PRNYX vs. ALCAX
PRNYX (T. Rowe Price New York Tax Free Bond Fund) and ALCAX (AB Municipal Income Fund California Portfolio) are both Municipal Bonds funds. Over the past 10 years, PRNYX returned 2.24%/yr vs 2.13%/yr for ALCAX. A 0.79 correlation means they provide meaningful diversification when combined. PRNYX charges 0.53%/yr vs 0.75%/yr for ALCAX.
Performance
PRNYX vs. ALCAX - Performance Comparison
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Returns By Period
In the year-to-date period, PRNYX achieves a 2.66% return, which is significantly higher than ALCAX's 1.61% return. Both investments have delivered pretty close results over the past 10 years, with PRNYX having a 2.24% annualized return and ALCAX not far behind at 2.13%.
PRNYX
- 1D
- 0.18%
- 1M
- 2.19%
- YTD
- 2.66%
- 6M
- 3.42%
- 1Y
- 9.84%
- 3Y*
- 4.94%
- 5Y*
- 1.43%
- 10Y*
- 2.24%
ALCAX
- 1D
- 0.00%
- 1M
- 1.55%
- YTD
- 1.61%
- 6M
- 2.10%
- 1Y
- 6.67%
- 3Y*
- 4.28%
- 5Y*
- 1.16%
- 10Y*
- 2.13%
PRNYX vs. ALCAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRNYX T. Rowe Price New York Tax Free Bond Fund | 2.66% | 4.53% | 3.35% | 8.08% | -11.19% | 3.27% | 4.08% | 6.59% | 0.80% | 4.69% |
ALCAX AB Municipal Income Fund California Portfolio | 1.61% | 4.84% | 2.41% | 6.38% | -8.98% | 1.71% | 4.86% | 7.05% | 0.54% | 5.54% |
Correlation
The correlation between PRNYX and ALCAX is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 1990 | 0.79 |
The correlation between PRNYX and ALCAX shifts across timeframes, from 0.79 (all time) to 0.89 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PRNYX vs. ALCAX — Risk / Return Rank
PRNYX
ALCAX
PRNYX vs. ALCAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price New York Tax Free Bond Fund (PRNYX) and AB Municipal Income Fund California Portfolio (ALCAX). 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.
| PRNYX | ALCAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.48 | ||
| Sortino ratioReturn per unit of downside risk | +0.73 | ||
| Omega ratioGain probability vs. loss probability | 1.75 | 1.63 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 3.24 | 2.31 | +0.93 |
| Martin ratioReturn relative to average drawdown | 11.42 | 7.55 | +3.86 |
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Drawdowns
PRNYX vs. ALCAX - Drawdown Comparison
The maximum PRNYX drawdown since its inception was -19.17%, which is greater than ALCAX's maximum drawdown of -14.67%. Use the drawdown chart below to compare losses from any high point for PRNYX and ALCAX.
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Drawdown Indicators
| PRNYX | ALCAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.17% | -14.67% | -4.50% |
Max Drawdown (1Y)Largest decline over 1 year | -3.02% | -2.90% | -0.12% |
Max Drawdown (3Y)Largest decline over 3 years | -7.11% | -5.05% | -2.06% |
Max Drawdown (5Y)Largest decline over 5 years | -16.01% | -14.31% | -1.70% |
Max Drawdown (10Y)Largest decline over 10 years | -16.01% | -14.31% | -1.70% |
Current DrawdownCurrent decline from peak | 0.00% | -0.55% | +0.55% |
Average DrawdownAverage peak-to-trough decline | -2.39% | -1.79% | -0.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.85% | 0.88% | -0.03% |
Volatility
PRNYX vs. ALCAX - Volatility Comparison
T. Rowe Price New York Tax Free Bond Fund (PRNYX) has a higher volatility of 0.91% compared to AB Municipal Income Fund California Portfolio (ALCAX) at 0.70%. This indicates that PRNYX's price experiences larger fluctuations and is considered to be riskier than ALCAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRNYX | ALCAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.91% | 0.70% | +0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 2.47% | 2.02% | +0.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.30% | 2.70% | +0.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.58% | 3.84% | +0.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.20% | 3.85% | +0.35% |
PRNYX vs. ALCAX - Expense Ratio Comparison
PRNYX has a 0.53% expense ratio, which is lower than ALCAX's 0.75% expense ratio.
Dividends
PRNYX vs. ALCAX - Dividend Comparison
PRNYX's dividend yield for the trailing twelve months is around 4.74%, more than ALCAX's 3.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ALCAX AB Municipal Income Fund California Portfolio | 3.34% | 4.38% | 3.15% | 2.84% | 2.43% | 1.61% | 2.74% | 3.35% | 3.63% | 3.21% | 3.38% | 3.37% |
PRNYX T. Rowe Price New York Tax Free Bond Fund | 4.74% | 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
PRNYX and ALCAX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRNYX has higher volatility (0.91%) compared to ALCAX (0.70%). In terms of maximum drawdown, PRNYX dropped -19.17% vs ALCAX's -14.67%.
PRNYX currently has the higher Sharpe Ratio (2.96 vs 2.48), 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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