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PRFHX vs. PRXCX
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Correlation

The correlation between PRFHX and PRXCX is 0.01, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.


-0.50.00.51.0
Correlation: 0.0

Performance

PRFHX vs. PRXCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Tax Free High Yield Fund (PRFHX) and T. Rowe Price California Tax Free Bond Fund (PRXCX). The values are adjusted to include any dividend payments, if applicable.

440.00%460.00%480.00%500.00%520.00%540.00%560.00%580.00%NovemberDecember2025FebruaryMarchApril
540.11%
458.82%
PRFHX
PRXCX

Key characteristics

Sharpe Ratio

PRFHX:

0.34

PRXCX:

0.14

Sortino Ratio

PRFHX:

0.47

PRXCX:

0.22

Omega Ratio

PRFHX:

1.09

PRXCX:

1.04

Calmar Ratio

PRFHX:

0.31

PRXCX:

0.12

Martin Ratio

PRFHX:

1.34

PRXCX:

0.48

Ulcer Index

PRFHX:

1.64%

PRXCX:

1.73%

Daily Std Dev

PRFHX:

6.51%

PRXCX:

6.00%

Max Drawdown

PRFHX:

-24.76%

PRXCX:

-19.48%

Current Drawdown

PRFHX:

-4.73%

PRXCX:

-4.38%

Returns By Period

The year-to-date returns for both investments are quite close, with PRFHX having a -2.77% return and PRXCX slightly higher at -2.72%. Over the past 10 years, PRFHX has outperformed PRXCX with an annualized return of 2.53%, while PRXCX has yielded a comparatively lower 2.04% annualized return.


PRFHX

YTD

-2.77%

1M

-2.15%

6M

-2.73%

1Y

2.57%

5Y*

2.79%

10Y*

2.53%

PRXCX

YTD

-2.72%

1M

-1.42%

6M

-2.35%

1Y

1.31%

5Y*

1.44%

10Y*

2.04%

*Annualized

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PRFHX vs. PRXCX - Expense Ratio Comparison

PRFHX has a 0.63% expense ratio, which is higher than PRXCX's 0.53% expense ratio.


Expense ratio chart for PRFHX: current value is 0.63%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
PRFHX: 0.63%
Expense ratio chart for PRXCX: current value is 0.53%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
PRXCX: 0.53%

Risk-Adjusted Performance

PRFHX vs. PRXCX — Risk-Adjusted Performance Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PRFHX
The Risk-Adjusted Performance Rank of PRFHX is 4444
Overall Rank
The Sharpe Ratio Rank of PRFHX is 4343
Sharpe Ratio Rank
The Sortino Ratio Rank of PRFHX is 3838
Sortino Ratio Rank
The Omega Ratio Rank of PRFHX is 4646
Omega Ratio Rank
The Calmar Ratio Rank of PRFHX is 4747
Calmar Ratio Rank
The Martin Ratio Rank of PRFHX is 4747
Martin Ratio Rank

PRXCX
The Risk-Adjusted Performance Rank of PRXCX is 3030
Overall Rank
The Sharpe Ratio Rank of PRXCX is 3131
Sharpe Ratio Rank
The Sortino Ratio Rank of PRXCX is 2727
Sortino Ratio Rank
The Omega Ratio Rank of PRXCX is 2929
Omega Ratio Rank
The Calmar Ratio Rank of PRXCX is 3232
Calmar Ratio Rank
The Martin Ratio Rank of PRXCX is 3232
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

PRFHX vs. PRXCX - Risk-Adjusted Performance Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Tax Free High Yield Fund (PRFHX) and T. Rowe Price California Tax Free Bond Fund (PRXCX). 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.


The chart of Sharpe ratio for PRFHX, currently valued at 0.34, compared to the broader market-1.000.001.002.003.00
PRFHX: 0.34
PRXCX: 0.14
The chart of Sortino ratio for PRFHX, currently valued at 0.47, compared to the broader market-2.000.002.004.006.008.00
PRFHX: 0.47
PRXCX: 0.22
The chart of Omega ratio for PRFHX, currently valued at 1.09, compared to the broader market0.501.001.502.002.503.00
PRFHX: 1.09
PRXCX: 1.04
The chart of Calmar ratio for PRFHX, currently valued at 0.31, compared to the broader market0.002.004.006.008.0010.00
PRFHX: 0.31
PRXCX: 0.12
The chart of Martin ratio for PRFHX, currently valued at 1.34, compared to the broader market0.0010.0020.0030.0040.0050.00
PRFHX: 1.34
PRXCX: 0.48

The current PRFHX Sharpe Ratio is 0.34, which is higher than the PRXCX Sharpe Ratio of 0.14. The chart below compares the historical Sharpe Ratios of PRFHX and PRXCX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.


Rolling 12-month Sharpe Ratio0.001.002.003.004.00NovemberDecember2025FebruaryMarchApril
0.34
0.14
PRFHX
PRXCX

Dividends

PRFHX vs. PRXCX - Dividend Comparison

PRFHX's dividend yield for the trailing twelve months is around 3.98%, more than PRXCX's 3.40% yield.


TTM20242023202220212020201920182017201620152014
PRFHX
T. Rowe Price Tax Free High Yield Fund
3.98%3.80%3.62%3.75%2.98%3.50%3.53%3.68%3.62%3.89%4.01%4.13%
PRXCX
T. Rowe Price California Tax Free Bond Fund
3.40%3.26%3.04%2.83%2.51%2.73%2.93%3.11%3.09%3.34%3.43%3.60%

Drawdowns

PRFHX vs. PRXCX - Drawdown Comparison

The maximum PRFHX drawdown since its inception was -24.76%, which is greater than PRXCX's maximum drawdown of -19.48%. Use the drawdown chart below to compare losses from any high point for PRFHX and PRXCX. For additional features, visit the drawdowns tool.


-8.00%-6.00%-4.00%-2.00%0.00%NovemberDecember2025FebruaryMarchApril
-4.73%
-4.38%
PRFHX
PRXCX

Volatility

PRFHX vs. PRXCX - Volatility Comparison

T. Rowe Price Tax Free High Yield Fund (PRFHX) has a higher volatility of 5.35% compared to T. Rowe Price California Tax Free Bond Fund (PRXCX) at 4.78%. This indicates that PRFHX's price experiences larger fluctuations and is considered to be riskier than PRXCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.


1.00%2.00%3.00%4.00%5.00%NovemberDecember2025FebruaryMarchApril
5.35%
4.78%
PRFHX
PRXCX