TFBIX Performance — T. Rowe Price Maryland Tax-Free Bond Fund, I Class
Data updated: 2026-07-28
TFBIX returned +2.12% year to date and +7.94% over one year to May 2026. Annualised returns are +4.41% 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 6.09% a year. In the 12 months to May 2026 the fund took in a net $148.6M, and assets reached $2.53B.
TFBIX Growth of $100
What $100 invested in T. Rowe Price Maryland 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 | TFBIX | 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 |
TFBIX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +2.12% |
| 1 year | +7.94% |
| 3 years (annualised) | +4.41% |
| 5 years (annualised) | +1.25% |
TFBIX Annual Returns
Calendar-year total returns of T. Rowe Price Maryland Tax-Free Bond Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +2.12% |
| 2025 | +3.74% |
| 2024 | +2.88% |
| 2023 | +6.75% |
| 2022 | −9.60% |
| 2021 | +3.14% |
| 2020 | +4.03% |
| 2019 (Sep–Dec) | −0.06% |
TFBIX 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% | −1.9% | +1.3% | +0.7% | — | — | — | — | — | — | — |
| 2025 | +0.2% | +1.1% | −1.8% | −0.7% | −0.6% | +0.7% | −0.6% | +0.8% | +3.0% | +1.3% | +0.3% | +0.1% |
| 2024 | 0.0% | 0.0% | +0.3% | −1.1% | +0.2% | +1.9% | +0.9% | +0.6% | +1.2% | −1.4% | +1.8% | −1.4% |
| 2023 | +3.2% | −2.3% | +1.8% | +0.1% | −0.5% | +0.8% | +0.2% | −1.1% | −3.1% | −1.9% | +7.1% | +2.7% |
| 2022 | −2.2% | −0.5% | −2.9% | −2.8% | +0.8% | −2.1% | +2.7% | −2.1% | −4.2% | −1.1% | +5.2% | −0.4% |
| 2021 | +0.7% | −1.2% | +0.7% | +1.1% | +0.6% | +0.5% | +0.8% | −0.4% | −0.6% | −0.1% | +0.9% | +0.1% |
| 2020 | +1.5% | +1.3% | −3.9% | −2.7% | +2.6% | +1.5% | +1.8% | −0.5% | +0.2% | −0.1% | +1.6% | +0.9% |
| 2019 | — | — | — | — | — | — | — | — | −0.6% | +0.1% | +0.1% | +0.3% |
TFBIX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 6.09%
- 3-year Sharpe ratio: -0.01 (vs 4.5% risk-free rate)
- Best month: +7.09% (Nov 2023)
- Worst month: −3.09% (Sep 2023)
TFBIX Fund Flows
Monthly money in and out of T. Rowe Price Maryland Tax-Free Bond Fund, from SEC Form N-PORT.
- 12-month net flow: $148.6M
- 12-month gross sales (incl. reinvestments): $589.7M
- Sales ÷ redemptions: 1.34×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $64.1M | $40.5M | $23.6M |
| Apr 2026 | $48.4M | $29.5M | $18.8M |
| Mar 2026 | $50.5M | $40.7M | $9.8M |
| Feb 2026 | $52.8M | $27.2M | $25.7M |
| Jan 2026 | $60.6M | $26.8M | $33.8M |
| Dec 2025 | $55.8M | $38.7M | $17.1M |
| Nov 2025 | $48.8M | $34.0M | $14.8M |
| Oct 2025 | $40.5M | $28.4M | $12.1M |
| Sep 2025 | $36.7M | $30.4M | $6.4M |
| Aug 2025 | $35.3M | $34.9M | $398K |
| Jul 2025 | $47.4M | $36.1M | $11.3M |
| Jun 2025 | $48.7M | $73.8M | −$25.2M |
TFBIX Assets Under Management
Net assets of T. Rowe Price Maryland Tax-Free Bond Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $2.53B |
| 2026-02-28 | $2.50B |
| 2025-11-30 | $2.40B |
| 2025-08-31 | $2.28B |
| 2025-05-31 | $2.29B |
| 2025-02-28 | $2.39B |
| 2024-11-30 | $2.37B |
| 2024-08-31 | $2.32B |
| 2024-05-31 | $2.23B |
| 2024-02-29 | $2.26B |
| 2023-11-30 | $2.18B |
| 2023-08-31 | $2.18B |
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.