PRXCX vs. NMI

Last updated Jun 4, 2026

PRXCX (T. Rowe Price California Tax Free Bond Fund) and NMI (Nuveen Municipal Income Fund, Inc.) are both Municipal Bonds funds. Over the past 10 years, PRXCX returned 2.35%/yr vs 2.55%/yr for NMI. At a 0.15 correlation, their price movements are largely independent. PRXCX charges 0.53%/yr vs 0.72%/yr for NMI.

Performance

PRXCX vs. NMI - 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 Nuveen Municipal Income Fund, Inc. (NMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRXCX achieves a 2.02% return, which is significantly lower than NMI's 11.65% return. Over the past 10 years, PRXCX has underperformed NMI with an annualized return of 2.35%, while NMI has yielded a comparatively higher 2.55% annualized return.

PRXCX

• 1D: 0.28%
• 1M: 0.95%
• YTD: 2.02%
• 6M: 2.57%
• 1Y: 9.26%
• 3Y*: 4.80%
• 5Y*: 1.47%
• 10Y*: 2.35%

NMI

• 1D: 1.25%
• 1M: 11.12%
• YTD: 11.65%
• 6M: 11.63%
• 1Y: 16.67%
• 3Y*: 8.46%
• 5Y*: 2.69%
• 10Y*: 2.55%

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

PRXCX vs. NMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRXCX T. Rowe Price California Tax Free Bond Fund	2.02%	3.99%	3.62%	7.64%	-9.93%	2.68%	4.39%	7.31%	0.75%	5.54%
NMI Nuveen Municipal Income Fund, Inc.	11.65%	10.52%	7.03%	1.90%	-15.09%	3.86%	4.70%	16.02%	-8.07%	7.49%

Correlation

The correlation between PRXCX and NMI is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Dec 19, 1988	0.15

The correlation between PRXCX and NMI shifts across timeframes, from 0.12 (1 year) to 0.27 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PRXCX vs. NMI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PRXCX

PRXCX Risk / Return Rank: 79
PRXCX Sharpe Ratio Rank: 88
PRXCX Sortino Ratio Rank: 93
PRXCX Omega Ratio Rank: 94
PRXCX Calmar Ratio Rank: 63
PRXCX Martin Ratio Rank: 56

NMI

NMI Risk / Return Rank: 18
NMI Sharpe Ratio Rank: 14
NMI Sortino Ratio Rank: 17
NMI Omega Ratio Rank: 27
NMI Calmar Ratio Rank: 18
NMI Martin Ratio Rank: 12

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.

PRXCX vs. NMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price California Tax Free Bond Fund (PRXCX) and Nuveen Municipal Income Fund, Inc. (NMI). 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.

	PRXCX	NMI	Difference
Sharpe ratio: Return per unit of total volatility	2.89	1.05	+1.83
Sortino ratio: Return per unit of downside risk	4.67	1.72	+2.95
Omega ratio: Gain probability vs. loss probability	1.74	1.27	+0.48
Calmar ratio: Return relative to maximum drawdown	3.04	1.53	+1.51
Martin ratio: Return relative to average drawdown	11.29	3.59	+7.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PRXCX vs. NMI - Sharpe Ratio Comparison

The current PRXCX Sharpe Ratio is 2.89, which is higher than the NMI Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of PRXCX and NMI, 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

	PRXCX	NMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.89	1.05	+1.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.19	+0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.17	+0.40
Sharpe Ratio (All Time) Calculated using the full available price history	1.09	0.34	+0.75

Drawdowns

PRXCX vs. NMI - Drawdown Comparison

The maximum PRXCX drawdown since its inception was -21.67%, smaller than the maximum NMI drawdown of -28.92%. Use the drawdown chart below to compare losses from any high point for PRXCX and NMI.

Drawdown Indicators

	PRXCX	NMI	Difference
Max Drawdown Largest peak-to-trough decline	-21.67%	-28.92%	+7.25%
Max Drawdown (1Y) Largest decline over 1 year	-3.02%	-10.96%	+7.94%
Max Drawdown (3Y) Largest decline over 3 years	-6.68%	-14.54%	+7.86%
Max Drawdown (5Y) Largest decline over 5 years	-15.41%	-28.92%	+13.51%
Max Drawdown (10Y) Largest decline over 10 years	-15.41%	-28.92%	+13.51%
Current Drawdown Current decline from peak	-0.04%	-1.06%	+1.02%
Average Drawdown Average peak-to-trough decline	-2.78%	-5.92%	+3.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	4.65%	-3.84%

Volatility

PRXCX vs. NMI - Volatility Comparison

The current volatility for T. Rowe Price California Tax Free Bond Fund (PRXCX) is 1.29%, while Nuveen Municipal Income Fund, Inc. (NMI) has a volatility of 7.35%. This indicates that PRXCX experiences smaller price fluctuations and is considered to be less risky than NMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRXCX	NMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.29%	7.35%	-6.06%
Volatility (6M) Calculated over the trailing 6-month period	2.37%	13.32%	-10.95%
Volatility (1Y) Calculated over the trailing 1-year period	3.20%	15.90%	-12.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.41%	14.46%	-10.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.14%	14.93%	-10.79%

PRXCX vs. NMI - Expense Ratio Comparison

PRXCX has a 0.53% expense ratio, which is lower than NMI's 0.72% expense ratio.

Dividends

PRXCX vs. NMI - Dividend Comparison

PRXCX's dividend yield for the trailing twelve months is around 4.61%, more than NMI's 4.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NMI Nuveen Municipal Income Fund, Inc.	4.19%	4.59%	4.63%	4.04%	3.51%	3.22%	3.53%	4.15%	5.12%	4.21%	4.45%	4.28%
PRXCX T. Rowe Price California Tax Free Bond Fund	4.61%	4.58%	4.10%	3.50%	2.21%	2.82%	2.80%	2.94%	3.11%	3.09%	3.33%	3.42%

Frequently Asked Questions

Can I hold both PRXCX and NMI in my portfolio?

PRXCX and NMI have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRXCX or NMI?

NMI has higher volatility (7.35%) compared to PRXCX (1.29%). In terms of maximum drawdown, PRXCX dropped -21.67% vs NMI's -28.92%.

Which has better risk-adjusted returns?

PRXCX currently has the higher Sharpe Ratio (2.89 vs 1.05), 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.