MIIBX vs. GTFHX

Last updated Jun 5, 2026

MIIBX (Madison High Quality Bond Fund) and GTFHX (Madison Tax-Free National Fund) are both mutual funds - MIIBX is a Short-Term Bond fund managed by Madison Funds, while GTFHX is a Municipal Bonds fund managed by Madison Funds. Over the past 10 years, MIIBX returned 1.39%/yr vs 1.48%/yr for GTFHX. A 0.53 correlation means they provide meaningful diversification when combined. MIIBX charges 0.50%/yr vs 0.76%/yr for GTFHX.

Performance

MIIBX vs. GTFHX - Performance Comparison

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

Returns By Period

In the year-to-date period, MIIBX achieves a -0.01% return, which is significantly lower than GTFHX's 0.99% return. Over the past 10 years, MIIBX has underperformed GTFHX with an annualized return of 1.39%, while GTFHX has yielded a comparatively higher 1.48% annualized return.

MIIBX

• 1D: -0.10%
• 1M: -0.10%
• YTD: -0.01%
• 6M: 0.21%
• 1Y: 3.01%
• 3Y*: 3.96%
• 5Y*: 0.97%
• 10Y*: 1.39%

GTFHX

• 1D: 0.00%
• 1M: 0.42%
• YTD: 0.99%
• 6M: 1.30%
• 1Y: 5.35%
• 3Y*: 2.81%
• 5Y*: 0.56%
• 10Y*: 1.48%

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

MIIBX vs. GTFHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MIIBX Madison High Quality Bond Fund	-0.01%	6.21%	2.74%	4.55%	-7.13%	-1.76%	4.50%	4.54%	0.91%	1.14%
GTFHX Madison Tax-Free National Fund	0.99%	3.91%	0.43%	4.00%	-6.21%	0.02%	4.20%	6.64%	0.87%	3.03%

Correlation

The correlation between MIIBX and GTFHX is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since May 1, 2000	0.53

The correlation between MIIBX and GTFHX has been stable across timeframes, ranging from 0.48 to 0.53 - a consistent structural relationship.

Return for Risk

MIIBX vs. GTFHX — Risk / Return Rank

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

MIIBX

MIIBX Risk / Return Rank: 29
MIIBX Sharpe Ratio Rank: 27
MIIBX Sortino Ratio Rank: 31
MIIBX Omega Ratio Rank: 30
MIIBX Calmar Ratio Rank: 29
MIIBX Martin Ratio Rank: 26

GTFHX

GTFHX Risk / Return Rank: 77
GTFHX Sharpe Ratio Rank: 94
GTFHX Sortino Ratio Rank: 94
GTFHX Omega Ratio Rank: 97
GTFHX Calmar Ratio Rank: 52
GTFHX Martin Ratio Rank: 46

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.

MIIBX vs. GTFHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison High Quality Bond Fund (MIIBX) and Madison Tax-Free National Fund (GTFHX). 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.

	MIIBX	GTFHX	Difference
Sharpe ratio: Return per unit of total volatility	1.45	3.22	-1.77
Sortino ratio: Return per unit of downside risk	2.25	4.85	-2.60
Omega ratio: Gain probability vs. loss probability	1.28	1.91	-0.63
Calmar ratio: Return relative to maximum drawdown	1.95	2.72	-0.76
Martin ratio: Return relative to average drawdown	5.95	9.53	-3.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MIIBX vs. GTFHX - Sharpe Ratio Comparison

The current MIIBX Sharpe Ratio is 1.45, which is lower than the GTFHX Sharpe Ratio of 3.22. The chart below compares the historical Sharpe Ratios of MIIBX and GTFHX, 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

	MIIBX	GTFHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.45	3.22	-1.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.19	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.46	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.97	1.15	-0.18

Drawdowns

MIIBX vs. GTFHX - Drawdown Comparison

The maximum MIIBX drawdown since its inception was -11.12%, smaller than the maximum GTFHX drawdown of -13.88%. Use the drawdown chart below to compare losses from any high point for MIIBX and GTFHX.

Drawdown Indicators

	MIIBX	GTFHX	Difference
Max Drawdown Largest peak-to-trough decline	-11.12%	-13.88%	+2.76%
Max Drawdown (1Y) Largest decline over 1 year	-1.70%	-2.05%	+0.35%
Max Drawdown (3Y) Largest decline over 3 years	-2.33%	-4.19%	+1.86%
Max Drawdown (5Y) Largest decline over 5 years	-10.69%	-10.49%	-0.20%
Max Drawdown (10Y) Largest decline over 10 years	-11.12%	-10.49%	-0.63%
Current Drawdown Current decline from peak	-1.13%	-0.48%	-0.65%
Average Drawdown Average peak-to-trough decline	-1.25%	-1.84%	+0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	0.59%	-0.03%

Volatility

MIIBX vs. GTFHX - Volatility Comparison

Madison High Quality Bond Fund (MIIBX) has a higher volatility of 0.77% compared to Madison Tax-Free National Fund (GTFHX) at 0.65%. This indicates that MIIBX's price experiences larger fluctuations and is considered to be riskier than GTFHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MIIBX	GTFHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	0.65%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	1.63%	1.31%	+0.32%
Volatility (1Y) Calculated over the trailing 1-year period	2.29%	1.73%	+0.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.53%	2.89%	+0.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.77%	3.23%	-0.46%

MIIBX vs. GTFHX - Expense Ratio Comparison

MIIBX has a 0.50% expense ratio, which is lower than GTFHX's 0.76% expense ratio.

Dividends

MIIBX vs. GTFHX - Dividend Comparison

MIIBX's dividend yield for the trailing twelve months is around 3.47%, more than GTFHX's 2.69% 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%
MIIBX Madison High Quality Bond Fund	3.47%	3.34%	3.02%	2.17%	1.23%	1.54%	1.28%	1.87%	1.73%	1.41%	1.23%	1.35%

Frequently Asked Questions

Can I hold both MIIBX and GTFHX in my portfolio?

MIIBX and GTFHX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MIIBX or GTFHX?

MIIBX has higher volatility (0.77%) compared to GTFHX (0.65%). In terms of maximum drawdown, MIIBX dropped -11.12% vs GTFHX's -13.88%.

Which has better risk-adjusted returns?

GTFHX currently has the higher Sharpe Ratio (3.22 vs 1.45), 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.