PRVAX vs. MCK

Last updated Jun 4, 2026

PRVAX (T. Rowe Virginia Tax Free Bond Fund) is Municipal Bonds fund managed by T. Rowe Price, while MCK (McKesson Corporation) is a stock. Over the past 10 years, PRVAX returned 2.22%/yr vs 15.65%/yr for MCK. At a correlation of -0.05, they often move in opposite directions.

Performance

PRVAX vs. MCK - Performance Comparison

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

Returns By Period

In the year-to-date period, PRVAX achieves a 2.11% return, which is significantly higher than MCK's -9.67% return. Over the past 10 years, PRVAX has underperformed MCK with an annualized return of 2.22%, while MCK has yielded a comparatively higher 15.65% annualized return.

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%

MCK

• 1D: 0.37%
• 1M: -8.36%
• YTD: -9.67%
• 6M: -8.00%
• 1Y: 3.87%
• 3Y*: 24.32%
• 5Y*: 31.27%
• 10Y*: 15.65%

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

PRVAX vs. MCK - 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%
MCK McKesson Corporation	-9.67%	44.54%	23.67%	24.13%	51.82%	44.23%	27.06%	26.72%	-28.40%	11.95%

Correlation

The correlation between PRVAX and MCK is 0.06, 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	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.01
Correlation (10Y) Calculated over the trailing 10-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Nov 16, 1994	-0.05

The correlation between PRVAX and MCK shifts across timeframes, from -0.05 (all time) to 0.06 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PRVAX vs. MCK — 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

MCK

MCK Risk / Return Rank: 43
MCK Sharpe Ratio Rank: 45
MCK Sortino Ratio Rank: 40
MCK Omega Ratio Rank: 39
MCK Calmar Ratio Rank: 44
MCK Martin Ratio Rank: 45

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. MCK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Virginia Tax Free Bond Fund (PRVAX) and McKesson Corporation (MCK). 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	MCK	Difference
Sharpe ratio Return per unit of total volatility	3.22	0.13	+3.09
Sortino ratio Return per unit of downside risk	5.08	0.43	+4.65
Omega ratio Gain probability vs. loss probability	1.81	1.06	+0.75
Calmar ratio Return relative to maximum drawdown	3.50	0.14	+3.35
Martin ratio Return relative to average drawdown	12.24	0.40	+11.85
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. MCK - Sharpe Ratio Comparison

The current PRVAX Sharpe Ratio is 3.22, which is higher than the MCK Sharpe Ratio of 0.13. The chart below compares the historical Sharpe Ratios of PRVAX and MCK, 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	MCK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.22	0.13	+3.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	1.30	-1.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.55	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	1.20	0.44	+0.75

Drawdowns

PRVAX vs. MCK - Drawdown Comparison

The maximum PRVAX drawdown since its inception was -15.93%, smaller than the maximum MCK drawdown of -82.84%. Use the drawdown chart below to compare losses from any high point for PRVAX and MCK.

Drawdown Indicators

	PRVAX	MCK	Difference
Max Drawdown Largest peak-to-trough decline	-15.93%	-82.84%	+66.91%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-27.17%	+24.35%
Max Drawdown (3Y) Largest decline over 3 years	-6.95%	-27.17%	+20.22%
Max Drawdown (5Y) Largest decline over 5 years	-15.93%	-27.17%	+11.24%
Max Drawdown (10Y) Largest decline over 10 years	-15.93%	-44.23%	+28.30%
Current Drawdown Current decline from peak	-0.05%	-25.64%	+25.59%
Average Drawdown Average peak-to-trough decline	-1.87%	-28.65%	+26.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	9.74%	-8.94%

Volatility

PRVAX vs. MCK - Volatility Comparison

The current volatility for T. Rowe Virginia Tax Free Bond Fund (PRVAX) is 1.23%, while McKesson Corporation (MCK) has a volatility of 9.60%. This indicates that PRVAX experiences smaller price fluctuations and is considered to be less risky than MCK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRVAX	MCK	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	9.60%	-8.37%
Volatility (6M) Calculated over the trailing 6-month period	2.24%	22.90%	-20.66%
Volatility (1Y) Calculated over the trailing 1-year period	3.07%	28.91%	-25.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.57%	24.16%	-19.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.19%	28.80%	-24.61%

Dividends

PRVAX vs. MCK - Dividend Comparison

PRVAX's dividend yield for the trailing twelve months is around 4.41%, more than MCK's 0.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MCK McKesson Corporation	0.44%	0.37%	0.47%	0.50%	0.54%	0.72%	0.95%	1.16%	1.32%	0.80%	0.80%	0.53%
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 MCK in my portfolio?

PRVAX and MCK have a correlation of 0.06, 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 MCK?

MCK has higher volatility (9.60%) compared to PRVAX (1.23%). In terms of maximum drawdown, PRVAX dropped -15.93% vs MCK's -82.84%.

Which has better risk-adjusted returns?

PRVAX currently has the higher Sharpe Ratio (3.22 vs 0.13), 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.