PRMDX vs. OWNYX
PRMDX (T. Rowe Price Maryland Short-Term Tax-Free Bond Fund) and OWNYX (Old Westbury New York Municipal Bond Fund) are both Municipal Bonds funds. Over the past 5 years, PRMDX returned 2.15%/yr vs 0.54%/yr for OWNYX. Their 0.44 correlation means their historical movements had little consistent relationship. PRMDX charges 0.53%/yr vs 0.57%/yr for OWNYX.
Performance
PRMDX vs. OWNYX - Performance Comparison
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Returns By Period
In the year-to-date period, PRMDX achieves a 0.67% return, which is significantly higher than OWNYX's -0.55% return.
PRMDX
- 1D
- 0.00%
- 1M
- -0.39%
- 6M
- 0.26%
- YTD
- 0.67%
- 1Y
- 1.78%
- 3Y*
- 3.85%
- 5Y*
- 2.15%
- 10Y*
- 1.57%
- ALL TIME*
- 2.33%
OWNYX
- 1D
- -0.10%
- 1M
- -1.21%
- 6M
- -1.24%
- YTD
- -0.55%
- 1Y
- 2.32%
- 3Y*
- 2.42%
- 5Y*
- 0.54%
- 10Y*
- —
- ALL TIME*
- 1.62%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
PRMDX vs. OWNYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PRMDX T. Rowe Price Maryland Short-Term Tax-Free Bond Fund | 0.67% | 4.24% | 3.84% | 4.83% | -2.29% | 0.30% | 1.15% | 2.52% | 0.50% |
OWNYX Old Westbury New York Municipal Bond Fund | -0.55% | 4.64% | 0.45% | 4.24% | -5.03% | -0.31% | 3.74% | 4.95% | 0.68% |
Correlation
The correlation between PRMDX and OWNYX is 0.35, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.35 |
Correlation (3Y) Balances recent behavior with more history. | 0.42 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.47 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2018 | 0.44 |
The correlation between PRMDX and OWNYX shifts across timeframes, from 0.35 (1 year) to 0.47 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PRMDX vs. OWNYX — Risk / Return Rank
PRMDX
OWNYX
PRMDX vs. OWNYX - 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 Old Westbury New York Municipal Bond Fund (OWNYX). 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 | OWNYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 1.33 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 2.06 | 1.19 | +0.86 |
| Martin ratioReturn relative to average drawdown | 6.18 | 2.90 | +3.28 |
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Drawdowns
PRMDX vs. OWNYX - Drawdown Comparison
The maximum PRMDX drawdown since its inception was -4.31%, smaller than the maximum OWNYX drawdown of -8.98%. Use the drawdown chart below to compare losses from any high point for PRMDX and OWNYX.
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Drawdown Indicators
| PRMDX | OWNYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.31% | -8.98% | +4.67% |
Max Drawdown (1Y)Largest decline over 1 year | -0.96% | -2.32% | +1.36% |
Max Drawdown (3Y)Largest decline over 3 years | -1.56% | -3.14% | +1.58% |
Max Drawdown (5Y)Largest decline over 5 years | -4.31% | -8.98% | +4.67% |
Max Drawdown (10Y)Largest decline over 10 years | -4.31% | — | — |
Current DrawdownCurrent decline from peak | -0.39% | -2.12% | +1.73% |
Average DrawdownAverage peak-to-trough decline | -0.36% | -2.08% | +1.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.32% | 0.92% | -0.60% |
Volatility
PRMDX vs. OWNYX - Volatility Comparison
The current volatility for T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (PRMDX) is 0.27%, while Old Westbury New York Municipal Bond Fund (OWNYX) has a volatility of 0.67%. This indicates that PRMDX experiences smaller price fluctuations and is considered to be less risky than OWNYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRMDX | OWNYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.27% | 0.67% | -0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 1.05% | 1.52% | -0.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.35% | 1.98% | -0.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.75% | 3.08% | -1.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.64% | 3.27% | -1.63% |
PRMDX vs. OWNYX - Expense Ratio Comparison
PRMDX has a 0.53% expense ratio, which is lower than OWNYX's 0.57% expense ratio.
Dividends
PRMDX vs. OWNYX - Dividend Comparison
PRMDX's dividend yield for the trailing twelve months is around 2.35%, less than OWNYX's 2.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OWNYX Old Westbury New York Municipal Bond Fund | 2.43% | 2.88% | 2.40% | 1.99% | 1.29% | 1.41% | 1.76% | 1.60% | 0.08% | 0.00% | 0.00% | 0.00% |
PRMDX T. Rowe Price Maryland Short-Term Tax-Free Bond Fund | 2.35% | 3.16% | 4.15% | 3.10% | 0.61% | 0.69% | 1.14% | 1.33% | 1.16% | 0.89% | 0.74% | 0.67% |
Frequently Asked Questions
PRMDX and OWNYX 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.
OWNYX has higher volatility (0.67%) compared to PRMDX (0.27%). In terms of maximum drawdown, PRMDX dropped -4.31% vs OWNYX's -8.98%.
PRMDX currently has the higher Sharpe Ratio (1.49 vs 1.40), 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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