COTFX vs. HULAX

Last updated Jun 23, 2026

COTFX (Aquila Tax-Free Fund of Colorado) and HULAX (Hawaiian Tax Free Trust) are both Municipal Bonds funds from Aquila. Over the past 10 years, COTFX returned 1.19%/yr vs 0.97%/yr for HULAX. Their correlation of 0.85 suggests significant overlap in exposure. COTFX charges 0.72%/yr vs 0.86%/yr for HULAX.

Performance

COTFX vs. HULAX - Performance Comparison

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

Returns By Period

In the year-to-date period, COTFX achieves a 1.81% return, which is significantly higher than HULAX's 1.27% return. Over the past 10 years, COTFX has outperformed HULAX with an annualized return of 1.19%, while HULAX has yielded a comparatively lower 0.97% annualized return.

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%

HULAX

• 1D: 0.09%
• 1M: 1.48%
• YTD: 1.27%
• 6M: 1.61%
• 1Y: 5.78%
• 3Y*: 2.52%
• 5Y*: 0.22%
• 10Y*: 0.97%

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

COTFX vs. HULAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
COTFX Aquila Tax-Free Fund of Colorado	1.81%	3.71%	0.38%	3.61%	-6.53%	-0.55%	3.80%	5.19%	0.66%	2.73%
HULAX Hawaiian Tax Free Trust	1.27%	3.80%	0.62%	3.03%	-7.03%	-0.27%	3.54%	4.89%	0.61%	2.55%

Correlation

The correlation between COTFX and HULAX is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jun 20, 1996	0.85

The correlation between COTFX and HULAX has been stable across timeframes, ranging from 0.76 to 0.85 - a consistent structural relationship.

Return for Risk

COTFX vs. HULAX — 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

HULAX

HULAX Risk / Return Rank: 69
HULAX Sharpe Ratio Rank: 83
HULAX Sortino Ratio Rank: 88
HULAX Omega Ratio Rank: 91
HULAX Calmar Ratio Rank: 43
HULAX Martin Ratio Rank: 40

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. HULAX - Risk-Adjusted Trends Comparison

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

	COTFX	HULAX	Difference
Sharpe ratio: Return per unit of total volatility	2.82	2.51	+0.31
Sortino ratio: Return per unit of downside risk	4.51	3.91	+0.59
Omega ratio: Gain probability vs. loss probability	1.73	1.63	+0.09
Calmar ratio: Return relative to maximum drawdown	2.39	2.40	-0.01
Martin ratio: Return relative to average drawdown	8.16	8.27	-0.11

COTFX vs. HULAX - Sharpe Ratio Comparison

The current COTFX Sharpe Ratio is 2.82, which is comparable to the HULAX Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of COTFX and HULAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

COTFX vs. HULAX - Drawdown Comparison

The maximum COTFX drawdown since its inception was -10.44%, smaller than the maximum HULAX drawdown of -12.97%. Use the drawdown chart below to compare losses from any high point for COTFX and HULAX.

Drawdown Indicators

	COTFX	HULAX	Difference
Max Drawdown Largest peak-to-trough decline	-10.44%	-12.97%	+2.53%
Max Drawdown (1Y) Largest decline over 1 year	-2.83%	-2.42%	-0.41%
Max Drawdown (3Y) Largest decline over 3 years	-4.55%	-5.64%	+1.09%
Max Drawdown (5Y) Largest decline over 5 years	-10.36%	-11.27%	+0.91%
Max Drawdown (10Y) Largest decline over 10 years	-10.44%	-11.30%	+0.86%
Current Drawdown Current decline from peak	-0.48%	-0.30%	-0.18%
Average Drawdown Average peak-to-trough decline	-1.52%	-1.90%	+0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	0.70%	+0.12%

Volatility

COTFX vs. HULAX - Volatility Comparison

Aquila Tax-Free Fund of Colorado (COTFX) and Hawaiian Tax Free Trust (HULAX) have volatilities of 0.67% and 0.64%, 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.

Volatility by Period

	COTFX	HULAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	0.64%	+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	2.39%	2.32%	+0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.91%	2.89%	+0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.00%	2.91%	+0.09%

COTFX vs. HULAX - Expense Ratio Comparison

COTFX has a 0.72% expense ratio, which is lower than HULAX's 0.86% expense ratio.

Dividends

COTFX vs. HULAX - Dividend Comparison

COTFX's dividend yield for the trailing twelve months is around 3.32%, more than HULAX's 2.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
HULAX Hawaiian Tax Free Trust	2.73%	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

Can I hold both COTFX and HULAX in my portfolio?

COTFX and HULAX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, COTFX or HULAX?

COTFX has higher volatility (0.67%) compared to HULAX (0.64%). In terms of maximum drawdown, COTFX dropped -10.44% vs HULAX's -12.97%.

Which has better risk-adjusted returns?

COTFX currently has the higher Sharpe Ratio (2.82 vs 2.51), 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.