PRTAX vs. PRINX
PRTAX (T. Rowe Price Tax Free Income Fund) and PRINX (T. Rowe Price Summit Municipal Income Fund) are both Municipal Bonds funds from T. Rowe Price. Over the past 10 years, PRTAX returned 2.52%/yr vs 1.76%/yr for PRINX. Their correlation of 0.91 means they have usually moved in the same direction. PRTAX charges 0.53%/yr vs 0.50%/yr for PRINX.
Performance
PRTAX vs. PRINX - Performance Comparison
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Returns By Period
In the year-to-date period, PRTAX achieves a 1.02% return, which is significantly higher than PRINX's 0.75% return. Over the past 10 years, PRTAX has outperformed PRINX with an annualized return of 2.52%, while PRINX has yielded a comparatively lower 1.76% annualized return.
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%
PRINX
- 1D
- -0.27%
- 1M
- -2.03%
- 6M
- 0.16%
- YTD
- 0.75%
- 1Y
- 6.04%
- 3Y*
- 3.08%
- 5Y*
- 0.05%
- 10Y*
- 1.76%
- ALL TIME*
- 4.38%
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. PRINX - 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% |
PRINX T. Rowe Price Summit Municipal Income Fund | 0.75% | 3.29% | 2.36% | 6.71% | -11.67% | 3.16% | 4.60% | 7.81% | 0.40% | 5.94% |
Correlation
The correlation between PRTAX and PRINX is 0.90, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.90 |
Correlation (3Y) Balances recent behavior with more history. | 0.93 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.92 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.90 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 1994 | 0.91 |
The correlation between PRTAX and PRINX has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.
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Return for Risk
PRTAX vs. PRINX — Risk / Return Rank
PRTAX
PRINX
PRTAX vs. PRINX - Risk-Adjusted Trends 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.
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 | PRINX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.57 | 1.54 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.55 | 2.39 | +0.16 |
| Martin ratioReturn relative to average drawdown | 8.88 | 8.34 | +0.54 |
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Drawdowns
PRTAX vs. PRINX - Drawdown Comparison
The maximum PRTAX drawdown since its inception was -20.97%, which is greater than PRINX's maximum drawdown of -16.27%. Use the drawdown chart below to compare losses from any high point for PRTAX and PRINX.
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Drawdown Indicators
| PRTAX | PRINX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.97% | -16.27% | -4.70% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -2.90% | +0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -5.67% | -6.67% | +1.00% |
Max Drawdown (5Y)Largest decline over 5 years | -15.68% | -16.27% | +0.59% |
Max Drawdown (10Y)Largest decline over 10 years | -15.68% | -16.27% | +0.59% |
Current DrawdownCurrent decline from peak | -2.11% | -2.03% | -0.08% |
Average DrawdownAverage peak-to-trough decline | -3.23% | -2.18% | -1.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 0.82% | -0.02% |
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 0.92% and 0.96%, 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 | PRINX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.92% | 0.96% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 2.40% | 2.37% | +0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.09% | 3.03% | +0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.42% | 4.41% | +0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.23% | 4.29% | -0.06% |
PRTAX vs. PRINX - Expense Ratio Comparison
PRTAX has a 0.53% expense ratio, which is higher than PRINX's 0.50% expense ratio.
Dividends
PRTAX vs. PRINX - Dividend Comparison
PRTAX's dividend yield for the trailing twelve months is around 3.53%, more than PRINX's 3.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRINX T. Rowe Price Summit Municipal Income Fund | 3.14% | 3.63% | 2.78% | 2.46% | 1.96% | 2.14% | 2.64% | 2.87% | 3.12% | 3.19% | 3.32% | 3.42% |
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
With a correlation of 0.90, PRTAX and PRINX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
PRINX has higher volatility (0.96%) compared to PRTAX (0.92%). In terms of maximum drawdown, PRTAX dropped -20.97% vs PRINX's -16.27%.
PRTAX currently has the higher Sharpe Ratio (2.35 vs 2.30), 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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