PRVAX vs. CMG
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 1.96%/yr vs 16.54%/yr for CMG. Their -0.05 correlation means they have often moved in opposite directions in the past.
Performance
PRVAX vs. CMG - Performance Comparison
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Returns By Period
In the year-to-date period, PRVAX achieves a 0.84% return, which is significantly higher than CMG's 0.59% return. Over the past 10 years, PRVAX has underperformed CMG with an annualized return of 1.96%, while CMG has yielded a comparatively higher 16.54% annualized return.
PRVAX
- 1D
- -0.27%
- 1M
- -2.12%
- 6M
- 0.29%
- YTD
- 0.84%
- 1Y
- 7.29%
- 3Y*
- 4.06%
- 5Y*
- 0.74%
- 10Y*
- 1.96%
- ALL TIME*
- 4.44%
CMG
- 1D
- -3.37%
- 1M
- 5.17%
- 6M
- -4.24%
- YTD
- 0.59%
- 1Y
- -12.46%
- 3Y*
- -1.63%
- 5Y*
- -0.03%
- 10Y*
- 16.54%
- ALL TIME*
- 19.90%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $612.37M | $603.10M | $624.35M | |
| $0.00 | $0.00 | $0.00 |
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 | 0.84% | 4.32% | 3.35% | 7.10% | -10.90% | 2.37% | 5.25% | 6.66% | 0.72% | 4.71% |
CMG Chipotle Mexican Grill, Inc. | 0.59% | -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 0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.04 |
Correlation (3Y) Balances recent behavior with more history. | 0.01 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.06 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.03 |
Correlation (All Time) Calculated using the full available price history since Jan 26, 2006 | -0.05 |
The correlation between PRVAX and CMG shifts across timeframes, from -0.05 (all time) to 0.06 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PRVAX vs. CMG — Risk / Return Rank
PRVAX
CMG
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.
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.
| PRVAX | CMG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.03 | ||
| Sortino ratioReturn per unit of downside risk | +4.30 | ||
| Omega ratioGain probability vs. loss probability | 1.66 | 0.97 | +0.68 |
| Calmar ratioReturn relative to maximum drawdown | 3.00 | -0.37 | +3.37 |
| Martin ratioReturn relative to average drawdown | 10.25 | -0.67 | +10.92 |
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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.
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Drawdown Indicators
| PRVAX | CMG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.93% | -74.61% | +58.68% |
Max Drawdown (1Y)Largest decline over 1 year | -2.82% | -36.01% | +33.19% |
Max Drawdown (3Y)Largest decline over 3 years | -6.95% | -58.89% | +51.94% |
Max Drawdown (5Y)Largest decline over 5 years | -15.88% | -58.89% | +43.01% |
Max Drawdown (10Y)Largest decline over 10 years | -15.93% | -58.89% | +42.96% |
Current DrawdownCurrent decline from peak | -2.12% | -45.71% | +43.59% |
Average DrawdownAverage peak-to-trough decline | -1.86% | -21.56% | +19.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.81% | 19.85% | -19.04% |
Volatility
PRVAX vs. CMG - Volatility Comparison
The current volatility for T. Rowe Virginia Tax Free Bond Fund (PRVAX) is 0.98%, while Chipotle Mexican Grill, Inc. (CMG) has a volatility of 17.31%. 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.
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Volatility by Period
| PRVAX | CMG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 17.31% | -16.33% |
Volatility (6M)Calculated over the trailing 6-month period | 2.44% | 29.05% | -26.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.14% | 39.89% | -36.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.60% | 34.19% | -29.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.20% | 35.97% | -31.77% |
Dividends
PRVAX vs. CMG - Dividend Comparison
PRVAX's dividend yield for the trailing twelve months is around 3.93%, 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 | 3.93% | 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
PRVAX and CMG have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CMG has higher volatility (17.31%) compared to PRVAX (0.98%). In terms of maximum drawdown, PRVAX dropped -15.93% vs CMG's -74.61%.
PRVAX currently has the higher Sharpe Ratio (2.70 vs -0.33), 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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