SNTIX vs. SQIFX

Last updated Jun 23, 2026

SNTIX (SIT Tax Free Income Fund) and SQIFX (Sit Quality Income Fund) are both mutual funds - SNTIX is a Municipal Bonds fund managed by Sit, while SQIFX is a Ultrashort Bond fund managed by Sit. Over the past 10 years, SNTIX returned 2.20%/yr vs 2.08%/yr for SQIFX. At a 0.25 correlation, their price movements are largely independent. SNTIX charges 0.80%/yr vs 0.90%/yr for SQIFX.

Performance

SNTIX vs. SQIFX - Performance Comparison

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

Returns By Period

In the year-to-date period, SNTIX achieves a 2.70% return, which is significantly higher than SQIFX's 0.33% return. Over the past 10 years, SNTIX has outperformed SQIFX with an annualized return of 2.20%, while SQIFX has yielded a comparatively lower 2.08% annualized return.

SNTIX

• 1D: 0.23%
• 1M: 2.27%
• YTD: 2.70%
• 6M: 3.17%
• 1Y: 9.23%
• 3Y*: 5.53%
• 5Y*: 0.90%
• 10Y*: 2.20%

SQIFX

• 1D: 0.00%
• 1M: 0.43%
• YTD: 0.33%
• 6M: 0.70%
• 1Y: 3.72%
• 3Y*: 4.28%
• 5Y*: 2.28%
• 10Y*: 2.08%

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

SNTIX vs. SQIFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SNTIX SIT Tax Free Income Fund	2.70%	5.29%	5.95%	5.02%	-13.91%	3.01%	3.76%	7.34%	0.75%	7.70%
SQIFX Sit Quality Income Fund	0.33%	6.32%	3.93%	3.39%	-2.68%	1.24%	2.89%	3.13%	0.90%	1.16%

Correlation

The correlation between SNTIX and SQIFX is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (10Y) Calculated over the trailing 10-year period	0.28
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.25

Over the past year, SNTIX and SQIFX have become more correlated (0.55) than their long-term average of 0.25, meaning their price movements have been converging.

Return for Risk

SNTIX vs. SQIFX — Risk / Return Rank

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

SNTIX

SNTIX Risk / Return Rank: 80
SNTIX Sharpe Ratio Rank: 87
SNTIX Sortino Ratio Rank: 91
SNTIX Omega Ratio Rank: 92
SNTIX Calmar Ratio Rank: 69
SNTIX Martin Ratio Rank: 62

SQIFX

SQIFX Risk / Return Rank: 47
SQIFX Sharpe Ratio Rank: 40
SQIFX Sortino Ratio Rank: 59
SQIFX Omega Ratio Rank: 48
SQIFX Calmar Ratio Rank: 46
SQIFX Martin Ratio Rank: 44

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.

SNTIX vs. SQIFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SIT Tax Free Income Fund (SNTIX) and Sit Quality Income Fund (SQIFX). 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.

	SNTIX	SQIFX	Difference
Sharpe ratio: Return per unit of total volatility	2.62	1.70	+0.92
Sortino ratio: Return per unit of downside risk	4.17	2.93	+1.24
Omega ratio: Gain probability vs. loss probability	1.65	1.35	+0.30
Calmar ratio: Return relative to maximum drawdown	3.05	2.49	+0.56
Martin ratio: Return relative to average drawdown	11.46	8.96	+2.51

SNTIX vs. SQIFX - Sharpe Ratio Comparison

The current SNTIX Sharpe Ratio is 2.62, which is higher than the SQIFX Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of SNTIX and SQIFX, 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

SNTIX vs. SQIFX - Drawdown Comparison

The maximum SNTIX drawdown since its inception was -18.13%, which is greater than SQIFX's maximum drawdown of -4.22%. Use the drawdown chart below to compare losses from any high point for SNTIX and SQIFX.

Drawdown Indicators

	SNTIX	SQIFX	Difference
Max Drawdown Largest peak-to-trough decline	-18.13%	-4.22%	-13.91%
Max Drawdown (1Y) Largest decline over 1 year	-3.04%	-1.55%	-1.49%
Max Drawdown (3Y) Largest decline over 3 years	-6.75%	-1.55%	-5.20%
Max Drawdown (5Y) Largest decline over 5 years	-18.13%	-4.22%	-13.91%
Max Drawdown (10Y) Largest decline over 10 years	-18.13%	-4.22%	-13.91%
Current Drawdown Current decline from peak	0.00%	-0.52%	+0.52%
Average Drawdown Average peak-to-trough decline	-2.31%	-0.45%	-1.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	0.43%	+0.38%

Volatility

SNTIX vs. SQIFX - Volatility Comparison

SIT Tax Free Income Fund (SNTIX) has a higher volatility of 0.91% compared to Sit Quality Income Fund (SQIFX) at 0.72%. This indicates that SNTIX's price experiences larger fluctuations and is considered to be riskier than SQIFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SNTIX	SQIFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.91%	0.72%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	2.57%	1.63%	+0.94%
Volatility (1Y) Calculated over the trailing 1-year period	3.54%	2.26%	+1.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.62%	2.34%	+2.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.55%	1.80%	+2.75%

SNTIX vs. SQIFX - Expense Ratio Comparison

SNTIX has a 0.80% expense ratio, which is lower than SQIFX's 0.90% expense ratio.

Dividends

SNTIX vs. SQIFX - Dividend Comparison

SNTIX's dividend yield for the trailing twelve months is around 3.65%, less than SQIFX's 3.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SNTIX SIT Tax Free Income Fund	3.65%	4.49%	4.14%	3.54%	1.88%	2.46%	2.62%	3.33%	3.37%	4.01%	3.70%	3.60%
SQIFX Sit Quality Income Fund	3.88%	4.21%	3.96%	2.78%	3.42%	1.23%	1.13%	1.95%	1.82%	1.16%	0.89%	0.95%

Frequently Asked Questions

Can I hold both SNTIX and SQIFX in my portfolio?

SNTIX and SQIFX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SNTIX or SQIFX?

SNTIX has higher volatility (0.91%) compared to SQIFX (0.72%). In terms of maximum drawdown, SNTIX dropped -18.13% vs SQIFX's -4.22%.

Which has better risk-adjusted returns?

SNTIX currently has the higher Sharpe Ratio (2.62 vs 1.70), 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.