PRFHX vs. PRXCX
Compare and contrast key facts about T. Rowe Price Tax Free High Yield Fund (PRFHX) and T. Rowe Price California Tax Free Bond Fund (PRXCX).
PRFHX is managed by T. Rowe Price. It was launched on Feb 28, 1985. PRXCX is managed by T. Rowe Price. It was launched on Sep 14, 1986.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: PRFHX or PRXCX.
Performance
PRFHX vs. PRXCX - Performance Comparison
Returns By Period
In the year-to-date period, PRFHX achieves a 6.47% return, which is significantly higher than PRXCX's 2.93% return. Over the past 10 years, PRFHX has outperformed PRXCX with an annualized return of 3.15%, while PRXCX has yielded a comparatively lower 2.51% annualized return.
PRFHX
6.47%
-0.30%
4.48%
11.88%
1.71%
3.15%
PRXCX
2.93%
0.00%
3.26%
7.85%
1.43%
2.51%
Key characteristics
| PRFHX | PRXCX | |
|---|---|---|
| Sharpe Ratio | 3.01 | 2.17 |
| Sortino Ratio | 4.70 | 3.22 |
| Omega Ratio | 1.76 | 1.51 |
| Calmar Ratio | 1.02 | 1.02 |
| Martin Ratio | 15.95 | 10.27 |
| Ulcer Index | 0.76% | 0.78% |
| Daily Std Dev | 4.05% | 3.72% |
| Max Drawdown | -24.76% | -19.48% |
| Current Drawdown | -1.57% | -1.08% |
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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.
Correlation
The correlation between PRFHX and PRXCX 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.
Risk-Adjusted Performance
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.
Dividends
PRFHX vs. PRXCX - Dividend Comparison
PRFHX's dividend yield for the trailing twelve months is around 3.66%, more than PRXCX's 3.21% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRFHX T. Rowe Price Tax Free High Yield Fund | 3.66% | 3.62% | 3.75% | 2.98% | 3.50% | 3.53% | 3.68% | 3.62% | 3.89% | 4.01% | 4.13% | 4.58% |
PRXCX T. Rowe Price California Tax Free Bond Fund | 3.21% | 3.04% | 2.83% | 2.51% | 2.73% | 2.93% | 3.11% | 3.09% | 3.34% | 3.43% | 3.60% | 3.95% |
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.
Volatility
PRFHX vs. PRXCX - Volatility Comparison
T. Rowe Price Tax Free High Yield Fund (PRFHX) and T. Rowe Price California Tax Free Bond Fund (PRXCX) have volatilities of 1.80% and 1.87%, 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.