HULAX vs. ORTFX
HULAX (Hawaiian Tax Free Trust) and ORTFX (Aquila Tax-Free Trust of Oregon) are both Municipal Bonds funds from Aquila. Over the past 10 years, HULAX returned 0.78%/yr vs 0.94%/yr for ORTFX. Their correlation of 0.82 means they have usually moved in the same direction. HULAX charges 0.86%/yr vs 0.70%/yr for ORTFX.
Performance
HULAX vs. ORTFX - 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 ORTFX's 0.18% return. Over the past 10 years, HULAX has underperformed ORTFX with an annualized return of 0.78%, while ORTFX has yielded a comparatively higher 0.94% 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%
ORTFX
- 1D
- -0.20%
- 1M
- -1.64%
- 6M
- -0.76%
- YTD
- 0.18%
- 1Y
- 4.31%
- 3Y*
- 2.13%
- 5Y*
- -0.05%
- 10Y*
- 0.94%
- ALL TIME*
- 3.17%
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. ORTFX - 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% |
ORTFX Aquila Tax-Free Trust of Oregon | 0.18% | 4.28% | -0.07% | 3.18% | -6.75% | -0.63% | 4.22% | 5.44% | 0.57% | 2.93% |
Correlation
The correlation between HULAX and ORTFX is 0.78, 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. | 0.78 |
Correlation (3Y) Balances recent behavior with more history. | 0.83 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.86 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.83 |
Correlation (All Time) Calculated using the full available price history since Jun 16, 1986 | 0.82 |
The correlation between HULAX and ORTFX has been stable across timeframes, ranging from 0.78 to 0.86 - a consistent structural relationship.
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Return for Risk
HULAX vs. ORTFX — Risk / Return Rank
HULAX
ORTFX
HULAX vs. ORTFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hawaiian Tax Free Trust (HULAX) and Aquila Tax-Free Trust of Oregon (ORTFX). 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 | ORTFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.53 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | 1.89 | +0.10 |
| Martin ratioReturn relative to average drawdown | 6.63 | 5.68 | +0.95 |
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Drawdowns
HULAX vs. ORTFX - Drawdown Comparison
The maximum HULAX drawdown since its inception was -12.97%, smaller than the maximum ORTFX drawdown of -14.94%. Use the drawdown chart below to compare losses from any high point for HULAX and ORTFX.
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Drawdown Indicators
| HULAX | ORTFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.97% | -14.94% | +1.97% |
Max Drawdown (1Y)Largest decline over 1 year | -2.42% | -2.67% | +0.25% |
Max Drawdown (3Y)Largest decline over 3 years | -4.71% | -4.11% | -0.60% |
Max Drawdown (5Y)Largest decline over 5 years | -11.27% | -10.80% | -0.47% |
Max Drawdown (10Y)Largest decline over 10 years | -11.30% | -10.88% | -0.42% |
Current DrawdownCurrent decline from peak | -1.60% | -1.84% | +0.24% |
Average DrawdownAverage peak-to-trough decline | -1.90% | -2.10% | +0.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.73% | 0.88% | -0.15% |
Volatility
HULAX vs. ORTFX - Volatility Comparison
The current volatility for Hawaiian Tax Free Trust (HULAX) is 0.74%, while Aquila Tax-Free Trust of Oregon (ORTFX) has a volatility of 0.80%. This indicates that HULAX experiences smaller price fluctuations and is considered to be less risky than ORTFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HULAX | ORTFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.74% | 0.80% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 1.93% | 1.91% | +0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.39% | 2.36% | +0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.91% | 2.88% | +0.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.91% | 3.08% | -0.17% |
HULAX vs. ORTFX - Expense Ratio Comparison
HULAX has a 0.86% expense ratio, which is higher than ORTFX's 0.70% expense ratio.
Dividends
HULAX vs. ORTFX - Dividend Comparison
HULAX's dividend yield for the trailing twelve months is around 2.56%, less than ORTFX's 2.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
ORTFX Aquila Tax-Free Trust of Oregon | 2.86% | 2.97% | 2.27% | 1.75% | 1.30% | 1.32% | 1.64% | 2.27% | 2.30% | 2.35% | 2.49% | 3.14% |
Frequently Asked Questions
HULAX and ORTFX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ORTFX has higher volatility (0.80%) compared to HULAX (0.74%). In terms of maximum drawdown, HULAX dropped -12.97% vs ORTFX's -14.94%.
ORTFX currently has the higher Sharpe Ratio (2.14 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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