PRNYX vs. MAPYX
PRNYX (T. Rowe Price New York Tax Free Bond Fund) and MAPYX (BlackRock Pennsylvania Municipal Bond Fund) are both Municipal Bonds funds. Over the past 10 years, PRNYX returned 2.24%/yr vs 1.96%/yr for MAPYX. Their correlation of 0.80 suggests significant overlap in exposure. PRNYX charges 0.53%/yr vs 0.54%/yr for MAPYX.
Performance
PRNYX vs. MAPYX - 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 MAPYX's 2.07% return. Over the past 10 years, PRNYX has outperformed MAPYX with an annualized return of 2.24%, while MAPYX has yielded a comparatively lower 1.96% annualized return.
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%
MAPYX
- 1D
- 0.10%
- 1M
- 2.08%
- YTD
- 2.07%
- 6M
- 2.49%
- 1Y
- 8.45%
- 3Y*
- 4.70%
- 5Y*
- 0.77%
- 10Y*
- 1.96%
PRNYX vs. MAPYX - 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% |
MAPYX BlackRock Pennsylvania Municipal Bond Fund | 2.07% | 5.20% | 3.57% | 5.80% | -12.40% | 3.18% | 4.29% | 6.67% | 0.73% | 5.78% |
Correlation
The correlation between PRNYX and MAPYX is 0.74, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Aug 31, 1990 | 0.80 |
The correlation between PRNYX and MAPYX has been stable across timeframes, ranging from 0.74 to 0.80 - a consistent structural relationship.
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Return for Risk
PRNYX vs. MAPYX — Risk / Return Rank
PRNYX
MAPYX
PRNYX vs. MAPYX - 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 BlackRock Pennsylvania Municipal Bond Fund (MAPYX). 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 | MAPYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.75 | 1.63 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 3.24 | 2.57 | +0.67 |
| Martin ratioReturn relative to average drawdown | 11.42 | 8.83 | +2.59 |
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Drawdowns
PRNYX vs. MAPYX - Drawdown Comparison
The maximum PRNYX drawdown since its inception was -19.17%, which is greater than MAPYX's maximum drawdown of -17.13%. Use the drawdown chart below to compare losses from any high point for PRNYX and MAPYX.
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Drawdown Indicators
| PRNYX | MAPYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.17% | -17.13% | -2.04% |
Max Drawdown (1Y)Largest decline over 1 year | -3.02% | -3.30% | +0.28% |
Max Drawdown (3Y)Largest decline over 3 years | -7.11% | -7.06% | -0.05% |
Max Drawdown (5Y)Largest decline over 5 years | -16.01% | -17.13% | +1.12% |
Max Drawdown (10Y)Largest decline over 10 years | -16.01% | -17.13% | +1.12% |
Current DrawdownCurrent decline from peak | 0.00% | -0.02% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -2.39% | -2.28% | -0.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.85% | 0.96% | -0.11% |
Volatility
PRNYX vs. MAPYX - Volatility Comparison
T. Rowe Price New York Tax Free Bond Fund (PRNYX) has a higher volatility of 0.91% compared to BlackRock Pennsylvania Municipal Bond Fund (MAPYX) at 0.86%. This indicates that PRNYX's price experiences larger fluctuations and is considered to be riskier than MAPYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRNYX | MAPYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.91% | 0.86% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 2.47% | 2.48% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.30% | 3.33% | -0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.58% | 5.28% | -0.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.20% | 4.86% | -0.66% |
PRNYX vs. MAPYX - Expense Ratio Comparison
PRNYX has a 0.53% expense ratio, which is lower than MAPYX's 0.54% expense ratio.
Dividends
PRNYX vs. MAPYX - Dividend Comparison
PRNYX's dividend yield for the trailing twelve months is around 4.74%, more than MAPYX's 3.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MAPYX BlackRock Pennsylvania Municipal Bond Fund | 3.81% | 4.98% | 4.11% | 3.00% | 2.17% | 2.59% | 3.14% | 3.79% | 4.03% | 4.16% | 4.12% | 4.00% |
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 MAPYX have a correlation of 0.74, 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 MAPYX (0.86%). In terms of maximum drawdown, PRNYX dropped -19.17% vs MAPYX's -17.13%.
PRNYX currently has the higher Sharpe Ratio (2.96 vs 2.55), 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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