Aquila Tax-free Correlations

ORTFX Fund

USD 10.35 0.01 0.1%

The current 90-days correlation between Aquila Tax Free and Aquila Three Peaks is 0.04 (i.e., Significant diversification). The correlation of Aquila Tax-free is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Aquila Tax-free Correlation With Market

Very good diversification

The correlation between Aquila Tax Free Trust and DJI is -0.35 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Aquila Tax Free Trust and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Aquila Tax Free Trust. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in census.

Moving together with Aquila Mutual Fund

0.75	ATPAX	Aquila Three Peaks	Pair Corr
0.7	ATPYX	Aquila Three Peaks	Pair Corr
0.97	UTAYX	Aquila Tax Free	Pair Corr
0.98	UTACX	Aquila Tax Free	Pair Corr
0.98	UTAHX	Aquila Tax Free	Pair Corr
0.97	COTCX	Aquila Tax Free	Pair Corr
0.94	COTYX	Aquila Tax Free	Pair Corr
0.96	COTFX	Aquila Tax Free	Pair Corr
0.85	AZTYX	Aquila Tax Free	Pair Corr
0.89	AZTFX	Aquila Tax Free	Pair Corr
0.89	AZTCX	Aquila Tax Free	Pair Corr
0.99	HULAX	Hawaiian Tax Free	Pair Corr
0.98	HULCX	Hawaiian Tax Free	Pair Corr
0.99	HULFX	Hawaiian Tax Free	Pair Corr
0.92	HULYX	Hawaiian Tax Free	Pair Corr
0.99	ORTYX	Aquila Tax Free	Pair Corr
0.99	ORTCX	Aquila Tax Free	Pair Corr
0.89	KYTFX	Kentucky Tax Free	Pair Corr
0.86	UVABX	Virginia Bond	Pair Corr
0.85	UVAIX	Usaa Virginia Bond	Pair Corr
0.85	USVAX	Virginia Bond	Pair Corr

Moving against Aquila Mutual Fund

0.52	ATGCX	Aquila Three Peaks	Pair Corr
0.52	ATRIX	Aquila Three Peaks	Pair Corr
0.47	ATGAX	Aquila Three Peaks	Pair Corr
0.47	ATGYX	Aquila Three Peaks	Pair Corr
0.45	UOPIX	Ultra Nasdaq 100 Steady Growth	Pair Corr
0.44	DXQLX	Direxion Monthly Nasdaq Steady Growth	Pair Corr
0.44	RYVLX	Nasdaq 100 2x Steady Growth	Pair Corr
0.44	RYVYX	Nasdaq 100 2x Steady Growth	Pair Corr
0.44	RYCCX	Nasdaq 100 2x Steady Growth	Pair Corr
0.44	UOPSX	Ultranasdaq 100 Profund Steady Growth	Pair Corr
0.43	INPIX	Internet Ultrasector	Pair Corr
0.43	INPSX	Internet Ultrasector	Pair Corr
0.37	FAGIX	Fidelity Capital Income	Pair Corr
0.34	GMXIX	Nationwide Mid Cap	Pair Corr
0.33	TGLDX	Tocqueville Gold	Pair Corr
0.33	AXVIX	Acclivity Small Cap	Pair Corr

Related Correlations Analysis

	ATGAX	ATGCX	ATGYX	ATIPX	ATPCX	ATPAX	ATPYX	UTAYX	UTACX	UTAHX
ATGAX		0.85	1.0	-0.12	-0.19	-0.09	0.01	-0.29	-0.34	-0.34	ATGAX
ATGCX	0.85		0.85	-0.13	-0.17	-0.23	-0.17	-0.34	-0.39	-0.39	ATGCX
ATGYX	1.0	0.85		-0.12	-0.19	-0.09	0.01	-0.29	-0.34	-0.34	ATGYX
ATIPX	-0.12	-0.13	-0.12		0.97	0.59	0.45	0.45	0.42	0.41	ATIPX
ATPCX	-0.19	-0.17	-0.19	0.97		0.56	0.41	0.43	0.4	0.4	ATPCX
ATPAX	-0.09	-0.23	-0.09	0.59	0.56		0.83	0.77	0.75	0.74	ATPAX
ATPYX	0.01	-0.17	0.01	0.45	0.41	0.83		0.74	0.72	0.72	ATPYX
UTAYX	-0.29	-0.34	-0.29	0.45	0.43	0.77	0.74		0.99	0.99	UTAYX
UTACX	-0.34	-0.39	-0.34	0.42	0.4	0.75	0.72	0.99		1.0	UTACX
UTAHX	-0.34	-0.39	-0.34	0.41	0.4	0.74	0.72	0.99	1.0		UTAHX
	ATGAX	ATGCX	ATGYX	ATIPX	ATPCX	ATPAX	ATPYX	UTAYX	UTACX	UTAHX

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

ATGYX	+ 1.0	ATGAX
UTAHX	+ 1.0	UTACX
UTACX	+ 0.99	UTAYX
UTAHX	+ 0.99	UTAYX
ATPCX	+ 0.97	ATIPX
ATGCX	+ 0.85	ATGAX

High negative correlations

UTAHX	- 0.39	ATGCX
UTACX	- 0.39	ATGCX
UTAHX	- 0.34	ATGYX
UTACX	- 0.34	ATGYX
UTAYX	- 0.34	ATGCX
UTAHX	- 0.34	ATGAX

Risk-Adjusted Indicators

There is a big difference between Aquila Mutual Fund performing well and Aquila Tax-free Mutual Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Aquila Tax-free's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
ATGAX	0.70	0.11	0.01	0.94	0.74	(0.79)	1.39	(1.37)	4.09
ATGCX	0.71	0.12	(0.02)	(0.38)	0.75	(0.81)	1.38	(1.36)	4.08
ATGYX	0.70	0.11	0.01	0.96	0.74	(0.79)	1.39	(1.37)	4.08
ATIPX	0.09	0.00	(0.64)	0.11	0.07	(0.16)	0.12	(0.24)	0.73
ATPCX	0.10	0.00	(0.70)	0.26	0.11	(0.16)	0.24	(0.24)	0.73
ATPAX	0.09	0.00	(0.58)	0.03	0.05	(0.18)	0.24	(0.24)	0.85
ATPYX	0.10	(0.01)	(0.63)	0.02	0.02	(0.17)	0.24	(0.24)	0.73
UTAYX	0.11	0.02	(0.32)	(0.06)	0.13	(0.18)	0.31	(0.21)	1.24
UTACX	0.12	0.02	(0.37)	(0.06)	0.12	(0.19)	0.31	(0.21)	1.14
UTAHX	0.13	0.02	(0.35)	(0.06)	0.14	(0.19)	0.31	(0.21)	1.14

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