PRXCX vs. PBDIX
PRXCX (T. Rowe Price California Tax Free Bond Fund) and PBDIX (T. Rowe Price QM U.S. Bond Index Fund) are both mutual funds - PRXCX is a Municipal Bonds fund managed by T. Rowe Price, while PBDIX is a Total Bond Market fund managed by T. Rowe Price. Over the past 10 years, PRXCX returned 2.08%/yr vs 2.06%/yr for PBDIX. Their 0.58 correlation means they have sometimes moved together and sometimes differently. PRXCX charges 0.53%/yr vs 0.23%/yr for PBDIX.
Performance
PRXCX vs. PBDIX - Performance Comparison
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Returns By Period
In the year-to-date period, PRXCX achieves a 0.72% return, which is significantly higher than PBDIX's -0.45% return. Both investments have delivered pretty close results over the past 10 years, with PRXCX having a 2.08% annualized return and PBDIX not far behind at 2.06%.
PRXCX
- 1D
- -0.28%
- 1M
- -2.21%
- 6M
- 0.23%
- YTD
- 0.72%
- 1Y
- 7.01%
- 3Y*
- 4.04%
- 5Y*
- 0.96%
- 10Y*
- 2.08%
- ALL TIME*
- 4.24%
PBDIX
- 1D
- 0.00%
- 1M
- -1.25%
- 6M
- -0.60%
- YTD
- -0.45%
- 1Y
- 2.16%
- 3Y*
- 5.60%
- 5Y*
- 0.78%
- 10Y*
- 2.06%
- ALL TIME*
- 3.89%
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 |
PRXCX vs. PBDIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRXCX T. Rowe Price California Tax Free Bond Fund | 0.72% | 3.99% | 3.62% | 7.64% | -9.93% | 2.68% | 4.39% | 7.31% | 0.75% | 5.54% |
PBDIX T. Rowe Price QM U.S. Bond Index Fund | -0.45% | 8.29% | 4.75% | 8.62% | -14.24% | -1.45% | 8.17% | 8.69% | -0.01% | 3.83% |
Correlation
The correlation between PRXCX and PBDIX is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.55 |
Correlation (3Y) Balances recent behavior with more history. | 0.61 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.56 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.53 |
Correlation (All Time) Calculated using the full available price history since Nov 30, 2000 | 0.58 |
The correlation between PRXCX and PBDIX has been stable across timeframes, ranging from 0.53 to 0.61 - a consistent structural relationship.
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Return for Risk
PRXCX vs. PBDIX — Risk / Return Rank
PRXCX
PBDIX
PRXCX vs. PBDIX - 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 T. Rowe Price QM U.S. Bond Index Fund (PBDIX). 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.
| PRXCX | PBDIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.71 | ||
| Sortino ratioReturn per unit of downside risk | +2.69 | ||
| Omega ratioGain probability vs. loss probability | 1.61 | 1.13 | +0.48 |
| Calmar ratioReturn relative to maximum drawdown | 2.64 | 1.05 | +1.59 |
| Martin ratioReturn relative to average drawdown | 9.42 | 2.70 | +6.72 |
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Drawdowns
PRXCX vs. PBDIX - Drawdown Comparison
The maximum PRXCX drawdown since its inception was -21.67%, which is greater than PBDIX's maximum drawdown of -19.20%. Use the drawdown chart below to compare losses from any high point for PRXCX and PBDIX.
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Drawdown Indicators
| PRXCX | PBDIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.67% | -19.20% | -2.47% |
Max Drawdown (1Y)Largest decline over 1 year | -3.02% | -2.94% | -0.08% |
Max Drawdown (3Y)Largest decline over 3 years | -6.68% | -4.87% | -1.81% |
Max Drawdown (5Y)Largest decline over 5 years | -15.41% | -19.10% | +3.69% |
Max Drawdown (10Y)Largest decline over 10 years | -15.41% | -19.20% | +3.79% |
Current DrawdownCurrent decline from peak | -2.21% | -2.24% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -2.77% | -2.16% | -0.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.85% | 1.14% | -0.29% |
Volatility
PRXCX vs. PBDIX - Volatility Comparison
T. Rowe Price California Tax Free Bond Fund (PRXCX) and T. Rowe Price QM U.S. Bond Index Fund (PBDIX) have volatilities of 0.98% and 1.00%, 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.
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Volatility by Period
| PRXCX | PBDIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 1.00% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.54% | 3.24% | -0.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.26% | 4.14% | -0.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.44% | 6.13% | -1.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.14% | 5.03% | -0.89% |
PRXCX vs. PBDIX - Expense Ratio Comparison
PRXCX has a 0.53% expense ratio, which is higher than PBDIX's 0.23% expense ratio.
Dividends
PRXCX vs. PBDIX - Dividend Comparison
PRXCX's dividend yield for the trailing twelve months is around 4.13%, less than PBDIX's 4.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PBDIX T. Rowe Price QM U.S. Bond Index Fund | 4.33% | 5.19% | 7.21% | 6.39% | 2.01% | 1.84% | 3.59% | 3.18% | 2.94% | 2.75% | 2.82% | 2.99% |
PRXCX T. Rowe Price California Tax Free Bond Fund | 4.13% | 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
PRXCX and PBDIX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PBDIX has higher volatility (1.00%) compared to PRXCX (0.98%). In terms of maximum drawdown, PRXCX dropped -21.67% vs PBDIX's -19.20%.
PRXCX currently has the higher Sharpe Ratio (2.46 vs 0.75), 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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