THIMX vs. PRMDX

Last updated Jun 4, 2026

THIMX (Thornburg Intermediate Municipal Fund) and PRMDX (T. Rowe Price Maryland Short-Term Tax-Free Bond Fund) are both Municipal Bonds funds. Over the past 10 years, THIMX returned 2.00%/yr vs 1.43%/yr for PRMDX. A 0.53 correlation means they provide meaningful diversification when combined. THIMX charges 0.77%/yr vs 0.53%/yr for PRMDX.

Performance

THIMX vs. PRMDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thornburg Intermediate Municipal Fund (THIMX) and T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (PRMDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, THIMX achieves a 1.61% return, which is significantly higher than PRMDX's 0.85% return. Over the past 10 years, THIMX has outperformed PRMDX with an annualized return of 2.00%, while PRMDX has yielded a comparatively lower 1.43% annualized return.

THIMX

• 1D: 0.15%
• 1M: 0.68%
• YTD: 1.61%
• 6M: 1.77%
• 1Y: 6.42%
• 3Y*: 4.48%
• 5Y*: 1.60%
• 10Y*: 2.00%

PRMDX

• 1D: 0.00%
• 1M: 0.21%
• YTD: 0.85%
• 6M: 1.51%
• 1Y: 4.09%
• 3Y*: 3.59%
• 5Y*: 1.82%
• 10Y*: 1.43%

*Multi-year figures are annualized to reflect compound growth (CAGR)

THIMX vs. PRMDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
THIMX Thornburg Intermediate Municipal Fund	1.61%	5.97%	2.45%	4.88%	-6.63%	1.00%	3.81%	5.86%	0.70%	3.61%
PRMDX T. Rowe Price Maryland Short-Term Tax-Free Bond Fund	0.85%	4.51%	2.64%	3.59%	-2.29%	0.30%	1.15%	2.52%	0.98%	1.09%

Correlation

The correlation between THIMX and PRMDX is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.52
Correlation (All Time) Calculated using the full available price history since Jan 4, 1994	0.53

Over the past year, the correlation between THIMX and PRMDX has dropped to 0.31 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.

Return for Risk

THIMX vs. PRMDX — Risk / Return Rank

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

THIMX

THIMX Risk / Return Rank: 74
THIMX Sharpe Ratio Rank: 88
THIMX Sortino Ratio Rank: 94
THIMX Omega Ratio Rank: 96
THIMX Calmar Ratio Rank: 49
THIMX Martin Ratio Rank: 46

PRMDX

PRMDX Risk / Return Rank: 89
PRMDX Sharpe Ratio Rank: 86
PRMDX Sortino Ratio Rank: 96
PRMDX Omega Ratio Rank: 98
PRMDX Calmar Ratio Rank: 87
PRMDX Martin Ratio Rank: 77

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.

THIMX vs. PRMDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thornburg Intermediate Municipal Fund (THIMX) and T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (PRMDX). 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.

	THIMX	PRMDX	Difference
Sharpe ratio: Return per unit of total volatility	2.87	2.80	+0.07
Sortino ratio: Return per unit of downside risk	4.84	5.37	-0.54
Omega ratio: Gain probability vs. loss probability	1.81	2.38	-0.57
Calmar ratio: Return relative to maximum drawdown	2.67	4.27	-1.60
Martin ratio: Return relative to average drawdown	9.57	14.49	-4.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

THIMX vs. PRMDX - Sharpe Ratio Comparison

The current THIMX Sharpe Ratio is 2.87, which is comparable to the PRMDX Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of THIMX and PRMDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	THIMX	PRMDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.87	2.80	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	1.06	-0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.88	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	1.40	1.44	-0.04

Drawdowns

THIMX vs. PRMDX - Drawdown Comparison

The maximum THIMX drawdown since its inception was -10.22%, which is greater than PRMDX's maximum drawdown of -4.31%. Use the drawdown chart below to compare losses from any high point for THIMX and PRMDX.

Drawdown Indicators

	THIMX	PRMDX	Difference
Max Drawdown Largest peak-to-trough decline	-10.22%	-4.31%	-5.91%
Max Drawdown (1Y) Largest decline over 1 year	-2.39%	-0.96%	-1.43%
Max Drawdown (3Y) Largest decline over 3 years	-4.32%	-1.56%	-2.76%
Max Drawdown (5Y) Largest decline over 5 years	-10.22%	-4.31%	-5.91%
Max Drawdown (10Y) Largest decline over 10 years	-10.22%	-4.31%	-5.91%
Current Drawdown Current decline from peak	-0.29%	-0.14%	-0.15%
Average Drawdown Average peak-to-trough decline	-1.33%	-0.37%	-0.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	0.28%	+0.38%

Volatility

THIMX vs. PRMDX - Volatility Comparison

Thornburg Intermediate Municipal Fund (THIMX) has a higher volatility of 0.80% compared to T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (PRMDX) at 0.53%. This indicates that THIMX's price experiences larger fluctuations and is considered to be riskier than PRMDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	THIMX	PRMDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.80%	0.53%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	1.66%	1.11%	+0.55%
Volatility (1Y) Calculated over the trailing 1-year period	2.22%	1.47%	+0.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.25%	1.72%	+1.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.28%	1.62%	+1.66%

THIMX vs. PRMDX - Expense Ratio Comparison

THIMX has a 0.77% expense ratio, which is higher than PRMDX's 0.53% expense ratio.

Dividends

THIMX vs. PRMDX - Dividend Comparison

THIMX's dividend yield for the trailing twelve months is around 3.68%, more than PRMDX's 3.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRMDX T. Rowe Price Maryland Short-Term Tax-Free Bond Fund	3.43%	3.43%	3.00%	1.93%	0.61%	0.69%	1.14%	1.33%	1.16%	0.89%	0.74%	0.67%
THIMX Thornburg Intermediate Municipal Fund	3.68%	4.82%	4.03%	2.60%	2.40%	2.25%	2.39%	2.62%	2.48%	2.18%	2.04%	2.08%

Frequently Asked Questions

Can I hold both THIMX and PRMDX in my portfolio?

THIMX and PRMDX have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, THIMX or PRMDX?

THIMX has higher volatility (0.80%) compared to PRMDX (0.53%). In terms of maximum drawdown, THIMX dropped -10.22% vs PRMDX's -4.31%.

Which has better risk-adjusted returns?

THIMX currently has the higher Sharpe Ratio (2.87 vs 2.80), 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.