TBGAX Performance — T. Rowe Price Georgia Tax-Free Bond Fund, I Class
Data updated: 2026-07-28
TBGAX returned +2.02% year to date and +7.72% over one year to May 2026. Annualised returns are +4.52% over 3 years and +1.25% over 5 years. The fund beat its Long-Term Municipal Bond category average: $100 invested three years ago grew to $114, against $112 for the category, and to $108 over one year, against $107. Volatility over the past three years was 6.20% a year. In the 12 months to May 2026 the fund took in a net $61.1M, and assets reached $557.06M.
TBGAX Growth of $100
What $100 invested in T. Rowe Price Georgia Tax-Free Bond Fund 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 | TBGAX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $108 | $107 |
| 3 years (Jun 2023 – May 2026) | $114 | $112 |
| 5 years (Jun 2021 – May 2026) | $106 | $103 |
| Since data start (Sep 2019 – May 2026) | $113 | $109 |
TBGAX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +2.02% |
| 1 year | +7.72% |
| 3 years (annualised) | +4.52% |
| 5 years (annualised) | +1.25% |
TBGAX Annual Returns
Calendar-year total returns of T. Rowe Price Georgia Tax-Free Bond Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +2.02% |
| 2025 | +3.79% |
| 2024 | +2.54% |
| 2023 | +8.04% |
| 2022 | −10.39% |
| 2021 | +2.67% |
| 2020 | +4.87% |
| 2019 (Sep–Dec) | −0.32% |
TBGAX 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% | +1.4% | +0.7% | — | — | — | — | — | — | — |
| 2025 | +0.1% | +1.1% | −1.9% | −0.5% | −0.4% | +0.7% | −0.5% | +0.8% | +2.8% | +1.4% | +0.3% | +0.1% |
| 2024 | −0.1% | +0.2% | +0.1% | −1.3% | +0.2% | +1.9% | +0.8% | +0.5% | +1.3% | −1.4% | +1.8% | −1.4% |
| 2023 | +3.7% | −2.4% | +1.7% | +0.2% | −0.5% | +0.9% | +0.2% | −0.9% | −3.1% | −1.8% | +7.3% | +2.9% |
| 2022 | −2.4% | −0.6% | −3.1% | −2.9% | +0.9% | −2.2% | +2.9% | −2.5% | −4.0% | −1.4% | +5.8% | −0.9% |
| 2021 | +0.6% | −1.5% | +0.9% | +0.9% | +0.5% | +0.4% | +0.8% | −0.4% | −0.7% | −0.1% | +0.9% | +0.2% |
| 2020 | +1.7% | +1.3% | −4.0% | −1.7% | +3.0% | +1.1% | +1.7% | −0.3% | +0.3% | −0.3% | +1.6% | +0.7% |
| 2019 | — | — | — | — | — | — | — | — | −0.7% | 0.0% | +0.1% | +0.3% |
TBGAX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 6.20%
- 3-year Sharpe ratio: 0.00 (vs 4.5% risk-free rate)
- Best month: +7.30% (Nov 2023)
- Worst month: −3.12% (Sep 2023)
TBGAX Fund Flows
Monthly money in and out of T. Rowe Price Georgia Tax-Free Bond Fund, from SEC Form N-PORT.
- 12-month net flow: $61.1M
- 12-month gross sales (incl. reinvestments): $196.3M
- Sales ÷ redemptions: 1.45×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $14.2M | $7.5M | $6.7M |
| Apr 2026 | $14.0M | $15.7M | −$1.7M |
| Mar 2026 | $13.0M | $10.3M | $2.7M |
| Feb 2026 | $20.8M | $7.7M | $13.2M |
| Jan 2026 | $27.5M | $13.1M | $14.3M |
| Dec 2025 | $13.8M | $11.5M | $2.3M |
| Nov 2025 | $9.8M | $10.9M | −$1.0M |
| Oct 2025 | $11.2M | $6.6M | $4.6M |
| Sep 2025 | $12.8M | $13.9M | −$1.2M |
| Aug 2025 | $12.8M | $12.0M | $782K |
| Jul 2025 | $18.4M | $14.2M | $4.2M |
| Jun 2025 | $28.0M | $11.9M | $16.1M |
TBGAX Assets Under Management
Net assets of T. Rowe Price Georgia Tax-Free Bond Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $557.06M |
| 2026-02-28 | $554.94M |
| 2025-11-30 | $517.81M |
| 2025-08-31 | $498.05M |
| 2025-05-31 | $476.89M |
| 2025-02-28 | $464.92M |
| 2024-11-30 | $455.47M |
| 2024-08-31 | $436.28M |
| 2024-05-31 | $418.87M |
| 2024-02-29 | $414.62M |
| 2023-11-30 | $399.82M |
| 2023-08-31 | $417.99M |
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.