PRTAX vs. ABHYX
Compare and contrast key facts about T. Rowe Price Tax Free Income Fund (PRTAX) and American Century High-Yield Municipal Fund (ABHYX).
PRTAX is managed by T. Rowe Price. It was launched on Oct 25, 1976. ABHYX is managed by American Century Investments. It was launched on Mar 30, 1998.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: PRTAX or ABHYX.
Key characteristics
| PRTAX | ABHYX | |
|---|---|---|
| YTD Return | 2.59% | 5.83% |
| 1Y Return | 9.25% | 12.78% |
| 3Y Return (Ann) | -0.26% | -1.06% |
| 5Y Return (Ann) | 1.49% | 1.49% |
| 10Y Return (Ann) | 2.39% | 3.31% |
| Sharpe Ratio | 2.46 | 2.99 |
| Sortino Ratio | 3.81 | 4.47 |
| Omega Ratio | 1.59 | 1.75 |
| Calmar Ratio | 0.95 | 0.86 |
| Martin Ratio | 11.51 | 16.44 |
| Ulcer Index | 0.80% | 0.78% |
| Daily Std Dev | 3.76% | 4.27% |
| Max Drawdown | -17.63% | -26.33% |
| Current Drawdown | -1.41% | -3.87% |
Correlation
The correlation between PRTAX and ABHYX is 0.79, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Performance
PRTAX vs. ABHYX - Performance Comparison
In the year-to-date period, PRTAX achieves a 2.59% return, which is significantly lower than ABHYX's 5.83% return. Over the past 10 years, PRTAX has underperformed ABHYX with an annualized return of 2.39%, while ABHYX has yielded a comparatively higher 3.31% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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PRTAX vs. ABHYX - Expense Ratio Comparison
PRTAX has a 0.53% expense ratio, which is lower than ABHYX's 0.59% expense ratio.
Risk-Adjusted Performance
PRTAX vs. ABHYX - Risk-Adjusted Performance 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.
Dividends
PRTAX vs. ABHYX - Dividend Comparison
PRTAX's dividend yield for the trailing twelve months is around 3.28%, less than ABHYX's 4.16% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRTAX T. Rowe Price Tax Free Income Fund | 3.28% | 3.03% | 3.03% | 2.42% | 2.85% | 3.28% | 3.61% | 3.63% | 3.80% | 3.79% | 3.82% | 4.02% |
ABHYX American Century High-Yield Municipal Fund | 4.16% | 4.01% | 3.74% | 2.93% | 3.36% | 3.50% | 3.89% | 3.63% | 3.61% | 3.93% | 4.14% | 4.47% |
Drawdowns
PRTAX vs. ABHYX - Drawdown Comparison
The maximum PRTAX drawdown since its inception was -17.63%, smaller than the maximum ABHYX drawdown of -26.33%. Use the drawdown chart below to compare losses from any high point for PRTAX and ABHYX. For additional features, visit the drawdowns tool.
Volatility
PRTAX vs. ABHYX - Volatility Comparison
The current volatility for T. Rowe Price Tax Free Income Fund (PRTAX) is 1.89%, while American Century High-Yield Municipal Fund (ABHYX) has a volatility of 2.15%. 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.