VSBIX vs. PRXCX
VSBIX (Vanguard Short-Term Treasury Index Fund Institutional Shares) and PRXCX (T. Rowe Price California Tax Free Bond Fund) are both mutual funds - VSBIX is a Government Bonds fund managed by Vanguard, while PRXCX is a Municipal Bonds fund managed by T. Rowe Price. Over the past 10 years, VSBIX returned 1.77%/yr vs 2.26%/yr for PRXCX. At a 0.37 correlation, their price movements are largely independent. VSBIX charges 0.05%/yr vs 0.53%/yr for PRXCX.
Performance
VSBIX vs. PRXCX - Performance Comparison
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Returns By Period
In the year-to-date period, VSBIX achieves a 0.69% return, which is significantly lower than PRXCX's 2.12% return. Over the past 10 years, VSBIX has underperformed PRXCX with an annualized return of 1.77%, while PRXCX has yielded a comparatively higher 2.26% annualized return.
VSBIX
- 1D
- 0.04%
- 1M
- 0.36%
- YTD
- 0.69%
- 6M
- 0.81%
- 1Y
- 3.44%
- 3Y*
- 4.42%
- 5Y*
- 1.94%
- 10Y*
- 1.77%
PRXCX
- 1D
- 0.09%
- 1M
- 1.80%
- YTD
- 2.12%
- 6M
- 2.85%
- 1Y
- 8.95%
- 3Y*
- 4.76%
- 5Y*
- 1.44%
- 10Y*
- 2.26%
VSBIX vs. PRXCX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VSBIX Vanguard Short-Term Treasury Index Fund Institutional Shares | 0.69% | 5.11% | 4.37% | 4.28% | -3.87% | -0.67% | 3.11% | 3.53% | 1.52% | 0.40% |
PRXCX T. Rowe Price California Tax Free Bond Fund | 2.12% | 3.99% | 3.62% | 7.64% | -9.93% | 2.68% | 4.39% | 7.31% | 0.75% | 5.54% |
Correlation
The correlation between VSBIX and PRXCX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Nov 23, 2009 | 0.37 |
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Return for Risk
VSBIX vs. PRXCX — Risk / Return Rank
VSBIX
PRXCX
VSBIX vs. PRXCX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Treasury Index Fund Institutional Shares (VSBIX) and T. Rowe Price California Tax Free Bond Fund (PRXCX). 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.
| VSBIX | PRXCX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.74 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 4.39 | 2.97 | +1.42 |
| Martin ratioReturn relative to average drawdown | 17.75 | 11.03 | +6.72 |
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Drawdowns
VSBIX vs. PRXCX - Drawdown Comparison
The maximum VSBIX drawdown since its inception was -5.74%, smaller than the maximum PRXCX drawdown of -21.67%. Use the drawdown chart below to compare losses from any high point for VSBIX and PRXCX.
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Drawdown Indicators
| VSBIX | PRXCX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.74% | -21.67% | +15.93% |
Max Drawdown (1Y)Largest decline over 1 year | -0.81% | -3.02% | +2.21% |
Max Drawdown (3Y)Largest decline over 3 years | -0.81% | -6.68% | +5.87% |
Max Drawdown (5Y)Largest decline over 5 years | -5.74% | -15.41% | +9.67% |
Max Drawdown (10Y)Largest decline over 10 years | -5.74% | -15.41% | +9.67% |
Current DrawdownCurrent decline from peak | -0.03% | 0.00% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -0.59% | -2.78% | +2.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.20% | 0.81% | -0.61% |
Volatility
VSBIX vs. PRXCX - Volatility Comparison
The current volatility for Vanguard Short-Term Treasury Index Fund Institutional Shares (VSBIX) is 0.41%, while T. Rowe Price California Tax Free Bond Fund (PRXCX) has a volatility of 1.01%. This indicates that VSBIX experiences smaller price fluctuations and is considered to be less risky than PRXCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VSBIX | PRXCX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.41% | 1.01% | -0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 0.89% | 2.35% | -1.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.27% | 3.15% | -1.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.95% | 4.41% | -2.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.53% | 4.14% | -2.61% |
VSBIX vs. PRXCX - Expense Ratio Comparison
VSBIX has a 0.05% expense ratio, which is lower than PRXCX's 0.53% expense ratio.
Dividends
VSBIX vs. PRXCX - Dividend Comparison
VSBIX's dividend yield for the trailing twelve months is around 3.86%, less than PRXCX's 4.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRXCX T. Rowe Price California Tax Free Bond Fund | 4.61% | 4.58% | 4.10% | 3.50% | 2.21% | 2.82% | 2.80% | 2.94% | 3.11% | 3.09% | 3.33% | 3.42% |
VSBIX Vanguard Short-Term Treasury Index Fund Institutional Shares | 3.86% | 3.99% | 4.52% | 3.31% | 1.14% | 0.65% | 1.74% | 2.28% | 1.81% | 1.11% | 0.80% | 0.74% |
Frequently Asked Questions
VSBIX and PRXCX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRXCX has higher volatility (1.01%) compared to VSBIX (0.41%). In terms of maximum drawdown, VSBIX dropped -5.74% vs PRXCX's -21.67%.
PRXCX currently has the higher Sharpe Ratio (2.85 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.
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