PRTAX vs. LSMSX
Compare and contrast key facts about T. Rowe Price Tax Free Income Fund (PRTAX) and Western Asset SMASh Series TF Fund (LSMSX).
PRTAX is managed by T. Rowe Price. It was launched on Oct 25, 1976. LSMSX is managed by Franklin Templeton. It was launched on Dec 22, 2015.
Performance
PRTAX vs. LSMSX - Performance Comparison
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PRTAX vs. LSMSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRTAX T. Rowe Price Tax Free Income Fund | -0.18% | 4.45% | 5.18% | 9.82% | -10.81% | 2.85% | 4.87% | 7.25% | 0.70% | 4.86% |
LSMSX Western Asset SMASh Series TF Fund | -0.27% | 3.22% | 2.22% | 7.96% | -10.03% | 4.11% | 4.48% | 8.16% | 0.46% | 4.92% |
Returns By Period
In the year-to-date period, PRTAX achieves a -0.18% return, which is significantly higher than LSMSX's -0.27% return.
PRTAX
- 1D
- 0.22%
- 1M
- -2.62%
- YTD
- -0.18%
- 6M
- 1.34%
- 1Y
- 4.10%
- 3Y*
- 5.22%
- 5Y*
- 2.05%
- 10Y*
- 2.66%
LSMSX
- 1D
- 0.21%
- 1M
- -2.62%
- YTD
- -0.27%
- 6M
- 1.22%
- 1Y
- 3.63%
- 3Y*
- 3.26%
- 5Y*
- 1.12%
- 10Y*
- —
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PRTAX vs. LSMSX - Expense Ratio Comparison
PRTAX has a 0.53% expense ratio, which is higher than LSMSX's 0.01% expense ratio.
Return for Risk
PRTAX vs. LSMSX — Risk / Return Rank
PRTAX
LSMSX
PRTAX vs. LSMSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Tax Free Income Fund (PRTAX) and Western Asset SMASh Series TF Fund (LSMSX). 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.
| PRTAX | LSMSX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.86 | 0.67 | +0.19 |
Sortino ratioReturn per unit of downside risk | 1.17 | 0.89 | +0.29 |
Omega ratioGain probability vs. loss probability | 1.23 | 1.20 | +0.04 |
Calmar ratioReturn relative to maximum drawdown | 0.74 | 0.71 | +0.03 |
Martin ratioReturn relative to average drawdown | 2.16 | 1.98 | +0.18 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PRTAX | LSMSX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.86 | 0.67 | +0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.47 | 0.25 | +0.22 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.63 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.89 | 0.58 | +0.31 |
Correlation
The correlation between PRTAX and LSMSX is 0.81, 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.
Dividends
PRTAX vs. LSMSX - Dividend Comparison
PRTAX's dividend yield for the trailing twelve months is around 3.79%, less than LSMSX's 3.97% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRTAX T. Rowe Price Tax Free Income Fund | 3.79% | 4.61% | 5.90% | 5.55% | 2.20% | 2.42% | 2.85% | 3.28% | 3.61% | 3.63% | 3.80% | 3.78% |
LSMSX Western Asset SMASh Series TF Fund | 3.97% | 3.83% | 4.30% | 3.37% | 2.38% | 2.73% | 2.33% | 2.55% | 2.34% | 0.90% | 0.00% | 0.00% |
Drawdowns
PRTAX vs. LSMSX - Drawdown Comparison
The maximum PRTAX drawdown since its inception was -20.97%, which is greater than LSMSX's maximum drawdown of -15.00%. Use the drawdown chart below to compare losses from any high point for PRTAX and LSMSX.
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Drawdown Indicators
| PRTAX | LSMSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.97% | -15.00% | -5.97% |
Max Drawdown (1Y)Largest decline over 1 year | -5.33% | -6.21% | +0.88% |
Max Drawdown (5Y)Largest decline over 5 years | -15.68% | -15.00% | -0.68% |
Max Drawdown (10Y)Largest decline over 10 years | -15.68% | — | — |
Current DrawdownCurrent decline from peak | -2.62% | -2.62% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -3.25% | -2.88% | -0.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.82% | 2.21% | -0.39% |
Volatility
PRTAX vs. LSMSX - Volatility Comparison
T. Rowe Price Tax Free Income Fund (PRTAX) and Western Asset SMASh Series TF Fund (LSMSX) have volatilities of 1.14% and 1.10%, 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 | LSMSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 1.10% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 1.90% | 1.60% | +0.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.55% | 5.78% | -0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.36% | 4.44% | -0.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.21% | 4.52% | -0.31% |