PRXCX vs. VTEB
Compare and contrast key facts about T. Rowe Price California Tax Free Bond Fund (PRXCX) and Vanguard Tax-Exempt Bond ETF (VTEB).
PRXCX is managed by T. Rowe Price. It was launched on Sep 14, 1986. VTEB is a passively managed fund by Vanguard that tracks the performance of the S&P National AMT-Free Municipal Bond Index. It was launched on Aug 21, 2015.
Performance
PRXCX vs. VTEB - Performance Comparison
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PRXCX vs. VTEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRXCX T. Rowe Price California Tax Free Bond Fund | 0.20% | 5.51% | 2.75% | 7.64% | -9.93% | 2.68% | 4.39% | 7.31% | 0.75% | 5.54% |
VTEB Vanguard Tax-Exempt Bond ETF | 0.09% | 3.72% | 1.31% | 6.15% | -7.99% | 1.14% | 5.19% | 7.35% | 1.04% | 4.87% |
Returns By Period
In the year-to-date period, PRXCX achieves a 0.20% return, which is significantly higher than VTEB's 0.09% return. Over the past 10 years, PRXCX has outperformed VTEB with an annualized return of 2.37%, while VTEB has yielded a comparatively lower 2.09% annualized return.
PRXCX
- 1D
- 0.38%
- 1M
- -2.02%
- YTD
- 0.20%
- 6M
- 2.57%
- 1Y
- 6.24%
- 3Y*
- 4.29%
- 5Y*
- 1.55%
- 10Y*
- 2.37%
VTEB
- 1D
- 0.32%
- 1M
- -1.61%
- YTD
- 0.09%
- 6M
- 1.54%
- 1Y
- 3.92%
- 3Y*
- 2.78%
- 5Y*
- 0.88%
- 10Y*
- 2.09%
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PRXCX vs. VTEB - Expense Ratio Comparison
PRXCX has a 0.53% expense ratio, which is higher than VTEB's 0.05% expense ratio.
Return for Risk
PRXCX vs. VTEB — Risk / Return Rank
PRXCX
VTEB
PRXCX vs. VTEB - 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 Tax-Exempt Bond ETF (VTEB). 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.
| PRXCX | VTEB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.19 | 0.99 | +0.20 |
Sortino ratioReturn per unit of downside risk | 1.59 | 1.25 | +0.34 |
Omega ratioGain probability vs. loss probability | 1.32 | 1.23 | +0.10 |
Calmar ratioReturn relative to maximum drawdown | 1.28 | 1.25 | +0.03 |
Martin ratioReturn relative to average drawdown | 4.13 | 3.69 | +0.44 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PRXCX | VTEB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.19 | 0.99 | +0.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.36 | 0.23 | +0.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.58 | 0.40 | +0.18 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.09 | 0.45 | +0.64 |
Correlation
The correlation between PRXCX and VTEB is 0.67, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
PRXCX vs. VTEB - Dividend Comparison
PRXCX's dividend yield for the trailing twelve months is around 6.38%, more than VTEB's 3.37% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRXCX T. Rowe Price California Tax Free Bond Fund | 6.38% | 6.00% | 3.26% | 3.50% | 2.21% | 2.82% | 2.80% | 2.94% | 3.11% | 3.09% | 3.33% | 3.42% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.37% | 3.29% | 3.14% | 2.79% | 2.09% | 1.64% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% |
Drawdowns
PRXCX vs. VTEB - Drawdown Comparison
The maximum PRXCX drawdown since its inception was -21.67%, which is greater than VTEB's maximum drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for PRXCX and VTEB.
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Drawdown Indicators
| PRXCX | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.67% | -17.00% | -4.67% |
Max Drawdown (1Y)Largest decline over 1 year | -5.56% | -3.45% | -2.11% |
Max Drawdown (5Y)Largest decline over 5 years | -15.41% | -12.64% | -2.77% |
Max Drawdown (10Y)Largest decline over 10 years | -15.41% | -17.00% | +1.59% |
Current DrawdownCurrent decline from peak | -2.38% | -1.86% | -0.52% |
Average DrawdownAverage peak-to-trough decline | -2.78% | -2.35% | -0.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.73% | 1.17% | +0.56% |
Volatility
PRXCX vs. VTEB - Volatility Comparison
The current volatility for T. Rowe Price California Tax Free Bond Fund (PRXCX) is 1.30%, while Vanguard Tax-Exempt Bond ETF (VTEB) has a volatility of 1.37%. This indicates that PRXCX experiences smaller price fluctuations and is considered to be less risky than VTEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRXCX | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.30% | 1.37% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 2.05% | 1.87% | +0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.63% | 4.00% | +1.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.38% | 3.88% | +0.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.13% | 5.25% | -1.12% |