SDVGX vs. SMTFX

Last updated Jun 4, 2026

SDVGX (SIT Dividend Growth Fund) and SMTFX (SIT Minnesota Tax Free Income Fund) are both mutual funds - SDVGX is a Large Cap Blend Equities fund managed by Sit, while SMTFX is a Municipal Bonds fund managed by Sit. Over the past 10 years, SDVGX returned 12.44%/yr vs 1.96%/yr for SMTFX. At a correlation of -0.07, they often move in opposite directions. SDVGX charges 0.70%/yr vs 0.80%/yr for SMTFX.

Performance

SDVGX vs. SMTFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SIT Dividend Growth Fund (SDVGX) and SIT Minnesota Tax Free Income Fund (SMTFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SDVGX achieves a 7.37% return, which is significantly higher than SMTFX's 2.67% return. Over the past 10 years, SDVGX has outperformed SMTFX with an annualized return of 12.44%, while SMTFX has yielded a comparatively lower 1.96% annualized return.

SDVGX

• 1D: 0.50%
• 1M: 4.56%
• YTD: 7.37%
• 6M: 7.93%
• 1Y: 24.32%
• 3Y*: 18.34%
• 5Y*: 11.38%
• 10Y*: 12.44%

SMTFX

• 1D: 0.31%
• 1M: 1.05%
• YTD: 2.67%
• 6M: 3.42%
• 1Y: 10.93%
• 3Y*: 4.56%
• 5Y*: 0.84%
• 10Y*: 1.96%

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

SDVGX vs. SMTFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SDVGX SIT Dividend Growth Fund	7.37%	18.73%	18.22%	14.89%	-12.17%	27.87%	7.79%	29.18%	-6.86%	20.22%
SMTFX SIT Minnesota Tax Free Income Fund	2.67%	5.74%	4.05%	2.87%	-11.41%	2.43%	3.35%	6.95%	1.05%	5.84%

Correlation

The correlation between SDVGX and SMTFX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.04
Correlation (All Time) Calculated using the full available price history since Jan 5, 2004	-0.07

The correlation between SDVGX and SMTFX shifts across timeframes, from -0.07 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SDVGX vs. SMTFX — Risk / Return Rank

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

SDVGX

SDVGX Risk / Return Rank: 70
SDVGX Sharpe Ratio Rank: 74
SDVGX Sortino Ratio Rank: 67
SDVGX Omega Ratio Rank: 65
SDVGX Calmar Ratio Rank: 67
SDVGX Martin Ratio Rank: 77

SMTFX

SMTFX Risk / Return Rank: 80
SMTFX Sharpe Ratio Rank: 89
SMTFX Sortino Ratio Rank: 91
SMTFX Omega Ratio Rank: 93
SMTFX Calmar Ratio Rank: 66
SMTFX Martin Ratio Rank: 60

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.

SDVGX vs. SMTFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SIT Dividend Growth Fund (SDVGX) and SIT Minnesota Tax Free Income Fund (SMTFX). 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.

	SDVGX	SMTFX	Difference
Sharpe ratio: Return per unit of total volatility	2.49	2.96	-0.47
Sortino ratio: Return per unit of downside risk	3.42	4.51	-1.09
Omega ratio: Gain probability vs. loss probability	1.45	1.73	-0.28
Calmar ratio: Return relative to maximum drawdown	3.18	3.14	+0.04
Martin ratio: Return relative to average drawdown	14.56	11.86	+2.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SDVGX vs. SMTFX - Sharpe Ratio Comparison

The current SDVGX Sharpe Ratio is 2.49, which is comparable to the SMTFX Sharpe Ratio of 2.96. The chart below compares the historical Sharpe Ratios of SDVGX and SMTFX, 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

	SDVGX	SMTFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	2.96	-0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.19	+0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	0.46	+0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	1.21	-0.61

Drawdowns

SDVGX vs. SMTFX - Drawdown Comparison

The maximum SDVGX drawdown since its inception was -45.52%, which is greater than SMTFX's maximum drawdown of -16.34%. Use the drawdown chart below to compare losses from any high point for SDVGX and SMTFX.

Drawdown Indicators

	SDVGX	SMTFX	Difference
Max Drawdown Largest peak-to-trough decline	-45.52%	-16.34%	-29.18%
Max Drawdown (1Y) Largest decline over 1 year	-7.92%	-3.46%	-4.46%
Max Drawdown (3Y) Largest decline over 3 years	-16.13%	-6.73%	-9.40%
Max Drawdown (5Y) Largest decline over 5 years	-21.13%	-16.34%	-4.79%
Max Drawdown (10Y) Largest decline over 10 years	-35.01%	-16.34%	-18.67%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.03%	-1.83%	-3.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.73%	0.91%	+0.82%

Volatility

SDVGX vs. SMTFX - Volatility Comparison

SIT Dividend Growth Fund (SDVGX) has a higher volatility of 2.27% compared to SIT Minnesota Tax Free Income Fund (SMTFX) at 1.51%. This indicates that SDVGX's price experiences larger fluctuations and is considered to be riskier than SMTFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SDVGX	SMTFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.27%	1.51%	+0.76%
Volatility (6M) Calculated over the trailing 6-month period	7.76%	2.81%	+4.95%
Volatility (1Y) Calculated over the trailing 1-year period	10.14%	3.69%	+6.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.10%	4.50%	+10.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.19%	4.27%	+12.92%

SDVGX vs. SMTFX - Expense Ratio Comparison

SDVGX has a 0.70% expense ratio, which is lower than SMTFX's 0.80% expense ratio.

Dividends

SDVGX vs. SMTFX - Dividend Comparison

SDVGX's dividend yield for the trailing twelve months is around 9.42%, more than SMTFX's 3.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SDVGX SIT Dividend Growth Fund	9.42%	10.10%	12.47%	4.66%	12.01%	12.29%	1.42%	12.85%	25.20%	11.49%	8.32%	13.23%
SMTFX SIT Minnesota Tax Free Income Fund	3.15%	4.29%	3.23%	1.75%	2.18%	2.30%	2.59%	3.06%	3.17%	3.04%	3.13%	3.28%

Frequently Asked Questions

Can I hold both SDVGX and SMTFX in my portfolio?

SDVGX and SMTFX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SDVGX or SMTFX?

SDVGX has higher volatility (2.27%) compared to SMTFX (1.51%). In terms of maximum drawdown, SDVGX dropped -45.52% vs SMTFX's -16.34%.

Which has better risk-adjusted returns?

SMTFX currently has the higher Sharpe Ratio (2.96 vs 2.49), 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.