PRSMX vs. NJTFX
PRSMX (T. Rowe Price Summit Municipal Intermediate Fund) and NJTFX (T. Rowe Price New Jersey Tax Free Bond Fund) are both Municipal Bonds funds from T. Rowe Price. Over the past 10 years, PRSMX returned 1.75%/yr vs 2.38%/yr for NJTFX. Their correlation of 0.87 suggests significant overlap in exposure. PRSMX charges 0.50%/yr vs 0.56%/yr for NJTFX.
Performance
PRSMX vs. NJTFX - Performance Comparison
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Returns By Period
In the year-to-date period, PRSMX achieves a 1.42% return, which is significantly lower than NJTFX's 2.03% return. Over the past 10 years, PRSMX has underperformed NJTFX with an annualized return of 1.75%, while NJTFX has yielded a comparatively higher 2.38% annualized return.
PRSMX
- 1D
- -0.09%
- 1M
- 1.25%
- YTD
- 1.42%
- 6M
- 1.89%
- 1Y
- 6.33%
- 3Y*
- 3.36%
- 5Y*
- 0.82%
- 10Y*
- 1.75%
NJTFX
- 1D
- -0.09%
- 1M
- 1.62%
- YTD
- 2.03%
- 6M
- 2.81%
- 1Y
- 8.91%
- 3Y*
- 4.77%
- 5Y*
- 1.55%
- 10Y*
- 2.38%
PRSMX vs. NJTFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRSMX T. Rowe Price Summit Municipal Intermediate Fund | 1.42% | 5.01% | 0.87% | 5.02% | -8.09% | 1.49% | 4.47% | 6.51% | 0.80% | 4.20% |
NJTFX T. Rowe Price New Jersey Tax Free Bond Fund | 2.03% | 5.00% | 4.01% | 7.17% | -10.24% | 2.67% | 4.73% | 6.65% | 1.31% | 5.30% |
Correlation
The correlation between PRSMX and NJTFX is 0.84, 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 | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
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 3, 1994 | 0.87 |
The correlation between PRSMX and NJTFX has been stable across timeframes, ranging from 0.84 to 0.90 - a consistent structural relationship.
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Return for Risk
PRSMX vs. NJTFX — Risk / Return Rank
PRSMX
NJTFX
PRSMX vs. NJTFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Summit Municipal Intermediate Fund (PRSMX) and T. Rowe Price New Jersey Tax Free Bond Fund (NJTFX). 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.
| PRSMX | NJTFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.43 | ||
| Sortino ratioReturn per unit of downside risk | -0.86 | ||
| Omega ratioGain probability vs. loss probability | 1.79 | 1.90 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.49 | 3.49 | -1.00 |
| Martin ratioReturn relative to average drawdown | 8.25 | 13.19 | -4.94 |
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Drawdowns
PRSMX vs. NJTFX - Drawdown Comparison
The maximum PRSMX drawdown since its inception was -12.30%, smaller than the maximum NJTFX drawdown of -15.19%. Use the drawdown chart below to compare losses from any high point for PRSMX and NJTFX.
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Drawdown Indicators
| PRSMX | NJTFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.30% | -15.19% | +2.89% |
Max Drawdown (1Y)Largest decline over 1 year | -2.66% | -2.59% | -0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -4.23% | -5.69% | +1.46% |
Max Drawdown (5Y)Largest decline over 5 years | -12.30% | -15.19% | +2.89% |
Max Drawdown (10Y)Largest decline over 10 years | -12.30% | -15.19% | +2.89% |
Current DrawdownCurrent decline from peak | -0.66% | -0.09% | -0.57% |
Average DrawdownAverage peak-to-trough decline | -1.46% | -1.81% | +0.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 0.68% | +0.11% |
Volatility
PRSMX vs. NJTFX - Volatility Comparison
The current volatility for T. Rowe Price Summit Municipal Intermediate Fund (PRSMX) is 0.63%, while T. Rowe Price New Jersey Tax Free Bond Fund (NJTFX) has a volatility of 0.71%. This indicates that PRSMX experiences smaller price fluctuations and is considered to be less risky than NJTFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRSMX | NJTFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.63% | 0.71% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 1.74% | 1.96% | -0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.24% | 2.67% | -0.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.14% | 3.99% | -0.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.26% | 3.87% | -0.61% |
PRSMX vs. NJTFX - Expense Ratio Comparison
PRSMX has a 0.50% expense ratio, which is lower than NJTFX's 0.56% expense ratio.
Dividends
PRSMX vs. NJTFX - Dividend Comparison
PRSMX's dividend yield for the trailing twelve months is around 3.19%, less than NJTFX's 4.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NJTFX T. Rowe Price New Jersey Tax Free Bond Fund | 4.44% | 4.44% | 4.27% | 3.27% | 2.03% | 2.56% | 2.79% | 2.84% | 3.13% | 3.13% | 3.26% | 3.36% |
PRSMX T. Rowe Price Summit Municipal Intermediate Fund | 3.19% | 3.16% | 2.37% | 2.02% | 1.75% | 2.05% | 2.30% | 2.42% | 2.49% | 2.49% | 2.71% | 2.62% |
Frequently Asked Questions
PRSMX and NJTFX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NJTFX has higher volatility (0.71%) compared to PRSMX (0.63%). In terms of maximum drawdown, PRSMX dropped -12.30% vs NJTFX's -15.19%.
NJTFX currently has the higher Sharpe Ratio (3.39 vs 2.97), 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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