HICOX vs. LCSIX

Last updated Aug 4, 2026

HICOX (Colorado Bond Shares A Tax Exempt Fund) and LCSIX (LoCorr Long/Short Commodity Strategies Fund) are both mutual funds - HICOX is a Municipal Bonds fund managed by Freedom Funds, while LCSIX is a Systematic Trend fund managed by LoCorr. Over the past 10 years, HICOX returned 4.03%/yr vs 2.50%/yr for LCSIX. Their 0.04 correlation means their historical movements had little consistent relationship. HICOX charges 0.55%/yr vs 1.75%/yr for LCSIX.

Performance

HICOX vs. LCSIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Colorado Bond Shares A Tax Exempt Fund (HICOX) and LoCorr Long/Short Commodity Strategies Fund (LCSIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HICOX achieves a 2.00% return, which is significantly higher than LCSIX's 0.93% return. Over the past 10 years, HICOX has outperformed LCSIX with an annualized return of 4.03%, while LCSIX has yielded a comparatively lower 2.50% annualized return.

HICOX

• 1D: -0.11%
• 1M: -1.00%
• 6M: 1.59%
• YTD: 2.00%
• 1Y: 5.55%
• 3Y*: 5.71%
• 5Y*: 2.89%
• 10Y*: 4.03%
• ALL TIME*: 3.81%

LCSIX

• 1D: 0.00%
• 1M: -0.23%
• 6M: -1.47%
• YTD: 0.93%
• 1Y: 0.01%
• 3Y*: -2.32%
• 5Y*: 0.34%
• 10Y*: 2.50%
• ALL TIME*: 3.17%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HICOX Colorado Bond Shares A Tax Exempt Fund	$0.00	$0.00	$0.00
LCSIX LoCorr Long/Short Commodity Strategies Fund	$0.00	$0.00	$0.00

HICOX vs. LCSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HICOX Colorado Bond Shares A Tax Exempt Fund	2.00%	4.36%	8.64%	5.10%	-6.14%	4.44%	4.69%	6.42%	4.64%	5.63%
LCSIX LoCorr Long/Short Commodity Strategies Fund	0.93%	1.13%	-8.29%	-3.07%	6.04%	14.90%	9.90%	-5.97%	15.16%	6.19%

Correlation

The correlation between HICOX and LCSIX is 0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.01
Correlation (3Y) Balances recent behavior with more history.	0.02
Correlation (5Y) Shows whether the relationship held over a longer period.	0.06
Correlation (10Y) Provides a long-term view across more market conditions.	0.04
Correlation (All Time) Calculated using the full available price history since Jan 17, 2012	0.04

Return for Risk

HICOX vs. LCSIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HICOX

HICOX Risk / Return Rank: 97
HICOX Sharpe Ratio Rank: 96
HICOX Sortino Ratio Rank: 97
HICOX Omega Ratio Rank: 98
HICOX Calmar Ratio Rank: 97
HICOX Martin Ratio Rank: 97

LCSIX

LCSIX Risk / Return Rank: 4
LCSIX Sharpe Ratio Rank: 4
LCSIX Sortino Ratio Rank: 3
LCSIX Omega Ratio Rank: 3
LCSIX Calmar Ratio Rank: 4
LCSIX Martin Ratio Rank: 4

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HICOX vs. LCSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Colorado Bond Shares A Tax Exempt Fund (HICOX) and LoCorr Long/Short Commodity Strategies Fund (LCSIX). 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.

	HICOX	LCSIX	Difference
Sharpe ratio: Return per unit of total volatility	2.70	-0.04	+2.74
Sortino ratio: Return per unit of downside risk	4.68	-0.01	+4.68
Omega ratio: Gain probability vs. loss probability	1.78	1.00	+0.78
Calmar ratio: Return relative to maximum drawdown	5.65	-0.04	+5.69
Martin ratio: Return relative to average drawdown	19.15	-0.09	+19.25

HICOX vs. LCSIX - Sharpe Ratio Comparison

The current HICOX Sharpe Ratio is 2.70, which is higher than the LCSIX Sharpe Ratio of -0.04. The chart below compares the historical Sharpe Ratios of HICOX and LCSIX, 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

HICOX vs. LCSIX - Drawdown Comparison

The maximum HICOX drawdown since its inception was -11.00%, smaller than the maximum LCSIX drawdown of -25.13%. Use the drawdown chart below to compare losses from any high point for HICOX and LCSIX.

Drawdown Indicators

	HICOX	LCSIX	Difference
Max Drawdown Largest peak-to-trough decline	-11.00%	-25.13%	+14.13%
Max Drawdown (1Y) Largest decline over 1 year	-1.10%	-4.97%	+3.87%
Max Drawdown (3Y) Largest decline over 3 years	-4.16%	-11.60%	+7.44%
Max Drawdown (5Y) Largest decline over 5 years	-9.66%	-13.21%	+3.55%
Max Drawdown (10Y) Largest decline over 10 years	-9.66%	-13.21%	+3.55%
Current Drawdown Current decline from peak	-1.00%	-10.39%	+9.39%
Average Drawdown Average peak-to-trough decline	-2.55%	-6.41%	+3.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.32%	2.32%	-2.00%

Volatility

HICOX vs. LCSIX - Volatility Comparison

The current volatility for Colorado Bond Shares A Tax Exempt Fund (HICOX) is 0.75%, while LoCorr Long/Short Commodity Strategies Fund (LCSIX) has a volatility of 1.92%. This indicates that HICOX experiences smaller price fluctuations and is considered to be less risky than LCSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HICOX	LCSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	1.92%	-1.17%
Volatility (6M) Calculated over the trailing 6-month period	1.69%	4.23%	-2.54%
Volatility (1Y) Calculated over the trailing 1-year period	2.29%	6.05%	-3.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.56%	5.53%	-1.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.10%	6.66%	-3.56%

HICOX vs. LCSIX - Expense Ratio Comparison

HICOX has a 0.55% expense ratio, which is lower than LCSIX's 1.75% expense ratio.

Dividends

HICOX vs. LCSIX - Dividend Comparison

HICOX's dividend yield for the trailing twelve months is around 4.39%, more than LCSIX's 2.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HICOX Colorado Bond Shares A Tax Exempt Fund	4.39%	3.98%	6.34%	2.53%	2.85%	3.60%	3.64%	4.11%	4.54%	4.56%	5.49%	4.32%
LCSIX LoCorr Long/Short Commodity Strategies Fund	2.30%	2.32%	2.75%	1.88%	10.75%	7.14%	2.94%	0.54%	12.36%	0.02%	3.21%	7.36%

Frequently Asked Questions

Can I hold both HICOX and LCSIX in my portfolio?

HICOX and LCSIX have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HICOX or LCSIX?

LCSIX has higher volatility (1.92%) compared to HICOX (0.75%). In terms of maximum drawdown, HICOX dropped -11.00% vs LCSIX's -25.13%.

Which has better risk-adjusted returns?

HICOX currently has the higher Sharpe Ratio (2.70 vs -0.04), 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.