HULAX vs. COTFX
HULAX (Hawaiian Tax Free Trust) and COTFX (Aquila Tax-Free Fund of Colorado) are both Municipal Bonds funds from Aquila. Over the past 10 years, HULAX returned 0.78%/yr vs 0.96%/yr for COTFX. Their correlation of 0.85 means they have usually moved in the same direction. HULAX charges 0.86%/yr vs 0.72%/yr for COTFX.
Performance
HULAX vs. COTFX - Performance Comparison
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Returns By Period
In the year-to-date period, HULAX achieves a 0.08% return, which is significantly lower than COTFX's 0.31% return. Over the past 10 years, HULAX has underperformed COTFX with an annualized return of 0.78%, while COTFX has yielded a comparatively higher 0.96% annualized return.
HULAX
- 1D
- -0.19%
- 1M
- -1.60%
- 6M
- -0.54%
- YTD
- 0.08%
- 1Y
- 4.05%
- 3Y*
- 1.97%
- 5Y*
- -0.12%
- 10Y*
- 0.78%
- ALL TIME*
- 3.05%
COTFX
- 1D
- -0.21%
- 1M
- -1.94%
- 6M
- -0.69%
- YTD
- 0.31%
- 1Y
- 4.53%
- 3Y*
- 2.28%
- 5Y*
- 0.07%
- 10Y*
- 0.96%
- ALL TIME*
- 3.26%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
HULAX vs. COTFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HULAX Hawaiian Tax Free Trust | 0.08% | 3.80% | 0.62% | 3.03% | -7.03% | -0.27% | 3.54% | 4.89% | 0.61% | 2.55% |
COTFX Aquila Tax-Free Fund of Colorado | 0.31% | 3.71% | 0.38% | 3.61% | -6.53% | -0.55% | 3.80% | 5.19% | 0.66% | 2.73% |
Correlation
The correlation between HULAX and COTFX is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.79 |
Correlation (3Y) Balances recent behavior with more history. | 0.83 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.84 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.84 |
Correlation (All Time) Calculated using the full available price history since Jun 20, 1996 | 0.85 |
The correlation between HULAX and COTFX has been stable across timeframes, ranging from 0.79 to 0.85 - a consistent structural relationship.
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Return for Risk
HULAX vs. COTFX — Risk / Return Rank
HULAX
COTFX
HULAX vs. COTFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hawaiian Tax Free Trust (HULAX) and Aquila Tax-Free Fund of Colorado (COTFX). 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.
| HULAX | COTFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.48 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | 1.88 | +0.11 |
| Martin ratioReturn relative to average drawdown | 6.63 | 6.04 | +0.59 |
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Drawdowns
HULAX vs. COTFX - Drawdown Comparison
The maximum HULAX drawdown since its inception was -12.97%, which is greater than COTFX's maximum drawdown of -10.44%. Use the drawdown chart below to compare losses from any high point for HULAX and COTFX.
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Drawdown Indicators
| HULAX | COTFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.97% | -10.44% | -2.53% |
Max Drawdown (1Y)Largest decline over 1 year | -2.42% | -2.83% | +0.41% |
Max Drawdown (3Y)Largest decline over 3 years | -4.71% | -4.55% | -0.16% |
Max Drawdown (5Y)Largest decline over 5 years | -11.27% | -10.36% | -0.91% |
Max Drawdown (10Y)Largest decline over 10 years | -11.30% | -10.44% | -0.86% |
Current DrawdownCurrent decline from peak | -1.60% | -1.94% | +0.34% |
Average DrawdownAverage peak-to-trough decline | -1.90% | -1.52% | -0.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.73% | 0.88% | -0.15% |
Volatility
HULAX vs. COTFX - Volatility Comparison
The current volatility for Hawaiian Tax Free Trust (HULAX) is 0.74%, while Aquila Tax-Free Fund of Colorado (COTFX) has a volatility of 0.92%. This indicates that HULAX experiences smaller price fluctuations and is considered to be less risky than COTFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HULAX | COTFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.74% | 0.92% | -0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 1.93% | 2.08% | -0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.39% | 2.59% | -0.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.91% | 2.94% | -0.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.91% | 3.01% | -0.10% |
HULAX vs. COTFX - Expense Ratio Comparison
HULAX has a 0.86% expense ratio, which is higher than COTFX's 0.72% expense ratio.
Dividends
HULAX vs. COTFX - Dividend Comparison
HULAX's dividend yield for the trailing twelve months is around 2.56%, less than COTFX's 3.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
COTFX Aquila Tax-Free Fund of Colorado | 3.10% | 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 | 2.56% | 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 COTFX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
COTFX has higher volatility (0.92%) compared to HULAX (0.74%). In terms of maximum drawdown, HULAX dropped -12.97% vs COTFX's -10.44%.
COTFX currently has the higher Sharpe Ratio (2.06 vs 2.02), 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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