SMTFX vs. SIBAX

Last updated Jun 3, 2026

SMTFX (SIT Minnesota Tax Free Income Fund) and SIBAX (SIT Balanced Fund) are both mutual funds - SMTFX is a Municipal Bonds fund managed by Sit, while SIBAX is a Diversified Portfolio fund managed by Sit. Over the past 10 years, SMTFX returned 1.93%/yr vs 10.67%/yr for SIBAX. At a 0.04 correlation, their price movements are largely independent. SMTFX charges 0.80%/yr vs 0.91%/yr for SIBAX.

Performance

SMTFX vs. SIBAX - Performance Comparison

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

Returns By Period

In the year-to-date period, SMTFX achieves a 2.36% return, which is significantly lower than SIBAX's 5.45% return. Over the past 10 years, SMTFX has underperformed SIBAX with an annualized return of 1.93%, while SIBAX has yielded a comparatively higher 10.67% annualized return.

SMTFX

• 1D: 0.00%
• 1M: 0.64%
• YTD: 2.36%
• 6M: 3.21%
• 1Y: 10.47%
• 3Y*: 4.45%
• 5Y*: 0.78%
• 10Y*: 1.93%

SIBAX

• 1D: 0.59%
• 1M: 3.04%
• YTD: 5.45%
• 6M: 5.19%
• 1Y: 19.74%
• 3Y*: 16.08%
• 5Y*: 8.57%
• 10Y*: 10.67%

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

SMTFX vs. SIBAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMTFX SIT Minnesota Tax Free Income Fund	2.36%	5.74%	4.05%	2.87%	-11.41%	2.43%	3.35%	6.95%	1.05%	5.84%
SIBAX SIT Balanced Fund	5.45%	13.57%	18.02%	22.64%	-20.90%	17.10%	20.75%	20.71%	-2.75%	17.73%

Correlation

The correlation between SMTFX and SIBAX is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since Jan 4, 1994	0.04

The correlation between SMTFX and SIBAX shifts across timeframes, from 0.04 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SMTFX vs. SIBAX — Risk / Return Rank

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

SMTFX

SMTFX Risk / Return Rank: 76
SMTFX Sharpe Ratio Rank: 85
SMTFX Sortino Ratio Rank: 88
SMTFX Omega Ratio Rank: 91
SMTFX Calmar Ratio Rank: 60
SMTFX Martin Ratio Rank: 56

SIBAX

SIBAX Risk / Return Rank: 48
SIBAX Sharpe Ratio Rank: 53
SIBAX Sortino Ratio Rank: 52
SIBAX Omega Ratio Rank: 50
SIBAX Calmar Ratio Rank: 38
SIBAX 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.

SMTFX vs. SIBAX - Risk-Adjusted Trends Comparison

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

	SMTFX	SIBAX	Difference
Sharpe ratio Return per unit of total volatility	2.76	2.15	+0.61
Sortino ratio Return per unit of downside risk	4.19	3.03	+1.15
Omega ratio Gain probability vs. loss probability	1.67	1.39	+0.28
Calmar ratio Return relative to maximum drawdown	2.98	2.35	+0.62
Martin ratio Return relative to average drawdown	11.26	9.67	+1.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMTFX vs. SIBAX - Sharpe Ratio Comparison

The current SMTFX Sharpe Ratio is 2.76, which is comparable to the SIBAX Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of SMTFX and SIBAX, 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

	SMTFX	SIBAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.76	2.15	+0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.69	-0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.88	-0.42
Sharpe Ratio (All Time) Calculated using the full available price history	1.21	0.64	+0.57

Drawdowns

SMTFX vs. SIBAX - Drawdown Comparison

The maximum SMTFX drawdown since its inception was -16.34%, smaller than the maximum SIBAX drawdown of -40.93%. Use the drawdown chart below to compare losses from any high point for SMTFX and SIBAX.

Drawdown Indicators

	SMTFX	SIBAX	Difference
Max Drawdown Largest peak-to-trough decline	-16.34%	-40.93%	+24.59%
Max Drawdown (1Y) Largest decline over 1 year	-3.46%	-8.51%	+5.05%
Max Drawdown (3Y) Largest decline over 3 years	-6.73%	-13.44%	+6.71%
Max Drawdown (5Y) Largest decline over 5 years	-16.34%	-24.75%	+8.41%
Max Drawdown (10Y) Largest decline over 10 years	-16.34%	-24.75%	+8.41%
Current Drawdown Current decline from peak	-0.21%	0.00%	-0.21%
Average Drawdown Average peak-to-trough decline	-1.83%	-7.75%	+5.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	2.07%	-1.16%

Volatility

SMTFX vs. SIBAX - Volatility Comparison

The current volatility for SIT Minnesota Tax Free Income Fund (SMTFX) is 1.49%, while SIT Balanced Fund (SIBAX) has a volatility of 2.55%. This indicates that SMTFX experiences smaller price fluctuations and is considered to be less risky than SIBAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMTFX	SIBAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.49%	2.55%	-1.06%
Volatility (6M) Calculated over the trailing 6-month period	2.81%	7.23%	-4.42%
Volatility (1Y) Calculated over the trailing 1-year period	3.69%	9.41%	-5.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.50%	12.48%	-7.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.26%	12.23%	-7.97%

SMTFX vs. SIBAX - Expense Ratio Comparison

SMTFX has a 0.80% expense ratio, which is lower than SIBAX's 0.91% expense ratio.

Dividends

SMTFX vs. SIBAX - Dividend Comparison

SMTFX's dividend yield for the trailing twelve months is around 3.16%, which matches SIBAX's 3.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SIBAX SIT Balanced Fund	3.19%	3.39%	2.46%	1.36%	4.93%	4.02%	1.55%	6.37%	2.05%	5.20%	1.62%	6.53%
SMTFX SIT Minnesota Tax Free Income Fund	3.16%	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 SIBAX in my portfolio?

SMTFX and SIBAX 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, SMTFX or SIBAX?

SIBAX has higher volatility (2.55%) compared to SMTFX (1.49%). In terms of maximum drawdown, SMTFX dropped -16.34% vs SIBAX's -40.93%.

Which has better risk-adjusted returns?

SMTFX currently has the higher Sharpe Ratio (2.76 vs 2.15), 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.