PRVAX vs. MSFT
PRVAX (T. Rowe Virginia Tax Free Bond Fund) is Municipal Bonds fund managed by T. Rowe Price, while MSFT (Microsoft Corporation) is a stock. Over the past 10 years, PRVAX returned 2.14%/yr vs 24.60%/yr for MSFT. At a correlation of -0.04, they often move in opposite directions.
Performance
PRVAX vs. MSFT - Performance Comparison
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Returns By Period
In the year-to-date period, PRVAX achieves a 2.02% return, which is significantly higher than MSFT's -16.97% return. Over the past 10 years, PRVAX has underperformed MSFT with an annualized return of 2.14%, while MSFT has yielded a comparatively higher 24.60% annualized return.
PRVAX
- 1D
- 0.00%
- 1M
- 1.55%
- YTD
- 2.02%
- 6M
- 2.71%
- 1Y
- 9.06%
- 3Y*
- 4.70%
- 5Y*
- 1.10%
- 10Y*
- 2.14%
MSFT
- 1D
- 2.31%
- 1M
- -5.05%
- YTD
- -16.97%
- 6M
- -15.43%
- 1Y
- -15.16%
- 3Y*
- 6.13%
- 5Y*
- 10.11%
- 10Y*
- 24.60%
PRVAX vs. MSFT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRVAX T. Rowe Virginia Tax Free Bond Fund | 2.02% | 4.32% | 3.35% | 7.10% | -10.90% | 2.37% | 5.25% | 6.66% | 0.72% | 4.71% |
MSFT Microsoft Corporation | -16.97% | 15.58% | 12.93% | 58.19% | -28.02% | 52.48% | 42.53% | 57.56% | 20.80% | 40.73% |
Correlation
The correlation between PRVAX and MSFT is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
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 | 0.03 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 1992 | -0.04 |
The correlation between PRVAX and MSFT shifts across timeframes, from -0.04 (all time) to 0.11 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PRVAX vs. MSFT — Risk / Return Rank
PRVAX
MSFT
PRVAX vs. MSFT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Virginia Tax Free Bond Fund (PRVAX) and Microsoft Corporation (MSFT). 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 | MSFT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.60 | ||
| Sortino ratioReturn per unit of downside risk | +5.39 | ||
| Omega ratioGain probability vs. loss probability | 1.75 | 0.91 | +0.83 |
| Calmar ratioReturn relative to maximum drawdown | 3.24 | -0.45 | +3.69 |
| Martin ratioReturn relative to average drawdown | 11.34 | -0.92 | +12.25 |
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Drawdowns
PRVAX vs. MSFT - Drawdown Comparison
The maximum PRVAX drawdown since its inception was -15.93%, smaller than the maximum MSFT drawdown of -69.38%. Use the drawdown chart below to compare losses from any high point for PRVAX and MSFT.
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Drawdown Indicators
| PRVAX | MSFT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.93% | -69.38% | +53.45% |
Max Drawdown (1Y)Largest decline over 1 year | -2.82% | -33.91% | +31.09% |
Max Drawdown (3Y)Largest decline over 3 years | -6.95% | -33.91% | +26.96% |
Max Drawdown (5Y)Largest decline over 5 years | -15.93% | -37.15% | +21.22% |
Max Drawdown (10Y)Largest decline over 10 years | -15.93% | -37.15% | +21.22% |
Current DrawdownCurrent decline from peak | -0.27% | -25.79% | +25.52% |
Average DrawdownAverage peak-to-trough decline | -1.87% | -21.78% | +19.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 16.56% | -15.77% |
Volatility
PRVAX vs. MSFT - Volatility Comparison
The current volatility for T. Rowe Virginia Tax Free Bond Fund (PRVAX) is 1.19%, while Microsoft Corporation (MSFT) has a volatility of 10.74%. This indicates that PRVAX experiences smaller price fluctuations and is considered to be less risky than MSFT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRVAX | MSFT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 10.74% | -9.55% |
Volatility (6M)Calculated over the trailing 6-month period | 2.21% | 22.41% | -20.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.06% | 25.54% | -22.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.57% | 26.68% | -22.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.19% | 27.07% | -22.88% |
Dividends
PRVAX vs. MSFT - Dividend Comparison
PRVAX's dividend yield for the trailing twelve months is around 4.41%, more than MSFT's 0.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MSFT Microsoft Corporation | 0.89% | 0.70% | 0.73% | 0.74% | 1.06% | 0.68% | 0.94% | 1.20% | 1.69% | 1.86% | 2.37% | 2.33% |
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
PRVAX and MSFT have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSFT has higher volatility (10.74%) compared to PRVAX (1.19%). In terms of maximum drawdown, PRVAX dropped -15.93% vs MSFT's -69.38%.
PRVAX currently has the higher Sharpe Ratio (3.00 vs -0.60), 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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