PRFHX vs. VCADX
Compare and contrast key facts about T. Rowe Price Tax Free High Yield Fund (PRFHX) and Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX).
PRFHX is managed by T. Rowe Price. It was launched on Feb 28, 1985. VCADX is managed by Vanguard. It was launched on Nov 12, 2001.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: PRFHX or VCADX.
Performance
PRFHX vs. VCADX - Performance Comparison
Returns By Period
In the year-to-date period, PRFHX achieves a 6.47% return, which is significantly higher than VCADX's 1.86% return. Over the past 10 years, PRFHX has outperformed VCADX with an annualized return of 3.15%, while VCADX has yielded a comparatively lower 2.32% annualized return.
PRFHX
6.47%
-0.30%
4.48%
11.88%
1.71%
3.15%
VCADX
1.86%
-0.11%
2.89%
5.83%
1.34%
2.32%
Key characteristics
| PRFHX | VCADX | |
|---|---|---|
| Sharpe Ratio | 3.01 | 2.12 |
| Sortino Ratio | 4.70 | 3.26 |
| Omega Ratio | 1.76 | 1.50 |
| Calmar Ratio | 1.02 | 1.15 |
| Martin Ratio | 15.95 | 7.71 |
| Ulcer Index | 0.76% | 0.78% |
| Daily Std Dev | 4.05% | 2.85% |
| Max Drawdown | -24.76% | -11.16% |
| Current Drawdown | -1.57% | -1.06% |
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PRFHX vs. VCADX - Expense Ratio Comparison
PRFHX has a 0.63% expense ratio, which is higher than VCADX's 0.09% expense ratio.
Correlation
The correlation between PRFHX and VCADX 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.
Risk-Adjusted Performance
PRFHX vs. VCADX - 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 Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX). 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. VCADX - Dividend Comparison
PRFHX's dividend yield for the trailing twelve months is around 3.66%, more than VCADX's 2.81% 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% |
VCADX Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares | 2.81% | 2.57% | 2.36% | 2.10% | 2.27% | 2.52% | 2.71% | 2.68% | 2.78% | 2.87% | 3.08% | 3.40% |
Drawdowns
PRFHX vs. VCADX - Drawdown Comparison
The maximum PRFHX drawdown since its inception was -24.76%, which is greater than VCADX's maximum drawdown of -11.16%. Use the drawdown chart below to compare losses from any high point for PRFHX and VCADX. For additional features, visit the drawdowns tool.
Volatility
PRFHX vs. VCADX - Volatility Comparison
T. Rowe Price Tax Free High Yield Fund (PRFHX) has a higher volatility of 1.80% compared to Vanguard California Intermediate-Term Tax-Exempt Fund Admiral Shares (VCADX) at 1.31%. This indicates that PRFHX's price experiences larger fluctuations and is considered to be riskier than VCADX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.