PRXCX vs. PRFHX
PRXCX (T. Rowe Price California Tax Free Bond Fund) and PRFHX (T. Rowe Price Tax Free High Yield Fund) are both mutual funds - PRXCX is a Municipal Bonds fund managed by T. Rowe Price, while PRFHX is a High Yield Muni fund managed by T. Rowe Price. Over the past 10 years, PRXCX returned 2.29%/yr vs 2.98%/yr for PRFHX. Their correlation of 0.86 suggests significant overlap in exposure. PRXCX charges 0.53%/yr vs 0.63%/yr for PRFHX.
Performance
PRXCX vs. PRFHX - Performance Comparison
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Returns By Period
In the year-to-date period, PRXCX achieves a 2.21% return, which is significantly lower than PRFHX's 3.26% return. Over the past 10 years, PRXCX has underperformed PRFHX with an annualized return of 2.29%, while PRFHX has yielded a comparatively higher 2.98% annualized return.
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%
PRFHX
- 1D
- 0.09%
- 1M
- 1.88%
- YTD
- 3.26%
- 6M
- 4.25%
- 1Y
- 10.90%
- 3Y*
- 6.43%
- 5Y*
- 1.77%
- 10Y*
- 2.98%
PRXCX vs. PRFHX - 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% |
PRFHX T. Rowe Price Tax Free High Yield Fund | 3.26% | 5.53% | 7.00% | 7.65% | -14.41% | 6.09% | 3.40% | 9.03% | 0.66% | 7.31% |
Correlation
The correlation between PRXCX and PRFHX is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 1987 | 0.86 |
The correlation between PRXCX and PRFHX has been stable across timeframes, ranging from 0.86 to 0.92 - a consistent structural relationship.
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Return for Risk
PRXCX vs. PRFHX — Risk / Return Rank
PRXCX
PRFHX
PRXCX vs. PRFHX - 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 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.
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 | PRFHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.51 | ||
| Sortino ratioReturn per unit of downside risk | -0.89 | ||
| Omega ratioGain probability vs. loss probability | 1.74 | 1.82 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.00 | 4.09 | -1.09 |
| Martin ratioReturn relative to average drawdown | 11.16 | 15.18 | -4.02 |
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Drawdowns
PRXCX vs. PRFHX - Drawdown Comparison
The maximum PRXCX drawdown since its inception was -21.67%, 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.
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Drawdown Indicators
| PRXCX | PRFHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.67% | -24.76% | +3.09% |
Max Drawdown (1Y)Largest decline over 1 year | -3.02% | -2.75% | -0.27% |
Max Drawdown (3Y)Largest decline over 3 years | -6.68% | -6.91% | +0.23% |
Max Drawdown (5Y)Largest decline over 5 years | -15.41% | -18.81% | +3.40% |
Max Drawdown (10Y)Largest decline over 10 years | -15.41% | -18.81% | +3.40% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.78% | -2.77% | -0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.81% | 0.73% | +0.08% |
Volatility
PRXCX vs. PRFHX - Volatility Comparison
T. Rowe Price California Tax Free Bond Fund (PRXCX) has a higher volatility of 0.89% compared to T. Rowe Price Tax Free High Yield Fund (PRFHX) at 0.78%. This indicates that PRXCX's price experiences larger fluctuations and is considered to be riskier than PRFHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRXCX | PRFHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.89% | 0.78% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 2.35% | 2.33% | +0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.15% | 3.31% | -0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.41% | 4.89% | -0.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.14% | 4.64% | -0.50% |
PRXCX vs. PRFHX - Expense Ratio Comparison
PRXCX has a 0.53% expense ratio, which is lower than PRFHX's 0.63% expense ratio.
Dividends
PRXCX vs. PRFHX - Dividend Comparison
PRXCX's dividend yield for the trailing twelve months is around 4.60%, less than PRFHX's 5.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRFHX T. Rowe Price Tax Free High Yield Fund | 5.46% | 5.46% | 4.75% | 4.19% | 2.81% | 3.01% | 3.47% | 3.52% | 3.71% | 3.64% | 3.88% | 4.02% |
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 PRFHX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRXCX has higher volatility (0.89%) compared to PRFHX (0.78%). In terms of maximum drawdown, PRXCX dropped -21.67% vs PRFHX's -24.76%.
PRFHX currently has the higher Sharpe Ratio (3.40 vs 2.88), 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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