PRINX vs. PRTAX
PRINX (T. Rowe Price Summit Municipal Income Fund) and PRTAX (T. Rowe Price Tax Free Income Fund) are both Municipal Bonds funds from T. Rowe Price. Over the past 10 years, PRINX returned 1.95%/yr vs 2.68%/yr for PRTAX. Their correlation of 0.91 suggests significant overlap in exposure. PRINX charges 0.50%/yr vs 0.53%/yr for PRTAX.
Performance
PRINX vs. PRTAX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with PRINX having a 2.38% return and PRTAX slightly higher at 2.43%. Over the past 10 years, PRINX has underperformed PRTAX with an annualized return of 1.95%, while PRTAX has yielded a comparatively higher 2.68% annualized return.
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%
PRTAX
- 1D
- 0.00%
- 1M
- 1.94%
- YTD
- 2.43%
- 6M
- 2.92%
- 1Y
- 8.12%
- 3Y*
- 5.81%
- 5Y*
- 2.15%
- 10Y*
- 2.68%
PRINX vs. PRTAX - 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% |
PRTAX T. Rowe Price Tax Free Income Fund | 2.43% | 4.45% | 5.18% | 9.82% | -10.81% | 2.85% | 4.87% | 7.25% | 0.70% | 5.17% |
Correlation
The correlation between PRINX and PRTAX is 0.90, 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 | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 1994 | 0.91 |
The correlation between PRINX and PRTAX has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.
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Return for Risk
PRINX vs. PRTAX — Risk / Return Rank
PRINX
PRTAX
PRINX vs. PRTAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Summit Municipal Income Fund (PRINX) and T. Rowe Price Tax Free Income Fund (PRTAX). 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 | PRTAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.67 | 1.71 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.85 | 3.00 | -0.14 |
| Martin ratioReturn relative to average drawdown | 10.10 | 10.61 | -0.51 |
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Drawdowns
PRINX vs. PRTAX - Drawdown Comparison
The maximum PRINX drawdown since its inception was -16.27%, smaller than the maximum PRTAX drawdown of -20.97%. Use the drawdown chart below to compare losses from any high point for PRINX and PRTAX.
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Drawdown Indicators
| PRINX | PRTAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.27% | -20.97% | +4.70% |
Max Drawdown (1Y)Largest decline over 1 year | -2.90% | -2.83% | -0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -6.67% | -5.67% | -1.00% |
Max Drawdown (5Y)Largest decline over 5 years | -16.27% | -15.68% | -0.59% |
Max Drawdown (10Y)Largest decline over 10 years | -16.27% | -15.68% | -0.59% |
Current DrawdownCurrent decline from peak | -0.09% | 0.00% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -2.18% | -3.23% | +1.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.81% | 0.79% | +0.02% |
Volatility
PRINX vs. PRTAX - Volatility Comparison
T. Rowe Price Summit Municipal Income Fund (PRINX) and T. Rowe Price Tax Free Income Fund (PRTAX) have volatilities of 0.82% and 0.83%, 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
| PRINX | PRTAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.82% | 0.83% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 2.20% | 2.21% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.99% | 3.04% | -0.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.39% | 4.40% | -0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.29% | 4.23% | +0.06% |
PRINX vs. PRTAX - Expense Ratio Comparison
PRINX has a 0.50% expense ratio, which is lower than PRTAX's 0.53% expense ratio.
Dividends
PRINX vs. PRTAX - Dividend Comparison
PRINX's dividend yield for the trailing twelve months is around 3.68%, less than PRTAX's 3.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
PRTAX T. Rowe Price Tax Free Income Fund | 3.75% | 4.61% | 5.90% | 5.55% | 2.20% | 2.42% | 2.85% | 3.28% | 3.61% | 3.63% | 3.80% | 3.78% |
Frequently Asked Questions
PRINX and PRTAX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRTAX has higher volatility (0.83%) compared to PRINX (0.82%). In terms of maximum drawdown, PRINX dropped -16.27% vs PRTAX's -20.97%.
PRTAX currently has the higher Sharpe Ratio (2.80 vs 2.77), 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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