ORTFX vs. COTFX

Last updated Jun 23, 2026

ORTFX (Aquila Tax-Free Trust of Oregon) and COTFX (Aquila Tax-Free Fund of Colorado) are both Municipal Bonds funds from Aquila. Over the past 10 years, ORTFX returned 1.13%/yr vs 1.19%/yr for COTFX. Their correlation of 0.86 suggests significant overlap in exposure. ORTFX charges 0.70%/yr vs 0.72%/yr for COTFX.

Performance

ORTFX vs. COTFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aquila Tax-Free Trust of Oregon (ORTFX) and Aquila Tax-Free Fund of Colorado (COTFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ORTFX achieves a 1.39% return, which is significantly lower than COTFX's 1.81% return. Over the past 10 years, ORTFX has underperformed COTFX with an annualized return of 1.13%, while COTFX has yielded a comparatively higher 1.19% annualized return.

ORTFX

• 1D: 0.10%
• 1M: 1.34%
• YTD: 1.39%
• 6M: 1.76%
• 1Y: 6.33%
• 3Y*: 2.65%
• 5Y*: 0.33%
• 10Y*: 1.13%

COTFX

• 1D: 0.10%
• 1M: 1.42%
• YTD: 1.81%
• 6M: 2.10%
• 1Y: 6.69%
• 3Y*: 2.91%
• 5Y*: 0.49%
• 10Y*: 1.19%

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

ORTFX vs. COTFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ORTFX Aquila Tax-Free Trust of Oregon	1.39%	4.28%	-0.07%	3.18%	-6.75%	-0.63%	4.22%	5.44%	0.57%	2.93%
COTFX Aquila Tax-Free Fund of Colorado	1.81%	3.71%	0.38%	3.61%	-6.53%	-0.55%	3.80%	5.19%	0.66%	2.73%

Correlation

The correlation between ORTFX and COTFX is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jun 20, 1996	0.86

The correlation between ORTFX and COTFX has been stable across timeframes, ranging from 0.81 to 0.87 - a consistent structural relationship.

Return for Risk

ORTFX vs. COTFX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ORTFX

ORTFX Risk / Return Rank: 73
ORTFX Sharpe Ratio Rank: 93
ORTFX Sortino Ratio Rank: 95
ORTFX Omega Ratio Rank: 96
ORTFX Calmar Ratio Rank: 43
ORTFX Martin Ratio Rank: 37

COTFX

COTFX Risk / Return Rank: 73
COTFX Sharpe Ratio Rank: 91
COTFX Sortino Ratio Rank: 94
COTFX Omega Ratio Rank: 95
COTFX Calmar Ratio Rank: 43
COTFX Martin Ratio Rank: 40

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.

ORTFX vs. COTFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aquila Tax-Free Trust of Oregon (ORTFX) 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.

	ORTFX	COTFX	Difference
Sharpe ratio: Return per unit of total volatility	2.88	2.82	+0.06
Sortino ratio: Return per unit of downside risk	4.67	4.51	+0.16
Omega ratio: Gain probability vs. loss probability	1.78	1.73	+0.06
Calmar ratio: Return relative to maximum drawdown	2.39	2.39	0.00
Martin ratio: Return relative to average drawdown	7.68	8.16	-0.48

ORTFX vs. COTFX - Sharpe Ratio Comparison

The current ORTFX Sharpe Ratio is 2.88, which is comparable to the COTFX Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of ORTFX and COTFX, 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

ORTFX vs. COTFX - Drawdown Comparison

The maximum ORTFX drawdown since its inception was -14.94%, which is greater than COTFX's maximum drawdown of -10.44%. Use the drawdown chart below to compare losses from any high point for ORTFX and COTFX.

Drawdown Indicators

	ORTFX	COTFX	Difference
Max Drawdown Largest peak-to-trough decline	-14.94%	-10.44%	-4.50%
Max Drawdown (1Y) Largest decline over 1 year	-2.67%	-2.83%	+0.16%
Max Drawdown (3Y) Largest decline over 3 years	-4.11%	-4.55%	+0.44%
Max Drawdown (5Y) Largest decline over 5 years	-10.80%	-10.36%	-0.44%
Max Drawdown (10Y) Largest decline over 10 years	-10.88%	-10.44%	-0.44%
Current Drawdown Current decline from peak	-0.65%	-0.48%	-0.17%
Average Drawdown Average peak-to-trough decline	-2.11%	-1.52%	-0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	0.82%	+0.01%

Volatility

ORTFX vs. COTFX - Volatility Comparison

Aquila Tax-Free Trust of Oregon (ORTFX) and Aquila Tax-Free Fund of Colorado (COTFX) have volatilities of 0.66% and 0.67%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ORTFX	COTFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.66%	0.67%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	1.74%	1.86%	-0.12%
Volatility (1Y) Calculated over the trailing 1-year period	2.22%	2.39%	-0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.85%	2.91%	-0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.08%	3.00%	+0.08%

ORTFX vs. COTFX - Expense Ratio Comparison

ORTFX has a 0.70% expense ratio, which is lower than COTFX's 0.72% expense ratio.

Dividends

ORTFX vs. COTFX - Dividend Comparison

ORTFX's dividend yield for the trailing twelve months is around 3.06%, less than COTFX's 3.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COTFX Aquila Tax-Free Fund of Colorado	3.32%	3.28%	2.42%	1.99%	1.32%	1.42%	1.75%	2.46%	2.38%	2.52%	2.68%	2.94%
ORTFX Aquila Tax-Free Trust of Oregon	3.06%	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

Can I hold both ORTFX and COTFX in my portfolio?

ORTFX and COTFX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ORTFX or COTFX?

COTFX has higher volatility (0.67%) compared to ORTFX (0.66%). In terms of maximum drawdown, ORTFX dropped -14.94% vs COTFX's -10.44%.

Which has better risk-adjusted returns?

ORTFX currently has the higher Sharpe Ratio (2.88 vs 2.82), 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.