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PRXCX vs. VCITX
Performance
Return for Risk
Dividends
Drawdowns
Volatility

Performance

PRXCX vs. VCITX - 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 Vanguard California Long-Term Tax-Exempt Fund Investor Shares (VCITX). The values are adjusted to include any dividend payments, if applicable.

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PRXCX vs. VCITX - Yearly Performance Comparison


2026 (YTD)202520242023202220212020201920182017
PRXCX
T. Rowe Price California Tax Free Bond Fund
-0.18%5.51%2.75%7.64%-9.93%2.68%4.39%7.31%0.75%5.54%
VCITX
Vanguard California Long-Term Tax-Exempt Fund Investor Shares
-1.00%4.90%2.66%7.51%-10.06%1.46%5.60%8.81%0.67%6.82%

Returns By Period

In the year-to-date period, PRXCX achieves a -0.18% return, which is significantly higher than VCITX's -1.00% return. Both investments have delivered pretty close results over the past 10 years, with PRXCX having a 2.34% annualized return and VCITX not far ahead at 2.40%.


PRXCX

1D
0.28%
1M
-2.75%
YTD
-0.18%
6M
2.28%
1Y
6.23%
3Y*
4.16%
5Y*
1.51%
10Y*
2.34%

VCITX

1D
0.27%
1M
-3.17%
YTD
-1.00%
6M
0.86%
1Y
4.03%
3Y*
3.63%
5Y*
1.10%
10Y*
2.40%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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PRXCX vs. VCITX - Expense Ratio Comparison

PRXCX has a 0.53% expense ratio, which is higher than VCITX's 0.17% expense ratio.


Return for Risk

PRXCX vs. VCITX — Risk / Return Rank

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

PRXCX
PRXCX Risk / Return Rank: 6262
Overall Rank
PRXCX Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
PRXCX Sortino Ratio Rank: 6464
Sortino Ratio Rank
PRXCX Omega Ratio Rank: 8383
Omega Ratio Rank
PRXCX Calmar Ratio Rank: 5353
Calmar Ratio Rank
PRXCX Martin Ratio Rank: 3939
Martin Ratio Rank

VCITX
VCITX Risk / Return Rank: 4343
Overall Rank
VCITX Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
VCITX Sortino Ratio Rank: 3939
Sortino Ratio Rank
VCITX Omega Ratio Rank: 6565
Omega Ratio Rank
VCITX Calmar Ratio Rank: 3737
Calmar Ratio Rank
VCITX Martin Ratio Rank: 2828
Martin Ratio Rank
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. 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.


PRXCXVCITXDifference

Sharpe ratio

Return per unit of total volatility

1.20

0.89

+0.31

Sortino ratio

Return per unit of downside risk

1.61

1.21

+0.40

Omega ratio

Gain probability vs. loss probability

1.33

1.24

+0.09

Calmar ratio

Return relative to maximum drawdown

1.26

0.97

+0.29

Martin ratio

Return relative to average drawdown

4.09

2.95

+1.14

PRXCX vs. VCITX - Sharpe Ratio Comparison

The current PRXCX Sharpe Ratio is 1.20, which is higher than the VCITX Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of PRXCX and VCITX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.


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Sharpe Ratios by Period


PRXCXVCITXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.20

0.89

+0.31

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.35

0.25

+0.10

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.57

0.53

+0.04

Sharpe Ratio (All Time)

Calculated using the full available price history

1.09

1.01

+0.08

Correlation

The correlation between PRXCX and VCITX is 0.87, 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.


Dividends

PRXCX vs. VCITX - Dividend Comparison

PRXCX's dividend yield for the trailing twelve months is around 6.41%, more than VCITX's 3.58% yield.


TTM20252024202320222021202020192018201720162015
PRXCX
T. Rowe Price California Tax Free Bond Fund
6.41%6.00%3.26%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
3.58%4.34%3.85%2.99%2.66%2.56%3.21%3.16%3.32%3.22%3.45%3.50%

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


PRXCXVCITXDifference

Max Drawdown

Largest peak-to-trough decline

-21.67%

-22.71%

+1.04%

Max Drawdown (1Y)

Largest decline over 1 year

-5.56%

-5.34%

-0.22%

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 Drawdown

Current decline from peak

-2.75%

-3.17%

+0.42%

Average Drawdown

Average peak-to-trough decline

-2.78%

-2.58%

-0.20%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.72%

1.76%

-0.04%

Volatility

PRXCX vs. VCITX - Volatility Comparison

T. Rowe Price California Tax Free Bond Fund (PRXCX) and Vanguard California Long-Term Tax-Exempt Fund Investor Shares (VCITX) have volatilities of 1.23% and 1.26%, 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.


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Volatility by Period


PRXCXVCITXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.23%

1.26%

-0.03%

Volatility (6M)

Calculated over the trailing 6-month period

2.06%

1.96%

+0.10%

Volatility (1Y)

Calculated over the trailing 1-year period

5.63%

5.43%

+0.20%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.38%

4.51%

-0.13%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.12%

4.54%

-0.42%