PRFHX vs. GWMEX
Compare and contrast key facts about T. Rowe Price Tax Free High Yield Fund (PRFHX) and AMG GW&K Municipal Enhanced Yield Fund (GWMEX).
PRFHX is managed by T. Rowe Price. It was launched on Feb 28, 1985. GWMEX is managed by AMG. It was launched on Dec 29, 2005.
Performance
PRFHX vs. GWMEX - Performance Comparison
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PRFHX vs. GWMEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRFHX T. Rowe Price Tax Free High Yield Fund | 0.17% | 7.33% | 5.99% | 7.65% | -14.41% | 6.09% | 3.40% | 9.03% | 0.66% | 7.31% |
GWMEX AMG GW&K Municipal Enhanced Yield Fund | -1.47% | 2.50% | 2.61% | 10.89% | -17.86% | 15.05% | 6.32% | 12.51% | -0.06% | 9.79% |
Returns By Period
In the year-to-date period, PRFHX achieves a 0.17% return, which is significantly higher than GWMEX's -1.47% return. Over the past 10 years, PRFHX has underperformed GWMEX with an annualized return of 3.03%, while GWMEX has yielded a comparatively higher 3.39% annualized return.
PRFHX
- 1D
- 0.18%
- 1M
- -2.57%
- YTD
- 0.17%
- 6M
- 3.06%
- 1Y
- 7.66%
- 3Y*
- 5.93%
- 5Y*
- 1.91%
- 10Y*
- 3.03%
GWMEX
- 1D
- 0.35%
- 1M
- -3.61%
- YTD
- -1.47%
- 6M
- 0.39%
- 1Y
- 2.09%
- 3Y*
- 3.07%
- 5Y*
- 1.70%
- 10Y*
- 3.39%
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PRFHX vs. GWMEX - Expense Ratio Comparison
PRFHX has a 0.63% expense ratio, which is lower than GWMEX's 0.64% expense ratio.
Return for Risk
PRFHX vs. GWMEX — Risk / Return Rank
PRFHX
GWMEX
PRFHX vs. GWMEX - 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 AMG GW&K Municipal Enhanced Yield Fund (GWMEX). 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.
| PRFHX | GWMEX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.36 | 0.32 | +1.04 |
Sortino ratioReturn per unit of downside risk | 1.81 | 0.47 | +1.33 |
Omega ratioGain probability vs. loss probability | 1.37 | 1.09 | +0.27 |
Calmar ratioReturn relative to maximum drawdown | 1.17 | 0.30 | +0.86 |
Martin ratioReturn relative to average drawdown | 4.10 | 0.79 | +3.32 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PRFHX | GWMEX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.36 | 0.32 | +1.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.40 | 0.22 | +0.18 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.66 | 0.50 | +0.15 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.28 | 0.63 | +0.65 |
Correlation
The correlation between PRFHX and GWMEX is 0.79, 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.
Dividends
PRFHX vs. GWMEX - Dividend Comparison
PRFHX's dividend yield for the trailing twelve months is around 7.22%, more than GWMEX's 3.48% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRFHX T. Rowe Price Tax Free High Yield Fund | 7.22% | 7.11% | 3.80% | 4.19% | 2.81% | 3.01% | 3.47% | 3.52% | 3.71% | 3.64% | 3.88% | 4.02% |
GWMEX AMG GW&K Municipal Enhanced Yield Fund | 3.48% | 3.67% | 3.38% | 3.10% | 3.33% | 13.26% | 3.63% | 4.59% | 5.82% | 2.97% | 7.96% | 4.77% |
Drawdowns
PRFHX vs. GWMEX - Drawdown Comparison
The maximum PRFHX drawdown since its inception was -24.76%, smaller than the maximum GWMEX drawdown of -36.30%. Use the drawdown chart below to compare losses from any high point for PRFHX and GWMEX.
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Drawdown Indicators
| PRFHX | GWMEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.76% | -36.30% | +11.54% |
Max Drawdown (1Y)Largest decline over 1 year | -6.12% | -7.14% | +1.02% |
Max Drawdown (5Y)Largest decline over 5 years | -18.81% | -24.06% | +5.25% |
Max Drawdown (10Y)Largest decline over 10 years | -18.81% | -24.06% | +5.25% |
Current DrawdownCurrent decline from peak | -2.57% | -5.69% | +3.12% |
Average DrawdownAverage peak-to-trough decline | -2.79% | -5.72% | +2.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 2.76% | -1.02% |
Volatility
PRFHX vs. GWMEX - Volatility Comparison
The current volatility for T. Rowe Price Tax Free High Yield Fund (PRFHX) is 1.20%, while AMG GW&K Municipal Enhanced Yield Fund (GWMEX) has a volatility of 1.73%. This indicates that PRFHX experiences smaller price fluctuations and is considered to be less risky than GWMEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRFHX | GWMEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 1.73% | -0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 2.16% | 2.41% | -0.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.31% | 7.30% | -0.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.87% | 7.77% | -2.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.63% | 6.73% | -2.10% |