PRFSX vs. VSDM
PRFSX (T. Rowe Price Tax Free Short-Intermediate Fund) and VSDM (Vanguard Short Duration Tax-Exempt Bond ETF) are both Municipal Bonds funds. Over the past year, PRFSX returned 3.96% vs 4.47% for VSDM. At a 0.44 correlation, their price movements are largely independent. PRFSX charges 0.50%/yr vs 0.12%/yr for VSDM.
Performance
PRFSX vs. VSDM - Performance Comparison
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Returns By Period
In the year-to-date period, PRFSX achieves a 1.05% return, which is significantly lower than VSDM's 1.37% return.
PRFSX
- 1D
- 0.00%
- 1M
- 0.79%
- YTD
- 1.05%
- 6M
- 1.50%
- 1Y
- 3.96%
- 3Y*
- 4.74%
- 5Y*
- 2.28%
- 10Y*
- 1.98%
VSDM
- 1D
- 0.00%
- 1M
- 0.75%
- YTD
- 1.37%
- 6M
- 1.53%
- 1Y
- 4.47%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PRFSX vs. VSDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PRFSX T. Rowe Price Tax Free Short-Intermediate Fund | 1.05% | 5.25% | 0.35% |
VSDM Vanguard Short Duration Tax-Exempt Bond ETF | 1.37% | 5.39% | -0.10% |
Correlation
The correlation between PRFSX and VSDM is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Nov 21, 2024 | 0.44 |
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Return for Risk
PRFSX vs. VSDM — Risk / Return Rank
PRFSX
VSDM
PRFSX vs. VSDM - 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 Vanguard Short Duration Tax-Exempt Bond ETF (VSDM). 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 | VSDM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.91 | ||
| Sortino ratioReturn per unit of downside risk | -0.58 | ||
| Omega ratioGain probability vs. loss probability | 1.94 | 1.82 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.85 | 3.07 | -0.22 |
| Martin ratioReturn relative to average drawdown | 8.49 | 10.72 | -2.22 |
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Drawdowns
PRFSX vs. VSDM - Drawdown Comparison
The maximum PRFSX drawdown since its inception was -6.97%, which is greater than VSDM's maximum drawdown of -1.81%. Use the drawdown chart below to compare losses from any high point for PRFSX and VSDM.
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Drawdown Indicators
| PRFSX | VSDM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.97% | -1.81% | -5.16% |
Max Drawdown (1Y)Largest decline over 1 year | -1.43% | -1.46% | +0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -2.18% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -6.97% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -6.97% | — | — |
Current DrawdownCurrent decline from peak | -0.34% | -0.19% | -0.15% |
Average DrawdownAverage peak-to-trough decline | -0.90% | -0.32% | -0.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.47% | 0.42% | +0.05% |
Volatility
PRFSX vs. VSDM - Volatility Comparison
T. Rowe Price Tax Free Short-Intermediate Fund (PRFSX) has a higher volatility of 0.62% compared to Vanguard Short Duration Tax-Exempt Bond ETF (VSDM) at 0.32%. This indicates that PRFSX's price experiences larger fluctuations and is considered to be riskier than VSDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRFSX | VSDM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.62% | 0.32% | +0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 1.33% | 1.07% | +0.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.70% | 1.36% | +0.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.20% | 1.92% | +0.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.18% | 1.92% | +0.26% |
PRFSX vs. VSDM - Expense Ratio Comparison
PRFSX has a 0.50% expense ratio, which is higher than VSDM's 0.12% expense ratio.
Dividends
PRFSX vs. VSDM - Dividend Comparison
PRFSX's dividend yield for the trailing twelve months is around 2.97%, less than VSDM's 3.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRFSX T. Rowe Price Tax Free Short-Intermediate Fund | 2.97% | 3.63% | 4.43% | 3.67% | 1.09% | 1.22% | 1.49% | 1.62% | 1.48% | 1.37% | 1.34% | 1.41% |
VSDM Vanguard Short Duration Tax-Exempt Bond ETF | 3.10% | 3.06% | 0.35% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PRFSX and VSDM have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRFSX has higher volatility (0.62%) compared to VSDM (0.32%). In terms of maximum drawdown, PRFSX dropped -6.97% vs VSDM's -1.81%.
VSDM currently has the higher Sharpe Ratio (3.32 vs 2.40), 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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