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GTFHX vs. BATVX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GTFHX vs. BATVX

Last updated Jun 4, 2026

GTFHX (Madison Tax-Free National Fund) and BATVX (BlackRock Allocation Target Shares) are both Municipal Bonds funds. Over the past 5 years, GTFHX returned 0.57%/yr vs 1.51%/yr for BATVX. At a 0.06 correlation, their price movements are largely independent. GTFHX charges 0.76%/yr vs 0.00%/yr for BATVX.

Performance

GTFHX vs. BATVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Tax-Free National Fund (GTFHX) and BlackRock Allocation Target Shares (BATVX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with GTFHX having a 0.99% return and BATVX slightly lower at 0.97%.

GTFHX

1D
0.10%
1M
0.52%
YTD
0.99%
6M
1.30%
1Y
5.56%
3Y*
2.81%
5Y*
0.57%
10Y*
1.48%

BATVX

1D
0.00%
1M
0.20%
YTD
0.97%
6M
1.22%
1Y
2.58%
3Y*
2.47%
5Y*
1.51%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

GTFHX vs. BATVX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
GTFHX
Madison Tax-Free National Fund		0.99%3.91%0.43%4.00%-6.21%0.22%
BATVX
BlackRock Allocation Target Shares		0.97%2.80%2.48%1.41%-0.10%0.00%

Correlation

The correlation between GTFHX and BATVX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.20

Correlation (3Y)
Calculated over the trailing 3-year period

0.07

Correlation (5Y)
Calculated over the trailing 5-year period

0.06

Correlation (All Time)
Calculated using the full available price history since May 26, 2021

0.06

The correlation between GTFHX and BATVX shifts across timeframes, from 0.06 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Madison Tax-Free National Fund

BlackRock Allocation Target Shares

Often compared with GTFHX:
GTFHX vs. MBOAXGTFHX vs. MMDAXGTFHX vs. BVAOXGTFHX vs. BHBFXGTFHX vs. MBLAXGTFHX vs. MAGSXGTFHX vs. GTSGX
Often compared with BATVX:
BATVX vs. CBTAXBATVX vs. COLTXBATVX vs. SEPAXBATVX vs. FOHFXBATVX vs. VPALXBATVX vs. NMTRXBATVX vs. PTEAX

Return for Risk

GTFHX vs. BATVX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GTFHX
GTFHX Risk / Return Rank: 7676
Overall Rank
GTFHX Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
GTFHX Sortino Ratio Rank: 9494
Sortino Ratio Rank
GTFHX Omega Ratio Rank: 9797
Omega Ratio Rank
GTFHX Calmar Ratio Rank: 5151
Calmar Ratio Rank
GTFHX Martin Ratio Rank: 4646
Martin Ratio Rank
BATVX
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GTFHX vs. BATVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Tax-Free National Fund (GTFHX) and BlackRock Allocation Target Shares (BATVX). 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.

GTFHXBATVXDifference
Sharpe ratioReturn per unit of total volatility
3.22
3.57

-0.35

Sortino ratioReturn per unit of downside risk
4.85

—

—

Omega ratioGain probability vs. loss probability

1.91

—

—

Calmar ratioReturn relative to maximum drawdown

2.72

—

—

Martin ratioReturn relative to average drawdown

9.54

—

—

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GTFHX vs. BATVX - Sharpe Ratio Comparison

The current GTFHX Sharpe Ratio is 3.22, which is comparable to the BATVX Sharpe Ratio of 3.57. The chart below compares the historical Sharpe Ratios of GTFHX and BATVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

GTFHXBATVXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.22

3.57

-0.35

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.20

2.39

-2.19

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.46

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.15

2.38

-1.23

Drawdowns

GTFHX vs. BATVX - Drawdown Comparison

The maximum GTFHX drawdown since its inception was -13.88%, which is greater than BATVX's maximum drawdown of -0.20%. Use the drawdown chart below to compare losses from any high point for GTFHX and BATVX.

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Drawdown Indicators

GTFHXBATVXDifference

Max Drawdown

Largest peak-to-trough decline

-13.88%

-0.20%

-13.68%

Max Drawdown (1Y)

Largest decline over 1 year

-2.05%

0.00%

-2.05%

Max Drawdown (3Y)

Largest decline over 3 years

-4.19%

-0.10%

-4.09%

Max Drawdown (5Y)

Largest decline over 5 years

-10.49%

-0.20%

-10.29%

Max Drawdown (10Y)

Largest decline over 10 years

-10.49%

—

—

Current Drawdown

Current decline from peak

-0.48%

0.00%

-0.48%

Average Drawdown

Average peak-to-trough decline

-1.84%

-0.03%

-1.81%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.58%

0.00%

+0.58%

Volatility

GTFHX vs. BATVX - Volatility Comparison

Madison Tax-Free National Fund (GTFHX) has a higher volatility of 0.66% compared to BlackRock Allocation Target Shares (BATVX) at 0.20%. This indicates that GTFHX's price experiences larger fluctuations and is considered to be riskier than BATVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GTFHXBATVXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.66%

0.20%

+0.46%

Volatility (6M)

Calculated over the trailing 6-month period

1.31%

0.49%

+0.82%

Volatility (1Y)

Calculated over the trailing 1-year period

1.75%

0.73%

+1.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.89%

0.64%

+2.25%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.24%

0.63%

+2.61%

GTFHX vs. BATVX - Expense Ratio Comparison

GTFHX has a 0.76% expense ratio, which is higher than BATVX's 0.00% expense ratio.

Dividends

GTFHX vs. BATVX - Dividend Comparison

GTFHX's dividend yield for the trailing twelve months is around 2.69%, more than BATVX's 2.55% yield.

PositionTTM20252024202320222021202020192018201720162015
BATVX
BlackRock Allocation Target Shares		2.55%2.76%2.44%1.40%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
GTFHX
Madison Tax-Free National Fund		2.69%2.51%2.23%1.99%2.54%2.58%1.84%2.78%2.65%2.63%3.06%2.99%

Frequently Asked Questions

GTFHX and BATVX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GTFHX has higher volatility (0.66%) compared to BATVX (0.20%). In terms of maximum drawdown, GTFHX dropped -13.88% vs BATVX's -0.20%.

BATVX currently has the higher Sharpe Ratio (3.57 vs 3.22), 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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