PRNHX vs. PRNYX
PRNHX (T. Rowe Price New Horizons Fund) and PRNYX (T. Rowe Price New York Tax Free Bond Fund) are both mutual funds - PRNHX is a Mid Cap Growth Equities fund managed by T. Rowe Price, while PRNYX is a Municipal Bonds fund managed by T. Rowe Price. Over the past 10 years, PRNHX returned 15.00%/yr vs 2.18%/yr for PRNYX. At a 0.01 correlation, their price movements are largely independent. PRNHX charges 0.75%/yr vs 0.53%/yr for PRNYX.
Performance
PRNHX vs. PRNYX - Performance Comparison
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Returns By Period
In the year-to-date period, PRNHX achieves a 14.91% return, which is significantly higher than PRNYX's 2.56% return. Over the past 10 years, PRNHX has outperformed PRNYX with an annualized return of 15.00%, while PRNYX has yielded a comparatively lower 2.18% annualized return.
PRNHX
- 1D
- -2.32%
- 1M
- 2.64%
- YTD
- 14.91%
- 6M
- 11.97%
- 1Y
- 25.43%
- 3Y*
- 11.76%
- 5Y*
- -0.14%
- 10Y*
- 15.00%
PRNYX
- 1D
- 0.00%
- 1M
- 2.10%
- YTD
- 2.56%
- 6M
- 3.42%
- 1Y
- 9.74%
- 3Y*
- 4.78%
- 5Y*
- 1.43%
- 10Y*
- 2.18%
PRNHX vs. PRNYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRNHX T. Rowe Price New Horizons Fund | 14.91% | 3.27% | 8.80% | 21.35% | -36.96% | 9.96% | 58.05% | 56.50% | 3.79% | 31.59% |
PRNYX T. Rowe Price New York Tax Free Bond Fund | 2.56% | 4.53% | 3.35% | 8.08% | -11.19% | 3.27% | 4.08% | 6.59% | 0.80% | 4.69% |
Correlation
The correlation between PRNHX and PRNYX is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 1987 | 0.01 |
The correlation between PRNHX and PRNYX shifts across timeframes, from 0.01 (all time) to 0.13 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PRNHX vs. PRNYX — Risk / Return Rank
PRNHX
PRNYX
PRNHX vs. PRNYX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price New Horizons Fund (PRNHX) and T. Rowe Price New York Tax Free Bond Fund (PRNYX). 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.
| PRNHX | PRNYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.59 | ||
| Sortino ratioReturn per unit of downside risk | -2.73 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.73 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | 2.11 | 3.17 | -1.06 |
| Martin ratioReturn relative to average drawdown | 8.04 | 11.18 | -3.14 |
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Drawdowns
PRNHX vs. PRNYX - Drawdown Comparison
The maximum PRNHX drawdown since its inception was -70.96%, which is greater than PRNYX's maximum drawdown of -19.17%. Use the drawdown chart below to compare losses from any high point for PRNHX and PRNYX.
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Drawdown Indicators
| PRNHX | PRNYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.96% | -19.17% | -51.79% |
Max Drawdown (1Y)Largest decline over 1 year | -13.12% | -3.02% | -10.10% |
Max Drawdown (3Y)Largest decline over 3 years | -26.65% | -7.11% | -19.54% |
Max Drawdown (5Y)Largest decline over 5 years | -48.37% | -16.01% | -32.36% |
Max Drawdown (10Y)Largest decline over 10 years | -48.37% | -16.01% | -32.36% |
Current DrawdownCurrent decline from peak | -11.48% | -0.09% | -11.39% |
Average DrawdownAverage peak-to-trough decline | -18.37% | -2.39% | -15.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.44% | 0.85% | +2.59% |
Volatility
PRNHX vs. PRNYX - Volatility Comparison
T. Rowe Price New Horizons Fund (PRNHX) has a higher volatility of 9.17% compared to T. Rowe Price New York Tax Free Bond Fund (PRNYX) at 0.93%. This indicates that PRNHX's price experiences larger fluctuations and is considered to be riskier than PRNYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRNHX | PRNYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.17% | 0.93% | +8.24% |
Volatility (6M)Calculated over the trailing 6-month period | 17.31% | 2.46% | +14.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.04% | 3.30% | +17.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.82% | 4.59% | +20.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.94% | 4.19% | +18.75% |
PRNHX vs. PRNYX - Expense Ratio Comparison
PRNHX has a 0.75% expense ratio, which is higher than PRNYX's 0.53% expense ratio.
Dividends
PRNHX vs. PRNYX - Dividend Comparison
PRNHX's dividend yield for the trailing twelve months is around 10.31%, more than PRNYX's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRNHX T. Rowe Price New Horizons Fund | 10.31% | 11.85% | 9.82% | 0.00% | 4.72% | 17.09% | 13.67% | 23.46% | 13.94% | 8.27% | 5.77% | 7.72% |
PRNYX T. Rowe Price New York Tax Free Bond Fund | 4.75% | 4.72% | 4.32% | 3.33% | 2.15% | 2.46% | 2.86% | 2.90% | 3.24% | 3.19% | 3.34% | 3.43% |
Frequently Asked Questions
PRNHX and PRNYX have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRNHX has higher volatility (9.17%) compared to PRNYX (0.93%). In terms of maximum drawdown, PRNHX dropped -70.96% vs PRNYX's -19.17%.
PRNYX currently has the higher Sharpe Ratio (2.90 vs 1.32), 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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