PRVAX vs. PREIX

Last updated Aug 1, 2026

PRVAX (T. Rowe Virginia Tax Free Bond Fund) and PREIX (T. Rowe Price Equity Index 500 Fund) are both mutual funds - PRVAX is a Municipal Bonds fund managed by T. Rowe Price, while PREIX is a Large Cap Blend Equities fund tracking the S&P 500 Index. Over the past 10 years, PRVAX returned 1.96%/yr vs 14.76%/yr for PREIX. Their -0.02 correlation means they have often moved in opposite directions in the past. PRVAX charges 0.51%/yr vs 0.15%/yr for PREIX.

Performance

PRVAX vs. PREIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Virginia Tax Free Bond Fund (PRVAX) and T. Rowe Price Equity Index 500 Fund (PREIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRVAX achieves a 0.84% return, which is significantly lower than PREIX's 9.23% return. Over the past 10 years, PRVAX has underperformed PREIX with an annualized return of 1.96%, while PREIX has yielded a comparatively higher 14.76% 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%

PREIX

• 1D: 1.66%
• 1M: -0.57%
• 6M: 7.69%
• YTD: 9.23%
• 1Y: 20.41%
• 3Y*: 18.81%
• 5Y*: 12.49%
• 10Y*: 14.76%
• ALL TIME*: 10.98%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PREIX T. Rowe Price Equity Index 500 Fund	$0.00	$0.00	$0.00
PRVAX T. Rowe Virginia Tax Free Bond Fund	$0.00	$0.00	$0.00

PRVAX vs. PREIX - 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%
PREIX T. Rowe Price Equity Index 500 Fund	9.23%	17.66%	24.78%	26.07%	-18.27%	28.48%	18.17%	31.47%	-4.59%	21.01%

Correlation

The correlation between PRVAX and PREIX is 0.21, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.21
Correlation (3Y) Balances recent behavior with more history.	0.14
Correlation (5Y) Shows whether the relationship held over a longer period.	0.13
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 2, 1992	-0.02

The correlation between PRVAX and PREIX shifts across timeframes, from -0.02 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PRVAX vs. PREIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PRVAX

PRVAX Risk / Return Rank: 91
PRVAX Sharpe Ratio Rank: 96
PRVAX Sortino Ratio Rank: 96
PRVAX Omega Ratio Rank: 97
PRVAX Calmar Ratio Rank: 85
PRVAX Martin Ratio Rank: 82

PREIX

PREIX Risk / Return Rank: 62
PREIX Sharpe Ratio Rank: 60
PREIX Sortino Ratio Rank: 56
PREIX Omega Ratio Rank: 57
PREIX Calmar Ratio Rank: 63
PREIX Martin Ratio Rank: 74

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PRVAX vs. PREIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Virginia Tax Free Bond Fund (PRVAX) and T. Rowe Price Equity Index 500 Fund (PREIX). 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	PREIX	Difference
Sharpe ratio: Return per unit of total volatility	2.70	1.41	+1.29
Sortino ratio: Return per unit of downside risk	4.10	1.97	+2.12
Omega ratio: Gain probability vs. loss probability	1.66	1.25	+0.40
Calmar ratio: Return relative to maximum drawdown	3.00	2.03	+0.97
Martin ratio: Return relative to average drawdown	10.25	8.70	+1.55

PRVAX vs. PREIX - Sharpe Ratio Comparison

The current PRVAX Sharpe Ratio is 2.70, which is higher than the PREIX Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of PRVAX and PREIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PRVAX vs. PREIX - Drawdown Comparison

The maximum PRVAX drawdown since its inception was -15.93%, smaller than the maximum PREIX drawdown of -55.32%. Use the drawdown chart below to compare losses from any high point for PRVAX and PREIX.

Drawdown Indicators

	PRVAX	PREIX	Difference
Max Drawdown Largest peak-to-trough decline	-15.93%	-55.32%	+39.39%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-8.93%	+6.11%
Max Drawdown (3Y) Largest decline over 3 years	-6.95%	-18.78%	+11.83%
Max Drawdown (5Y) Largest decline over 5 years	-15.88%	-24.60%	+8.72%
Max Drawdown (10Y) Largest decline over 10 years	-15.93%	-33.81%	+17.88%
Current Drawdown Current decline from peak	-2.12%	-2.13%	+0.01%
Average Drawdown Average peak-to-trough decline	-1.86%	-8.69%	+6.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	2.08%	-1.27%

Volatility

PRVAX vs. PREIX - Volatility Comparison

The current volatility for T. Rowe Virginia Tax Free Bond Fund (PRVAX) is 0.98%, while T. Rowe Price Equity Index 500 Fund (PREIX) has a volatility of 3.44%. This indicates that PRVAX experiences smaller price fluctuations and is considered to be less risky than PREIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRVAX	PREIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.98%	3.44%	-2.46%
Volatility (6M) Calculated over the trailing 6-month period	2.44%	10.10%	-7.66%
Volatility (1Y) Calculated over the trailing 1-year period	3.14%	12.86%	-9.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.60%	17.11%	-12.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.20%	18.11%	-13.91%

PRVAX vs. PREIX - Expense Ratio Comparison

PRVAX has a 0.51% expense ratio, which is higher than PREIX's 0.15% expense ratio.

Dividends

PRVAX vs. PREIX - Dividend Comparison

PRVAX's dividend yield for the trailing twelve months is around 3.93%, more than PREIX's 2.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PREIX T. Rowe Price Equity Index 500 Fund	2.16%	2.32%	1.17%	1.32%	1.50%	1.56%	1.97%	2.13%	2.60%	1.30%	2.03%	2.02%
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

Can I hold both PRVAX and PREIX in my portfolio?

PRVAX and PREIX have a correlation of 0.21, 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 PREIX?

PREIX has higher volatility (3.44%) compared to PRVAX (0.98%). In terms of maximum drawdown, PRVAX dropped -15.93% vs PREIX's -55.32%.

Which has better risk-adjusted returns?

PRVAX currently has the higher Sharpe Ratio (2.70 vs 1.41), 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.