VMTTX vs. VNDFX

Last updated Jun 4, 2026

VMTTX (Viking Tax-Free Fund For Montana) and VNDFX (Viking Tax-Free Fund for North Dakota) are both Municipal Bonds funds from IntegrityVikingFunds. Over the past 10 years, VMTTX returned 1.19%/yr vs 0.68%/yr for VNDFX. Their correlation of 0.88 suggests significant overlap in exposure. Both charge a 0.98% expense ratio.

Performance

VMTTX vs. VNDFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Viking Tax-Free Fund For Montana (VMTTX) and Viking Tax-Free Fund for North Dakota (VNDFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMTTX achieves a 1.64% return, which is significantly lower than VNDFX's 1.85% return. Over the past 10 years, VMTTX has outperformed VNDFX with an annualized return of 1.19%, while VNDFX has yielded a comparatively lower 0.68% annualized return.

VMTTX

• 1D: 0.11%
• 1M: 0.38%
• YTD: 1.64%
• 6M: 1.91%
• 1Y: 7.05%
• 3Y*: 2.73%
• 5Y*: 0.13%
• 10Y*: 1.19%

VNDFX

• 1D: 0.11%
• 1M: 0.48%
• YTD: 1.85%
• 6M: 2.24%
• 1Y: 7.46%
• 3Y*: 2.15%
• 5Y*: -0.60%
• 10Y*: 0.68%

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

VMTTX vs. VNDFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMTTX Viking Tax-Free Fund For Montana	1.64%	3.71%	-0.16%	4.24%	-8.52%	0.28%	4.04%	5.59%	0.53%	4.00%
VNDFX Viking Tax-Free Fund for North Dakota	1.85%	3.02%	-1.96%	4.65%	-9.89%	0.42%	2.90%	5.12%	0.72%	3.35%

Correlation

The correlation between VMTTX and VNDFX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Aug 4, 1999	0.88

The correlation between VMTTX and VNDFX has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

Return for Risk

VMTTX vs. VNDFX — Risk / Return Rank

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

VMTTX

VMTTX Risk / Return Rank: 84
VMTTX Sharpe Ratio Rank: 94
VMTTX Sortino Ratio Rank: 97
VMTTX Omega Ratio Rank: 98
VMTTX Calmar Ratio Rank: 65
VMTTX Martin Ratio Rank: 65

VNDFX

VNDFX Risk / Return Rank: 80
VNDFX Sharpe Ratio Rank: 91
VNDFX Sortino Ratio Rank: 94
VNDFX Omega Ratio Rank: 97
VNDFX Calmar Ratio Rank: 58
VNDFX Martin Ratio Rank: 59

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.

VMTTX vs. VNDFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Viking Tax-Free Fund For Montana (VMTTX) and Viking Tax-Free Fund for North Dakota (VNDFX). 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.

	VMTTX	VNDFX	Difference
Sharpe ratio Return per unit of total volatility	3.26	3.07	+0.18
Sortino ratio Return per unit of downside risk	5.70	4.95	+0.75
Omega ratio Gain probability vs. loss probability	2.17	1.99	+0.18
Calmar ratio Return relative to maximum drawdown	3.11	2.91	+0.20
Martin ratio Return relative to average drawdown	12.77	11.92	+0.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VMTTX vs. VNDFX - Sharpe Ratio Comparison

The current VMTTX Sharpe Ratio is 3.26, which is comparable to the VNDFX Sharpe Ratio of 3.07. The chart below compares the historical Sharpe Ratios of VMTTX and VNDFX, 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

	VMTTX	VNDFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.26	3.07	+0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	-0.13	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.33	0.17	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.45	+0.04

Drawdowns

VMTTX vs. VNDFX - Drawdown Comparison

The maximum VMTTX drawdown since its inception was -13.11%, smaller than the maximum VNDFX drawdown of -14.80%. Use the drawdown chart below to compare losses from any high point for VMTTX and VNDFX.

Drawdown Indicators

	VMTTX	VNDFX	Difference
Max Drawdown Largest peak-to-trough decline	-13.11%	-14.80%	+1.69%
Max Drawdown (1Y) Largest decline over 1 year	-2.27%	-2.57%	+0.30%
Max Drawdown (3Y) Largest decline over 3 years	-5.55%	-8.01%	+2.46%
Max Drawdown (5Y) Largest decline over 5 years	-13.11%	-14.80%	+1.69%
Max Drawdown (10Y) Largest decline over 10 years	-13.11%	-14.80%	+1.69%
Current Drawdown Current decline from peak	-0.18%	-3.45%	+3.27%
Average Drawdown Average peak-to-trough decline	-2.49%	-2.78%	+0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	0.63%	-0.08%

Volatility

VMTTX vs. VNDFX - Volatility Comparison

The current volatility for Viking Tax-Free Fund For Montana (VMTTX) is 0.80%, while Viking Tax-Free Fund for North Dakota (VNDFX) has a volatility of 0.88%. This indicates that VMTTX experiences smaller price fluctuations and is considered to be less risky than VNDFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMTTX	VNDFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.80%	0.88%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	1.62%	1.82%	-0.20%
Volatility (1Y) Calculated over the trailing 1-year period	2.23%	2.44%	-0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.84%	4.61%	-0.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.66%	4.04%	-0.38%

VMTTX vs. VNDFX - Expense Ratio Comparison

Both VMTTX and VNDFX have an expense ratio of 0.98%.

Dividends

VMTTX vs. VNDFX - Dividend Comparison

VMTTX's dividend yield for the trailing twelve months is around 2.98%, which matches VNDFX's 3.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VMTTX Viking Tax-Free Fund For Montana	2.98%	2.93%	2.81%	2.47%	2.06%	1.55%	1.89%	2.63%	2.52%	2.61%	2.77%	2.62%
VNDFX Viking Tax-Free Fund for North Dakota	3.00%	3.03%	2.93%	2.30%	1.86%	1.69%	2.07%	2.72%	2.58%	2.71%	2.62%	2.38%

Frequently Asked Questions

Can I hold both VMTTX and VNDFX in my portfolio?

With a correlation of 0.91, VMTTX and VNDFX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VMTTX or VNDFX?

VNDFX has higher volatility (0.88%) compared to VMTTX (0.80%). In terms of maximum drawdown, VMTTX dropped -13.11% vs VNDFX's -14.80%.

Which has better risk-adjusted returns?

VMTTX currently has the higher Sharpe Ratio (3.26 vs 3.07), 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.