GTFHX vs. MAGSX

Last updated Jun 25, 2026

GTFHX (Madison Tax-Free National Fund) and MAGSX (Madison Aggressive Allocation Fund) are both mutual funds - GTFHX is a Municipal Bonds fund managed by Madison Funds, while MAGSX is a Diversified Portfolio fund managed by Madison Funds. Over the past 10 years, GTFHX returned 1.37%/yr vs 7.76%/yr for MAGSX. At a correlation of -0.08, they often move in opposite directions. GTFHX charges 0.76%/yr vs 0.71%/yr for MAGSX.

Performance

GTFHX vs. MAGSX - Performance Comparison

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

Returns By Period

In the year-to-date period, GTFHX achieves a 1.19% return, which is significantly lower than MAGSX's 9.73% return. Over the past 10 years, GTFHX has underperformed MAGSX with an annualized return of 1.37%, while MAGSX has yielded a comparatively higher 7.76% annualized return.

GTFHX

• 1D: 0.00%
• 1M: 1.12%
• YTD: 1.19%
• 6M: 1.30%
• 1Y: 5.13%
• 3Y*: 2.74%
• 5Y*: 0.61%
• 10Y*: 1.37%

MAGSX

• 1D: -1.64%
• 1M: 0.76%
• YTD: 9.73%
• 6M: 8.67%
• 1Y: 18.11%
• 3Y*: 12.06%
• 5Y*: 5.14%
• 10Y*: 7.76%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GTFHX vs. MAGSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GTFHX Madison Tax-Free National Fund	1.19%	3.91%	0.43%	4.00%	-6.21%	0.02%	4.20%	6.64%	0.87%	3.03%
MAGSX Madison Aggressive Allocation Fund	9.73%	12.48%	6.46%	12.32%	-15.38%	9.50%	9.65%	19.21%	-6.59%	18.04%

Correlation

The correlation between GTFHX and MAGSX is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (10Y) Calculated over the trailing 10-year period	0.08
Correlation (All Time) Calculated using the full available price history since Jul 3, 2006	-0.08

The correlation between GTFHX and MAGSX shifts across timeframes, from -0.08 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GTFHX vs. MAGSX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GTFHX

GTFHX Risk / Return Rank: 77
GTFHX Sharpe Ratio Rank: 95
GTFHX Sortino Ratio Rank: 94
GTFHX Omega Ratio Rank: 97
GTFHX Calmar Ratio Rank: 51
GTFHX Martin Ratio Rank: 46

MAGSX

MAGSX Risk / Return Rank: 41
MAGSX Sharpe Ratio Rank: 41
MAGSX Sortino Ratio Rank: 40
MAGSX Omega Ratio Rank: 39
MAGSX Calmar Ratio Rank: 39
MAGSX Martin Ratio Rank: 48

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. MAGSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Tax-Free National Fund (GTFHX) and Madison Aggressive Allocation Fund (MAGSX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	GTFHX	MAGSX	Difference
Sharpe ratio: Return per unit of total volatility	3.01	1.72	+1.29
Sortino ratio: Return per unit of downside risk	4.48	2.44	+2.04
Omega ratio: Gain probability vs. loss probability	1.84	1.31	+0.53
Calmar ratio: Return relative to maximum drawdown	2.51	2.25	+0.26
Martin ratio: Return relative to average drawdown	8.69	9.40	-0.72

GTFHX vs. MAGSX - Sharpe Ratio Comparison

The current GTFHX Sharpe Ratio is 3.01, which is higher than the MAGSX Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of GTFHX and MAGSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GTFHX vs. MAGSX - Drawdown Comparison

The maximum GTFHX drawdown since its inception was -13.88%, smaller than the maximum MAGSX drawdown of -56.06%. Use the drawdown chart below to compare losses from any high point for GTFHX and MAGSX.

Drawdown Indicators

	GTFHX	MAGSX	Difference
Max Drawdown Largest peak-to-trough decline	-13.88%	-56.06%	+42.18%
Max Drawdown (1Y) Largest decline over 1 year	-2.05%	-8.63%	+6.58%
Max Drawdown (3Y) Largest decline over 3 years	-4.19%	-15.35%	+11.16%
Max Drawdown (5Y) Largest decline over 5 years	-10.49%	-21.13%	+10.64%
Max Drawdown (10Y) Largest decline over 10 years	-10.49%	-23.20%	+12.71%
Current Drawdown Current decline from peak	-0.28%	-1.86%	+1.58%
Average Drawdown Average peak-to-trough decline	-1.84%	-9.45%	+7.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.59%	2.06%	-1.47%

Volatility

GTFHX vs. MAGSX - Volatility Comparison

The current volatility for Madison Tax-Free National Fund (GTFHX) is 0.45%, while Madison Aggressive Allocation Fund (MAGSX) has a volatility of 4.70%. This indicates that GTFHX experiences smaller price fluctuations and is considered to be less risky than MAGSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GTFHX	MAGSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.45%	4.70%	-4.25%
Volatility (6M) Calculated over the trailing 6-month period	1.32%	9.44%	-8.12%
Volatility (1Y) Calculated over the trailing 1-year period	1.72%	11.31%	-9.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.89%	12.30%	-9.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.23%	13.08%	-9.85%

GTFHX vs. MAGSX - Expense Ratio Comparison

GTFHX has a 0.76% expense ratio, which is higher than MAGSX's 0.71% expense ratio.

Dividends

GTFHX vs. MAGSX - Dividend Comparison

GTFHX's dividend yield for the trailing twelve months is around 2.69%, less than MAGSX's 5.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
MAGSX Madison Aggressive Allocation Fund	5.62%	6.17%	2.02%	1.89%	1.26%	9.97%	8.66%	5.42%	10.79%	5.89%	3.82%	9.57%

Frequently Asked Questions

Can I hold both GTFHX and MAGSX in my portfolio?

GTFHX and MAGSX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GTFHX or MAGSX?

MAGSX has higher volatility (4.70%) compared to GTFHX (0.45%). In terms of maximum drawdown, GTFHX dropped -13.88% vs MAGSX's -56.06%.

Which has better risk-adjusted returns?

GTFHX currently has the higher Sharpe Ratio (3.01 vs 1.72), 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.