PATAX Performance — T. Rowe Price Tax-Free Income Fund, Inc., Advisor Class
Data updated: 2026-07-28
PATAX returned +1.85% year to date and +7.63% over one year to May 2026. Annualised returns are +3.94% over 3 years and +0.73% over 5 years. The fund beat its Long-Term Municipal Bond category average: $100 invested three years ago grew to $112, against $112 for the category, and to $108 over one year, against $107. Volatility over the past three years was 6.01% a year. In the 12 months to May 2026 the fund took in a net $26.1M, and assets reached $2.31B.
PATAX Growth of $100
What $100 invested in T. Rowe Price Tax-Free Income Fund, Inc. grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Long-Term Municipal Bond category average over the same months.
| Period | PATAX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $108 | $107 |
| 3 years (Jun 2023 – May 2026) | $112 | $112 |
| 5 years (Jun 2021 – May 2026) | $104 | $103 |
| Since data start (Sep 2019 – May 2026) | $110 | $109 |
PATAX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +1.85% |
| 1 year | +7.63% |
| 3 years (annualised) | +3.94% |
| 5 years (annualised) | +0.73% |
PATAX Annual Returns
Calendar-year total returns of T. Rowe Price Tax-Free Income Fund, Inc., compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +1.85% |
| 2025 | +3.16% |
| 2024 | +2.31% |
| 2023 | +6.66% |
| 2022 | −10.38% |
| 2021 | +2.52% |
| 2020 | +4.42% |
| 2019 (Sep–Dec) | −0.23% |
PATAX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +0.6% | +1.5% | −2.1% | +1.2% | +0.6% | — | — | — | — | — | — | — |
| 2025 | +0.1% | +1.0% | −2.0% | −0.8% | −0.7% | +0.8% | −0.8% | +0.9% | +3.1% | +1.3% | +0.3% | 0.0% |
| 2024 | −0.1% | 0.0% | 0.0% | −1.1% | +0.1% | +1.8% | +0.9% | +0.6% | +1.2% | −1.3% | +1.6% | −1.4% |
| 2023 | +2.9% | −2.1% | +1.8% | +0.1% | −0.5% | +0.7% | +0.3% | −1.4% | −2.8% | −1.7% | +6.8% | +2.7% |
| 2022 | −2.6% | −0.6% | −3.1% | −3.0% | +1.1% | −2.3% | +2.6% | −2.2% | −4.0% | −1.4% | +5.0% | −0.2% |
| 2021 | +0.8% | −1.6% | +0.7% | +1.0% | +0.7% | +0.5% | +0.8% | −0.4% | −0.8% | −0.1% | +0.9% | +0.1% |
| 2020 | +1.7% | +1.5% | −4.9% | −2.7% | +2.9% | +1.9% | +1.9% | −0.2% | +0.1% | −0.3% | +1.8% | +0.9% |
| 2019 | — | — | — | — | — | — | — | — | −0.7% | −0.1% | +0.2% | +0.2% |
PATAX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 6.01%
- 3-year Sharpe ratio: -0.09 (vs 4.5% risk-free rate)
- Best month: +6.81% (Nov 2023)
- Worst month: −2.82% (Sep 2023)
PATAX Fund Flows
Monthly money in and out of T. Rowe Price Tax-Free Income Fund, Inc., from SEC Form N-PORT.
- 12-month net flow: $26.1M
- 12-month gross sales (incl. reinvestments): $476.4M
- Sales ÷ redemptions: 1.06×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $54.1M | $27.0M | $27.1M |
| Apr 2026 | $34.0M | $28.8M | $5.2M |
| Mar 2026 | $29.1M | $77.1M | −$48.0M |
| Feb 2026 | $40.9M | $25.0M | $15.9M |
| Jan 2026 | $37.6M | $40.8M | −$3.2M |
| Dec 2025 | $39.5M | $43.7M | −$4.2M |
| Nov 2025 | $32.4M | $32.7M | −$316K |
| Oct 2025 | $30.3M | $25.8M | $4.6M |
| Sep 2025 | $37.7M | $27.9M | $9.7M |
| Aug 2025 | $39.2M | $39.5M | −$225K |
| Jul 2025 | $50.6M | $46.0M | $4.7M |
| Jun 2025 | $50.9M | $36.0M | $14.9M |
PATAX Assets Under Management
Net assets of T. Rowe Price Tax-Free Income Fund, Inc. by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $2.31B |
| 2026-02-28 | $2.35B |
| 2025-11-30 | $2.32B |
| 2025-08-31 | $2.22B |
| 2025-05-31 | $2.20B |
| 2025-02-28 | $2.37B |
| 2024-11-30 | $2.36B |
| 2024-08-31 | $2.33B |
| 2024-05-31 | $2.26B |
| 2024-02-29 | $2.29B |
| 2023-11-30 | $2.22B |
| 2023-08-31 | $2.27B |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.