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 2.29%/yr vs 2.29%/yr for PBDIX. A 0.58 correlation means they provide meaningful diversification when combined. PRXCX charges 0.53%/yr vs 0.23%/yr for PBDIX.
Performance
PRXCX vs. PBDIX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PRXCX achieves a 2.21% return, which is significantly higher than PBDIX's 0.20% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: PRXCX at 2.29% and PBDIX at 2.29%.
PRXCX
- 1D
- 0.09%
- 1M
- 1.99%
- YTD
- 2.21%
- 6M
- 3.04%
- 1Y
- 9.05%
- 3Y*
- 4.80%
- 5Y*
- 1.46%
- 10Y*
- 2.29%
PBDIX
- 1D
- 0.21%
- 1M
- 0.99%
- YTD
- 0.20%
- 6M
- 0.67%
- 1Y
- 4.63%
- 3Y*
- 6.00%
- 5Y*
- 1.15%
- 10Y*
- 2.29%
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 | 2.21% | 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 | 0.20% | 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 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Nov 30, 2000 | 0.58 |
The correlation between PRXCX and PBDIX shifts across timeframes, from 0.51 (1 year) to 0.61 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | +1.72 | ||
| Sortino ratioReturn per unit of downside risk | +2.89 | ||
| Omega ratioGain probability vs. loss probability | 1.74 | 1.21 | +0.54 |
| Calmar ratioReturn relative to maximum drawdown | 3.00 | 1.55 | +1.46 |
| Martin ratioReturn relative to average drawdown | 11.16 | 4.25 | +6.90 |
Loading charts...
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.
Loading charts...
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% | -3.08% | +0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -6.68% | -5.61% | -1.07% |
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 | 0.00% | -1.60% | +1.60% |
Average DrawdownAverage peak-to-trough decline | -2.78% | -2.16% | -0.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.81% | 1.11% | -0.30% |
Volatility
PRXCX vs. PBDIX - Volatility Comparison
The current volatility for T. Rowe Price California Tax Free Bond Fund (PRXCX) is 0.89%, while T. Rowe Price QM U.S. Bond Index Fund (PBDIX) has a volatility of 1.28%. This indicates that PRXCX experiences smaller price fluctuations and is considered to be less risky than PBDIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PRXCX | PBDIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.89% | 1.28% | -0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 2.35% | 3.13% | -0.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.15% | 4.11% | -0.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.41% | 6.11% | -1.70% |
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 4.60%, more than PBDIX's 4.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PBDIX T. Rowe Price QM U.S. Bond Index Fund | 4.25% | 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 | 4.60% | 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 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PBDIX has higher volatility (1.28%) compared to PRXCX (0.89%). In terms of maximum drawdown, PRXCX dropped -21.67% vs PBDIX's -19.20%.
PRXCX currently has the higher Sharpe Ratio (2.88 vs 1.16), 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.
Find the right allocation for PRXCX and PBDIX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer