NTFIX vs. DUMSX

Last updated Jun 24, 2026

NTFIX (Dupree North Carolina Tax-Free Income Series) and DUMSX (Dupree Mississippi Tax-Free Income Series) are both Municipal Bonds funds from Dupree. Over the past 10 years, NTFIX returned 2.45%/yr vs 2.84%/yr for DUMSX. Their correlation of 0.90 suggests significant overlap in exposure. NTFIX charges 0.68%/yr vs 0.70%/yr for DUMSX.

Performance

NTFIX vs. DUMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dupree North Carolina Tax-Free Income Series (NTFIX) and Dupree Mississippi Tax-Free Income Series (DUMSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NTFIX achieves a 1.61% return, which is significantly lower than DUMSX's 2.45% return. Over the past 10 years, NTFIX has underperformed DUMSX with an annualized return of 2.45%, while DUMSX has yielded a comparatively higher 2.84% annualized return.

NTFIX

• 1D: 0.00%
• 1M: 1.21%
• YTD: 1.61%
• 6M: 2.38%
• 1Y: 6.92%
• 3Y*: 3.84%
• 5Y*: 1.26%
• 10Y*: 2.45%

DUMSX

• 1D: 0.00%
• 1M: 1.47%
• YTD: 2.45%
• 6M: 3.27%
• 1Y: 9.20%
• 3Y*: 5.09%
• 5Y*: 2.14%
• 10Y*: 2.84%

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

NTFIX vs. DUMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NTFIX Dupree North Carolina Tax-Free Income Series	1.61%	4.53%	2.25%	5.48%	-8.44%	2.06%	5.81%	7.38%	2.05%	6.09%
DUMSX Dupree Mississippi Tax-Free Income Series	2.45%	6.98%	2.35%	5.16%	-7.10%	2.23%	4.69%	6.87%	2.20%	5.98%

Correlation

The correlation between NTFIX and DUMSX 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	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Dec 31, 1999	0.90

The correlation between NTFIX and DUMSX has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.

Return for Risk

NTFIX vs. DUMSX — Risk / Return Rank

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

NTFIX

NTFIX Risk / Return Rank: 83
NTFIX Sharpe Ratio Rank: 86
NTFIX Sortino Ratio Rank: 95
NTFIX Omega Ratio Rank: 97
NTFIX Calmar Ratio Rank: 68
NTFIX Martin Ratio Rank: 69

DUMSX

DUMSX Risk / Return Rank: 94
DUMSX Sharpe Ratio Rank: 96
DUMSX Sortino Ratio Rank: 98
DUMSX Omega Ratio Rank: 98
DUMSX Calmar Ratio Rank: 85
DUMSX Martin Ratio Rank: 91

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.

NTFIX vs. DUMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dupree North Carolina Tax-Free Income Series (NTFIX) and Dupree Mississippi Tax-Free Income Series (DUMSX). 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.

	NTFIX	DUMSX	Difference
Sharpe ratio: Return per unit of total volatility	2.60	3.18	-0.58
Sortino ratio: Return per unit of downside risk	4.76	6.15	-1.39
Omega ratio: Gain probability vs. loss probability	1.89	2.16	-0.27
Calmar ratio: Return relative to maximum drawdown	3.03	3.83	-0.80
Martin ratio: Return relative to average drawdown	12.50	17.07	-4.57

NTFIX vs. DUMSX - Sharpe Ratio Comparison

The current NTFIX Sharpe Ratio is 2.60, which is comparable to the DUMSX Sharpe Ratio of 3.18. The chart below compares the historical Sharpe Ratios of NTFIX and DUMSX, 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

NTFIX vs. DUMSX - Drawdown Comparison

The maximum NTFIX drawdown since its inception was -13.11%, which is greater than DUMSX's maximum drawdown of -11.62%. Use the drawdown chart below to compare losses from any high point for NTFIX and DUMSX.

Drawdown Indicators

	NTFIX	DUMSX	Difference
Max Drawdown Largest peak-to-trough decline	-13.11%	-11.62%	-1.49%
Max Drawdown (1Y) Largest decline over 1 year	-2.29%	-2.42%	+0.13%
Max Drawdown (3Y) Largest decline over 3 years	-5.79%	-6.08%	+0.29%
Max Drawdown (5Y) Largest decline over 5 years	-13.11%	-11.03%	-2.08%
Max Drawdown (10Y) Largest decline over 10 years	-13.11%	-11.03%	-2.08%
Current Drawdown Current decline from peak	-0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.73%	-1.57%	-0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	0.54%	+0.01%

Volatility

NTFIX vs. DUMSX - Volatility Comparison

The current volatility for Dupree North Carolina Tax-Free Income Series (NTFIX) is 0.60%, while Dupree Mississippi Tax-Free Income Series (DUMSX) has a volatility of 0.67%. This indicates that NTFIX experiences smaller price fluctuations and is considered to be less risky than DUMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NTFIX	DUMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.60%	0.67%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	1.95%	2.11%	-0.16%
Volatility (1Y) Calculated over the trailing 1-year period	2.67%	2.91%	-0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.28%	4.20%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.10%	3.88%	+0.22%

NTFIX vs. DUMSX - Expense Ratio Comparison

NTFIX has a 0.68% expense ratio, which is lower than DUMSX's 0.70% expense ratio.

Dividends

NTFIX vs. DUMSX - Dividend Comparison

NTFIX's dividend yield for the trailing twelve months is around 2.95%, less than DUMSX's 5.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DUMSX Dupree Mississippi Tax-Free Income Series	5.32%	6.09%	4.79%	3.25%	3.22%	3.19%	3.11%	3.72%	4.66%	4.12%	2.94%	3.01%
NTFIX Dupree North Carolina Tax-Free Income Series	2.95%	3.61%	4.11%	2.93%	3.27%	2.87%	2.84%	3.36%	4.45%	4.04%	2.82%	2.95%

Frequently Asked Questions

Can I hold both NTFIX and DUMSX in my portfolio?

NTFIX and DUMSX 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, NTFIX or DUMSX?

DUMSX has higher volatility (0.67%) compared to NTFIX (0.60%). In terms of maximum drawdown, NTFIX dropped -13.11% vs DUMSX's -11.62%.

Which has better risk-adjusted returns?

DUMSX currently has the higher Sharpe Ratio (3.18 vs 2.60), 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.