PRMDX vs. VTES
Compare and contrast key facts about T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (PRMDX) and Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES).
PRMDX is managed by T. Rowe Price. It was launched on Jan 28, 1993. VTES is a passively managed fund by Vanguard that tracks the performance of the S&P 0-7 Yr National AMT-Free Municipal Bond Index - Benchmark TR Gross. It was launched on Mar 8, 2023.
Performance
PRMDX vs. VTES - Performance Comparison
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PRMDX vs. VTES - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PRMDX T. Rowe Price Maryland Short-Term Tax-Free Bond Fund | 0.43% | 5.65% | 2.22% | 3.14% |
VTES Vanguard Short-Term Tax-Exempt Bond ETF Shares | 0.02% | 4.19% | 1.85% | 3.32% |
Returns By Period
In the year-to-date period, PRMDX achieves a 0.43% return, which is significantly higher than VTES's 0.02% 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%
VTES
- 1D
- 0.11%
- 1M
- -1.24%
- YTD
- 0.02%
- 6M
- 0.60%
- 1Y
- 3.45%
- 3Y*
- 2.61%
- 5Y*
- —
- 10Y*
- —
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PRMDX vs. VTES - Expense Ratio Comparison
PRMDX has a 0.53% expense ratio, which is higher than VTES's 0.07% expense ratio.
Return for Risk
PRMDX vs. VTES — Risk / Return Rank
PRMDX
VTES
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 Shares (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.
| PRMDX | VTES | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 3.00 | 1.91 | +1.10 |
Sortino ratioReturn per unit of downside risk | 5.01 | 2.43 | +2.58 |
Omega ratioGain probability vs. loss probability | 2.37 | 1.49 | +0.88 |
Calmar ratioReturn relative to maximum drawdown | 4.16 | 2.30 | +1.86 |
Martin ratioReturn relative to average drawdown | 19.18 | 7.44 | +11.74 |
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 | VTES | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.00 | 1.91 | +1.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.09 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.89 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.45 | 1.76 | -0.31 |
Correlation
The correlation between PRMDX and VTES is 0.38, 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. VTES - Dividend Comparison
PRMDX's dividend yield for the trailing twelve months is around 4.73%, more than VTES's 2.77% 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% |
VTES Vanguard Short-Term Tax-Exempt Bond ETF Shares | 2.77% | 2.77% | 2.99% | 2.03% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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.
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Drawdown Indicators
| PRMDX | VTES | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.31% | -2.42% | -1.89% |
Max Drawdown (1Y)Largest decline over 1 year | -1.36% | -1.59% | +0.23% |
Max Drawdown (5Y)Largest decline over 5 years | -4.31% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -4.31% | — | — |
Current DrawdownCurrent decline from peak | -0.77% | -1.24% | +0.47% |
Average DrawdownAverage peak-to-trough decline | -0.38% | -0.48% | +0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.30% | 0.49% | -0.19% |
Volatility
PRMDX vs. VTES - Volatility Comparison
The current volatility for T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (PRMDX) is 0.46%, while Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES) has a volatility of 0.69%. This indicates that PRMDX experiences smaller price fluctuations and is considered to be less risky than VTES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRMDX | VTES | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.46% | 0.69% | -0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 1.04% | 0.96% | +0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.83% | 1.83% | 0.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.71% | 1.75% | -0.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.62% | 1.75% | -0.13% |