TRLGX vs. PRFSX

Last updated Jun 4, 2026

TRLGX (T. Rowe Price Large-Cap Growth Fund) and PRFSX (T. Rowe Price Tax Free Short-Intermediate Fund) are both mutual funds - TRLGX is a Large Cap Growth Equities fund managed by T. Rowe Price, while PRFSX is a Municipal Bonds fund managed by T. Rowe Price. Over the past 10 years, TRLGX returned 18.44%/yr vs 2.01%/yr for PRFSX. At a correlation of -0.03, they often move in opposite directions. TRLGX charges 0.55%/yr vs 0.50%/yr for PRFSX.

Performance

TRLGX vs. PRFSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Large-Cap Growth Fund (TRLGX) and T. Rowe Price Tax Free Short-Intermediate Fund (PRFSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRLGX achieves a 5.12% return, which is significantly higher than PRFSX's 0.87% return. Over the past 10 years, TRLGX has outperformed PRFSX with an annualized return of 18.44%, while PRFSX has yielded a comparatively lower 2.01% annualized return.

TRLGX

• 1D: -0.90%
• 1M: 5.03%
• YTD: 5.12%
• 6M: 4.79%
• 1Y: 20.79%
• 3Y*: 25.39%
• 5Y*: 12.88%
• 10Y*: 18.44%

PRFSX

• 1D: 0.00%
• 1M: 0.25%
• YTD: 0.87%
• 6M: 1.58%
• 1Y: 4.43%
• 3Y*: 4.77%
• 5Y*: 2.30%
• 10Y*: 2.01%

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

TRLGX vs. PRFSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRLGX T. Rowe Price Large-Cap Growth Fund	5.12%	17.51%	37.57%	46.22%	-35.26%	23.24%	39.57%	28.51%	4.35%	37.77%
PRFSX T. Rowe Price Tax Free Short-Intermediate Fund	0.87%	5.53%	3.96%	5.73%	-4.24%	0.17%	3.31%	3.66%	1.13%	1.74%

Correlation

The correlation between TRLGX and PRFSX is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (10Y) Calculated over the trailing 10-year period	0.05
Correlation (All Time) Calculated using the full available price history since Nov 1, 2001	-0.03

The correlation between TRLGX and PRFSX shifts across timeframes, from -0.03 (all time) to 0.08 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

TRLGX vs. PRFSX — Risk / Return Rank

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

TRLGX

TRLGX Risk / Return Rank: 18
TRLGX Sharpe Ratio Rank: 24
TRLGX Sortino Ratio Rank: 21
TRLGX Omega Ratio Rank: 22
TRLGX Calmar Ratio Rank: 12
TRLGX Martin Ratio Rank: 13

PRFSX

PRFSX Risk / Return Rank: 80
PRFSX Sharpe Ratio Rank: 86
PRFSX Sortino Ratio Rank: 95
PRFSX Omega Ratio Rank: 98
PRFSX Calmar Ratio Rank: 73
PRFSX Martin Ratio Rank: 49

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.

TRLGX vs. PRFSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Large-Cap Growth Fund (TRLGX) and T. Rowe Price Tax Free Short-Intermediate Fund (PRFSX). 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.

	TRLGX	PRFSX	Difference
Sharpe ratio: Return per unit of total volatility	1.38	2.78	-1.40
Sortino ratio: Return per unit of downside risk	1.94	5.00	-3.06
Omega ratio: Gain probability vs. loss probability	1.24	2.14	-0.90
Calmar ratio: Return relative to maximum drawdown	1.19	3.32	-2.14
Martin ratio: Return relative to average drawdown	3.75	10.11	-6.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRLGX vs. PRFSX - Sharpe Ratio Comparison

The current TRLGX Sharpe Ratio is 1.38, which is lower than the PRFSX Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of TRLGX and PRFSX, 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

	TRLGX	PRFSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	2.78	-1.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	1.06	-0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.85	0.93	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	1.52	-0.94

Drawdowns

TRLGX vs. PRFSX - Drawdown Comparison

The maximum TRLGX drawdown since its inception was -55.56%, which is greater than PRFSX's maximum drawdown of -6.97%. Use the drawdown chart below to compare losses from any high point for TRLGX and PRFSX.

Drawdown Indicators

	TRLGX	PRFSX	Difference
Max Drawdown Largest peak-to-trough decline	-55.56%	-6.97%	-48.59%
Max Drawdown (1Y) Largest decline over 1 year	-18.18%	-1.43%	-16.75%
Max Drawdown (3Y) Largest decline over 3 years	-21.17%	-2.18%	-18.99%
Max Drawdown (5Y) Largest decline over 5 years	-40.44%	-6.97%	-33.47%
Max Drawdown (10Y) Largest decline over 10 years	-40.44%	-6.97%	-33.47%
Current Drawdown Current decline from peak	-0.90%	-0.52%	-0.38%
Average Drawdown Average peak-to-trough decline	-8.68%	-0.90%	-7.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.72%	0.46%	+5.26%

Volatility

TRLGX vs. PRFSX - Volatility Comparison

T. Rowe Price Large-Cap Growth Fund (TRLGX) has a higher volatility of 3.27% compared to T. Rowe Price Tax Free Short-Intermediate Fund (PRFSX) at 0.60%. This indicates that TRLGX's price experiences larger fluctuations and is considered to be riskier than PRFSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRLGX	PRFSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.27%	0.60%	+2.67%
Volatility (6M) Calculated over the trailing 6-month period	12.35%	1.31%	+11.04%
Volatility (1Y) Calculated over the trailing 1-year period	15.59%	1.72%	+13.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.38%	2.20%	+20.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.76%	2.18%	+19.58%

TRLGX vs. PRFSX - Expense Ratio Comparison

TRLGX has a 0.55% expense ratio, which is higher than PRFSX's 0.50% expense ratio.

Dividends

TRLGX vs. PRFSX - Dividend Comparison

TRLGX's dividend yield for the trailing twelve months is around 13.02%, more than PRFSX's 3.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRFSX T. Rowe Price Tax Free Short-Intermediate Fund	3.24%	3.89%	4.43%	3.67%	1.09%	1.22%	1.49%	1.62%	1.48%	1.37%	1.34%	1.41%
TRLGX T. Rowe Price Large-Cap Growth Fund	13.02%	13.69%	9.80%	2.04%	3.88%	2.56%	0.42%	4.09%	7.93%	9.27%	1.64%	4.71%

Frequently Asked Questions

Can I hold both TRLGX and PRFSX in my portfolio?

TRLGX and PRFSX have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRLGX or PRFSX?

TRLGX has higher volatility (3.27%) compared to PRFSX (0.60%). In terms of maximum drawdown, TRLGX dropped -55.56% vs PRFSX's -6.97%.

Which has better risk-adjusted returns?

PRFSX currently has the higher Sharpe Ratio (2.78 vs 1.38), 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.