Madison Tax-Free National Fund (GTFHX)
The fund invests at least 80% of its net assets (including borrowings for investment purposes) in municipal bonds that are exempt from federal income taxes. It only invests in investment grade bonds. Under normal market conditions, the fund will have an average duration range of 3 to 10 years, although it is expected to center around 3 to 7 years.
Fund Info
US5574924107
557492410
Dec 29, 1982
$1,000
Expense Ratio
GTFHX has an expense ratio of 0.76%, placing it in the medium range.
Share Price Chart
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Compare to other instruments
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Performance
Performance Chart
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Returns By Period
Madison Tax-Free National Fund (GTFHX) returned -0.59% year-to-date (YTD) and 1.68% over the past 12 months. Over the past 10 years, GTFHX returned 1.49% annually, underperforming the S&P 500 benchmark at 10.85%.
GTFHX
-0.59%
-0.10%
-1.50%
1.68%
1.02%
-0.18%
1.49%
^GSPC (Benchmark)
0.51%
6.15%
-2.00%
12.92%
12.68%
14.19%
10.85%
Monthly Returns
The table below presents the monthly returns of GTFHX, with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 0.41% | 0.89% | -1.39% | -0.39% | -0.10% | -0.59% | |||||||
| 2024 | -0.18% | -0.12% | -0.14% | -0.89% | -0.42% | 1.08% | 0.79% | 0.58% | 0.69% | -1.29% | 1.27% | -0.91% | 0.43% |
| 2023 | 2.10% | -1.99% | 1.77% | -0.34% | -0.91% | 0.67% | 0.08% | -0.84% | -2.15% | -0.75% | 4.68% | 1.82% | 4.01% |
| 2022 | -2.40% | -0.32% | -2.41% | -1.89% | 1.44% | -0.92% | 2.02% | -1.98% | -3.01% | -0.25% | 3.36% | 0.20% | -6.20% |
| 2021 | 0.16% | -1.28% | 0.24% | 0.60% | 0.13% | 0.15% | 0.67% | -0.31% | -0.68% | -0.15% | 0.42% | 0.10% | 0.02% |
| 2020 | 1.58% | 1.07% | -2.24% | -0.84% | 2.92% | -0.11% | 1.14% | -0.39% | 0.15% | -0.31% | 0.88% | 0.38% | 4.21% |
| 2019 | 0.87% | 0.48% | 1.20% | 0.20% | 1.20% | 0.44% | 0.74% | 1.35% | -0.72% | 0.08% | 0.15% | 0.28% | 6.45% |
| 2018 | -0.82% | -0.37% | 0.08% | -0.46% | 0.95% | 0.09% | 0.28% | 0.10% | -0.58% | -0.47% | 0.97% | 1.12% | 0.86% |
| 2017 | 0.50% | 0.58% | 0.10% | 0.84% | 1.22% | -0.45% | 0.65% | 0.47% | -0.64% | 0.10% | -0.91% | 0.56% | 3.03% |
| 2016 | 1.47% | 0.12% | 0.20% | 0.64% | -0.07% | 1.54% | -0.01% | -0.07% | -0.34% | -0.79% | -3.42% | 0.87% | 0.04% |
| 2015 | 2.03% | -1.39% | 0.39% | -0.61% | -0.26% | -0.24% | 0.66% | 0.20% | 0.93% | 0.18% | 0.37% | 0.68% | 2.95% |
| 2014 | 1.64% | 0.99% | -0.15% | 1.33% | 1.13% | -0.24% | 0.21% | 1.30% | -0.05% | 0.75% | 0.17% | 0.55% | 7.89% |
Risk-Adjusted Performance
Risk-Adjusted Performance Rank
The current rank of GTFHX is 28, indicating average performance compared to other mutual funds on our website. Here’s a breakdown of how it compares using common performance measures.
Risk-Adjusted Performance Indicators
The charts below present risk-adjusted performance metrics for Madison Tax-Free National Fund (GTFHX) and compare them to a chosen benchmark (^GSPC). These indicators evaluate an investment's returns against its associated risks.
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Dividends
Dividend History
Madison Tax-Free National Fund provided a 2.31% dividend yield over the last twelve months, with an annual payout of $0.23 per share.
| Period | TTM | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.23 | $0.22 | $0.20 | $0.25 | $0.28 | $0.21 | $0.28 | $0.28 | $0.28 | $0.33 | $0.33 | $0.40 |
Dividend yield | 2.31% | 2.22% | 2.01% | 2.55% | 2.58% | 1.85% | 2.60% | 2.64% | 2.64% | 3.07% | 3.00% | 3.59% |
Monthly Dividends
The table displays the monthly dividend distributions for Madison Tax-Free National Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | $0.02 | $0.02 | $0.02 | $0.02 | $0.00 | $0.08 | |||||||
| 2024 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.22 |
| 2023 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.01 | $0.20 |
| 2022 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.01 | $0.02 | $0.02 | $0.02 | $0.02 | $0.08 | $0.25 |
| 2021 | $0.02 | $0.02 | $0.02 | $0.02 | $0.01 | $0.02 | $0.01 | $0.02 | $0.02 | $0.01 | $0.02 | $0.11 | $0.28 |
| 2020 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.01 | $0.21 |
| 2019 | $0.04 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.05 | $0.28 |
| 2018 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.06 | $0.28 |
| 2017 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.05 | $0.28 |
| 2016 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.09 | $0.33 |
| 2015 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.09 | $0.33 |
| 2014 | $0.05 | $0.03 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.02 | $0.02 | $0.11 | $0.40 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Madison Tax-Free National Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Madison Tax-Free National Fund was 20.89%, occurring on Nov 22, 1994. Recovery took 663 trading sessions.
The current Madison Tax-Free National Fund drawdown is 3.26%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -20.89% | Oct 18, 1993 | 287 | Nov 22, 1994 | 663 | Jun 6, 1997 | 950 |
| -11.52% | Mar 11, 1987 | 157 | Oct 15, 1987 | 173 | Jun 14, 1988 | 330 |
| -10.29% | Mar 10, 2020 | 9 | Mar 20, 2020 | 92 | Jul 31, 2020 | 101 |
| -10.19% | Jul 28, 2021 | 315 | Oct 25, 2022 | — | — | — |
| -8.5% | Sep 12, 2008 | 24 | Oct 15, 2008 | 58 | Jan 8, 2009 | 82 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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