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PRTAX vs. VTEB
Performance
Return for Risk
Dividends
Drawdowns
Volatility

Performance

PRTAX vs. VTEB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Tax Free Income Fund (PRTAX) and Vanguard Tax-Exempt Bond ETF (VTEB). The values are adjusted to include any dividend payments, if applicable.

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PRTAX vs. VTEB - Yearly Performance Comparison


2026 (YTD)202520242023202220212020201920182017
PRTAX
T. Rowe Price Tax Free Income Fund
0.14%4.45%5.18%9.82%-10.81%2.85%4.87%7.25%0.70%5.17%
VTEB
Vanguard Tax-Exempt Bond ETF
0.09%3.72%1.31%6.15%-7.99%1.14%5.19%7.35%1.04%4.87%

Returns By Period

In the year-to-date period, PRTAX achieves a 0.14% return, which is significantly higher than VTEB's 0.09% return. Over the past 10 years, PRTAX has outperformed VTEB with an annualized return of 2.69%, while VTEB has yielded a comparatively lower 2.09% annualized return.


PRTAX

1D
0.32%
1M
-2.10%
YTD
0.14%
6M
1.56%
1Y
3.98%
3Y*
5.33%
5Y*
2.09%
10Y*
2.69%

VTEB

1D
0.32%
1M
-1.61%
YTD
0.09%
6M
1.54%
1Y
3.92%
3Y*
2.78%
5Y*
0.88%
10Y*
2.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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PRTAX vs. VTEB - Expense Ratio Comparison

PRTAX has a 0.53% expense ratio, which is higher than VTEB's 0.05% expense ratio.


Return for Risk

PRTAX vs. VTEB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PRTAX
PRTAX Risk / Return Rank: 3131
Overall Rank
PRTAX Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
PRTAX Sortino Ratio Rank: 2828
Sortino Ratio Rank
PRTAX Omega Ratio Rank: 5252
Omega Ratio Rank
PRTAX Calmar Ratio Rank: 2323
Calmar Ratio Rank
PRTAX Martin Ratio Rank: 1919
Martin Ratio Rank

VTEB
VTEB Risk / Return Rank: 4848
Overall Rank
VTEB Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
VTEB Sortino Ratio Rank: 4343
Sortino Ratio Rank
VTEB Omega Ratio Rank: 5959
Omega Ratio Rank
VTEB Calmar Ratio Rank: 4646
Calmar Ratio Rank
VTEB Martin Ratio Rank: 3939
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PRTAX vs. VTEB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Tax Free Income Fund (PRTAX) and Vanguard Tax-Exempt Bond ETF (VTEB). 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.


PRTAXVTEBDifference

Sharpe ratio

Return per unit of total volatility

0.83

0.99

-0.16

Sortino ratio

Return per unit of downside risk

1.12

1.25

-0.12

Omega ratio

Gain probability vs. loss probability

1.22

1.23

0.00

Calmar ratio

Return relative to maximum drawdown

0.78

1.25

-0.47

Martin ratio

Return relative to average drawdown

2.28

3.69

-1.41

PRTAX vs. VTEB - Sharpe Ratio Comparison

The current PRTAX Sharpe Ratio is 0.83, which is comparable to the VTEB Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of PRTAX and VTEB, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.


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Sharpe Ratios by Period


PRTAXVTEBDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.83

0.99

-0.16

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.48

0.23

+0.26

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.64

0.40

+0.24

Sharpe Ratio (All Time)

Calculated using the full available price history

0.89

0.45

+0.44

Correlation

The correlation between PRTAX and VTEB is 0.66, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.


Dividends

PRTAX vs. VTEB - Dividend Comparison

PRTAX's dividend yield for the trailing twelve months is around 3.78%, more than VTEB's 3.37% yield.


TTM20252024202320222021202020192018201720162015
PRTAX
T. Rowe Price Tax Free Income Fund
3.78%4.61%5.90%5.55%2.20%2.42%2.85%3.28%3.61%3.63%3.80%3.78%
VTEB
Vanguard Tax-Exempt Bond ETF
3.37%3.29%3.14%2.79%2.09%1.64%1.99%2.30%2.25%1.96%1.66%0.58%

Drawdowns

PRTAX vs. VTEB - Drawdown Comparison

The maximum PRTAX drawdown since its inception was -20.97%, which is greater than VTEB's maximum drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for PRTAX and VTEB.


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Drawdown Indicators


PRTAXVTEBDifference

Max Drawdown

Largest peak-to-trough decline

-20.97%

-17.00%

-3.97%

Max Drawdown (1Y)

Largest decline over 1 year

-5.33%

-3.45%

-1.88%

Max Drawdown (5Y)

Largest decline over 5 years

-15.68%

-12.64%

-3.04%

Max Drawdown (10Y)

Largest decline over 10 years

-15.68%

-17.00%

+1.32%

Current Drawdown

Current decline from peak

-2.31%

-1.86%

-0.45%

Average Drawdown

Average peak-to-trough decline

-3.25%

-2.35%

-0.90%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.82%

1.17%

+0.65%

Volatility

PRTAX vs. VTEB - Volatility Comparison

The current volatility for T. Rowe Price Tax Free Income Fund (PRTAX) is 1.22%, while Vanguard Tax-Exempt Bond ETF (VTEB) has a volatility of 1.37%. This indicates that PRTAX experiences smaller price fluctuations and is considered to be less risky than VTEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.


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Volatility by Period


PRTAXVTEBDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.22%

1.37%

-0.15%

Volatility (6M)

Calculated over the trailing 6-month period

1.92%

1.87%

+0.05%

Volatility (1Y)

Calculated over the trailing 1-year period

5.55%

4.00%

+1.55%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.36%

3.88%

+0.48%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.21%

5.25%

-1.04%