PRMDX vs. MUJ

Last updated Jun 20, 2026

PRMDX (T. Rowe Price Maryland Short-Term Tax-Free Bond Fund) and MUJ (BlackRock MuniHoldings New Jersey Quality Fund) are both Municipal Bonds funds. Over the past 10 years, PRMDX returned 1.41%/yr vs 2.61%/yr for MUJ. At a 0.17 correlation, their price movements are largely independent. PRMDX charges 0.53%/yr vs 2.26%/yr for MUJ.

Performance

PRMDX vs. MUJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (PRMDX) and BlackRock MuniHoldings New Jersey Quality Fund (MUJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRMDX achieves a 0.85% return, which is significantly lower than MUJ's 6.39% return. Over the past 10 years, PRMDX has underperformed MUJ with an annualized return of 1.41%, while MUJ has yielded a comparatively higher 2.61% annualized return.

PRMDX

• 1D: 0.00%
• 1M: 0.60%
• YTD: 0.85%
• 6M: 1.51%
• 1Y: 3.89%
• 3Y*: 3.52%
• 5Y*: 1.82%
• 10Y*: 1.41%

MUJ

• 1D: 0.90%
• 1M: 2.73%
• YTD: 6.39%
• 6M: 4.93%
• 1Y: 20.70%
• 3Y*: 9.42%
• 5Y*: 0.09%
• 10Y*: 2.61%

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

PRMDX vs. MUJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRMDX T. Rowe Price Maryland Short-Term Tax-Free Bond Fund	0.85%	4.51%	2.64%	3.59%	-2.29%	0.30%	1.15%	2.52%	0.98%	1.09%
MUJ BlackRock MuniHoldings New Jersey Quality Fund	6.39%	13.86%	2.28%	7.55%	-26.31%	15.20%	5.95%	18.95%	-8.49%	9.99%

Correlation

The correlation between PRMDX and MUJ is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Mar 12, 1998	0.17

The correlation between PRMDX and MUJ shifts across timeframes, from 0.17 (all time) to 0.28 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PRMDX vs. MUJ — Risk / Return Rank

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

PRMDX

PRMDX Risk / Return Rank: 91
PRMDX Sharpe Ratio Rank: 90
PRMDX Sortino Ratio Rank: 97
PRMDX Omega Ratio Rank: 98
PRMDX Calmar Ratio Rank: 88
PRMDX Martin Ratio Rank: 80

MUJ

MUJ Risk / Return Rank: 63
MUJ Sharpe Ratio Rank: 77
MUJ Sortino Ratio Rank: 78
MUJ Omega Ratio Rank: 78
MUJ Calmar Ratio Rank: 38
MUJ Martin Ratio Rank: 45

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.

PRMDX vs. MUJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (PRMDX) and BlackRock MuniHoldings New Jersey Quality Fund (MUJ). 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.

	PRMDX	MUJ	Difference
Sharpe ratio: Return per unit of total volatility	2.73	2.34	+0.39
Sortino ratio: Return per unit of downside risk	5.29	3.37	+1.92
Omega ratio: Gain probability vs. loss probability	2.41	1.46	+0.95
Calmar ratio: Return relative to maximum drawdown	4.06	2.22	+1.83
Martin ratio: Return relative to average drawdown	13.71	8.93	+4.78

PRMDX vs. MUJ - Sharpe Ratio Comparison

The current PRMDX Sharpe Ratio is 2.73, which is comparable to the MUJ Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of PRMDX and MUJ, 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

PRMDX vs. MUJ - Drawdown Comparison

The maximum PRMDX drawdown since its inception was -4.31%, smaller than the maximum MUJ drawdown of -41.72%. Use the drawdown chart below to compare losses from any high point for PRMDX and MUJ.

Drawdown Indicators

	PRMDX	MUJ	Difference
Max Drawdown Largest peak-to-trough decline	-4.31%	-41.72%	+37.41%
Max Drawdown (1Y) Largest decline over 1 year	-0.96%	-9.41%	+8.45%
Max Drawdown (3Y) Largest decline over 3 years	-1.56%	-12.17%	+10.61%
Max Drawdown (5Y) Largest decline over 5 years	-4.31%	-32.71%	+28.40%
Max Drawdown (10Y) Largest decline over 10 years	-4.31%	-32.71%	+28.40%
Current Drawdown Current decline from peak	-0.14%	-1.84%	+1.70%
Average Drawdown Average peak-to-trough decline	-0.37%	-9.03%	+8.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.28%	2.33%	-2.05%

Volatility

PRMDX vs. MUJ - Volatility Comparison

The current volatility for T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (PRMDX) is 0.33%, while BlackRock MuniHoldings New Jersey Quality Fund (MUJ) has a volatility of 2.36%. This indicates that PRMDX experiences smaller price fluctuations and is considered to be less risky than MUJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRMDX	MUJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.33%	2.36%	-2.03%
Volatility (6M) Calculated over the trailing 6-month period	1.11%	6.90%	-5.79%
Volatility (1Y) Calculated over the trailing 1-year period	1.43%	8.93%	-7.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.72%	10.36%	-8.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.62%	11.19%	-9.57%

PRMDX vs. MUJ - Expense Ratio Comparison

PRMDX has a 0.53% expense ratio, which is lower than MUJ's 2.26% expense ratio.

Dividends

PRMDX vs. MUJ - Dividend Comparison

PRMDX's dividend yield for the trailing twelve months is around 3.43%, less than MUJ's 5.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MUJ BlackRock MuniHoldings New Jersey Quality Fund	5.26%	5.45%	5.53%	4.13%	6.40%	4.77%	4.78%	4.03%	5.34%	5.55%	6.00%	5.69%
PRMDX T. Rowe Price Maryland Short-Term Tax-Free Bond Fund	3.43%	3.43%	3.00%	1.93%	0.61%	0.69%	1.14%	1.33%	1.16%	0.89%	0.74%	0.67%

Frequently Asked Questions

Can I hold both PRMDX and MUJ in my portfolio?

PRMDX and MUJ have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRMDX or MUJ?

MUJ has higher volatility (2.36%) compared to PRMDX (0.33%). In terms of maximum drawdown, PRMDX dropped -4.31% vs MUJ's -41.72%.

Which has better risk-adjusted returns?

PRMDX currently has the higher Sharpe Ratio (2.73 vs 2.34), 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.