PRVAX vs. CMG

Last updated Jun 3, 2026

PRVAX (T. Rowe Virginia Tax Free Bond Fund) is Municipal Bonds fund managed by T. Rowe Price, while CMG (Chipotle Mexican Grill, Inc.) is a stock. Over the past 10 years, PRVAX returned 2.23%/yr vs 12.72%/yr for CMG. At a correlation of -0.05, they often move in opposite directions.

Performance

PRVAX vs. CMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Virginia Tax Free Bond Fund (PRVAX) and Chipotle Mexican Grill, Inc. (CMG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRVAX achieves a 2.21% return, which is significantly higher than CMG's -22.32% return. Over the past 10 years, PRVAX has underperformed CMG with an annualized return of 2.23%, while CMG has yielded a comparatively higher 12.72% annualized return.

PRVAX

• 1D: 0.00%
• 1M: 0.83%
• YTD: 2.21%
• 6M: 2.91%
• 1Y: 9.68%
• 3Y*: 4.80%
• 5Y*: 1.24%
• 10Y*: 2.23%

CMG

• 1D: -1.78%
• 1M: -10.13%
• YTD: -22.32%
• 6M: -15.30%
• 1Y: -42.60%
• 3Y*: -11.34%
• 5Y*: 1.62%
• 10Y*: 12.72%

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

PRVAX vs. CMG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRVAX T. Rowe Virginia Tax Free Bond Fund	2.21%	4.32%	3.35%	7.10%	-10.90%	2.37%	5.25%	6.66%	0.72%	4.71%
CMG Chipotle Mexican Grill, Inc.	-22.32%	-38.64%	31.83%	64.83%	-20.64%	26.07%	65.65%	93.87%	49.39%	-23.40%

Correlation

The correlation between PRVAX and CMG 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	0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (10Y) Calculated over the trailing 10-year period	0.02
Correlation (All Time) Calculated using the full available price history since Jan 27, 2006	-0.05

The correlation between PRVAX and CMG shifts across timeframes, from -0.05 (all time) to 0.07 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PRVAX vs. CMG — Risk / Return Rank

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

PRVAX

PRVAX Risk / Return Rank: 81
PRVAX Sharpe Ratio Rank: 92
PRVAX Sortino Ratio Rank: 94
PRVAX Omega Ratio Rank: 95
PRVAX Calmar Ratio Rank: 68
PRVAX Martin Ratio Rank: 56

CMG

CMG Risk / Return Rank: 7
CMG Sharpe Ratio Rank: 3
CMG Sortino Ratio Rank: 5
CMG Omega Ratio Rank: 5
CMG Calmar Ratio Rank: 8
CMG Martin Ratio Rank: 13

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. CMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Virginia Tax Free Bond Fund (PRVAX) and Chipotle Mexican Grill, Inc. (CMG). 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	CMG	Difference
Sharpe ratio Return per unit of total volatility	3.12	-1.11	+4.23
Sortino ratio Return per unit of downside risk	4.93	-1.52	+6.45
Omega ratio Gain probability vs. loss probability	1.77	0.79	+0.98
Calmar ratio Return relative to maximum drawdown	3.19	-0.84	+4.04
Martin ratio Return relative to average drawdown	11.28	-1.24	+12.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PRVAX vs. CMG - Sharpe Ratio Comparison

The current PRVAX Sharpe Ratio is 3.12, which is higher than the CMG Sharpe Ratio of -1.11. The chart below compares the historical Sharpe Ratios of PRVAX and CMG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PRVAX	CMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.12	-1.11	+4.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.05	+0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.36	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	1.20	0.49	+0.71

Drawdowns

PRVAX vs. CMG - Drawdown Comparison

The maximum PRVAX drawdown since its inception was -15.93%, smaller than the maximum CMG drawdown of -74.61%. Use the drawdown chart below to compare losses from any high point for PRVAX and CMG.

Drawdown Indicators

	PRVAX	CMG	Difference
Max Drawdown Largest peak-to-trough decline	-15.93%	-74.61%	+58.68%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-50.65%	+47.83%
Max Drawdown (3Y) Largest decline over 3 years	-6.95%	-58.08%	+51.13%
Max Drawdown (5Y) Largest decline over 5 years	-15.93%	-58.08%	+42.15%
Max Drawdown (10Y) Largest decline over 10 years	-15.93%	-58.08%	+42.15%
Current Drawdown Current decline from peak	0.00%	-58.08%	+58.08%
Average Drawdown Average peak-to-trough decline	-1.87%	-21.33%	+19.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	34.47%	-33.67%

Volatility

PRVAX vs. CMG - Volatility Comparison

The current volatility for T. Rowe Virginia Tax Free Bond Fund (PRVAX) is 1.29%, while Chipotle Mexican Grill, Inc. (CMG) has a volatility of 9.37%. This indicates that PRVAX experiences smaller price fluctuations and is considered to be less risky than CMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRVAX	CMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.29%	9.37%	-8.08%
Volatility (6M) Calculated over the trailing 6-month period	2.27%	22.93%	-20.66%
Volatility (1Y) Calculated over the trailing 1-year period	3.10%	38.41%	-35.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.57%	33.50%	-28.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.19%	35.63%	-31.44%

Dividends

PRVAX vs. CMG - Dividend Comparison

PRVAX's dividend yield for the trailing twelve months is around 4.69%, while CMG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMG Chipotle Mexican Grill, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PRVAX T. Rowe Virginia Tax Free Bond Fund	4.69%	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 CMG in my portfolio?

PRVAX and CMG 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.

Which is riskier, PRVAX or CMG?

CMG has higher volatility (9.37%) compared to PRVAX (1.29%). In terms of maximum drawdown, PRVAX dropped -15.93% vs CMG's -74.61%.

Which has better risk-adjusted returns?

PRVAX currently has the higher Sharpe Ratio (3.12 vs -1.11), 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.