PRTAX vs. PRXCX
PRTAX (T. Rowe Price Tax Free Income Fund) and PRXCX (T. Rowe Price California Tax Free Bond Fund) are both Municipal Bonds funds from T. Rowe Price. Over the past 10 years, PRTAX returned 2.68%/yr vs 2.25%/yr for PRXCX. Their correlation of 0.88 suggests significant overlap in exposure. Both charge a 0.53% expense ratio.
Performance
PRTAX vs. PRXCX - Performance Comparison
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Returns By Period
In the year-to-date period, PRTAX achieves a 2.43% return, which is significantly higher than PRXCX's 2.21% return. Over the past 10 years, PRTAX has outperformed PRXCX with an annualized return of 2.68%, while PRXCX has yielded a comparatively lower 2.25% annualized return.
PRTAX
- 1D
- 0.00%
- 1M
- 1.94%
- YTD
- 2.43%
- 6M
- 2.92%
- 1Y
- 8.12%
- 3Y*
- 5.81%
- 5Y*
- 2.15%
- 10Y*
- 2.68%
PRXCX
- 1D
- 0.00%
- 1M
- 1.99%
- YTD
- 2.21%
- 6M
- 3.04%
- 1Y
- 8.94%
- 3Y*
- 4.66%
- 5Y*
- 1.49%
- 10Y*
- 2.25%
PRTAX vs. PRXCX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRTAX T. Rowe Price Tax Free Income Fund | 2.43% | 4.45% | 5.18% | 9.82% | -10.81% | 2.85% | 4.87% | 7.25% | 0.70% | 5.17% |
PRXCX T. Rowe Price California Tax Free Bond Fund | 2.21% | 3.99% | 3.62% | 7.64% | -9.93% | 2.68% | 4.39% | 7.31% | 0.75% | 5.54% |
Correlation
The correlation between PRTAX and PRXCX is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 1987 | 0.88 |
The correlation between PRTAX and PRXCX has been stable across timeframes, ranging from 0.84 to 0.91 - a consistent structural relationship.
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Return for Risk
PRTAX vs. PRXCX — Risk / Return Rank
PRTAX
PRXCX
PRTAX vs. PRXCX - 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 California Tax Free Bond Fund (PRXCX). 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 | PRXCX | 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 | 1.71 | 1.74 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.00 | 3.00 | -0.01 |
| Martin ratioReturn relative to average drawdown | 10.61 | 11.16 | -0.54 |
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Drawdowns
PRTAX vs. PRXCX - Drawdown Comparison
The maximum PRTAX drawdown since its inception was -20.97%, roughly equal to the maximum PRXCX drawdown of -21.67%. Use the drawdown chart below to compare losses from any high point for PRTAX and PRXCX.
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Drawdown Indicators
| PRTAX | PRXCX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.97% | -21.67% | +0.70% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -3.02% | +0.19% |
Max Drawdown (3Y)Largest decline over 3 years | -5.67% | -6.68% | +1.01% |
Max Drawdown (5Y)Largest decline over 5 years | -15.68% | -15.41% | -0.27% |
Max Drawdown (10Y)Largest decline over 10 years | -15.68% | -15.41% | -0.27% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -3.23% | -2.78% | -0.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 0.81% | -0.02% |
Volatility
PRTAX vs. PRXCX - Volatility Comparison
The current volatility for T. Rowe Price Tax Free Income Fund (PRTAX) is 0.83%, while T. Rowe Price California Tax Free Bond Fund (PRXCX) has a volatility of 0.89%. This indicates that PRTAX experiences smaller price fluctuations and is considered to be less risky than PRXCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRTAX | PRXCX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.83% | 0.89% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 2.21% | 2.35% | -0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.04% | 3.16% | -0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.40% | 4.41% | -0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.23% | 4.14% | +0.09% |
PRTAX vs. PRXCX - Expense Ratio Comparison
Both PRTAX and PRXCX have an expense ratio of 0.53%.
Dividends
PRTAX vs. PRXCX - Dividend Comparison
PRTAX's dividend yield for the trailing twelve months is around 3.75%, less than PRXCX's 4.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRTAX T. Rowe Price Tax Free Income Fund | 3.75% | 4.61% | 5.90% | 5.55% | 2.20% | 2.42% | 2.85% | 3.28% | 3.61% | 3.63% | 3.80% | 3.78% |
PRXCX T. Rowe Price California Tax Free Bond Fund | 4.60% | 4.58% | 4.10% | 3.50% | 2.21% | 2.82% | 2.80% | 2.94% | 3.11% | 3.09% | 3.33% | 3.42% |
Frequently Asked Questions
PRTAX and PRXCX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRXCX has higher volatility (0.89%) compared to PRTAX (0.83%). In terms of maximum drawdown, PRTAX dropped -20.97% vs PRXCX's -21.67%.
PRXCX currently has the higher Sharpe Ratio (2.88 vs 2.80), 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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