COTFX vs. ATPYX

Last updated Jun 23, 2026

COTFX (Aquila Tax-Free Fund of Colorado) and ATPYX (Aquila High Income Fund) are both mutual funds - COTFX is a Municipal Bonds fund managed by Aquila, while ATPYX is a High Yield Bonds fund managed by Aquila. At a 0.40 correlation, their price movements are largely independent. COTFX charges 0.72%/yr vs 0.98%/yr for ATPYX.

Performance

COTFX vs. ATPYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aquila Tax-Free Fund of Colorado (COTFX) and Aquila High Income Fund (ATPYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

COTFX

• 1D: 0.10%
• 1M: 1.42%
• YTD: 1.81%
• 6M: 2.10%
• 1Y: 6.69%
• 3Y*: 2.91%
• 5Y*: 0.49%
• 10Y*: 1.19%

ATPYX

• 1D: 0.00%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

COTFX vs. ATPYX - Yearly Performance Comparison

	2026 (YTD)
COTFX Aquila Tax-Free Fund of Colorado	0.80%
ATPYX Aquila High Income Fund	0.37%

Correlation

The correlation between COTFX and ATPYX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 28, 2026	0.40

Return for Risk

COTFX vs. ATPYX — Risk / Return Rank

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

COTFX

COTFX Risk / Return Rank: 73
COTFX Sharpe Ratio Rank: 91
COTFX Sortino Ratio Rank: 94
COTFX Omega Ratio Rank: 95
COTFX Calmar Ratio Rank: 43
COTFX Martin Ratio Rank: 40

ATPYX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

COTFX vs. ATPYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aquila Tax-Free Fund of Colorado (COTFX) and Aquila High Income Fund (ATPYX). 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.

	COTFX	ATPYX	Difference
Sharpe ratio: Return per unit of total volatility	2.82	—	—
Sortino ratio: Return per unit of downside risk	4.51	—	—
Omega ratio: Gain probability vs. loss probability	1.73	—	—
Calmar ratio: Return relative to maximum drawdown	2.39	—	—
Martin ratio: Return relative to average drawdown	8.16	—	—

Drawdowns

COTFX vs. ATPYX - Drawdown Comparison

The maximum COTFX drawdown since its inception was -10.44%, which is greater than ATPYX's maximum drawdown of -0.49%. Use the drawdown chart below to compare losses from any high point for COTFX and ATPYX.

Drawdown Indicators

	COTFX	ATPYX	Difference
Max Drawdown Largest peak-to-trough decline	-10.44%	-0.49%	-9.95%
Max Drawdown (1Y) Largest decline over 1 year	-2.83%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-4.55%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-10.36%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-10.44%	—	—
Current Drawdown Current decline from peak	-0.48%	-0.24%	-0.24%
Average Drawdown Average peak-to-trough decline	-1.52%	-0.23%	-1.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	—	—

Volatility

Volatility by Period

	COTFX	ATPYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.86%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.39%	3.03%	-0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.91%	3.03%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.00%	3.03%	-0.03%

COTFX vs. ATPYX - Expense Ratio Comparison

COTFX has a 0.72% expense ratio, which is lower than ATPYX's 0.98% expense ratio.

Dividends

COTFX vs. ATPYX - Dividend Comparison

COTFX's dividend yield for the trailing twelve months is around 3.32%, more than ATPYX's 0.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ATPYX Aquila High Income Fund	0.49%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
COTFX Aquila Tax-Free Fund of Colorado	3.32%	3.28%	2.42%	1.99%	1.32%	1.42%	1.75%	2.46%	2.38%	2.52%	2.68%	2.94%

Frequently Asked Questions

Can I hold both COTFX and ATPYX in my portfolio?

COTFX and ATPYX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.