PRXCX vs. SWCAX

Last updated Jun 23, 2026

PRXCX (T. Rowe Price California Tax Free Bond Fund) and SWCAX (Schwab California Tax-Free Bond Fund™) are both Municipal Bonds funds. Over the past 10 years, PRXCX returned 2.29%/yr vs 1.48%/yr for SWCAX. Their correlation of 0.83 suggests significant overlap in exposure. PRXCX charges 0.53%/yr vs 0.48%/yr for SWCAX.

Performance

PRXCX vs. SWCAX - 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 Schwab California Tax-Free Bond Fund™ (SWCAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRXCX achieves a 2.21% return, which is significantly higher than SWCAX's 1.03% return. Over the past 10 years, PRXCX has outperformed SWCAX with an annualized return of 2.29%, while SWCAX has yielded a comparatively lower 1.48% 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%

SWCAX

• 1D: 0.09%
• 1M: 1.36%
• YTD: 1.03%
• 6M: 1.40%
• 1Y: 5.93%
• 3Y*: 3.19%
• 5Y*: 0.54%
• 10Y*: 1.48%

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

PRXCX vs. SWCAX - 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%
SWCAX Schwab California Tax-Free Bond Fund™	1.03%	3.95%	1.51%	4.73%	-8.10%	0.36%	3.93%	6.02%	1.16%	4.37%

Correlation

The correlation between PRXCX and SWCAX is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Feb 24, 1992	0.83

The correlation between PRXCX and SWCAX has been stable across timeframes, ranging from 0.79 to 0.88 - a consistent structural relationship.

Return for Risk

PRXCX vs. SWCAX — Risk / Return Rank

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

PRXCX

PRXCX Risk / Return Rank: 82
PRXCX Sharpe Ratio Rank: 92
PRXCX Sortino Ratio Rank: 95
PRXCX Omega Ratio Rank: 95
PRXCX Calmar Ratio Rank: 67
PRXCX Martin Ratio Rank: 60

SWCAX

SWCAX Risk / Return Rank: 66
SWCAX Sharpe Ratio Rank: 85
SWCAX Sortino Ratio Rank: 90
SWCAX Omega Ratio Rank: 93
SWCAX Calmar Ratio Rank: 35
SWCAX Martin Ratio Rank: 29

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. SWCAX - 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 Schwab California Tax-Free Bond Fund™ (SWCAX). 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	SWCAX	Difference
Sharpe ratio: Return per unit of total volatility	2.88	2.57	+0.32
Sortino ratio: Return per unit of downside risk	4.64	4.06	+0.58
Omega ratio: Gain probability vs. loss probability	1.74	1.67	+0.07
Calmar ratio: Return relative to maximum drawdown	3.00	2.14	+0.86
Martin ratio: Return relative to average drawdown	11.16	6.36	+4.79

PRXCX vs. SWCAX - Sharpe Ratio Comparison

The current PRXCX Sharpe Ratio is 2.88, which is comparable to the SWCAX Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of PRXCX and SWCAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PRXCX vs. SWCAX - Drawdown Comparison

The maximum PRXCX drawdown since its inception was -21.67%, which is greater than SWCAX's maximum drawdown of -13.51%. Use the drawdown chart below to compare losses from any high point for PRXCX and SWCAX.

Drawdown Indicators

	PRXCX	SWCAX	Difference
Max Drawdown Largest peak-to-trough decline	-21.67%	-13.51%	-8.16%
Max Drawdown (1Y) Largest decline over 1 year	-3.02%	-2.75%	-0.27%
Max Drawdown (3Y) Largest decline over 3 years	-6.68%	-4.36%	-2.32%
Max Drawdown (5Y) Largest decline over 5 years	-15.41%	-12.30%	-3.11%
Max Drawdown (10Y) Largest decline over 10 years	-15.41%	-12.30%	-3.11%
Current Drawdown Current decline from peak	0.00%	-0.92%	+0.92%
Average Drawdown Average peak-to-trough decline	-2.78%	-1.87%	-0.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	0.92%	-0.11%

Volatility

PRXCX vs. SWCAX - Volatility Comparison

T. Rowe Price California Tax Free Bond Fund (PRXCX) has a higher volatility of 0.89% compared to Schwab California Tax-Free Bond Fund™ (SWCAX) at 0.62%. This indicates that PRXCX's price experiences larger fluctuations and is considered to be riskier than SWCAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRXCX	SWCAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.89%	0.62%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	2.35%	1.79%	+0.56%
Volatility (1Y) Calculated over the trailing 1-year period	3.15%	2.29%	+0.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.41%	3.11%	+1.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.14%	3.37%	+0.77%

PRXCX vs. SWCAX - Expense Ratio Comparison

PRXCX has a 0.53% expense ratio, which is higher than SWCAX's 0.48% expense ratio.

Dividends

PRXCX vs. SWCAX - Dividend Comparison

PRXCX's dividend yield for the trailing twelve months is around 4.60%, more than SWCAX's 3.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SWCAX Schwab California Tax-Free Bond Fund™	3.18%	3.46%	2.67%	2.23%	1.57%	1.68%	2.45%	2.54%	2.50%	2.22%	3.10%	2.79%

Frequently Asked Questions

Can I hold both PRXCX and SWCAX in my portfolio?

PRXCX and SWCAX have a correlation of 0.79, 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 SWCAX?

PRXCX has higher volatility (0.89%) compared to SWCAX (0.62%). In terms of maximum drawdown, PRXCX dropped -21.67% vs SWCAX's -13.51%.

Which has better risk-adjusted returns?

PRXCX currently has the higher Sharpe Ratio (2.88 vs 2.57), 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.