NMTFX vs. SENAX

Last updated Aug 1, 2026

NMTFX (Allspring Minnesota Tax-Free Fund) and SENAX (Allspring Discovery Mid Cap Growth Fund) are both mutual funds - NMTFX is a Municipal Bonds fund managed by Allspring, while SENAX is a Mid Cap Growth Equities fund managed by Allspring. Over the past 10 years, NMTFX returned 1.74%/yr vs 10.75%/yr for SENAX. Their -0.07 correlation means they have often moved in opposite directions in the past. NMTFX charges 0.85%/yr vs 1.18%/yr for SENAX.

Performance

NMTFX vs. SENAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allspring Minnesota Tax-Free Fund (NMTFX) and Allspring Discovery Mid Cap Growth Fund (SENAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NMTFX achieves a 0.37% return, which is significantly lower than SENAX's 4.63% return. Over the past 10 years, NMTFX has underperformed SENAX with an annualized return of 1.74%, while SENAX has yielded a comparatively higher 10.75% annualized return.

NMTFX

• 1D: -0.20%
• 1M: -1.58%
• 6M: -0.16%
• YTD: 0.37%
• 1Y: 4.53%
• 3Y*: 3.60%
• 5Y*: 0.97%
• 10Y*: 1.74%
• ALL TIME*: 3.83%

SENAX

• 1D: 2.98%
• 1M: -4.22%
• 6M: 6.27%
• YTD: 4.63%
• 1Y: 6.22%
• 3Y*: 13.28%
• 5Y*: -0.73%
• 10Y*: 10.75%
• ALL TIME*: 7.24%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NMTFX Allspring Minnesota Tax-Free Fund	$0.00	$0.00	$0.00
SENAX Allspring Discovery Mid Cap Growth Fund	$0.00	$0.00	$0.00

NMTFX vs. SENAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NMTFX Allspring Minnesota Tax-Free Fund	0.37%	6.39%	2.03%	3.72%	-6.66%	0.74%	3.84%	6.06%	0.71%	3.74%
SENAX Allspring Discovery Mid Cap Growth Fund	4.63%	13.41%	19.25%	24.00%	-41.92%	2.58%	57.96%	40.64%	-5.97%	28.54%

Correlation

The correlation between NMTFX and SENAX is 0.22, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.22
Correlation (3Y) Balances recent behavior with more history.	0.13
Correlation (5Y) Shows whether the relationship held over a longer period.	0.14
Correlation (10Y) Provides a long-term view across more market conditions.	0.07
Correlation (All Time) Calculated using the full available price history since Jan 2, 2001	-0.07

The correlation between NMTFX and SENAX shifts across timeframes, from -0.07 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

NMTFX vs. SENAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NMTFX

NMTFX Risk / Return Rank: 79
NMTFX Sharpe Ratio Rank: 88
NMTFX Sortino Ratio Rank: 89
NMTFX Omega Ratio Rank: 94
NMTFX Calmar Ratio Rank: 66
NMTFX Martin Ratio Rank: 59

SENAX

SENAX Risk / Return Rank: 8
SENAX Sharpe Ratio Rank: 7
SENAX Sortino Ratio Rank: 8
SENAX Omega Ratio Rank: 7
SENAX Calmar Ratio Rank: 8
SENAX Martin Ratio Rank: 9

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NMTFX vs. SENAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allspring Minnesota Tax-Free Fund (NMTFX) and Allspring Discovery Mid Cap Growth Fund (SENAX). 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.

	NMTFX	SENAX	Difference
Sharpe ratio: Return per unit of total volatility	2.20	0.21	+2.00
Sortino ratio: Return per unit of downside risk	3.32	0.45	+2.87
Omega ratio: Gain probability vs. loss probability	1.57	1.05	+0.52
Calmar ratio: Return relative to maximum drawdown	2.30	0.31	+1.99
Martin ratio: Return relative to average drawdown	8.20	1.03	+7.17

NMTFX vs. SENAX - Sharpe Ratio Comparison

The current NMTFX Sharpe Ratio is 2.20, which is higher than the SENAX Sharpe Ratio of 0.21. The chart below compares the historical Sharpe Ratios of NMTFX and SENAX, 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

NMTFX vs. SENAX - Drawdown Comparison

The maximum NMTFX drawdown since its inception was -10.68%, smaller than the maximum SENAX drawdown of -58.34%. Use the drawdown chart below to compare losses from any high point for NMTFX and SENAX.

Drawdown Indicators

	NMTFX	SENAX	Difference
Max Drawdown Largest peak-to-trough decline	-10.68%	-58.34%	+47.66%
Max Drawdown (1Y) Largest decline over 1 year	-2.25%	-13.59%	+11.34%
Max Drawdown (3Y) Largest decline over 3 years	-3.99%	-27.44%	+23.45%
Max Drawdown (5Y) Largest decline over 5 years	-10.43%	-55.14%	+44.71%
Max Drawdown (10Y) Largest decline over 10 years	-10.43%	-55.14%	+44.71%
Current Drawdown Current decline from peak	-1.58%	-15.58%	+14.00%
Average Drawdown Average peak-to-trough decline	-1.64%	-17.68%	+16.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.63%	4.14%	-3.51%

Volatility

NMTFX vs. SENAX - Volatility Comparison

The current volatility for Allspring Minnesota Tax-Free Fund (NMTFX) is 0.78%, while Allspring Discovery Mid Cap Growth Fund (SENAX) has a volatility of 6.07%. This indicates that NMTFX experiences smaller price fluctuations and is considered to be less risky than SENAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NMTFX	SENAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.78%	6.07%	-5.29%
Volatility (6M) Calculated over the trailing 6-month period	1.93%	16.99%	-15.06%
Volatility (1Y) Calculated over the trailing 1-year period	2.36%	20.46%	-18.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.22%	28.94%	-25.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.23%	25.91%	-22.68%

NMTFX vs. SENAX - Expense Ratio Comparison

NMTFX has a 0.85% expense ratio, which is lower than SENAX's 1.18% expense ratio.

Dividends

NMTFX vs. SENAX - Dividend Comparison

NMTFX's dividend yield for the trailing twelve months is around 2.73%, less than SENAX's 11.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NMTFX Allspring Minnesota Tax-Free Fund	2.73%	5.40%	3.50%	2.13%	1.72%	1.65%	1.91%	2.48%	2.69%	2.63%	3.30%	3.06%
SENAX Allspring Discovery Mid Cap Growth Fund	11.53%	12.06%	10.88%	2.46%	0.00%	17.81%	9.16%	6.59%	15.14%	11.23%	4.58%	8.37%

Frequently Asked Questions

Can I hold both NMTFX and SENAX in my portfolio?

NMTFX and SENAX have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NMTFX or SENAX?

SENAX has higher volatility (6.07%) compared to NMTFX (0.78%). In terms of maximum drawdown, NMTFX dropped -10.68% vs SENAX's -58.34%.

Which has better risk-adjusted returns?

NMTFX currently has the higher Sharpe Ratio (2.20 vs 0.21), 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.