MEMUX vs. VMTTX

Last updated Jun 4, 2026

MEMUX (Maine Municipal Fund) and VMTTX (Viking Tax-Free Fund For Montana) are both Municipal Bonds funds from IntegrityVikingFunds. Over the past 10 years, MEMUX returned 0.56%/yr vs 1.19%/yr for VMTTX. A 0.71 correlation means they provide meaningful diversification when combined. Both charge a 0.98% expense ratio.

Performance

MEMUX vs. VMTTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Maine Municipal Fund (MEMUX) and Viking Tax-Free Fund For Montana (VMTTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MEMUX achieves a 1.25% return, which is significantly lower than VMTTX's 1.64% return. Over the past 10 years, MEMUX has underperformed VMTTX with an annualized return of 0.56%, while VMTTX has yielded a comparatively higher 1.19% annualized return.

MEMUX

• 1D: 0.00%
• 1M: -0.09%
• YTD: 1.25%
• 6M: 1.51%
• 1Y: 6.10%
• 3Y*: 2.74%
• 5Y*: -0.38%
• 10Y*: 0.56%

VMTTX

• 1D: 0.11%
• 1M: 0.38%
• YTD: 1.64%
• 6M: 1.91%
• 1Y: 7.05%
• 3Y*: 2.73%
• 5Y*: 0.13%
• 10Y*: 1.19%

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

MEMUX vs. VMTTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MEMUX Maine Municipal Fund	1.25%	2.89%	-0.08%	5.27%	-10.30%	-0.32%	3.06%	4.37%	0.50%	3.15%
VMTTX Viking Tax-Free Fund For Montana	1.64%	3.71%	-0.16%	4.24%	-8.52%	0.28%	4.04%	5.59%	0.53%	4.00%

Correlation

The correlation between MEMUX and VMTTX is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Aug 4, 1999	0.71

The correlation between MEMUX and VMTTX shifts across timeframes, from 0.71 (all time) to 0.91 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

MEMUX vs. VMTTX — Risk / Return Rank

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

MEMUX

MEMUX Risk / Return Rank: 66
MEMUX Sharpe Ratio Rank: 69
MEMUX Sortino Ratio Rank: 81
MEMUX Omega Ratio Rank: 95
MEMUX Calmar Ratio Rank: 41
MEMUX Martin Ratio Rank: 46

VMTTX

VMTTX Risk / Return Rank: 84
VMTTX Sharpe Ratio Rank: 94
VMTTX Sortino Ratio Rank: 97
VMTTX Omega Ratio Rank: 98
VMTTX Calmar Ratio Rank: 65
VMTTX Martin Ratio Rank: 65

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.

MEMUX vs. VMTTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Maine Municipal Fund (MEMUX) and Viking Tax-Free Fund For Montana (VMTTX). 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.

	MEMUX	VMTTX	Difference
Sharpe ratio Return per unit of total volatility	2.44	3.26	-0.81
Sortino ratio Return per unit of downside risk	3.86	5.70	-1.83
Omega ratio Gain probability vs. loss probability	1.77	2.17	-0.40
Calmar ratio Return relative to maximum drawdown	2.44	3.11	-0.68
Martin ratio Return relative to average drawdown	9.59	12.77	-3.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MEMUX vs. VMTTX - Sharpe Ratio Comparison

The current MEMUX Sharpe Ratio is 2.44, which is comparable to the VMTTX Sharpe Ratio of 3.26. The chart below compares the historical Sharpe Ratios of MEMUX and VMTTX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MEMUX	VMTTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.44	3.26	-0.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.09	0.03	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.15	0.33	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.49	+0.05

Drawdowns

MEMUX vs. VMTTX - Drawdown Comparison

The maximum MEMUX drawdown since its inception was -14.47%, which is greater than VMTTX's maximum drawdown of -13.11%. Use the drawdown chart below to compare losses from any high point for MEMUX and VMTTX.

Drawdown Indicators

	MEMUX	VMTTX	Difference
Max Drawdown Largest peak-to-trough decline	-14.47%	-13.11%	-1.36%
Max Drawdown (1Y) Largest decline over 1 year	-2.52%	-2.27%	-0.25%
Max Drawdown (3Y) Largest decline over 3 years	-7.48%	-5.55%	-1.93%
Max Drawdown (5Y) Largest decline over 5 years	-14.47%	-13.11%	-1.36%
Max Drawdown (10Y) Largest decline over 10 years	-14.47%	-13.11%	-1.36%
Current Drawdown Current decline from peak	-2.39%	-0.18%	-2.21%
Average Drawdown Average peak-to-trough decline	-2.73%	-2.49%	-0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.64%	0.55%	+0.09%

Volatility

MEMUX vs. VMTTX - Volatility Comparison

Maine Municipal Fund (MEMUX) and Viking Tax-Free Fund For Montana (VMTTX) have volatilities of 0.83% and 0.80%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MEMUX	VMTTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.83%	0.80%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	1.82%	1.62%	+0.20%
Volatility (1Y) Calculated over the trailing 1-year period	2.51%	2.23%	+0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.24%	3.84%	+0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.83%	3.66%	+0.17%

MEMUX vs. VMTTX - Expense Ratio Comparison

Both MEMUX and VMTTX have an expense ratio of 0.98%.

Dividends

MEMUX vs. VMTTX - Dividend Comparison

MEMUX's dividend yield for the trailing twelve months is around 2.98%, which matches VMTTX's 2.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MEMUX Maine Municipal Fund	2.98%	3.01%	2.87%	2.35%	1.98%	1.72%	1.81%	2.40%	2.36%	2.45%	2.43%	2.06%
VMTTX Viking Tax-Free Fund For Montana	2.98%	2.93%	2.81%	2.47%	2.06%	1.55%	1.89%	2.63%	2.52%	2.61%	2.77%	2.62%

Frequently Asked Questions

Can I hold both MEMUX and VMTTX in my portfolio?

MEMUX and VMTTX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MEMUX or VMTTX?

MEMUX has higher volatility (0.83%) compared to VMTTX (0.80%). In terms of maximum drawdown, MEMUX dropped -14.47% vs VMTTX's -13.11%.

Which has better risk-adjusted returns?

VMTTX currently has the higher Sharpe Ratio (3.26 vs 2.44), 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.