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PRXCX vs. BCHYX
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Performance

PRXCX vs. BCHYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price California Tax Free Bond Fund (PRXCX) and American Century California High Yield Municipal Fund (BCHYX). The values are adjusted to include any dividend payments, if applicable.

-1.00%0.00%1.00%2.00%3.00%4.00%5.00%JuneJulyAugustSeptemberOctoberNovember
3.55%
3.99%
PRXCX
BCHYX

Returns By Period

In the year-to-date period, PRXCX achieves a 2.93% return, which is significantly lower than BCHYX's 4.15% return. Over the past 10 years, PRXCX has underperformed BCHYX with an annualized return of 2.51%, while BCHYX has yielded a comparatively higher 3.04% annualized return.


PRXCX

YTD

2.93%

1M

0.37%

6M

3.55%

1Y

7.64%

5Y (annualized)

1.43%

10Y (annualized)

2.51%

BCHYX

YTD

4.15%

1M

0.31%

6M

3.99%

1Y

8.93%

5Y (annualized)

1.25%

10Y (annualized)

3.04%

Key characteristics


PRXCXBCHYX
Sharpe Ratio2.112.30
Sortino Ratio3.153.43
Omega Ratio1.501.54
Calmar Ratio1.010.83
Martin Ratio9.9610.49
Ulcer Index0.79%0.85%
Daily Std Dev3.71%3.88%
Max Drawdown-19.48%-17.63%
Current Drawdown-1.08%-2.73%

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PRXCX vs. BCHYX - Expense Ratio Comparison

PRXCX has a 0.53% expense ratio, which is higher than BCHYX's 0.49% expense ratio.


PRXCX
T. Rowe Price California Tax Free Bond Fund
Expense ratio chart for PRXCX: current value at 0.53% compared with the broader market ranging from 0.00% to 2.12%.0.50%1.00%1.50%2.00%0.53%
Expense ratio chart for BCHYX: current value at 0.49% compared with the broader market ranging from 0.00% to 2.12%.0.50%1.00%1.50%2.00%0.49%

Correlation

-0.50.00.51.00.8

The correlation between PRXCX and BCHYX is 0.84, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Risk-Adjusted Performance

PRXCX vs. BCHYX - Risk-Adjusted Performance Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price California Tax Free Bond Fund (PRXCX) and American Century California High Yield Municipal Fund (BCHYX). 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.


Sharpe ratio
The chart of Sharpe ratio for PRXCX, currently valued at 2.06, compared to the broader market-1.000.001.002.003.004.005.002.062.30
The chart of Sortino ratio for PRXCX, currently valued at 3.07, compared to the broader market0.005.0010.003.073.43
The chart of Omega ratio for PRXCX, currently valued at 1.48, compared to the broader market1.002.003.004.001.481.54
The chart of Calmar ratio for PRXCX, currently valued at 0.99, compared to the broader market0.005.0010.0015.0020.0025.000.990.83
The chart of Martin ratio for PRXCX, currently valued at 9.70, compared to the broader market0.0020.0040.0060.0080.00100.009.7010.49
PRXCX
BCHYX

The current PRXCX Sharpe Ratio is 2.11, which is comparable to the BCHYX Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of PRXCX and BCHYX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Rolling 12-month Sharpe Ratio1.002.003.004.00JuneJulyAugustSeptemberOctoberNovember
2.06
2.30
PRXCX
BCHYX

Dividends

PRXCX vs. BCHYX - Dividend Comparison

PRXCX's dividend yield for the trailing twelve months is around 3.21%, less than BCHYX's 3.74% yield.


TTM20232022202120202019201820172016201520142013
PRXCX
T. Rowe Price California Tax Free Bond Fund
3.21%3.04%2.83%2.51%2.73%2.93%3.11%3.09%3.34%3.43%3.60%3.95%
BCHYX
American Century California High Yield Municipal Fund
3.74%3.67%3.43%2.94%3.07%3.24%3.50%3.48%3.61%3.70%3.87%4.23%

Drawdowns

PRXCX vs. BCHYX - Drawdown Comparison

The maximum PRXCX drawdown since its inception was -19.48%, which is greater than BCHYX's maximum drawdown of -17.63%. Use the drawdown chart below to compare losses from any high point for PRXCX and BCHYX. For additional features, visit the drawdowns tool.


-7.00%-6.00%-5.00%-4.00%-3.00%-2.00%-1.00%0.00%JuneJulyAugustSeptemberOctoberNovember
-1.08%
-2.73%
PRXCX
BCHYX

Volatility

PRXCX vs. BCHYX - Volatility Comparison

T. Rowe Price California Tax Free Bond Fund (PRXCX) and American Century California High Yield Municipal Fund (BCHYX) have volatilities of 1.70% and 1.70%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.


0.50%1.00%1.50%2.00%JuneJulyAugustSeptemberOctoberNovember
1.70%
1.70%
PRXCX
BCHYX