PRINX vs. MUB
PRINX (T. Rowe Price Summit Municipal Income Fund) and MUB (iShares National AMT-Free Muni Bond ETF) are both Municipal Bonds funds. Over the past 10 years, PRINX returned 1.95%/yr vs 1.90%/yr for MUB. A 0.58 correlation means they provide meaningful diversification when combined. PRINX charges 0.50%/yr vs 0.07%/yr for MUB.
Performance
PRINX vs. MUB - Performance Comparison
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Returns By Period
In the year-to-date period, PRINX achieves a 2.38% return, which is significantly higher than MUB's 1.48% return. Both investments have delivered pretty close results over the past 10 years, with PRINX having a 1.95% annualized return and MUB not far behind at 1.90%.
PRINX
- 1D
- -0.09%
- 1M
- 1.95%
- YTD
- 2.38%
- 6M
- 2.90%
- 1Y
- 7.93%
- 3Y*
- 3.75%
- 5Y*
- 0.57%
- 10Y*
- 1.95%
MUB
- 1D
- -0.06%
- 1M
- 1.29%
- YTD
- 1.48%
- 6M
- 1.78%
- 1Y
- 6.40%
- 3Y*
- 3.19%
- 5Y*
- 0.93%
- 10Y*
- 1.90%
PRINX vs. MUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRINX T. Rowe Price Summit Municipal Income Fund | 2.38% | 3.29% | 2.36% | 6.71% | -11.67% | 3.16% | 4.60% | 7.81% | 0.40% | 5.94% |
MUB iShares National AMT-Free Muni Bond ETF | 1.48% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 5.12% | 7.06% | 0.93% | 4.72% |
Correlation
The correlation between PRINX and MUB is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Sep 10, 2007 | 0.58 |
The correlation between PRINX and MUB shifts across timeframes, from 0.58 (all time) to 0.70 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PRINX vs. MUB — Risk / Return Rank
PRINX
MUB
PRINX vs. MUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Summit Municipal Income Fund (PRINX) and iShares National AMT-Free Muni Bond ETF (MUB). 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.
| PRINX | MUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +1.09 | ||
| Omega ratioGain probability vs. loss probability | 1.67 | 1.46 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 2.85 | 2.31 | +0.55 |
| Martin ratioReturn relative to average drawdown | 10.10 | 8.02 | +2.09 |
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Drawdowns
PRINX vs. MUB - Drawdown Comparison
The maximum PRINX drawdown since its inception was -16.27%, which is greater than MUB's maximum drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for PRINX and MUB.
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Drawdown Indicators
| PRINX | MUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.27% | -13.68% | -2.59% |
Max Drawdown (1Y)Largest decline over 1 year | -2.90% | -2.79% | -0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -6.67% | -5.34% | -1.33% |
Max Drawdown (5Y)Largest decline over 5 years | -16.27% | -11.88% | -4.39% |
Max Drawdown (10Y)Largest decline over 10 years | -16.27% | -13.68% | -2.59% |
Current DrawdownCurrent decline from peak | -0.09% | -0.47% | +0.38% |
Average DrawdownAverage peak-to-trough decline | -2.18% | -2.23% | +0.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.81% | 0.80% | +0.01% |
Volatility
PRINX vs. MUB - Volatility Comparison
T. Rowe Price Summit Municipal Income Fund (PRINX) has a higher volatility of 0.82% compared to iShares National AMT-Free Muni Bond ETF (MUB) at 0.77%. This indicates that PRINX's price experiences larger fluctuations and is considered to be riskier than MUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRINX | MUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.82% | 0.77% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 2.20% | 2.27% | -0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.99% | 2.88% | +0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.39% | 4.07% | +0.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.29% | 4.92% | -0.63% |
PRINX vs. MUB - Expense Ratio Comparison
PRINX has a 0.50% expense ratio, which is higher than MUB's 0.07% expense ratio.
Dividends
PRINX vs. MUB - Dividend Comparison
PRINX's dividend yield for the trailing twelve months is around 3.68%, more than MUB's 3.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | 3.17% | 3.14% | 3.01% | 2.65% | 2.11% | 1.81% | 2.11% | 2.42% | 2.46% | 2.26% | 2.21% | 2.51% |
PRINX T. Rowe Price Summit Municipal Income Fund | 3.68% | 3.63% | 2.78% | 2.46% | 1.96% | 2.14% | 2.64% | 2.87% | 3.12% | 3.19% | 3.32% | 3.42% |
Frequently Asked Questions
PRINX and MUB have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRINX has higher volatility (0.82%) compared to MUB (0.77%). In terms of maximum drawdown, PRINX dropped -16.27% vs MUB's -13.68%.
PRINX currently has the higher Sharpe Ratio (2.77 vs 2.23), 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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