PRXCX vs. PRFHX
Compare and contrast key facts about T. Rowe Price California Tax Free Bond Fund (PRXCX) and T. Rowe Price Tax Free High Yield Fund (PRFHX).
PRXCX is managed by T. Rowe Price. It was launched on Sep 14, 1986. PRFHX is managed by T. Rowe Price. It was launched on Feb 28, 1985.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: PRXCX or PRFHX.
Key characteristics
| PRXCX | PRFHX | |
|---|---|---|
| YTD Return | 2.64% | 6.28% |
| 1Y Return | 8.49% | 12.76% |
| 3Y Return (Ann) | -0.09% | -0.42% |
| 5Y Return (Ann) | 1.42% | 1.71% |
| 10Y Return (Ann) | 2.49% | 3.12% |
| Sharpe Ratio | 2.47 | 3.30 |
| Sortino Ratio | 3.75 | 5.21 |
| Omega Ratio | 1.59 | 1.84 |
| Calmar Ratio | 1.08 | 1.06 |
| Martin Ratio | 12.29 | 18.39 |
| Ulcer Index | 0.77% | 0.74% |
| Daily Std Dev | 3.82% | 4.13% |
| Max Drawdown | -19.48% | -24.76% |
| Current Drawdown | -1.36% | -1.74% |
Correlation
The correlation between PRXCX and PRFHX is 0.85, 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.
Performance
PRXCX vs. PRFHX - Performance Comparison
In the year-to-date period, PRXCX achieves a 2.64% return, which is significantly lower than PRFHX's 6.28% return. Over the past 10 years, PRXCX has underperformed PRFHX with an annualized return of 2.49%, while PRFHX has yielded a comparatively higher 3.12% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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PRXCX vs. PRFHX - Expense Ratio Comparison
PRXCX has a 0.53% expense ratio, which is lower than PRFHX's 0.63% expense ratio.
Risk-Adjusted Performance
PRXCX vs. PRFHX - 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 T. Rowe Price Tax Free High Yield Fund (PRFHX). 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.
Dividends
PRXCX vs. PRFHX - Dividend Comparison
PRXCX's dividend yield for the trailing twelve months is around 3.22%, less than PRFHX's 3.66% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRXCX T. Rowe Price California Tax Free Bond Fund | 3.22% | 3.04% | 2.83% | 2.51% | 2.73% | 2.93% | 3.11% | 3.09% | 3.34% | 3.43% | 3.60% | 3.95% |
PRFHX T. Rowe Price Tax Free High Yield Fund | 3.66% | 3.62% | 3.75% | 2.98% | 3.50% | 3.53% | 3.68% | 3.62% | 3.89% | 4.01% | 4.13% | 4.58% |
Drawdowns
PRXCX vs. PRFHX - Drawdown Comparison
The maximum PRXCX drawdown since its inception was -19.48%, smaller than the maximum PRFHX drawdown of -24.76%. Use the drawdown chart below to compare losses from any high point for PRXCX and PRFHX. For additional features, visit the drawdowns tool.
Volatility
PRXCX vs. PRFHX - Volatility Comparison
T. Rowe Price California Tax Free Bond Fund (PRXCX) and T. Rowe Price Tax Free High Yield Fund (PRFHX) have volatilities of 1.92% and 1.88%, 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.