MQY vs. AZTFX
MQY (BlackRock MuniYield Quality Fund) and AZTFX (Aquila Tax Free Trust of Arizona Fund) are both Municipal Bonds funds. Over the past 10 years, MQY returned 1.34%/yr vs 1.46%/yr for AZTFX. At a 0.28 correlation, their price movements are largely independent. MQY charges 2.07%/yr vs 0.73%/yr for AZTFX.
Performance
MQY vs. AZTFX - Performance Comparison
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Returns By Period
In the year-to-date period, MQY achieves a 4.35% return, which is significantly higher than AZTFX's 1.59% return. Over the past 10 years, MQY has underperformed AZTFX with an annualized return of 1.34%, while AZTFX has yielded a comparatively higher 1.46% annualized return.
MQY
- 1D
- 0.00%
- 1M
- 3.03%
- YTD
- 4.35%
- 6M
- 4.26%
- 1Y
- 11.33%
- 3Y*
- 5.88%
- 5Y*
- -2.19%
- 10Y*
- 1.34%
AZTFX
- 1D
- 0.10%
- 1M
- 1.31%
- YTD
- 1.59%
- 6M
- 1.99%
- 1Y
- 6.55%
- 3Y*
- 3.20%
- 5Y*
- 0.44%
- 10Y*
- 1.46%
MQY vs. AZTFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MQY BlackRock MuniYield Quality Fund | 4.35% | 4.28% | -0.06% | 10.20% | -24.23% | 2.67% | 14.65% | 20.89% | -10.12% | 8.98% |
AZTFX Aquila Tax Free Trust of Arizona Fund | 1.59% | 4.57% | 0.76% | 4.19% | -8.34% | 0.77% | 3.64% | 6.36% | 0.88% | 3.99% |
Correlation
The correlation between MQY and AZTFX is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Jun 20, 1996 | 0.28 |
Over the past year, MQY and AZTFX have become more correlated (0.52) than their long-term average of 0.28, meaning their price movements have been converging.
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Return for Risk
MQY vs. AZTFX — Risk / Return Rank
MQY
AZTFX
MQY vs. AZTFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock MuniYield Quality Fund (MQY) and Aquila Tax Free Trust of Arizona Fund (AZTFX). 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.
| MQY | AZTFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.64 | ||
| Sortino ratioReturn per unit of downside risk | -2.49 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.81 | -0.59 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | 2.35 | -0.95 |
| Martin ratioReturn relative to average drawdown | 4.35 | 7.81 | -3.46 |
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Drawdowns
MQY vs. AZTFX - Drawdown Comparison
The maximum MQY drawdown since its inception was -41.67%, which is greater than AZTFX's maximum drawdown of -12.40%. Use the drawdown chart below to compare losses from any high point for MQY and AZTFX.
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Drawdown Indicators
| MQY | AZTFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.67% | -12.40% | -29.27% |
Max Drawdown (1Y)Largest decline over 1 year | -8.13% | -2.80% | -5.33% |
Max Drawdown (3Y)Largest decline over 3 years | -17.03% | -4.53% | -12.50% |
Max Drawdown (5Y)Largest decline over 5 years | -35.44% | -12.40% | -23.04% |
Max Drawdown (10Y)Largest decline over 10 years | -35.97% | -12.40% | -23.57% |
Current DrawdownCurrent decline from peak | -13.12% | -0.57% | -12.55% |
Average DrawdownAverage peak-to-trough decline | -8.29% | -1.69% | -6.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.61% | 0.84% | +1.77% |
Volatility
MQY vs. AZTFX - Volatility Comparison
BlackRock MuniYield Quality Fund (MQY) has a higher volatility of 2.92% compared to Aquila Tax Free Trust of Arizona Fund (AZTFX) at 0.61%. This indicates that MQY's price experiences larger fluctuations and is considered to be riskier than AZTFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MQY | AZTFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.92% | 0.61% | +2.31% |
Volatility (6M)Calculated over the trailing 6-month period | 7.50% | 1.85% | +5.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.46% | 2.32% | +7.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.21% | 3.24% | +8.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.04% | 3.21% | +9.83% |
MQY vs. AZTFX - Expense Ratio Comparison
MQY has a 2.07% expense ratio, which is higher than AZTFX's 0.73% expense ratio.
Dividends
MQY vs. AZTFX - Dividend Comparison
MQY's dividend yield for the trailing twelve months is around 6.08%, more than AZTFX's 3.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AZTFX Aquila Tax Free Trust of Arizona Fund | 3.31% | 3.28% | 2.50% | 2.43% | 1.66% | 1.97% | 2.26% | 2.94% | 2.95% | 2.78% | 3.09% | 3.33% |
MQY BlackRock MuniYield Quality Fund | 6.08% | 6.16% | 6.04% | 4.46% | 5.87% | 4.93% | 4.21% | 4.00% | 5.24% | 5.67% | 6.10% | 6.06% |
Frequently Asked Questions
MQY and AZTFX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MQY has higher volatility (2.92%) compared to AZTFX (0.61%). In terms of maximum drawdown, MQY dropped -41.67% vs AZTFX's -12.40%.
AZTFX currently has the higher Sharpe Ratio (2.85 vs 1.21), 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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