PRFHX vs. MISHX
Compare and contrast key facts about T. Rowe Price Tax Free High Yield Fund (PRFHX) and AB Municipal Income Shares (MISHX).
PRFHX is managed by T. Rowe Price. It was launched on Feb 28, 1985. MISHX is managed by AllianceBernstein. It was launched on Aug 31, 2010.
Performance
PRFHX vs. MISHX - Performance Comparison
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PRFHX vs. MISHX - 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% |
MISHX AB Municipal Income Shares | -0.64% | 6.41% | 5.29% | 6.24% | -12.77% | 6.81% | 6.22% | 11.52% | 0.80% | 9.59% |
Returns By Period
In the year-to-date period, PRFHX achieves a 0.17% return, which is significantly higher than MISHX's -0.64% return. Over the past 10 years, PRFHX has underperformed MISHX with an annualized return of 3.03%, while MISHX has yielded a comparatively higher 3.64% 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%
MISHX
- 1D
- 0.27%
- 1M
- -2.83%
- YTD
- -0.64%
- 6M
- 0.75%
- 1Y
- 4.02%
- 3Y*
- 4.79%
- 5Y*
- 1.66%
- 10Y*
- 3.64%
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PRFHX vs. MISHX - Expense Ratio Comparison
PRFHX has a 0.63% expense ratio, which is higher than MISHX's 0.00% expense ratio.
Return for Risk
PRFHX vs. MISHX — Risk / Return Rank
PRFHX
MISHX
PRFHX vs. MISHX - 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 AB Municipal Income Shares (MISHX). 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 | MISHX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.36 | 0.89 | +0.47 |
Sortino ratioReturn per unit of downside risk | 1.81 | 1.22 | +0.58 |
Omega ratioGain probability vs. loss probability | 1.37 | 1.24 | +0.12 |
Calmar ratioReturn relative to maximum drawdown | 1.17 | 1.00 | +0.16 |
Martin ratioReturn relative to average drawdown | 4.10 | 3.25 | +0.86 |
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 | MISHX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.36 | 0.89 | +0.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.40 | 0.34 | +0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.66 | 0.71 | -0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.28 | 0.90 | +0.38 |
Correlation
The correlation between PRFHX and MISHX is 0.85, 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. MISHX - Dividend Comparison
PRFHX's dividend yield for the trailing twelve months is around 7.22%, more than MISHX's 4.85% 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% |
MISHX AB Municipal Income Shares | 4.85% | 6.23% | 4.80% | 3.23% | 3.75% | 2.77% | 3.56% | 3.98% | 3.77% | 3.78% | 4.25% | 4.38% |
Drawdowns
PRFHX vs. MISHX - Drawdown Comparison
The maximum PRFHX drawdown since its inception was -24.76%, which is greater than MISHX's maximum drawdown of -19.03%. Use the drawdown chart below to compare losses from any high point for PRFHX and MISHX.
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Drawdown Indicators
| PRFHX | MISHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.76% | -19.03% | -5.73% |
Max Drawdown (1Y)Largest decline over 1 year | -6.12% | -5.34% | -0.78% |
Max Drawdown (5Y)Largest decline over 5 years | -18.81% | -18.20% | -0.61% |
Max Drawdown (10Y)Largest decline over 10 years | -18.81% | -19.03% | +0.22% |
Current DrawdownCurrent decline from peak | -2.57% | -2.83% | +0.26% |
Average DrawdownAverage peak-to-trough decline | -2.79% | -3.44% | +0.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 1.65% | +0.09% |
Volatility
PRFHX vs. MISHX - Volatility Comparison
T. Rowe Price Tax Free High Yield Fund (PRFHX) and AB Municipal Income Shares (MISHX) have volatilities of 1.20% and 1.22%, 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 | MISHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 1.22% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.16% | 1.99% | +0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.31% | 5.64% | +0.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.87% | 4.95% | -0.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.63% | 5.17% | -0.54% |