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HULAX vs. BATVX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HULAX vs. BATVX

Last updated Jun 5, 2026

HULAX (Hawaiian Tax Free Trust) and BATVX (BlackRock Allocation Target Shares) are both Municipal Bonds funds. Over the past 5 years, HULAX returned 0.20%/yr vs 1.51%/yr for BATVX. At a 0.20 correlation, their price movements are largely independent. HULAX charges 0.86%/yr vs 0.00%/yr for BATVX.

Performance

HULAX vs. BATVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hawaiian Tax Free Trust (HULAX) and BlackRock Allocation Target Shares (BATVX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HULAX achieves a 1.18% return, which is significantly higher than BATVX's 0.97% return.

HULAX

1D
0.00%
1M
0.52%
YTD
1.18%
6M
1.51%
1Y
5.89%
3Y*
2.55%
5Y*
0.20%
10Y*
1.01%

BATVX

1D
0.00%
1M
0.20%
YTD
0.97%
6M
1.22%
1Y
2.58%
3Y*
2.47%
5Y*
1.51%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

HULAX vs. BATVX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
HULAX
Hawaiian Tax Free Trust		1.18%3.80%0.62%3.03%-7.03%0.11%
BATVX
BlackRock Allocation Target Shares		0.97%2.80%2.48%1.41%-0.10%0.00%

Correlation

The correlation between HULAX and BATVX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.37

Correlation (3Y)
Calculated over the trailing 3-year period

0.26

Correlation (5Y)
Calculated over the trailing 5-year period

0.20

Correlation (All Time)
Calculated using the full available price history since May 26, 2021

0.20

The correlation between HULAX and BATVX shifts across timeframes, from 0.20 (all time) to 0.37 (1 year), reflecting how their relationship changes across market environments.

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Hawaiian Tax Free Trust

BlackRock Allocation Target Shares

Often compared with HULAX:
HULAX vs. ATGAXHULAX vs. UTAHXHULAX vs. ATPYXHULAX vs. COTFXHULAX vs. AZTFXHULAX vs. ORTFXHULAX vs. MIY
Often compared with BATVX:
BATVX vs. CBTAXBATVX vs. COLTXBATVX vs. FOHFXBATVX vs. SEPAXBATVX vs. VPALXBATVX vs. NMTRXBATVX vs. PTEAX

Return for Risk

HULAX vs. BATVX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HULAX
HULAX Risk / Return Rank: 6969
Overall Rank
HULAX Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
HULAX Sortino Ratio Rank: 8686
Sortino Ratio Rank
HULAX Omega Ratio Rank: 9191
Omega Ratio Rank
HULAX Calmar Ratio Rank: 4646
Calmar Ratio Rank
HULAX Martin Ratio Rank: 4242
Martin Ratio Rank
BATVX
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.

HULAX vs. BATVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hawaiian Tax Free Trust (HULAX) and BlackRock Allocation Target Shares (BATVX). 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.

HULAXBATVXDifference
Sharpe ratioReturn per unit of total volatility
2.63
3.57

-0.94

Sortino ratioReturn per unit of downside risk
4.12

—

—

Omega ratioGain probability vs. loss probability

1.67

—

—

Calmar ratioReturn relative to maximum drawdown

2.53

—

—

Martin ratioReturn relative to average drawdown

8.80

—

—

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HULAX vs. BATVX - Sharpe Ratio Comparison

The current HULAX Sharpe Ratio is 2.63, which is comparable to the BATVX Sharpe Ratio of 3.57. The chart below compares the historical Sharpe Ratios of HULAX and BATVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

HULAXBATVXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.63

3.57

-0.94

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.07

2.39

-2.32

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.35

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.02

2.38

-1.36

Drawdowns

HULAX vs. BATVX - Drawdown Comparison

The maximum HULAX drawdown since its inception was -12.97%, which is greater than BATVX's maximum drawdown of -0.20%. Use the drawdown chart below to compare losses from any high point for HULAX and BATVX.

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Drawdown Indicators

HULAXBATVXDifference

Max Drawdown

Largest peak-to-trough decline

-12.97%

-0.20%

-12.77%

Max Drawdown (1Y)

Largest decline over 1 year

-2.42%

0.00%

-2.42%

Max Drawdown (3Y)

Largest decline over 3 years

-5.64%

-0.10%

-5.54%

Max Drawdown (5Y)

Largest decline over 5 years

-11.27%

-0.20%

-11.07%

Max Drawdown (10Y)

Largest decline over 10 years

-11.30%

—

—

Current Drawdown

Current decline from peak

-0.40%

0.00%

-0.40%

Average Drawdown

Average peak-to-trough decline

-1.90%

-0.03%

-1.87%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.69%

0.00%

+0.69%

Volatility

HULAX vs. BATVX - Volatility Comparison

Hawaiian Tax Free Trust (HULAX) has a higher volatility of 0.96% compared to BlackRock Allocation Target Shares (BATVX) at 0.20%. This indicates that HULAX's price experiences larger fluctuations and is considered to be riskier than BATVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HULAXBATVXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.96%

0.20%

+0.76%

Volatility (6M)

Calculated over the trailing 6-month period

1.79%

0.49%

+1.30%

Volatility (1Y)

Calculated over the trailing 1-year period

2.33%

0.73%

+1.60%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.89%

0.64%

+2.25%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

2.91%

0.63%

+2.28%

HULAX vs. BATVX - Expense Ratio Comparison

HULAX has a 0.86% expense ratio, which is higher than BATVX's 0.00% expense ratio.

Dividends

HULAX vs. BATVX - Dividend Comparison

HULAX's dividend yield for the trailing twelve months is around 2.74%, more than BATVX's 2.55% yield.

PositionTTM20252024202320222021202020192018201720162015
BATVX
BlackRock Allocation Target Shares		2.55%2.76%2.44%1.40%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
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

HULAX and BATVX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HULAX has higher volatility (0.96%) compared to BATVX (0.20%). In terms of maximum drawdown, HULAX dropped -12.97% vs BATVX's -0.20%.

BATVX currently has the higher Sharpe Ratio (3.57 vs 2.63), 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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