PRNYX vs. FXIEX
PRNYX (T. Rowe Price New York Tax Free Bond Fund) and FXIEX (PIMCO Fixed Income SHares: Series TE) are both Municipal Bonds funds. Over the past 10 years, PRNYX returned 2.18%/yr vs 2.77%/yr for FXIEX. A 0.71 correlation means they provide meaningful diversification when combined. PRNYX charges 0.53%/yr vs 0.07%/yr for FXIEX.
Performance
PRNYX vs. FXIEX - Performance Comparison
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Returns By Period
In the year-to-date period, PRNYX achieves a 2.56% return, which is significantly higher than FXIEX's 1.81% return. Over the past 10 years, PRNYX has underperformed FXIEX with an annualized return of 2.18%, while FXIEX has yielded a comparatively higher 2.77% annualized return.
PRNYX
- 1D
- -0.09%
- 1M
- 2.10%
- YTD
- 2.56%
- 6M
- 3.42%
- 1Y
- 9.53%
- 3Y*
- 4.78%
- 5Y*
- 1.43%
- 10Y*
- 2.18%
FXIEX
- 1D
- -0.10%
- 1M
- 1.74%
- YTD
- 1.81%
- 6M
- 2.34%
- 1Y
- 6.34%
- 3Y*
- 4.97%
- 5Y*
- 1.63%
- 10Y*
- 2.77%
PRNYX vs. FXIEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRNYX T. Rowe Price New York Tax Free Bond Fund | 2.56% | 4.53% | 3.35% | 8.08% | -11.19% | 3.27% | 4.08% | 6.59% | 0.80% | 4.69% |
FXIEX PIMCO Fixed Income SHares: Series TE | 1.81% | 3.37% | 5.16% | 8.92% | -10.89% | 2.19% | 7.22% | 8.45% | 1.00% | 7.71% |
Correlation
The correlation between PRNYX and FXIEX is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Jun 25, 2012 | 0.71 |
The correlation between PRNYX and FXIEX shifts across timeframes, from 0.71 (all time) to 0.84 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PRNYX vs. FXIEX — Risk / Return Rank
PRNYX
FXIEX
PRNYX vs. FXIEX - 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 PIMCO Fixed Income SHares: Series TE (FXIEX). 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 | FXIEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.64 | ||
| Sortino ratioReturn per unit of downside risk | +0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.75 | 1.57 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 3.24 | 3.32 | -0.09 |
| Martin ratioReturn relative to average drawdown | 11.42 | 11.01 | +0.41 |
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Drawdowns
PRNYX vs. FXIEX - Drawdown Comparison
The maximum PRNYX drawdown since its inception was -19.17%, which is greater than FXIEX's maximum drawdown of -15.25%. Use the drawdown chart below to compare losses from any high point for PRNYX and FXIEX.
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Drawdown Indicators
| PRNYX | FXIEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.17% | -15.25% | -3.92% |
Max Drawdown (1Y)Largest decline over 1 year | -3.02% | -2.42% | -0.60% |
Max Drawdown (3Y)Largest decline over 3 years | -7.11% | -5.56% | -1.55% |
Max Drawdown (5Y)Largest decline over 5 years | -16.01% | -15.25% | -0.76% |
Max Drawdown (10Y)Largest decline over 10 years | -16.01% | -15.25% | -0.76% |
Current DrawdownCurrent decline from peak | -0.09% | -0.10% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -2.39% | -2.89% | +0.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.85% | 1.65% | -0.80% |
Volatility
PRNYX vs. FXIEX - Volatility Comparison
T. Rowe Price New York Tax Free Bond Fund (PRNYX) has a higher volatility of 0.93% compared to PIMCO Fixed Income SHares: Series TE (FXIEX) at 0.84%. This indicates that PRNYX's price experiences larger fluctuations and is considered to be riskier than FXIEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRNYX | FXIEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | 0.84% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 2.47% | 2.17% | +0.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.31% | 3.47% | -0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.59% | 4.37% | +0.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.20% | 4.10% | +0.10% |
PRNYX vs. FXIEX - Expense Ratio Comparison
PRNYX has a 0.53% expense ratio, which is higher than FXIEX's 0.07% expense ratio.
Dividends
PRNYX vs. FXIEX - Dividend Comparison
PRNYX's dividend yield for the trailing twelve months is around 4.75%, more than FXIEX's 2.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXIEX PIMCO Fixed Income SHares: Series TE | 2.79% | 2.75% | 4.53% | 3.98% | 3.25% | 2.63% | 3.37% | 3.63% | 3.79% | 2.67% | 0.00% | 0.00% |
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
PRNYX and FXIEX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRNYX has higher volatility (0.93%) compared to FXIEX (0.84%). In terms of maximum drawdown, PRNYX dropped -19.17% vs FXIEX's -15.25%.
PRNYX currently has the higher Sharpe Ratio (2.96 vs 2.32), 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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