PRTAX vs. PRINX
Compare and contrast key facts about T. Rowe Price Tax Free Income Fund (PRTAX) and T. Rowe Price Summit Municipal Income Fund (PRINX).
PRTAX is managed by T. Rowe Price. It was launched on Oct 25, 1976. PRINX is managed by T. Rowe Price. It was launched on Oct 28, 1993.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: PRTAX or PRINX.
Key characteristics
| PRTAX | PRINX | |
|---|---|---|
| YTD Return | 2.59% | 2.95% |
| 1Y Return | 9.25% | 9.30% |
| 3Y Return (Ann) | -0.26% | -0.47% |
| 5Y Return (Ann) | 1.49% | 1.39% |
| 10Y Return (Ann) | 2.39% | 2.50% |
| Sharpe Ratio | 2.46 | 2.46 |
| Sortino Ratio | 3.81 | 3.76 |
| Omega Ratio | 1.59 | 1.58 |
| Calmar Ratio | 0.95 | 0.90 |
| Martin Ratio | 11.51 | 12.47 |
| Ulcer Index | 0.80% | 0.75% |
| Daily Std Dev | 3.76% | 3.78% |
| Max Drawdown | -17.63% | -15.70% |
| Current Drawdown | -1.41% | -1.97% |
Correlation
The correlation between PRTAX and PRINX is 0.90, 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. PRINX - Performance Comparison
In the year-to-date period, PRTAX achieves a 2.59% return, which is significantly lower than PRINX's 2.95% return. Both investments have delivered pretty close results over the past 10 years, with PRTAX having a 2.39% annualized return and PRINX not far ahead at 2.50%. 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. PRINX - Expense Ratio Comparison
PRTAX has a 0.53% expense ratio, which is higher than PRINX's 0.50% expense ratio.
Risk-Adjusted Performance
PRTAX vs. PRINX - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Tax Free Income Fund (PRTAX) and T. Rowe Price Summit Municipal Income Fund (PRINX). 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. PRINX - Dividend Comparison
PRTAX's dividend yield for the trailing twelve months is around 3.28%, more than PRINX's 3.23% 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% |
PRINX T. Rowe Price Summit Municipal Income Fund | 3.23% | 2.97% | 2.61% | 2.13% | 2.64% | 2.87% | 3.12% | 3.18% | 3.32% | 3.42% | 3.53% | 3.84% |
Drawdowns
PRTAX vs. PRINX - Drawdown Comparison
The maximum PRTAX drawdown since its inception was -17.63%, which is greater than PRINX's maximum drawdown of -15.70%. Use the drawdown chart below to compare losses from any high point for PRTAX and PRINX. For additional features, visit the drawdowns tool.
Volatility
PRTAX vs. PRINX - Volatility Comparison
T. Rowe Price Tax Free Income Fund (PRTAX) and T. Rowe Price Summit Municipal Income Fund (PRINX) have volatilities of 1.89% and 1.90%, 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.