PRTAX vs. ABHYX
PRTAX (T. Rowe Price Tax Free Income Fund) and ABHYX (American Century High-Yield Municipal Fund) are both mutual funds - PRTAX is a Municipal Bonds fund managed by T. Rowe Price, while ABHYX is a High Yield Muni fund managed by American Century. Over the past 10 years, PRTAX returned 2.68%/yr vs 2.79%/yr for ABHYX. Their correlation of 0.82 suggests significant overlap in exposure. PRTAX charges 0.53%/yr vs 0.59%/yr for ABHYX.
Performance
PRTAX vs. ABHYX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with PRTAX having a 2.43% return and ABHYX slightly higher at 2.50%. Both investments have delivered pretty close results over the past 10 years, with PRTAX having a 2.68% annualized return and ABHYX not far ahead at 2.79%.
PRTAX
- 1D
- 0.00%
- 1M
- 1.94%
- YTD
- 2.43%
- 6M
- 2.92%
- 1Y
- 8.12%
- 3Y*
- 5.81%
- 5Y*
- 2.15%
- 10Y*
- 2.68%
ABHYX
- 1D
- 0.00%
- 1M
- 1.97%
- YTD
- 2.50%
- 6M
- 3.11%
- 1Y
- 7.67%
- 3Y*
- 5.20%
- 5Y*
- 0.81%
- 10Y*
- 2.79%
PRTAX vs. ABHYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRTAX T. Rowe Price Tax Free Income Fund | 2.43% | 4.45% | 5.18% | 9.82% | -10.81% | 2.85% | 4.87% | 7.25% | 0.70% | 5.17% |
ABHYX American Century High-Yield Municipal Fund | 2.50% | 3.77% | 6.16% | 5.90% | -13.90% | 5.61% | 4.68% | 9.72% | 1.48% | 9.27% |
Correlation
The correlation between PRTAX and ABHYX is 0.77, 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 | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.87 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 1998 | 0.82 |
The correlation between PRTAX and ABHYX shifts across timeframes, from 0.77 (1 year) to 0.87 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PRTAX vs. ABHYX — Risk / Return Rank
PRTAX
ABHYX
PRTAX vs. ABHYX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Tax Free Income Fund (PRTAX) and American Century High-Yield Municipal Fund (ABHYX). 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.
| PRTAX | ABHYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.44 | ||
| Sortino ratioReturn per unit of downside risk | +0.71 | ||
| Omega ratioGain probability vs. loss probability | 1.71 | 1.58 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 3.00 | 2.48 | +0.52 |
| Martin ratioReturn relative to average drawdown | 10.61 | 8.43 | +2.19 |
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Drawdowns
PRTAX vs. ABHYX - Drawdown Comparison
The maximum PRTAX drawdown since its inception was -20.97%, smaller than the maximum ABHYX drawdown of -26.34%. Use the drawdown chart below to compare losses from any high point for PRTAX and ABHYX.
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Drawdown Indicators
| PRTAX | ABHYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.97% | -26.34% | +5.37% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -3.16% | +0.33% |
Max Drawdown (3Y)Largest decline over 3 years | -5.67% | -7.40% | +1.73% |
Max Drawdown (5Y)Largest decline over 5 years | -15.68% | -18.54% | +2.86% |
Max Drawdown (10Y)Largest decline over 10 years | -15.68% | -18.54% | +2.86% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -3.23% | -3.10% | -0.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 0.93% | -0.14% |
Volatility
PRTAX vs. ABHYX - Volatility Comparison
T. Rowe Price Tax Free Income Fund (PRTAX) and American Century High-Yield Municipal Fund (ABHYX) have volatilities of 0.83% and 0.87%, 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
| PRTAX | ABHYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.83% | 0.87% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 2.21% | 2.43% | -0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.04% | 3.32% | -0.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.40% | 4.95% | -0.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.23% | 4.98% | -0.75% |
PRTAX vs. ABHYX - Expense Ratio Comparison
PRTAX has a 0.53% expense ratio, which is lower than ABHYX's 0.59% expense ratio.
Dividends
PRTAX vs. ABHYX - Dividend Comparison
PRTAX's dividend yield for the trailing twelve months is around 3.75%, less than ABHYX's 4.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ABHYX American Century High-Yield Municipal Fund | 4.31% | 5.11% | 4.96% | 4.02% | 2.77% | 3.50% | 3.35% | 4.08% | 3.90% | 3.61% | 3.61% | 3.91% |
PRTAX T. Rowe Price Tax Free Income Fund | 3.75% | 4.61% | 5.90% | 5.55% | 2.20% | 2.42% | 2.85% | 3.28% | 3.61% | 3.63% | 3.80% | 3.78% |
Frequently Asked Questions
PRTAX and ABHYX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ABHYX has higher volatility (0.87%) compared to PRTAX (0.83%). In terms of maximum drawdown, PRTAX dropped -20.97% vs ABHYX's -26.34%.
PRTAX currently has the higher Sharpe Ratio (2.80 vs 2.36), 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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