PRNYX vs. TACAX
PRNYX (T. Rowe Price New York Tax Free Bond Fund) and TACAX (John Hancock California Municipal Bond Fund) are both Municipal Bonds funds. Over the past 10 years, PRNYX returned 2.24%/yr vs 2.07%/yr for TACAX. Their correlation of 0.83 suggests significant overlap in exposure. PRNYX charges 0.53%/yr vs 0.81%/yr for TACAX.
Performance
PRNYX vs. TACAX - 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 TACAX's 2.35% return. Over the past 10 years, PRNYX has outperformed TACAX with an annualized return of 2.24%, while TACAX has yielded a comparatively lower 2.07% 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%
TACAX
- 1D
- 0.10%
- 1M
- 2.39%
- YTD
- 2.35%
- 6M
- 2.99%
- 1Y
- 8.67%
- 3Y*
- 4.06%
- 5Y*
- 1.14%
- 10Y*
- 2.07%
PRNYX vs. TACAX - 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% |
TACAX John Hancock California Municipal Bond Fund | 2.35% | 3.05% | 2.32% | 7.28% | -9.13% | 2.32% | 3.70% | 7.71% | 0.43% | 6.11% |
Correlation
The correlation between PRNYX and TACAX is 0.82, 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 | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 1990 | 0.83 |
The correlation between PRNYX and TACAX has been stable across timeframes, ranging from 0.82 to 0.90 - a consistent structural relationship.
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Return for Risk
PRNYX vs. TACAX — Risk / Return Rank
PRNYX
TACAX
PRNYX vs. TACAX - 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 John Hancock California Municipal Bond Fund (TACAX). 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 | TACAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.66 | ||
| Sortino ratioReturn per unit of downside risk | +1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.75 | 1.55 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 3.24 | 2.36 | +0.88 |
| Martin ratioReturn relative to average drawdown | 11.42 | 8.01 | +3.41 |
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Drawdowns
PRNYX vs. TACAX - Drawdown Comparison
The maximum PRNYX drawdown since its inception was -19.17%, which is greater than TACAX's maximum drawdown of -15.80%. Use the drawdown chart below to compare losses from any high point for PRNYX and TACAX.
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Drawdown Indicators
| PRNYX | TACAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.17% | -15.80% | -3.37% |
Max Drawdown (1Y)Largest decline over 1 year | -3.02% | -3.69% | +0.67% |
Max Drawdown (3Y)Largest decline over 3 years | -7.11% | -8.55% | +1.44% |
Max Drawdown (5Y)Largest decline over 5 years | -16.01% | -15.09% | -0.92% |
Max Drawdown (10Y)Largest decline over 10 years | -16.01% | -15.09% | -0.92% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.39% | -2.02% | -0.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.85% | 1.08% | -0.23% |
Volatility
PRNYX vs. TACAX - Volatility Comparison
T. Rowe Price New York Tax Free Bond Fund (PRNYX) and John Hancock California Municipal Bond Fund (TACAX) have volatilities of 0.91% and 0.91%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRNYX | TACAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.91% | 0.91% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 2.47% | 2.78% | -0.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.30% | 3.78% | -0.48% |
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% | 4.70% | -0.50% |
PRNYX vs. TACAX - Expense Ratio Comparison
PRNYX has a 0.53% expense ratio, which is lower than TACAX's 0.81% expense ratio.
Dividends
PRNYX vs. TACAX - Dividend Comparison
PRNYX's dividend yield for the trailing twelve months is around 4.74%, more than TACAX's 3.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
TACAX John Hancock California Municipal Bond Fund | 3.81% | 4.64% | 3.09% | 2.40% | 2.93% | 3.04% | 2.86% | 4.16% | 3.51% | 3.48% | 3.64% | 3.66% |
Frequently Asked Questions
PRNYX and TACAX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TACAX has higher volatility (0.91%) compared to PRNYX (0.91%). In terms of maximum drawdown, PRNYX dropped -19.17% vs TACAX's -15.80%.
PRNYX currently has the higher Sharpe Ratio (2.96 vs 2.30), 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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