PRVAX vs. BTTRX

Last updated Jun 4, 2026

PRVAX (T. Rowe Virginia Tax Free Bond Fund) and BTTRX (American Century Zero Coupon 2025 Fund) are both mutual funds - PRVAX is a Municipal Bonds fund managed by T. Rowe Price, while BTTRX is a Government Bonds fund managed by American Century. A 0.51 correlation means they provide meaningful diversification when combined. PRVAX charges 0.51%/yr vs 0.54%/yr for BTTRX.

Performance

PRVAX vs. BTTRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Virginia Tax Free Bond Fund (PRVAX) and American Century Zero Coupon 2025 Fund (BTTRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PRVAX

• 1D: 0.18%
• 1M: 0.82%
• YTD: 2.11%
• 6M: 2.80%
• 1Y: 9.67%
• 3Y*: 4.77%
• 5Y*: 1.21%
• 10Y*: 2.22%

BTTRX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

PRVAX vs. BTTRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRVAX T. Rowe Virginia Tax Free Bond Fund	2.11%	4.32%	3.35%	7.10%	-10.90%	2.37%	5.25%	6.66%	0.72%	4.71%
BTTRX American Century Zero Coupon 2025 Fund	0.00%	2.79%	9.54%	7.82%	-7.63%	-2.65%	17.73%	11.43%	5.77%	1.22%

Correlation

The correlation between PRVAX and BTTRX is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Feb 16, 1996	0.51

Over the past year, the correlation between PRVAX and BTTRX has dropped to 0.07 - well below their long-term average of 0.51, suggesting their price drivers have been diverging.

Return for Risk

PRVAX vs. BTTRX — Risk / Return Rank

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

PRVAX

PRVAX Risk / Return Rank: 85
PRVAX Sharpe Ratio Rank: 93
PRVAX Sortino Ratio Rank: 95
PRVAX Omega Ratio Rank: 95
PRVAX Calmar Ratio Rank: 77
PRVAX Martin Ratio Rank: 62

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.

PRVAX vs. BTTRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Virginia Tax Free Bond Fund (PRVAX) and American Century Zero Coupon 2025 Fund (BTTRX). 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.

	PRVAX	BTTRX	Difference
Sharpe ratio Return per unit of total volatility	3.22	—	—
Sortino ratio Return per unit of downside risk	5.08	—	—
Omega ratio Gain probability vs. loss probability	1.81	—	—
Calmar ratio Return relative to maximum drawdown	3.50	—	—
Martin ratio Return relative to average drawdown	12.24	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	PRVAX	BTTRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.22	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.20	—	—

Drawdowns

Drawdown Indicators

	PRVAX	BTTRX	Difference
Max Drawdown Largest peak-to-trough decline	-15.93%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-6.95%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.93%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-15.93%	—	—
Current Drawdown Current decline from peak	-0.05%	—	—
Average Drawdown Average peak-to-trough decline	-1.87%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	—	—

Volatility

Volatility by Period

	PRVAX	BTTRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.24%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.07%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.57%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.19%	—	—

PRVAX vs. BTTRX - Expense Ratio Comparison

PRVAX has a 0.51% expense ratio, which is lower than BTTRX's 0.54% expense ratio.

Dividends

PRVAX vs. BTTRX - Dividend Comparison

PRVAX's dividend yield for the trailing twelve months is around 4.41%, while BTTRX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BTTRX American Century Zero Coupon 2025 Fund	0.00%	0.00%	4.96%	4.00%	3.47%	3.27%	7.69%	3.90%	5.25%	1.05%	3.42%	2.85%
PRVAX T. Rowe Virginia Tax Free Bond Fund	4.41%	4.42%	4.00%	3.41%	2.04%	2.26%	2.47%	2.82%	3.16%	3.16%	3.22%	3.40%

Frequently Asked Questions

Can I hold both PRVAX and BTTRX in my portfolio?

PRVAX and BTTRX have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.