PRMDX vs. VGSH
Compare and contrast key facts about T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (PRMDX) and Vanguard Short-Term Treasury ETF (VGSH).
PRMDX is managed by T. Rowe Price. It was launched on Jan 28, 1993. VGSH is a passively managed fund by Vanguard that tracks the performance of the Bloomberg U.S. Treasury 1-3 Year Index. It was launched on Nov 19, 2009.
Performance
PRMDX vs. VGSH - Performance Comparison
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PRMDX vs. VGSH - 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% |
VGSH Vanguard Short-Term Treasury ETF | 0.28% | 5.07% | 4.00% | 4.31% | -3.86% | -0.60% | 3.04% | 3.52% | 1.55% | 0.04% |
Returns By Period
In the year-to-date period, PRMDX achieves a 0.43% return, which is significantly higher than VGSH's 0.28% return. Over the past 10 years, PRMDX has underperformed VGSH with an annualized return of 1.44%, while VGSH has yielded a comparatively higher 1.74% annualized return.
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%
VGSH
- 1D
- 0.09%
- 1M
- -0.49%
- YTD
- 0.28%
- 6M
- 1.37%
- 1Y
- 3.75%
- 3Y*
- 3.98%
- 5Y*
- 1.79%
- 10Y*
- 1.74%
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PRMDX vs. VGSH - Expense Ratio Comparison
PRMDX has a 0.53% expense ratio, which is higher than VGSH's 0.03% expense ratio.
Return for Risk
PRMDX vs. VGSH — Risk / Return Rank
PRMDX
VGSH
PRMDX vs. VGSH - 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 Vanguard Short-Term Treasury ETF (VGSH). 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 | VGSH | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 3.00 | 2.62 | +0.38 |
Sortino ratioReturn per unit of downside risk | 5.01 | 4.21 | +0.80 |
Omega ratioGain probability vs. loss probability | 2.37 | 1.57 | +0.80 |
Calmar ratioReturn relative to maximum drawdown | 4.16 | 4.26 | -0.10 |
Martin ratioReturn relative to average drawdown | 19.18 | 16.28 | +2.91 |
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 | VGSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.00 | 2.62 | +0.38 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.09 | 0.92 | +0.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.89 | 1.11 | -0.22 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.45 | 1.02 | +0.43 |
Correlation
The correlation between PRMDX and VGSH is 0.16, 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. VGSH - Dividend Comparison
PRMDX's dividend yield for the trailing twelve months is around 4.73%, more than VGSH's 3.95% 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% |
VGSH Vanguard Short-Term Treasury ETF | 3.95% | 4.00% | 4.18% | 3.31% | 1.15% | 0.66% | 1.74% | 2.28% | 1.79% | 1.10% | 0.84% | 0.69% |
Drawdowns
PRMDX vs. VGSH - Drawdown Comparison
The maximum PRMDX drawdown since its inception was -4.31%, smaller than the maximum VGSH drawdown of -5.70%. Use the drawdown chart below to compare losses from any high point for PRMDX and VGSH.
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Drawdown Indicators
| PRMDX | VGSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.31% | -5.70% | +1.39% |
Max Drawdown (1Y)Largest decline over 1 year | -1.36% | -0.88% | -0.48% |
Max Drawdown (5Y)Largest decline over 5 years | -4.31% | -5.70% | +1.39% |
Max Drawdown (10Y)Largest decline over 10 years | -4.31% | -5.70% | +1.39% |
Current DrawdownCurrent decline from peak | -0.77% | -0.49% | -0.28% |
Average DrawdownAverage peak-to-trough decline | -0.38% | -0.60% | +0.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.30% | 0.23% | +0.07% |
Volatility
PRMDX vs. VGSH - Volatility Comparison
The current volatility for T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (PRMDX) is 0.46%, while Vanguard Short-Term Treasury ETF (VGSH) has a volatility of 0.52%. This indicates that PRMDX experiences smaller price fluctuations and is considered to be less risky than VGSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRMDX | VGSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.46% | 0.52% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 1.04% | 0.84% | +0.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.83% | 1.44% | +0.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.71% | 1.96% | -0.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.62% | 1.57% | +0.05% |