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PRXCX vs. VTEB
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Performance

PRXCX vs. VTEB - 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 Tax-Exempt Bond ETF (VTEB). The values are adjusted to include any dividend payments, if applicable.

0.00%1.00%2.00%3.00%4.00%5.00%JuneJulyAugustSeptemberOctoberNovember
3.56%
3.26%
PRXCX
VTEB

Returns By Period

In the year-to-date period, PRXCX achieves a 2.93% return, which is significantly higher than VTEB's 1.64% return.


PRXCX

YTD

2.93%

1M

0.37%

6M

3.55%

1Y

7.64%

5Y (annualized)

1.43%

10Y (annualized)

2.51%

VTEB

YTD

1.64%

1M

0.46%

6M

3.15%

1Y

5.47%

5Y (annualized)

1.20%

10Y (annualized)

N/A

Key characteristics


PRXCXVTEB
Sharpe Ratio2.111.46
Sortino Ratio3.152.14
Omega Ratio1.501.29
Calmar Ratio1.010.88
Martin Ratio9.966.18
Ulcer Index0.79%0.92%
Daily Std Dev3.71%3.88%
Max Drawdown-19.48%-17.00%
Current Drawdown-1.08%-1.17%

Compare stocks, funds, or ETFs

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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.


PRXCX
T. Rowe Price California Tax Free Bond Fund
Expense ratio chart for PRXCX: current value at 0.53% compared with the broader market ranging from 0.00% to 2.12%.0.50%1.00%1.50%2.00%0.53%
Expense ratio chart for VTEB: current value at 0.05% compared with the broader market ranging from 0.00% to 2.12%.0.50%1.00%1.50%2.00%0.05%

Correlation

-0.50.00.51.00.7

The correlation between PRXCX and VTEB is 0.66, 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.

Risk-Adjusted Performance

PRXCX vs. VTEB - Risk-Adjusted Performance 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.


Sharpe ratio
The chart of Sharpe ratio for PRXCX, currently valued at 2.11, compared to the broader market-1.000.001.002.003.004.005.002.111.46
The chart of Sortino ratio for PRXCX, currently valued at 3.15, compared to the broader market0.005.0010.003.152.14
The chart of Omega ratio for PRXCX, currently valued at 1.50, compared to the broader market1.002.003.004.001.501.29
The chart of Calmar ratio for PRXCX, currently valued at 1.01, compared to the broader market0.005.0010.0015.0020.001.010.88
The chart of Martin ratio for PRXCX, currently valued at 9.96, compared to the broader market0.0020.0040.0060.0080.00100.009.966.18
PRXCX
VTEB

The current PRXCX Sharpe Ratio is 2.11, which is higher than the VTEB Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of PRXCX and VTEB, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Rolling 12-month Sharpe Ratio0.001.002.003.004.00JuneJulyAugustSeptemberOctoberNovember
2.11
1.46
PRXCX
VTEB

Dividends

PRXCX vs. VTEB - Dividend Comparison

PRXCX's dividend yield for the trailing twelve months is around 3.21%, more than VTEB's 3.09% yield.


TTM20232022202120202019201820172016201520142013
PRXCX
T. Rowe Price California Tax Free Bond Fund
3.21%3.04%2.83%2.51%2.73%2.93%3.11%3.09%3.34%3.43%3.60%3.95%
VTEB
Vanguard Tax-Exempt Bond ETF
3.09%2.79%2.09%1.65%1.99%2.30%2.25%1.96%1.66%0.58%0.00%0.00%

Drawdowns

PRXCX vs. VTEB - Drawdown Comparison

The maximum PRXCX drawdown since its inception was -19.48%, 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. For additional features, visit the drawdowns tool.


-5.00%-4.00%-3.00%-2.00%-1.00%0.00%JuneJulyAugustSeptemberOctoberNovember
-1.08%
-1.17%
PRXCX
VTEB

Volatility

PRXCX vs. VTEB - Volatility Comparison

The current volatility for T. Rowe Price California Tax Free Bond Fund (PRXCX) is 1.70%, while Vanguard Tax-Exempt Bond ETF (VTEB) has a volatility of 1.83%. 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.


0.50%1.00%1.50%2.00%JuneJulyAugustSeptemberOctoberNovember
1.70%
1.83%
PRXCX
VTEB