PRMDX vs. PBMFX
PRMDX (T. Rowe Price Maryland Short-Term Tax-Free Bond Fund) and PBMFX (Pioneer AMT Free Municipal Fund) are both Municipal Bonds funds. Over the past 10 years, PRMDX returned 1.60%/yr vs 0.75%/yr for PBMFX. At a 0.44 correlation, their price movements are largely independent. PRMDX charges 0.53%/yr vs 0.78%/yr for PBMFX.
Performance
PRMDX vs. PBMFX - Performance Comparison
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Returns By Period
In the year-to-date period, PRMDX achieves a 0.85% return, which is significantly lower than PBMFX's 1.77% return. Over the past 10 years, PRMDX has outperformed PBMFX with an annualized return of 1.60%, while PBMFX has yielded a comparatively lower 0.75% annualized return.
PRMDX
- 1D
- 0.00%
- 1M
- 0.60%
- YTD
- 0.85%
- 6M
- 1.28%
- 1Y
- 2.98%
- 3Y*
- 4.11%
- 5Y*
- 2.24%
- 10Y*
- 1.60%
PBMFX
- 1D
- 0.08%
- 1M
- 2.82%
- YTD
- 1.77%
- 6M
- 2.23%
- 1Y
- 6.65%
- 3Y*
- 1.50%
- 5Y*
- -1.97%
- 10Y*
- 0.75%
PRMDX vs. PBMFX - 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% | 4.24% | 3.84% | 4.83% | -2.29% | 0.30% | 1.15% | 2.52% | 0.98% | 1.09% |
PBMFX Pioneer AMT Free Municipal Fund | 1.77% | -1.43% | 0.80% | 7.15% | -17.35% | 1.54% | 6.75% | 9.82% | 0.11% | 6.57% |
Correlation
The correlation between PRMDX and PBMFX is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 1996 | 0.44 |
The correlation between PRMDX and PBMFX shifts across timeframes, from 0.25 (1 year) to 0.50 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PRMDX vs. PBMFX — Risk / Return Rank
PRMDX
PBMFX
PRMDX vs. PBMFX - 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 Pioneer AMT Free Municipal Fund (PBMFX). 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 | PBMFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.86 | ||
| Sortino ratioReturn per unit of downside risk | +1.91 | ||
| Omega ratioGain probability vs. loss probability | 2.09 | 1.34 | +0.75 |
| Calmar ratioReturn relative to maximum drawdown | 3.11 | 1.55 | +1.56 |
| Martin ratioReturn relative to average drawdown | 9.56 | 4.81 | +4.75 |
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Drawdowns
PRMDX vs. PBMFX - Drawdown Comparison
The maximum PRMDX drawdown since its inception was -4.31%, smaller than the maximum PBMFX drawdown of -24.21%. Use the drawdown chart below to compare losses from any high point for PRMDX and PBMFX.
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Drawdown Indicators
| PRMDX | PBMFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.31% | -24.21% | +19.90% |
Max Drawdown (1Y)Largest decline over 1 year | -0.96% | -4.33% | +3.37% |
Max Drawdown (3Y)Largest decline over 3 years | -1.56% | -11.49% | +9.93% |
Max Drawdown (5Y)Largest decline over 5 years | -4.31% | -24.21% | +19.90% |
Max Drawdown (10Y)Largest decline over 10 years | -4.31% | -24.21% | +19.90% |
Current DrawdownCurrent decline from peak | -0.14% | -10.74% | +10.60% |
Average DrawdownAverage peak-to-trough decline | -0.36% | -4.71% | +4.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.31% | 1.39% | -1.08% |
Volatility
PRMDX vs. PBMFX - Volatility Comparison
The current volatility for T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (PRMDX) is 0.33%, while Pioneer AMT Free Municipal Fund (PBMFX) has a volatility of 1.26%. This indicates that PRMDX experiences smaller price fluctuations and is considered to be less risky than PBMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRMDX | PBMFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.33% | 1.26% | -0.93% |
Volatility (6M)Calculated over the trailing 6-month period | 1.09% | 3.33% | -2.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.34% | 4.88% | -3.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.75% | 7.42% | -5.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.64% | 6.64% | -5.00% |
PRMDX vs. PBMFX - Expense Ratio Comparison
PRMDX has a 0.53% expense ratio, which is lower than PBMFX's 0.78% expense ratio.
Dividends
PRMDX vs. PBMFX - Dividend Comparison
PRMDX's dividend yield for the trailing twelve months is around 2.55%, less than PBMFX's 4.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PBMFX Pioneer AMT Free Municipal Fund | 4.94% | 4.82% | 2.32% | 2.15% | 2.01% | 1.97% | 3.06% | 2.91% | 2.94% | 2.70% | 2.97% | 3.62% |
PRMDX T. Rowe Price Maryland Short-Term Tax-Free Bond Fund | 2.55% | 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 PBMFX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PBMFX has higher volatility (1.26%) compared to PRMDX (0.33%). In terms of maximum drawdown, PRMDX dropped -4.31% vs PBMFX's -24.21%.
PRMDX currently has the higher Sharpe Ratio (2.24 vs 1.38), 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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