AZTFX vs. HULAX
AZTFX (Aquila Tax Free Trust of Arizona Fund) and HULAX (Hawaiian Tax Free Trust) are both Municipal Bonds funds from Aquila. Over the past 10 years, AZTFX returned 1.38%/yr vs 0.90%/yr for HULAX. Their correlation of 0.86 suggests significant overlap in exposure. AZTFX charges 0.73%/yr vs 0.86%/yr for HULAX.
Performance
AZTFX vs. HULAX - Performance Comparison
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Returns By Period
In the year-to-date period, AZTFX achieves a 1.49% return, which is significantly higher than HULAX's 1.18% return. Over the past 10 years, AZTFX has outperformed HULAX with an annualized return of 1.38%, while HULAX has yielded a comparatively lower 0.90% annualized return.
AZTFX
- 1D
- -0.10%
- 1M
- 1.20%
- YTD
- 1.49%
- 6M
- 1.88%
- 1Y
- 6.33%
- 3Y*
- 3.13%
- 5Y*
- 0.46%
- 10Y*
- 1.38%
HULAX
- 1D
- -0.09%
- 1M
- 1.39%
- YTD
- 1.18%
- 6M
- 1.51%
- 1Y
- 5.58%
- 3Y*
- 2.42%
- 5Y*
- 0.24%
- 10Y*
- 0.90%
AZTFX vs. HULAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AZTFX Aquila Tax Free Trust of Arizona Fund | 1.49% | 4.57% | 0.76% | 4.19% | -8.34% | 0.77% | 3.64% | 6.36% | 0.88% | 3.99% |
HULAX Hawaiian Tax Free Trust | 1.18% | 3.80% | 0.62% | 3.03% | -7.03% | -0.27% | 3.54% | 4.89% | 0.61% | 2.55% |
Correlation
The correlation between AZTFX and HULAX is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Jun 20, 1996 | 0.86 |
The correlation between AZTFX and HULAX shifts across timeframes, from 0.73 (1 year) to 0.86 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
AZTFX vs. HULAX — Risk / Return Rank
AZTFX
HULAX
AZTFX vs. HULAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Aquila Tax Free Trust of Arizona Fund (AZTFX) and Hawaiian Tax Free Trust (HULAX). 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.
| AZTFX | HULAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.34 | ||
| Sortino ratioReturn per unit of downside risk | +0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.79 | 1.62 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.32 | 2.36 | -0.04 |
| Martin ratioReturn relative to average drawdown | 7.68 | 8.12 | -0.45 |
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Drawdowns
AZTFX vs. HULAX - Drawdown Comparison
The maximum AZTFX drawdown since its inception was -12.40%, roughly equal to the maximum HULAX drawdown of -12.97%. Use the drawdown chart below to compare losses from any high point for AZTFX and HULAX.
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Drawdown Indicators
| AZTFX | HULAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.40% | -12.97% | +0.57% |
Max Drawdown (1Y)Largest decline over 1 year | -2.80% | -2.42% | -0.38% |
Max Drawdown (3Y)Largest decline over 3 years | -4.53% | -5.64% | +1.11% |
Max Drawdown (5Y)Largest decline over 5 years | -12.40% | -11.27% | -1.13% |
Max Drawdown (10Y)Largest decline over 10 years | -12.40% | -11.30% | -1.10% |
Current DrawdownCurrent decline from peak | -0.67% | -0.40% | -0.27% |
Average DrawdownAverage peak-to-trough decline | -1.69% | -1.90% | +0.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.84% | 0.70% | +0.14% |
Volatility
AZTFX vs. HULAX - Volatility Comparison
Aquila Tax Free Trust of Arizona Fund (AZTFX) and Hawaiian Tax Free Trust (HULAX) have volatilities of 0.63% and 0.66%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AZTFX | HULAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.63% | 0.66% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 1.86% | 1.80% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.33% | 2.33% | 0.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.24% | 2.89% | +0.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.21% | 2.91% | +0.30% |
AZTFX vs. HULAX - Expense Ratio Comparison
AZTFX has a 0.73% expense ratio, which is lower than HULAX's 0.86% expense ratio.
Dividends
AZTFX vs. HULAX - Dividend Comparison
AZTFX's dividend yield for the trailing twelve months is around 3.32%, more than HULAX's 2.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AZTFX Aquila Tax Free Trust of Arizona Fund | 3.32% | 3.28% | 2.50% | 2.43% | 1.66% | 1.97% | 2.26% | 2.94% | 2.95% | 2.78% | 3.09% | 3.33% |
HULAX Hawaiian Tax Free Trust | 2.74% | 2.55% | 1.66% | 1.72% | 1.23% | 1.40% | 1.90% | 2.19% | 2.03% | 2.00% | 2.07% | 2.29% |
Frequently Asked Questions
AZTFX and HULAX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HULAX has higher volatility (0.66%) compared to AZTFX (0.63%). In terms of maximum drawdown, AZTFX dropped -12.40% vs HULAX's -12.97%.
AZTFX currently has the higher Sharpe Ratio (2.79 vs 2.46), 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.
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