SMTFX vs. IESGX

Last updated Jun 24, 2026

SMTFX (SIT Minnesota Tax Free Income Fund) and IESGX (Sit ESG Growth Fund) are both mutual funds - SMTFX is a Municipal Bonds fund managed by Sit, while IESGX is a Global Equities fund managed by Sit. Over the past 5 years, SMTFX returned 0.78%/yr vs 10.33%/yr for IESGX. At a 0.06 correlation, their price movements are largely independent. SMTFX charges 0.80%/yr vs 1.00%/yr for IESGX.

Performance

SMTFX vs. IESGX - Performance Comparison

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

Returns By Period

In the year-to-date period, SMTFX achieves a 2.67% return, which is significantly lower than IESGX's 4.95% return.

SMTFX

• 1D: -0.10%
• 1M: 2.11%
• YTD: 2.67%
• 6M: 3.20%
• 1Y: 10.20%
• 3Y*: 4.34%
• 5Y*: 0.78%
• 10Y*: 1.85%

IESGX

• 1D: -0.86%
• 1M: -1.36%
• YTD: 4.95%
• 6M: 4.31%
• 1Y: 18.88%
• 3Y*: 17.73%
• 5Y*: 10.33%
• 10Y*: —

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

SMTFX vs. IESGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
IESGX Sit ESG Growth Fund	4.95%	19.65%	19.59%	26.67%	-21.08%	19.93%	15.91%	26.41%	-7.38%	23.71%

Correlation

The correlation between SMTFX and IESGX 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	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (All Time) Calculated using the full available price history since Jul 6, 2016	0.06

The correlation between SMTFX and IESGX shifts across timeframes, from 0.06 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SMTFX vs. IESGX — Risk / Return Rank

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

SMTFX

SMTFX Risk / Return Rank: 81
SMTFX Sharpe Ratio Rank: 92
SMTFX Sortino Ratio Rank: 93
SMTFX Omega Ratio Rank: 94
SMTFX Calmar Ratio Rank: 67
SMTFX Martin Ratio Rank: 61

IESGX

IESGX Risk / Return Rank: 35
IESGX Sharpe Ratio Rank: 35
IESGX Sortino Ratio Rank: 34
IESGX Omega Ratio Rank: 33
IESGX Calmar Ratio Rank: 33
IESGX Martin Ratio Rank: 42

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.

SMTFX vs. IESGX - Risk-Adjusted Trends Comparison

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

	SMTFX	IESGX	Difference
Sharpe ratio: Return per unit of total volatility	2.85	1.57	+1.28
Sortino ratio: Return per unit of downside risk	4.34	2.25	+2.09
Omega ratio: Gain probability vs. loss probability	1.70	1.28	+0.42
Calmar ratio: Return relative to maximum drawdown	3.00	2.05	+0.94
Martin ratio: Return relative to average drawdown	11.33	8.58	+2.75

SMTFX vs. IESGX - Sharpe Ratio Comparison

The current SMTFX Sharpe Ratio is 2.85, which is higher than the IESGX Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of SMTFX and IESGX, 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

SMTFX vs. IESGX - Drawdown Comparison

The maximum SMTFX drawdown since its inception was -16.34%, smaller than the maximum IESGX drawdown of -32.15%. Use the drawdown chart below to compare losses from any high point for SMTFX and IESGX.

Drawdown Indicators

	SMTFX	IESGX	Difference
Max Drawdown Largest peak-to-trough decline	-16.34%	-32.15%	+15.81%
Max Drawdown (1Y) Largest decline over 1 year	-3.46%	-9.65%	+6.19%
Max Drawdown (3Y) Largest decline over 3 years	-6.73%	-15.86%	+9.13%
Max Drawdown (5Y) Largest decline over 5 years	-16.34%	-29.64%	+13.30%
Max Drawdown (10Y) Largest decline over 10 years	-16.34%	—	—
Current Drawdown Current decline from peak	-0.10%	-3.02%	+2.92%
Average Drawdown Average peak-to-trough decline	-1.83%	-5.06%	+3.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	2.31%	-1.40%

Volatility

SMTFX vs. IESGX - Volatility Comparison

The current volatility for SIT Minnesota Tax Free Income Fund (SMTFX) is 1.00%, while Sit ESG Growth Fund (IESGX) has a volatility of 3.90%. This indicates that SMTFX experiences smaller price fluctuations and is considered to be less risky than IESGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMTFX	IESGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.00%	3.90%	-2.90%
Volatility (6M) Calculated over the trailing 6-month period	2.80%	10.11%	-7.31%
Volatility (1Y) Calculated over the trailing 1-year period	3.64%	12.63%	-8.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.51%	16.21%	-11.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.27%	16.76%	-12.49%

SMTFX vs. IESGX - Expense Ratio Comparison

SMTFX has a 0.80% expense ratio, which is lower than IESGX's 1.00% expense ratio.

Dividends

SMTFX vs. IESGX - Dividend Comparison

SMTFX's dividend yield for the trailing twelve months is around 3.15%, more than IESGX's 1.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IESGX Sit ESG Growth Fund	1.13%	1.19%	0.06%	0.77%	3.29%	1.43%	0.58%	1.54%	1.41%	0.91%	0.21%	0.00%
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 SMTFX and IESGX in my portfolio?

SMTFX and IESGX 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, SMTFX or IESGX?

IESGX has higher volatility (3.90%) compared to SMTFX (1.00%). In terms of maximum drawdown, SMTFX dropped -16.34% vs IESGX's -32.15%.

Which has better risk-adjusted returns?

SMTFX currently has the higher Sharpe Ratio (2.85 vs 1.57), 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.