PRVAX vs. TRRJX
PRVAX (T. Rowe Virginia Tax Free Bond Fund) and TRRJX (T. Rowe Price Retirement 2035 Fund) are both mutual funds - PRVAX is a Municipal Bonds fund managed by T. Rowe Price, while TRRJX is a Target Retirement Date fund actively managed by T. Rowe Price. Over the past 10 years, PRVAX returned 1.96%/yr vs 9.42%/yr for TRRJX. Their -0.07 correlation means they have often moved in opposite directions in the past. PRVAX charges 0.51%/yr vs 0.58%/yr for TRRJX.
Performance
PRVAX vs. TRRJX - Performance Comparison
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Returns By Period
In the year-to-date period, PRVAX achieves a 0.84% return, which is significantly lower than TRRJX's 8.47% return. Over the past 10 years, PRVAX has underperformed TRRJX with an annualized return of 1.96%, while TRRJX has yielded a comparatively higher 9.42% 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%
TRRJX
- 1D
- 1.36%
- 1M
- -0.24%
- 6M
- 4.58%
- YTD
- 8.47%
- 1Y
- 12.46%
- 3Y*
- 11.73%
- 5Y*
- 6.12%
- 10Y*
- 9.42%
- ALL TIME*
- 7.97%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
PRVAX vs. TRRJX - 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% |
TRRJX T. Rowe Price Retirement 2035 Fund | 8.47% | 10.96% | 11.99% | 18.14% | -17.96% | 15.21% | 17.04% | 23.72% | -6.95% | 20.89% |
Correlation
The correlation between PRVAX and TRRJX is 0.29, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.29 |
Correlation (3Y) Balances recent behavior with more history. | 0.20 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.18 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.07 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2004 | -0.07 |
The correlation between PRVAX and TRRJX shifts across timeframes, from -0.07 (all time) to 0.29 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PRVAX vs. TRRJX — Risk / Return Rank
PRVAX
TRRJX
PRVAX vs. TRRJX - 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 Retirement 2035 Fund (TRRJX). 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 | TRRJX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.68 | ||
| Sortino ratioReturn per unit of downside risk | +2.66 | ||
| Omega ratioGain probability vs. loss probability | 1.66 | 1.20 | +0.46 |
| Calmar ratioReturn relative to maximum drawdown | 3.00 | 1.42 | +1.58 |
| Martin ratioReturn relative to average drawdown | 10.25 | 5.35 | +4.91 |
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Drawdowns
PRVAX vs. TRRJX - Drawdown Comparison
The maximum PRVAX drawdown since its inception was -15.93%, smaller than the maximum TRRJX drawdown of -53.57%. Use the drawdown chart below to compare losses from any high point for PRVAX and TRRJX.
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Drawdown Indicators
| PRVAX | TRRJX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.93% | -53.57% | +37.64% |
Max Drawdown (1Y)Largest decline over 1 year | -2.82% | -8.06% | +5.24% |
Max Drawdown (3Y)Largest decline over 3 years | -6.95% | -12.52% | +5.57% |
Max Drawdown (5Y)Largest decline over 5 years | -15.88% | -25.85% | +9.97% |
Max Drawdown (10Y)Largest decline over 10 years | -15.93% | -30.14% | +14.21% |
Current DrawdownCurrent decline from peak | -2.12% | -0.98% | -1.14% |
Average DrawdownAverage peak-to-trough decline | -1.86% | -6.61% | +4.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.81% | 2.11% | -1.30% |
Volatility
PRVAX vs. TRRJX - Volatility Comparison
The current volatility for T. Rowe Virginia Tax Free Bond Fund (PRVAX) is 0.98%, while T. Rowe Price Retirement 2035 Fund (TRRJX) has a volatility of 2.78%. This indicates that PRVAX experiences smaller price fluctuations and is considered to be less risky than TRRJX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRVAX | TRRJX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 2.78% | -1.80% |
Volatility (6M)Calculated over the trailing 6-month period | 2.44% | 8.83% | -6.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.14% | 11.22% | -8.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.60% | 12.93% | -8.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.20% | 13.47% | -9.27% |
PRVAX vs. TRRJX - Expense Ratio Comparison
PRVAX has a 0.51% expense ratio, which is lower than TRRJX's 0.58% expense ratio.
Dividends
PRVAX vs. TRRJX - Dividend Comparison
PRVAX's dividend yield for the trailing twelve months is around 3.93%, while TRRJX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
TRRJX T. Rowe Price Retirement 2035 Fund | 0.00% | 0.00% | 2.36% | 4.68% | 9.67% | 6.89% | 4.80% | 5.68% | 8.55% | 3.80% | 2.89% | 4.05% |
Frequently Asked Questions
PRVAX and TRRJX have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TRRJX has higher volatility (2.78%) compared to PRVAX (0.98%). In terms of maximum drawdown, PRVAX dropped -15.93% vs TRRJX's -53.57%.
PRVAX currently has the higher Sharpe Ratio (2.70 vs 1.02), 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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