PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
PRMDX vs. VTES
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PRMDX vs. VTES

Last updated Jun 24, 2026

PRMDX (T. Rowe Price Maryland Short-Term Tax-Free Bond Fund) and VTES (Vanguard Short-Term Tax-Exempt Bond ETF) are both Municipal Bonds funds. Over the past 3 years, PRMDX returned 4.11%/yr vs 3.09%/yr for VTES. At a 0.36 correlation, their price movements are largely independent. PRMDX charges 0.53%/yr vs 0.07%/yr for VTES.

Performance

PRMDX vs. VTES - 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 Vanguard Short-Term Tax-Exempt Bond ETF (VTES). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, PRMDX achieves a 0.85% return, which is significantly higher than VTES's 0.76% 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%

VTES

1D
0.01%
1M
0.58%
YTD
0.76%
6M
0.87%
1Y
3.26%
3Y*
3.09%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

PRMDX vs. VTES - Yearly Performance Comparison

2026 (YTD)202520242023
PRMDX
T. Rowe Price Maryland Short-Term Tax-Free Bond Fund		0.85%4.24%3.84%4.38%
VTES
Vanguard Short-Term Tax-Exempt Bond ETF		0.76%4.19%1.85%3.32%

Correlation

The correlation between PRMDX and VTES is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.29

Correlation (3Y)
Calculated over the trailing 3-year period

0.33

Correlation (All Time)
Calculated using the full available price history since Mar 9, 2023

0.36

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

T. Rowe Price Maryland Short-Term Tax-Free Bond Fund

Vanguard Short-Term Tax-Exempt Bond ETF

Often compared with PRMDX:
PRMDX vs. PRFSXPRMDX vs. VWSTXPRMDX vs. FSTFXPRMDX vs. MDXBXPRMDX vs. VSDMPRMDX vs. OWNYXPRMDX vs. FRESX
Often compared with VTES:
VTES vs. VTEBVTES vs. SUBVTES vs. VSDMVTES vs. VGSHVTES vs. JMSTVTES vs. MUBVTES vs. VUSB

Return for Risk

PRMDX vs. VTES — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PRMDX
PRMDX Risk / Return Rank: 7575
Overall Rank
PRMDX Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
PRMDX Sortino Ratio Rank: 9090
Sortino Ratio Rank
PRMDX Omega Ratio Rank: 9898
Omega Ratio Rank
PRMDX Calmar Ratio Rank: 7171
Calmar Ratio Rank
PRMDX Martin Ratio Rank: 4949
Martin Ratio Rank
VTES
VTES Risk / Return Rank: 7171
Overall Rank
VTES Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
VTES Sortino Ratio Rank: 8888
Sortino Ratio Rank
VTES Omega Ratio Rank: 9393
Omega Ratio Rank
VTES Calmar Ratio Rank: 4646
Calmar Ratio Rank
VTES Martin Ratio Rank: 4141
Martin Ratio Rank
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. VTES - 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 Tax-Exempt Bond ETF (VTES). 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.

PRMDXVTESDifference
Sharpe ratioReturn per unit of total volatility
2.24
2.64

-0.40

Sortino ratioReturn per unit of downside risk
4.08
3.80

+0.28

Omega ratioGain probability vs. loss probability

2.09

1.61

+0.48

Calmar ratioReturn relative to maximum drawdown

3.11

2.23

+0.88

Martin ratioReturn relative to average drawdown

9.56

6.38

+3.18

PRMDX vs. VTES - Sharpe Ratio Comparison

The current PRMDX Sharpe Ratio is 2.24, which is comparable to the VTES Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of PRMDX and VTES, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

PRMDX vs. VTES - Drawdown Comparison

The maximum PRMDX drawdown since its inception was -4.31%, which is greater than VTES's maximum drawdown of -2.42%. Use the drawdown chart below to compare losses from any high point for PRMDX and VTES.

Loading charts...

Drawdown Indicators

PRMDXVTESDifference

Max Drawdown

Largest peak-to-trough decline

-4.31%

-2.42%

-1.89%

Max Drawdown (1Y)

Largest decline over 1 year

-0.96%

-1.47%

+0.51%

Max Drawdown (3Y)

Largest decline over 3 years

-1.56%

-1.80%

+0.24%

Max Drawdown (5Y)

Largest decline over 5 years

-4.31%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-4.31%

—

—

Current Drawdown

Current decline from peak

-0.14%

-0.52%

+0.38%

Average Drawdown

Average peak-to-trough decline

-0.36%

-0.50%

+0.14%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.31%

0.51%

-0.20%

Volatility

PRMDX vs. VTES - Volatility Comparison

T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (PRMDX) has a higher volatility of 0.33% compared to Vanguard Short-Term Tax-Exempt Bond ETF (VTES) at 0.27%. This indicates that PRMDX's price experiences larger fluctuations and is considered to be riskier than VTES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

PRMDXVTESDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.33%

0.27%

+0.06%

Volatility (6M)

Calculated over the trailing 6-month period

1.09%

0.98%

+0.11%

Volatility (1Y)

Calculated over the trailing 1-year period

1.34%

1.24%

+0.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

1.75%

1.71%

+0.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.64%

1.71%

-0.07%

PRMDX vs. VTES - Expense Ratio Comparison

PRMDX has a 0.53% expense ratio, which is higher than VTES's 0.07% expense ratio.

Dividends

PRMDX vs. VTES - Dividend Comparison

PRMDX's dividend yield for the trailing twelve months is around 2.55%, less than VTES's 2.75% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
VTES
Vanguard Short-Term Tax-Exempt Bond ETF		2.75%2.77%2.99%2.03%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

PRMDX and VTES have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PRMDX has higher volatility (0.33%) compared to VTES (0.27%). In terms of maximum drawdown, PRMDX dropped -4.31% vs VTES's -2.42%.

VTES currently has the higher Sharpe Ratio (2.64 vs 2.24), 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.

Portfolio Optimizer

Find the right allocation for PRMDX and VTES

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer