PRMDX vs. SMB
Compare and contrast key facts about T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (PRMDX) and VanEck Short Muni ETF (SMB).
PRMDX is managed by T. Rowe Price. It was launched on Jan 28, 1993. SMB is a passively managed fund by VanEck that tracks the performance of the Bloomberg AMT-Free Short Continuous. It was launched on Feb 22, 2008.
Performance
PRMDX vs. SMB - Performance Comparison
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PRMDX vs. SMB - 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 | 0.43% | 5.65% | 2.22% | 3.36% | -2.29% | 0.30% | 1.15% | 2.52% | 0.98% | 1.09% |
SMB VanEck Short Muni ETF | -0.20% | 4.61% | 2.41% | 3.14% | -4.50% | 0.12% | 3.30% | 4.54% | 1.86% | 1.16% |
Returns By Period
In the year-to-date period, PRMDX achieves a 0.43% return, which is significantly higher than SMB's -0.20% return. Both investments have delivered pretty close results over the past 10 years, with PRMDX having a 1.44% annualized return and SMB not far ahead at 1.50%.
PRMDX
- 1D
- 0.00%
- 1M
- -0.77%
- YTD
- 0.43%
- 6M
- 1.57%
- 1Y
- 5.25%
- 3Y*
- 3.49%
- 5Y*
- 1.86%
- 10Y*
- 1.44%
SMB
- 1D
- 0.06%
- 1M
- -1.00%
- YTD
- -0.20%
- 6M
- 0.64%
- 1Y
- 3.71%
- 3Y*
- 2.99%
- 5Y*
- 1.07%
- 10Y*
- 1.50%
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PRMDX vs. SMB - Expense Ratio Comparison
PRMDX has a 0.53% expense ratio, which is higher than SMB's 0.20% expense ratio.
Return for Risk
PRMDX vs. SMB — Risk / Return Rank
PRMDX
SMB
PRMDX vs. SMB - 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 VanEck Short Muni ETF (SMB). 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.
| PRMDX | SMB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 3.00 | 1.58 | +1.43 |
Sortino ratioReturn per unit of downside risk | 5.01 | 2.02 | +2.99 |
Omega ratioGain probability vs. loss probability | 2.37 | 1.36 | +1.01 |
Calmar ratioReturn relative to maximum drawdown | 4.16 | 2.29 | +1.87 |
Martin ratioReturn relative to average drawdown | 19.18 | 8.77 | +10.41 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PRMDX | SMB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.00 | 1.58 | +1.43 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.09 | 0.43 | +0.66 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.89 | 0.35 | +0.54 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.45 | 0.42 | +1.03 |
Correlation
The correlation between PRMDX and SMB is 0.18, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
PRMDX vs. SMB - Dividend Comparison
PRMDX's dividend yield for the trailing twelve months is around 4.73%, more than SMB's 2.68% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRMDX T. Rowe Price Maryland Short-Term Tax-Free Bond Fund | 4.73% | 4.50% | 2.58% | 1.71% | 0.61% | 0.69% | 1.14% | 1.33% | 1.16% | 0.89% | 0.74% | 0.67% |
SMB VanEck Short Muni ETF | 2.68% | 2.63% | 2.38% | 1.83% | 1.32% | 1.24% | 1.50% | 1.58% | 1.49% | 1.23% | 1.12% | 1.13% |
Drawdowns
PRMDX vs. SMB - Drawdown Comparison
The maximum PRMDX drawdown since its inception was -4.31%, smaller than the maximum SMB drawdown of -12.64%. Use the drawdown chart below to compare losses from any high point for PRMDX and SMB.
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Drawdown Indicators
| PRMDX | SMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.31% | -12.64% | +8.33% |
Max Drawdown (1Y)Largest decline over 1 year | -1.36% | -1.63% | +0.27% |
Max Drawdown (5Y)Largest decline over 5 years | -4.31% | -7.48% | +3.17% |
Max Drawdown (10Y)Largest decline over 10 years | -4.31% | -12.64% | +8.33% |
Current DrawdownCurrent decline from peak | -0.77% | -1.00% | +0.23% |
Average DrawdownAverage peak-to-trough decline | -0.38% | -1.14% | +0.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.30% | 0.43% | -0.13% |
Volatility
PRMDX vs. SMB - Volatility Comparison
The current volatility for T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (PRMDX) is 0.46%, while VanEck Short Muni ETF (SMB) has a volatility of 0.64%. This indicates that PRMDX experiences smaller price fluctuations and is considered to be less risky than SMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRMDX | SMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.46% | 0.64% | -0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 1.04% | 1.19% | -0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.83% | 2.36% | -0.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.71% | 2.49% | -0.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.62% | 4.27% | -2.65% |