PRFSX vs. PEXMX

Last updated Jun 24, 2026

PRFSX (T. Rowe Price Tax Free Short-Intermediate Fund) and PEXMX (T. Rowe Price Extended Equity Market Index Fund) are both mutual funds - PRFSX is a Municipal Bonds fund managed by T. Rowe Price, while PEXMX is a Mid Cap Growth Equities fund managed by T. Rowe Price. Over the past 10 years, PRFSX returned 1.93%/yr vs 12.66%/yr for PEXMX. At a correlation of -0.01, they often move in opposite directions. PRFSX charges 0.50%/yr vs 0.23%/yr for PEXMX.

Performance

PRFSX vs. PEXMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Tax Free Short-Intermediate Fund (PRFSX) and T. Rowe Price Extended Equity Market Index Fund (PEXMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRFSX achieves a 0.87% return, which is significantly lower than PEXMX's 15.23% return. Over the past 10 years, PRFSX has underperformed PEXMX with an annualized return of 1.93%, while PEXMX has yielded a comparatively higher 12.66% annualized return.

PRFSX

• 1D: -0.18%
• 1M: 0.61%
• YTD: 0.87%
• 6M: 1.32%
• 1Y: 3.77%
• 3Y*: 4.61%
• 5Y*: 2.25%
• 10Y*: 1.93%

PEXMX

• 1D: -0.10%
• 1M: 4.28%
• YTD: 15.23%
• 6M: 12.88%
• 1Y: 28.97%
• 3Y*: 20.05%
• 5Y*: 6.31%
• 10Y*: 12.66%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PRFSX vs. PEXMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRFSX T. Rowe Price Tax Free Short-Intermediate Fund	0.87%	5.25%	3.96%	5.73%	-4.24%	0.17%	3.31%	3.66%	1.13%	1.74%
PEXMX T. Rowe Price Extended Equity Market Index Fund	15.23%	11.17%	16.72%	25.32%	-26.15%	12.09%	30.80%	32.57%	-9.61%	16.63%

Correlation

The correlation between PRFSX and PEXMX is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.06
Correlation (All Time) Calculated using the full available price history since Jan 30, 1998	-0.01

The correlation between PRFSX and PEXMX shifts across timeframes, from -0.01 (all time) to 0.12 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PRFSX vs. PEXMX — Risk / Return Rank

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

PRFSX

PRFSX Risk / Return Rank: 70
PRFSX Sharpe Ratio Rank: 72
PRFSX Sortino Ratio Rank: 88
PRFSX Omega Ratio Rank: 97
PRFSX Calmar Ratio Rank: 55
PRFSX Martin Ratio Rank: 39

PEXMX

PEXMX Risk / Return Rank: 48
PEXMX Sharpe Ratio Rank: 40
PEXMX Sortino Ratio Rank: 39
PEXMX Omega Ratio Rank: 36
PEXMX Calmar Ratio Rank: 67
PEXMX Martin Ratio Rank: 56

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PRFSX vs. PEXMX - 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 T. Rowe Price Extended Equity Market Index Fund (PEXMX). 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	PEXMX	Difference
Sharpe ratio: Return per unit of total volatility	2.28	1.72	+0.56
Sortino ratio: Return per unit of downside risk	3.95	2.43	+1.52
Omega ratio: Gain probability vs. loss probability	1.86	1.29	+0.56
Calmar ratio: Return relative to maximum drawdown	2.71	3.02	-0.30
Martin ratio: Return relative to average drawdown	8.07	10.58	-2.50

PRFSX vs. PEXMX - Sharpe Ratio Comparison

The current PRFSX Sharpe Ratio is 2.28, which is higher than the PEXMX Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of PRFSX and PEXMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PRFSX vs. PEXMX - Drawdown Comparison

The maximum PRFSX drawdown since its inception was -6.97%, smaller than the maximum PEXMX drawdown of -57.82%. Use the drawdown chart below to compare losses from any high point for PRFSX and PEXMX.

Drawdown Indicators

	PRFSX	PEXMX	Difference
Max Drawdown Largest peak-to-trough decline	-6.97%	-57.82%	+50.85%
Max Drawdown (1Y) Largest decline over 1 year	-1.43%	-10.30%	+8.87%
Max Drawdown (3Y) Largest decline over 3 years	-2.18%	-27.01%	+24.83%
Max Drawdown (5Y) Largest decline over 5 years	-6.97%	-36.27%	+29.30%
Max Drawdown (10Y) Largest decline over 10 years	-6.97%	-41.27%	+34.30%
Current Drawdown Current decline from peak	-0.52%	-0.22%	-0.30%
Average Drawdown Average peak-to-trough decline	-0.90%	-13.60%	+12.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	2.90%	-2.43%

Volatility

PRFSX vs. PEXMX - Volatility Comparison

The current volatility for T. Rowe Price Tax Free Short-Intermediate Fund (PRFSX) is 0.64%, while T. Rowe Price Extended Equity Market Index Fund (PEXMX) has a volatility of 6.05%. This indicates that PRFSX experiences smaller price fluctuations and is considered to be less risky than PEXMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRFSX	PEXMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	6.05%	-5.41%
Volatility (6M) Calculated over the trailing 6-month period	1.34%	13.74%	-12.40%
Volatility (1Y) Calculated over the trailing 1-year period	1.71%	18.15%	-16.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.20%	22.56%	-20.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.18%	22.30%	-20.12%

PRFSX vs. PEXMX - Expense Ratio Comparison

PRFSX has a 0.50% expense ratio, which is higher than PEXMX's 0.23% expense ratio.

Dividends

PRFSX vs. PEXMX - Dividend Comparison

PRFSX's dividend yield for the trailing twelve months is around 2.98%, less than PEXMX's 3.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PEXMX T. Rowe Price Extended Equity Market Index Fund	3.49%	4.02%	7.64%	3.64%	7.53%	14.87%	2.99%	8.17%	6.67%	4.50%	5.90%	4.81%
PRFSX T. Rowe Price Tax Free Short-Intermediate Fund	2.98%	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

Can I hold both PRFSX and PEXMX in my portfolio?

PRFSX and PEXMX have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRFSX or PEXMX?

PEXMX has higher volatility (6.05%) compared to PRFSX (0.64%). In terms of maximum drawdown, PRFSX dropped -6.97% vs PEXMX's -57.82%.

Which has better risk-adjusted returns?

PRFSX currently has the higher Sharpe Ratio (2.28 vs 1.72), 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.