PRFHX vs. WHYIX
PRFHX (T. Rowe Price Tax Free High Yield Fund) and WHYIX (Allspring High Yield Municipal Bond Fund) are both High Yield Muni funds. Over the past 10 years, PRFHX returned 2.91%/yr vs 2.80%/yr for WHYIX. Their correlation of 0.84 suggests significant overlap in exposure. PRFHX charges 0.63%/yr vs 0.55%/yr for WHYIX.
Performance
PRFHX vs. WHYIX - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with PRFHX having a 3.61% return and WHYIX slightly lower at 3.59%. Both investments have delivered pretty close results over the past 10 years, with PRFHX having a 2.91% annualized return and WHYIX not far behind at 2.80%.
PRFHX
- 1D
- 0.00%
- 1M
- 0.79%
- 6M
- 3.05%
- YTD
- 3.61%
- 1Y
- 11.12%
- 3Y*
- 6.80%
- 5Y*
- 1.64%
- 10Y*
- 2.91%
WHYIX
- 1D
- 0.00%
- 1M
- 0.91%
- 6M
- 3.26%
- YTD
- 3.59%
- 1Y
- 9.28%
- 3Y*
- 5.00%
- 5Y*
- 0.93%
- 10Y*
- 2.80%
PRFHX vs. WHYIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRFHX T. Rowe Price Tax Free High Yield Fund | 3.61% | 5.53% | 7.00% | 7.65% | -14.41% | 6.09% | 3.40% | 9.03% | 0.66% | 7.31% |
WHYIX Allspring High Yield Municipal Bond Fund | 3.59% | 2.76% | 5.61% | 5.78% | -12.07% | 5.02% | 2.19% | 9.18% | 3.76% | 9.00% |
Correlation
The correlation between PRFHX and WHYIX is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2013 | 0.84 |
The correlation between PRFHX and WHYIX has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.
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Return for Risk
PRFHX vs. WHYIX — Risk / Return Rank
PRFHX
WHYIX
PRFHX vs. WHYIX - 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 Allspring High Yield Municipal Bond Fund (WHYIX). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| PRFHX | WHYIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.63 | ||
| Sortino ratioReturn per unit of downside risk | +1.11 | ||
| Omega ratioGain probability vs. loss probability | 1.81 | 1.67 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 4.06 | 3.44 | +0.62 |
| Martin ratioReturn relative to average drawdown | 16.29 | 13.19 | +3.10 |
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Drawdowns
PRFHX vs. WHYIX - Drawdown Comparison
The maximum PRFHX drawdown since its inception was -24.76%, which is greater than WHYIX's maximum drawdown of -16.88%. Use the drawdown chart below to compare losses from any high point for PRFHX and WHYIX.
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Drawdown Indicators
| PRFHX | WHYIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.76% | -16.88% | -7.88% |
Max Drawdown (1Y)Largest decline over 1 year | -2.75% | -2.64% | -0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -6.91% | -7.18% | +0.27% |
Max Drawdown (5Y)Largest decline over 5 years | -18.81% | -16.88% | -1.93% |
Max Drawdown (10Y)Largest decline over 10 years | -18.81% | -16.88% | -1.93% |
Current DrawdownCurrent decline from peak | -0.44% | -0.53% | +0.09% |
Average DrawdownAverage peak-to-trough decline | -2.77% | -3.02% | +0.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.73% | 0.71% | +0.02% |
Volatility
PRFHX vs. WHYIX - Volatility Comparison
T. Rowe Price Tax Free High Yield Fund (PRFHX) and Allspring High Yield Municipal Bond Fund (WHYIX) have volatilities of 0.72% and 0.73%, 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 | WHYIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.72% | 0.73% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 2.34% | 2.47% | -0.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.31% | 3.32% | -0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.90% | 4.87% | +0.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.64% | 4.53% | +0.11% |
PRFHX vs. WHYIX - Expense Ratio Comparison
PRFHX has a 0.63% expense ratio, which is higher than WHYIX's 0.55% expense ratio.
Dividends
PRFHX vs. WHYIX - Dividend Comparison
PRFHX's dividend yield for the trailing twelve months is around 5.49%, more than WHYIX's 4.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRFHX T. Rowe Price Tax Free High Yield Fund | 5.49% | 5.46% | 4.75% | 4.19% | 2.81% | 3.01% | 3.47% | 3.52% | 3.71% | 3.64% | 3.88% | 4.02% |
WHYIX Allspring High Yield Municipal Bond Fund | 4.68% | 4.69% | 4.71% | 3.74% | 4.04% | 3.81% | 4.24% | 3.73% | 3.96% | 3.89% | 4.41% | 3.96% |
Frequently Asked Questions
PRFHX and WHYIX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WHYIX has higher volatility (0.73%) compared to PRFHX (0.72%). In terms of maximum drawdown, PRFHX dropped -24.76% vs WHYIX's -16.88%.
PRFHX currently has the higher Sharpe Ratio (3.37 vs 2.74), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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