USATX vs. NJTFX
USATX (USAA Tax Exempt Intermediate Term Fund) and NJTFX (T. Rowe Price New Jersey Tax Free Bond Fund) are both Municipal Bonds funds. Over the past 10 years, USATX returned 2.27%/yr vs 2.38%/yr for NJTFX. Their correlation of 0.86 suggests significant overlap in exposure. USATX charges 0.49%/yr vs 0.56%/yr for NJTFX.
Performance
USATX vs. NJTFX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with USATX having a 2.00% return and NJTFX slightly higher at 2.03%. Both investments have delivered pretty close results over the past 10 years, with USATX having a 2.27% annualized return and NJTFX not far ahead at 2.38%.
USATX
- 1D
- -0.16%
- 1M
- 1.50%
- YTD
- 2.00%
- 6M
- 2.39%
- 1Y
- 6.55%
- 3Y*
- 4.30%
- 5Y*
- 1.37%
- 10Y*
- 2.27%
NJTFX
- 1D
- 0.00%
- 1M
- 1.62%
- YTD
- 2.03%
- 6M
- 2.72%
- 1Y
- 9.01%
- 3Y*
- 4.77%
- 5Y*
- 1.57%
- 10Y*
- 2.38%
USATX vs. NJTFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USATX USAA Tax Exempt Intermediate Term Fund | 2.00% | 4.75% | 2.89% | 5.30% | -8.12% | 2.06% | 4.91% | 7.03% | 1.25% | 5.77% |
NJTFX T. Rowe Price New Jersey Tax Free Bond Fund | 2.03% | 5.00% | 4.01% | 7.17% | -10.24% | 2.67% | 4.73% | 6.65% | 1.31% | 5.30% |
Correlation
The correlation between USATX and NJTFX is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Apr 30, 1991 | 0.86 |
The correlation between USATX and NJTFX shifts across timeframes, from 0.68 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
USATX vs. NJTFX — Risk / Return Rank
USATX
NJTFX
USATX vs. NJTFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for USAA Tax Exempt Intermediate Term Fund (USATX) and T. Rowe Price New Jersey Tax Free Bond Fund (NJTFX). 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.
| USATX | NJTFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.77 | 1.89 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.71 | 3.45 | -0.74 |
| Martin ratioReturn relative to average drawdown | 9.95 | 13.05 | -3.10 |
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Drawdowns
USATX vs. NJTFX - Drawdown Comparison
The maximum USATX drawdown since its inception was -12.72%, smaller than the maximum NJTFX drawdown of -15.19%. Use the drawdown chart below to compare losses from any high point for USATX and NJTFX.
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Drawdown Indicators
| USATX | NJTFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.72% | -15.19% | +2.47% |
Max Drawdown (1Y)Largest decline over 1 year | -2.42% | -2.59% | +0.17% |
Max Drawdown (3Y)Largest decline over 3 years | -4.97% | -5.69% | +0.72% |
Max Drawdown (5Y)Largest decline over 5 years | -12.52% | -15.19% | +2.67% |
Max Drawdown (10Y)Largest decline over 10 years | -12.52% | -15.19% | +2.67% |
Current DrawdownCurrent decline from peak | -0.16% | -0.09% | -0.07% |
Average DrawdownAverage peak-to-trough decline | -1.90% | -1.81% | -0.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 0.68% | -0.02% |
Volatility
USATX vs. NJTFX - Volatility Comparison
USAA Tax Exempt Intermediate Term Fund (USATX) and T. Rowe Price New Jersey Tax Free Bond Fund (NJTFX) have volatilities of 0.73% and 0.71%, 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
| USATX | NJTFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.73% | 0.71% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 1.74% | 1.96% | -0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.32% | 2.66% | -0.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.74% | 3.99% | -0.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.67% | 3.86% | -0.19% |
USATX vs. NJTFX - Expense Ratio Comparison
USATX has a 0.49% expense ratio, which is lower than NJTFX's 0.56% expense ratio.
Dividends
USATX vs. NJTFX - Dividend Comparison
USATX's dividend yield for the trailing twelve months is around 3.42%, less than NJTFX's 4.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NJTFX T. Rowe Price New Jersey Tax Free Bond Fund | 4.44% | 4.44% | 4.27% | 3.27% | 2.03% | 2.56% | 2.79% | 2.84% | 3.13% | 3.13% | 3.26% | 3.36% |
USATX USAA Tax Exempt Intermediate Term Fund | 3.42% | 3.71% | 3.89% | 2.95% | 2.97% | 2.33% | 2.91% | 2.87% | 3.04% | 3.15% | 3.23% | 3.26% |
Frequently Asked Questions
USATX and NJTFX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USATX has higher volatility (0.73%) compared to NJTFX (0.71%). In terms of maximum drawdown, USATX dropped -12.72% vs NJTFX's -15.19%.
NJTFX currently has the higher Sharpe Ratio (3.36 vs 2.83), 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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