PRXCX vs. VCITX
PRXCX (T. Rowe Price California Tax Free Bond Fund) and VCITX (Vanguard California Long-Term Tax-Exempt Fund Investor Shares) are both Municipal Bonds funds. Over the past 10 years, PRXCX returned 2.29%/yr vs 2.47%/yr for VCITX. Their correlation of 0.86 suggests significant overlap in exposure. PRXCX charges 0.53%/yr vs 0.17%/yr for VCITX.
Performance
PRXCX vs. VCITX - Performance Comparison
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Returns By Period
In the year-to-date period, PRXCX achieves a 2.21% return, which is significantly higher than VCITX's 1.94% return. Over the past 10 years, PRXCX has underperformed VCITX with an annualized return of 2.29%, while VCITX has yielded a comparatively higher 2.47% 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%
VCITX
- 1D
- 0.09%
- 1M
- 1.98%
- YTD
- 1.94%
- 6M
- 2.43%
- 1Y
- 8.17%
- 3Y*
- 4.78%
- 5Y*
- 1.35%
- 10Y*
- 2.47%
PRXCX vs. VCITX - 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% |
VCITX Vanguard California Long-Term Tax-Exempt Fund Investor Shares | 1.94% | 4.90% | 2.66% | 7.51% | -10.06% | 1.46% | 5.60% | 8.81% | 0.67% | 6.82% |
Correlation
The correlation between PRXCX and VCITX is 0.84, 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 | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 1987 | 0.86 |
The correlation between PRXCX and VCITX has been stable across timeframes, ranging from 0.84 to 0.92 - a consistent structural relationship.
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Return for Risk
PRXCX vs. VCITX — Risk / Return Rank
PRXCX
VCITX
PRXCX vs. VCITX - 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 Vanguard California Long-Term Tax-Exempt Fund Investor Shares (VCITX). 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 | VCITX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.74 | 1.66 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 3.00 | 2.39 | +0.61 |
| Martin ratioReturn relative to average drawdown | 11.16 | 8.49 | +2.67 |
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Drawdowns
PRXCX vs. VCITX - Drawdown Comparison
The maximum PRXCX drawdown since its inception was -21.67%, roughly equal to the maximum VCITX drawdown of -22.71%. Use the drawdown chart below to compare losses from any high point for PRXCX and VCITX.
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Drawdown Indicators
| PRXCX | VCITX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.67% | -22.71% | +1.04% |
Max Drawdown (1Y)Largest decline over 1 year | -3.02% | -3.43% | +0.41% |
Max Drawdown (3Y)Largest decline over 3 years | -6.68% | -6.57% | -0.11% |
Max Drawdown (5Y)Largest decline over 5 years | -15.41% | -15.79% | +0.38% |
Max Drawdown (10Y)Largest decline over 10 years | -15.41% | -15.79% | +0.38% |
Current DrawdownCurrent decline from peak | 0.00% | -0.30% | +0.30% |
Average DrawdownAverage peak-to-trough decline | -2.78% | -2.58% | -0.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.81% | 0.96% | -0.15% |
Volatility
PRXCX vs. VCITX - Volatility Comparison
T. Rowe Price California Tax Free Bond Fund (PRXCX) has a higher volatility of 0.89% compared to Vanguard California Long-Term Tax-Exempt Fund Investor Shares (VCITX) at 0.83%. This indicates that PRXCX's price experiences larger fluctuations and is considered to be riskier than VCITX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRXCX | VCITX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.89% | 0.83% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 2.35% | 2.39% | -0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.15% | 3.11% | +0.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.41% | 4.56% | -0.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.14% | 4.56% | -0.42% |
PRXCX vs. VCITX - Expense Ratio Comparison
PRXCX has a 0.53% expense ratio, which is higher than VCITX's 0.17% expense ratio.
Dividends
PRXCX vs. VCITX - Dividend Comparison
PRXCX's dividend yield for the trailing twelve months is around 4.60%, more than VCITX's 3.54% 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% |
VCITX Vanguard California Long-Term Tax-Exempt Fund Investor Shares | 3.54% | 4.34% | 3.85% | 2.99% | 2.66% | 2.56% | 3.21% | 3.16% | 3.32% | 3.22% | 3.45% | 3.50% |
Frequently Asked Questions
PRXCX and VCITX have a correlation of 0.84, 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 VCITX (0.83%). In terms of maximum drawdown, PRXCX dropped -21.67% vs VCITX's -22.71%.
PRXCX currently has the higher Sharpe Ratio (2.88 vs 2.64), 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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