PRFSX vs. FLTMX
PRFSX (T. Rowe Price Tax Free Short-Intermediate Fund) and FLTMX (Fidelity Intermediate Municipal Income Fund) are both Municipal Bonds funds. Over the past 10 years, PRFSX returned 1.89%/yr vs 1.90%/yr for FLTMX. Their 0.54 correlation means they have sometimes moved together and sometimes differently. PRFSX charges 0.50%/yr vs 0.32%/yr for FLTMX.
Performance
PRFSX vs. FLTMX - Performance Comparison
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Returns By Period
In the year-to-date period, PRFSX achieves a 0.56% return, which is significantly higher than FLTMX's -0.43% return. Both investments have delivered pretty close results over the past 10 years, with PRFSX having a 1.89% annualized return and FLTMX not far ahead at 1.90%.
PRFSX
- 1D
- 0.00%
- 1M
- -0.72%
- 6M
- -0.05%
- YTD
- 0.56%
- 1Y
- 2.21%
- 3Y*
- 4.27%
- 5Y*
- 2.11%
- 10Y*
- 1.89%
- ALL TIME*
- 2.97%
FLTMX
- 1D
- -0.20%
- 1M
- -1.66%
- 6M
- -1.33%
- YTD
- -0.43%
- 1Y
- 3.31%
- 3Y*
- 3.27%
- 5Y*
- 0.87%
- 10Y*
- 1.90%
- ALL TIME*
- 4.11%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
PRFSX vs. FLTMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRFSX T. Rowe Price Tax Free Short-Intermediate Fund | 0.56% | 5.25% | 3.96% | 5.73% | -4.24% | 0.17% | 3.31% | 3.66% | 1.13% | 1.74% |
FLTMX Fidelity Intermediate Municipal Income Fund | -0.43% | 6.02% | 1.19% | 5.52% | -6.92% | 0.83% | 4.36% | 6.34% | 1.89% | 4.50% |
Correlation
The correlation between PRFSX and FLTMX is 0.50, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.50 |
Correlation (3Y) Balances recent behavior with more history. | 0.64 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.69 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.65 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 1986 | 0.54 |
The correlation between PRFSX and FLTMX shifts across timeframes, from 0.50 (1 year) to 0.69 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PRFSX vs. FLTMX — Risk / Return Rank
PRFSX
FLTMX
PRFSX vs. FLTMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Tax Free Short-Intermediate Fund (PRFSX) and Fidelity Intermediate Municipal Income Fund (FLTMX). 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.
| PRFSX | FLTMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.39 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.73 | 1.34 | +0.38 |
| Martin ratioReturn relative to average drawdown | 4.84 | 3.67 | +1.17 |
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Drawdowns
PRFSX vs. FLTMX - Drawdown Comparison
The maximum PRFSX drawdown since its inception was -6.97%, smaller than the maximum FLTMX drawdown of -16.13%. Use the drawdown chart below to compare losses from any high point for PRFSX and FLTMX.
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Drawdown Indicators
| PRFSX | FLTMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.97% | -16.13% | +9.16% |
Max Drawdown (1Y)Largest decline over 1 year | -1.43% | -2.97% | +1.54% |
Max Drawdown (3Y)Largest decline over 3 years | -2.18% | -3.67% | +1.49% |
Max Drawdown (5Y)Largest decline over 5 years | -6.97% | -10.91% | +3.94% |
Max Drawdown (10Y)Largest decline over 10 years | -6.97% | -10.91% | +3.94% |
Current DrawdownCurrent decline from peak | -0.82% | -2.39% | +1.57% |
Average DrawdownAverage peak-to-trough decline | -0.90% | -1.64% | +0.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.50% | 1.09% | -0.59% |
Volatility
PRFSX vs. FLTMX - Volatility Comparison
The current volatility for T. Rowe Price Tax Free Short-Intermediate Fund (PRFSX) is 0.50%, while Fidelity Intermediate Municipal Income Fund (FLTMX) has a volatility of 0.79%. This indicates that PRFSX experiences smaller price fluctuations and is considered to be less risky than FLTMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRFSX | FLTMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.50% | 0.79% | -0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 1.38% | 1.96% | -0.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.75% | 2.40% | -0.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.22% | 3.08% | -0.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.17% | 3.24% | -1.07% |
PRFSX vs. FLTMX - Expense Ratio Comparison
PRFSX has a 0.50% expense ratio, which is higher than FLTMX's 0.32% expense ratio.
Dividends
PRFSX vs. FLTMX - Dividend Comparison
PRFSX's dividend yield for the trailing twelve months is around 2.76%, more than FLTMX's 2.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FLTMX Fidelity Intermediate Municipal Income Fund | 2.70% | 3.70% | 2.47% | 2.42% | 1.36% | 1.67% | 2.00% | 2.39% | 3.31% | 2.64% | 3.20% | 2.36% |
PRFSX T. Rowe Price Tax Free Short-Intermediate Fund | 2.76% | 3.63% | 4.43% | 3.67% | 1.09% | 1.22% | 1.49% | 1.62% | 1.48% | 1.37% | 1.34% | 1.41% |
Frequently Asked Questions
PRFSX and FLTMX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLTMX has higher volatility (0.79%) compared to PRFSX (0.50%). In terms of maximum drawdown, PRFSX dropped -6.97% vs FLTMX's -16.13%.
FLTMX currently has the higher Sharpe Ratio (1.67 vs 1.43), 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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