VWITX vs. PRFSX
VWITX (Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares) and PRFSX (T. Rowe Price Tax Free Short-Intermediate Fund) are both Municipal Bonds funds. Over the past 10 years, VWITX returned 2.27%/yr vs 1.93%/yr for PRFSX. A 0.57 correlation means they provide meaningful diversification when combined. VWITX charges 0.17%/yr vs 0.50%/yr for PRFSX.
Performance
VWITX vs. PRFSX - Performance Comparison
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Returns By Period
In the year-to-date period, VWITX achieves a 1.23% return, which is significantly higher than PRFSX's 0.87% return. Over the past 10 years, VWITX has outperformed PRFSX with an annualized return of 2.27%, while PRFSX has yielded a comparatively lower 1.93% annualized return.
VWITX
- 1D
- -0.07%
- 1M
- 1.23%
- YTD
- 1.23%
- 6M
- 1.65%
- 1Y
- 6.26%
- 3Y*
- 4.33%
- 5Y*
- 1.63%
- 10Y*
- 2.27%
PRFSX
- 1D
- -0.18%
- 1M
- 0.61%
- YTD
- 0.87%
- 6M
- 1.32%
- 1Y
- 3.77%
- 3Y*
- 4.61%
- 5Y*
- 2.25%
- 10Y*
- 1.93%
VWITX vs. PRFSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VWITX Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares | 1.23% | 5.89% | 2.23% | 5.82% | -6.90% | 0.74% | 5.14% | 7.01% | 1.26% | 4.54% |
PRFSX T. Rowe Price Tax Free Short-Intermediate Fund | 0.87% | 5.25% | 3.96% | 5.73% | -4.24% | 0.17% | 3.31% | 3.66% | 1.13% | 1.74% |
Correlation
The correlation between VWITX and PRFSX is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Jan 9, 1984 | 0.57 |
The correlation between VWITX and PRFSX shifts across timeframes, from 0.42 (1 year) to 0.67 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
VWITX vs. PRFSX — Risk / Return Rank
VWITX
PRFSX
VWITX vs. PRFSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares (VWITX) 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.
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.
| VWITX | PRFSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.49 | ||
| Sortino ratioReturn per unit of downside risk | +0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.73 | 1.86 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | 2.71 | -0.56 |
| Martin ratioReturn relative to average drawdown | 6.95 | 8.07 | -1.13 |
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Drawdowns
VWITX vs. PRFSX - Drawdown Comparison
The maximum VWITX drawdown since its inception was -29.13%, which is greater than PRFSX's maximum drawdown of -6.97%. Use the drawdown chart below to compare losses from any high point for VWITX and PRFSX.
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Drawdown Indicators
| VWITX | PRFSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.13% | -6.97% | -22.16% |
Max Drawdown (1Y)Largest decline over 1 year | -2.99% | -1.43% | -1.56% |
Max Drawdown (3Y)Largest decline over 3 years | -4.42% | -2.18% | -2.24% |
Max Drawdown (5Y)Largest decline over 5 years | -11.46% | -6.97% | -4.49% |
Max Drawdown (10Y)Largest decline over 10 years | -11.46% | -6.97% | -4.49% |
Current DrawdownCurrent decline from peak | -0.97% | -0.52% | -0.45% |
Average DrawdownAverage peak-to-trough decline | -3.57% | -0.90% | -2.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.47% | +0.46% |
Volatility
VWITX vs. PRFSX - Volatility Comparison
Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares (VWITX) and T. Rowe Price Tax Free Short-Intermediate Fund (PRFSX) have volatilities of 0.63% and 0.64%, 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
| VWITX | PRFSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.63% | 0.64% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 1.86% | 1.34% | +0.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.33% | 1.71% | +0.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.26% | 2.20% | +1.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.42% | 2.18% | +1.24% |
VWITX vs. PRFSX - Expense Ratio Comparison
VWITX has a 0.17% expense ratio, which is lower than PRFSX's 0.50% expense ratio.
Dividends
VWITX vs. PRFSX - Dividend Comparison
VWITX's dividend yield for the trailing twelve months is around 3.25%, more than PRFSX's 2.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRFSX T. Rowe Price Tax Free Short-Intermediate Fund | 2.98% | 3.63% | 4.43% | 3.67% | 1.09% | 1.22% | 1.49% | 1.62% | 1.48% | 1.37% | 1.34% | 1.41% |
VWITX Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares | 3.25% | 3.96% | 3.53% | 2.70% | 2.43% | 1.83% | 2.32% | 2.80% | 2.80% | 2.72% | 2.80% | 2.88% |
Frequently Asked Questions
VWITX and PRFSX have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRFSX has higher volatility (0.64%) compared to VWITX (0.63%). In terms of maximum drawdown, VWITX dropped -29.13% vs PRFSX's -6.97%.
VWITX currently has the higher Sharpe Ratio (2.77 vs 2.28), 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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