TACAX vs. PRNYX
TACAX (John Hancock California Municipal Bond Fund) and PRNYX (T. Rowe Price New York Tax Free Bond Fund) are both Municipal Bonds funds. Over the past 10 years, TACAX returned 2.07%/yr vs 2.24%/yr for PRNYX. Their correlation of 0.83 suggests significant overlap in exposure. TACAX charges 0.81%/yr vs 0.53%/yr for PRNYX.
Performance
TACAX vs. PRNYX - Performance Comparison
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Returns By Period
In the year-to-date period, TACAX achieves a 2.35% return, which is significantly lower than PRNYX's 2.66% return. Over the past 10 years, TACAX has underperformed PRNYX with an annualized return of 2.07%, while PRNYX has yielded a comparatively higher 2.24% annualized return.
TACAX
- 1D
- 0.10%
- 1M
- 2.39%
- YTD
- 2.35%
- 6M
- 2.99%
- 1Y
- 8.67%
- 3Y*
- 4.06%
- 5Y*
- 1.14%
- 10Y*
- 2.07%
PRNYX
- 1D
- 0.18%
- 1M
- 2.19%
- YTD
- 2.66%
- 6M
- 3.42%
- 1Y
- 9.84%
- 3Y*
- 4.94%
- 5Y*
- 1.43%
- 10Y*
- 2.24%
TACAX vs. PRNYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TACAX John Hancock California Municipal Bond Fund | 2.35% | 3.05% | 2.32% | 7.28% | -9.13% | 2.32% | 3.70% | 7.71% | 0.43% | 6.11% |
PRNYX T. Rowe Price New York Tax Free Bond Fund | 2.66% | 4.53% | 3.35% | 8.08% | -11.19% | 3.27% | 4.08% | 6.59% | 0.80% | 4.69% |
Correlation
The correlation between TACAX and PRNYX is 0.82, 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 | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 1990 | 0.83 |
The correlation between TACAX and PRNYX has been stable across timeframes, ranging from 0.82 to 0.90 - a consistent structural relationship.
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Return for Risk
TACAX vs. PRNYX — Risk / Return Rank
TACAX
PRNYX
TACAX vs. PRNYX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for John Hancock California Municipal Bond Fund (TACAX) and T. Rowe Price New York Tax Free Bond Fund (PRNYX). 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.
| TACAX | PRNYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.66 | ||
| Sortino ratioReturn per unit of downside risk | -1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.75 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 2.36 | 3.24 | -0.88 |
| Martin ratioReturn relative to average drawdown | 8.01 | 11.42 | -3.41 |
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Drawdowns
TACAX vs. PRNYX - Drawdown Comparison
The maximum TACAX drawdown since its inception was -15.80%, smaller than the maximum PRNYX drawdown of -19.17%. Use the drawdown chart below to compare losses from any high point for TACAX and PRNYX.
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Drawdown Indicators
| TACAX | PRNYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.80% | -19.17% | +3.37% |
Max Drawdown (1Y)Largest decline over 1 year | -3.69% | -3.02% | -0.67% |
Max Drawdown (3Y)Largest decline over 3 years | -8.55% | -7.11% | -1.44% |
Max Drawdown (5Y)Largest decline over 5 years | -15.09% | -16.01% | +0.92% |
Max Drawdown (10Y)Largest decline over 10 years | -15.09% | -16.01% | +0.92% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.02% | -2.39% | +0.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.08% | 0.85% | +0.23% |
Volatility
TACAX vs. PRNYX - Volatility Comparison
John Hancock California Municipal Bond Fund (TACAX) and T. Rowe Price New York Tax Free Bond Fund (PRNYX) have volatilities of 0.91% and 0.91%, 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
| TACAX | PRNYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.91% | 0.91% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 2.78% | 2.47% | +0.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.78% | 3.30% | +0.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.28% | 4.58% | +0.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.70% | 4.20% | +0.50% |
TACAX vs. PRNYX - Expense Ratio Comparison
TACAX has a 0.81% expense ratio, which is higher than PRNYX's 0.53% expense ratio.
Dividends
TACAX vs. PRNYX - Dividend Comparison
TACAX's dividend yield for the trailing twelve months is around 3.81%, less than PRNYX's 4.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRNYX T. Rowe Price New York Tax Free Bond Fund | 4.74% | 4.72% | 4.32% | 3.33% | 2.15% | 2.46% | 2.86% | 2.90% | 3.24% | 3.19% | 3.34% | 3.43% |
TACAX John Hancock California Municipal Bond Fund | 3.81% | 4.64% | 3.09% | 2.40% | 2.93% | 3.04% | 2.86% | 4.16% | 3.51% | 3.48% | 3.64% | 3.66% |
Frequently Asked Questions
TACAX and PRNYX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRNYX has higher volatility (0.91%) compared to TACAX (0.91%). In terms of maximum drawdown, TACAX dropped -15.80% vs PRNYX's -19.17%.
PRNYX currently has the higher Sharpe Ratio (2.96 vs 2.30), 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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