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 2.52%/yr vs 2.61%/yr for ABHYX. Their correlation of 0.82 means they have usually moved in the same direction. PRTAX charges 0.53%/yr vs 0.59%/yr for ABHYX.
Performance
PRTAX vs. ABHYX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PRTAX achieves a 1.02% return, which is significantly lower than ABHYX's 1.21% return. Both investments have delivered pretty close results over the past 10 years, with PRTAX having a 2.52% annualized return and ABHYX not far ahead at 2.61%.
PRTAX
- 1D
- -0.21%
- 1M
- -2.11%
- 6M
- 0.38%
- YTD
- 1.02%
- 1Y
- 6.43%
- 3Y*
- 5.07%
- 5Y*
- 1.65%
- 10Y*
- 2.52%
- ALL TIME*
- 3.77%
ABHYX
- 1D
- -0.35%
- 1M
- -2.15%
- 6M
- 0.61%
- YTD
- 1.21%
- 1Y
- 6.52%
- 3Y*
- 4.69%
- 5Y*
- 0.30%
- 10Y*
- 2.61%
- ALL TIME*
- 4.10%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
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 | 1.02% | 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 | 1.21% | 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 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.79 |
Correlation (3Y) Balances recent behavior with more history. | 0.84 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.87 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.85 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 1998 | 0.82 |
The correlation between PRTAX and ABHYX has been stable across timeframes, ranging from 0.79 to 0.87 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.57 | 1.55 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.55 | 2.41 | +0.15 |
| Martin ratioReturn relative to average drawdown | 8.88 | 8.39 | +0.49 |
Loading charts...
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.
Loading charts...
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% | -6.60% | +0.93% |
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 | -2.11% | -2.15% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -3.23% | -3.10% | -0.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 0.90% | -0.10% |
Volatility
PRTAX vs. ABHYX - Volatility Comparison
The current volatility for T. Rowe Price Tax Free Income Fund (PRTAX) is 0.92%, while American Century High-Yield Municipal Fund (ABHYX) has a volatility of 1.06%. This indicates that PRTAX experiences smaller price fluctuations and is considered to be less risky than ABHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PRTAX | ABHYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.92% | 1.06% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 2.40% | 2.60% | -0.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.09% | 3.35% | -0.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.42% | 4.97% | -0.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.23% | 4.99% | -0.76% |
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 3.53%, less than ABHYX's 4.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ABHYX American Century High-Yield Municipal Fund | 4.00% | 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 | 3.53% | 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 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ABHYX has higher volatility (1.06%) compared to PRTAX (0.92%). In terms of maximum drawdown, PRTAX dropped -20.97% vs ABHYX's -26.34%.
PRTAX currently has the higher Sharpe Ratio (2.35 vs 2.27), 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.
Find the right allocation for PRTAX and ABHYX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer