown | 14.78 | 6.04 | +8.74 |
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Drawdowns
PRFHX vs. FTABX - Drawdown Comparison
The maximum PRFHX drawdown since its inception was -24.76%, which is greater than FTABX's maximum drawdown of -16.14%. Use the drawdown chart below to compare losses from any high point for PRFHX and FTABX.
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Drawdown Indicators
| PRFHX | FTABX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.76% | -16.14% | -8.62% |
Max Drawdown (1Y)Largest decline over 1 year | -2.75% | -3.11% | +0.36% |
Max Drawdown (3Y)Largest decline over 3 years | -6.82% | -5.18% | -1.64% |
Max Drawdown (5Y)Largest decline over 5 years | -18.81% | -16.07% | -2.74% |
Max Drawdown (10Y)Largest decline over 10 years | -18.81% | -16.14% | -2.67% |
Current DrawdownCurrent decline from peak | -1.95% | -2.06% | +0.11% |
Average DrawdownAverage peak-to-trough decline | -2.77% | -2.11% | -0.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.71% | 0.97% | -0.26% |
Volatility
PRFHX vs. FTABX - Volatility Comparison
T. Rowe Price Tax Free High Yield Fund (PRFHX) and Fidelity Tax-Free Bond Fund (FTABX) have volatilities of 0.98% and 0.99%, 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 | FTABX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 0.99% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 2.49% | 2.34% | +0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.34% | 2.88% | +0.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.92% | 4.18% | +0.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.65% | 4.29% | +0.36% |
PRFHX vs. FTABX - Expense Ratio Comparison
PRFHX has a 0.63% expense ratio, which is higher than FTABX's 0.25% expense ratio.
Dividends
PRFHX vs. FTABX - Dividend Comparison
PRFHX's dividend yield for the trailing twelve months is around 4.89%, more than FTABX's 3.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FTABX Fidelity Tax-Free Bond Fund | 3.00% | 4.18% | 2.81% | 2.90% | 2.16% | 2.27% | 2.64% | 2.94% | 3.01% | 3.49% | 4.22% | 3.29% |
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 FTABX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FTABX has higher volatility (0.99%) compared to PRFHX (0.98%). In terms of maximum drawdown, PRFHX dropped -24.76% vs FTABX's -16.14%.
PRFHX currently has the higher Sharpe Ratio (3.18 vs 2.03), 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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