GTVAX Performance — Madison Tax-Free Virginia Fund, Class Y
Data updated: 2025-03-25
GTVAX returned +0.44% over one year to Jan 2025. Annualised returns are −0.60% over 3 years and −0.37% over 5 years. The fund trailed its Ultrashort Municipal Bond category average: $100 invested three years ago grew to $98, against $106 for the category, and to $100 over one year, against $103. Volatility over the past three years was 5.96% a year. In the 12 months to Jan 2025 the fund lost a net $3.5M, and assets reached $13.43M.
GTVAX Growth of $100
What $100 invested in Madison Tax-Free Virginia Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Ultrashort Municipal Bond category average over the same months.
| Period | GTVAX | Category average |
|---|---|---|
| 1 year (Feb 2024 – Jan 2025) | $100 | $103 |
| 3 years (Feb 2022 – Jan 2025) | $98 | $106 |
| 5 years (Feb 2020 – Jan 2025) | $98 | $106 |
| Since data start (Aug 2019 – Jan 2025) | $101 | $108 |
GTVAX Trailing Returns
Total returns to Jan 2025, from SEC N-PORT.
| Period | Total return |
|---|---|
| 1 year | +0.44% |
| 3 years (annualised) | −0.60% |
| 5 years (annualised) | −0.37% |
GTVAX Annual Returns
Calendar-year total returns of Madison Tax-Free Virginia Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2025 (Jan–Jan) | −0.49% |
| 2024 | +0.39% |
| 2023 | +3.75% |
| 2022 | −7.29% |
| 2021 | −0.24% |
| 2020 | +3.98% |
| 2019 (Aug–Dec) | +0.95% |
GTVAX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | −0.5% | — | — | — | — | — | — | — | — | — | — | — |
| 2024 | −0.5% | 0.0% | −0.1% | −1.0% | −0.6% | +1.4% | +0.8% | +0.7% | +0.9% | −1.2% | +1.3% | −1.1% |
| 2023 | +2.1% | −2.2% | +1.8% | −0.4% | −0.9% | +0.6% | +0.1% | −1.0% | −2.3% | −0.8% | +4.7% | +2.2% |
| 2022 | −2.1% | −0.5% | −2.3% | −2.7% | +1.4% | −1.4% | +2.1% | −2.1% | −2.7% | −0.5% | +3.5% | +0.1% |
| 2021 | +0.1% | −1.4% | +0.3% | +0.6% | +0.1% | +0.1% | +0.5% | −0.3% | −0.7% | −0.1% | +0.6% | +0.1% |
| 2020 | +1.6% | +0.9% | −2.2% | −0.4% | +2.8% | +0.1% | +1.0% | −0.4% | 0.0% | −0.2% | +0.8% | +0.2% |
| 2019 | — | — | — | — | — | — | — | +1.4% | −0.7% | +0.1% | +0.1% | +0.2% |
GTVAX Risk
Risk measures from monthly returns over Feb 2022 – Jan 2025.
- 3-year volatility (annualised): 5.96%
- 3-year Sharpe ratio: -0.86 (vs 4.5% risk-free rate)
- Best month: +4.68% (Nov 2023)
- Worst month: −2.66% (Apr 2022)
GTVAX Fund Flows
Monthly money in and out of Madison Tax-Free Virginia Fund, from SEC Form N-PORT.
- 12-month net flow: −$3.5M
- 12-month gross sales (incl. reinvestments): $403K
- Sales ÷ redemptions: 0.10×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jan 2025 | $0 | $2.2M | −$2.2M |
| Dec 2024 | $27K | $866K | −$838K |
| Nov 2024 | $59K | $299K | −$240K |
| Oct 2024 | $32K | $191K | −$159K |
| Sep 2024 | $32K | $92K | −$60K |
| Aug 2024 | $32K | $38K | −$6K |
| Jul 2024 | $30K | $41K | −$11K |
| Jun 2024 | $29K | $981 | $28K |
| May 2024 | $59K | $104K | −$45K |
| Apr 2024 | $28K | $80K | −$53K |
| Mar 2024 | $39K | $4K | $35K |
| Feb 2024 | $35K | $64K | −$30K |
GTVAX Assets Under Management
Net assets of Madison Tax-Free Virginia Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2025-01-31 | $13.43M |
| 2024-10-31 | $16.76M |
| 2024-07-31 | $17.01M |
| 2024-04-30 | $16.85M |
| 2024-01-31 | $17.18M |
| 2023-10-31 | $16.55M |
| 2023-07-31 | $17.75M |
| 2023-04-30 | $18.34M |
| 2023-01-31 | $18.66M |
| 2022-10-31 | $17.72M |
| 2022-07-31 | $18.29M |
| 2022-04-30 | $19.28M |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.