ORTFX vs. FXIEX

Last updated Jun 4, 2026

ORTFX (Aquila Tax-Free Trust of Oregon) and FXIEX (PIMCO Fixed Income SHares: Series TE) are both Municipal Bonds funds. Over the past 10 years, ORTFX returned 1.17%/yr vs 2.91%/yr for FXIEX. A 0.68 correlation means they provide meaningful diversification when combined. ORTFX charges 0.70%/yr vs 0.07%/yr for FXIEX.

Performance

ORTFX vs. FXIEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aquila Tax-Free Trust of Oregon (ORTFX) and PIMCO Fixed Income SHares: Series TE (FXIEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ORTFX achieves a 1.29% return, which is significantly lower than FXIEX's 1.81% return. Over the past 10 years, ORTFX has underperformed FXIEX with an annualized return of 1.17%, while FXIEX has yielded a comparatively higher 2.91% annualized return.

ORTFX

• 1D: 0.19%
• 1M: 0.65%
• YTD: 1.29%
• 6M: 1.76%
• 1Y: 6.65%
• 3Y*: 2.69%
• 5Y*: 0.31%
• 10Y*: 1.17%

FXIEX

• 1D: 0.20%
• 1M: 0.91%
• YTD: 1.81%
• 6M: 2.24%
• 1Y: 6.90%
• 3Y*: 5.23%
• 5Y*: 1.67%
• 10Y*: 2.91%

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

ORTFX vs. FXIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ORTFX Aquila Tax-Free Trust of Oregon	1.29%	4.28%	-0.07%	3.18%	-6.75%	-0.63%	4.22%	5.44%	0.57%	2.93%
FXIEX PIMCO Fixed Income SHares: Series TE	1.81%	3.37%	5.16%	8.92%	-10.89%	2.19%	7.22%	8.45%	1.00%	7.71%

Correlation

The correlation between ORTFX and FXIEX is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jun 26, 2012	0.68

The correlation between ORTFX and FXIEX shifts across timeframes, from 0.66 (1 year) to 0.80 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

ORTFX vs. FXIEX — Risk / Return Rank

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

ORTFX

ORTFX Risk / Return Rank: 72
ORTFX Sharpe Ratio Rank: 90
ORTFX Sortino Ratio Rank: 94
ORTFX Omega Ratio Rank: 96
ORTFX Calmar Ratio Rank: 43
ORTFX Martin Ratio Rank: 38

FXIEX

FXIEX Risk / Return Rank: 78
FXIEX Sharpe Ratio Rank: 73
FXIEX Sortino Ratio Rank: 90
FXIEX Omega Ratio Rank: 88
FXIEX Calmar Ratio Rank: 80
FXIEX Martin Ratio Rank: 60

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. FXIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aquila Tax-Free Trust of Oregon (ORTFX) and PIMCO Fixed Income SHares: Series TE (FXIEX). 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.

	ORTFX	FXIEX	Difference
Sharpe ratio: Return per unit of total volatility	3.02	2.49	+0.53
Sortino ratio: Return per unit of downside risk	4.89	4.35	+0.54
Omega ratio: Gain probability vs. loss probability	1.82	1.61	+0.21
Calmar ratio: Return relative to maximum drawdown	2.51	3.61	-1.10
Martin ratio: Return relative to average drawdown	8.26	11.89	-3.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ORTFX vs. FXIEX - Sharpe Ratio Comparison

The current ORTFX Sharpe Ratio is 3.02, which is comparable to the FXIEX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of ORTFX and FXIEX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ORTFX	FXIEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.02	2.49	+0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	0.40	-0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	0.73	-0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.88	0.60	+0.28

Drawdowns

ORTFX vs. FXIEX - Drawdown Comparison

The maximum ORTFX drawdown since its inception was -14.94%, roughly equal to the maximum FXIEX drawdown of -15.25%. Use the drawdown chart below to compare losses from any high point for ORTFX and FXIEX.

Drawdown Indicators

	ORTFX	FXIEX	Difference
Max Drawdown Largest peak-to-trough decline	-14.94%	-15.25%	+0.31%
Max Drawdown (1Y) Largest decline over 1 year	-2.67%	-2.42%	-0.25%
Max Drawdown (3Y) Largest decline over 3 years	-4.11%	-5.56%	+1.45%
Max Drawdown (5Y) Largest decline over 5 years	-10.80%	-15.25%	+4.45%
Max Drawdown (10Y) Largest decline over 10 years	-10.88%	-15.25%	+4.37%
Current Drawdown Current decline from peak	-0.75%	0.00%	-0.75%
Average Drawdown Average peak-to-trough decline	-2.11%	-2.90%	+0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	1.66%	-0.85%

Volatility

ORTFX vs. FXIEX - Volatility Comparison

The current volatility for Aquila Tax-Free Trust of Oregon (ORTFX) is 0.90%, while PIMCO Fixed Income SHares: Series TE (FXIEX) has a volatility of 1.29%. This indicates that ORTFX experiences smaller price fluctuations and is considered to be less risky than FXIEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ORTFX	FXIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.90%	1.29%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	1.76%	2.19%	-0.43%
Volatility (1Y) Calculated over the trailing 1-year period	2.24%	3.55%	-1.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.85%	4.37%	-1.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.08%	4.10%	-1.02%

ORTFX vs. FXIEX - Expense Ratio Comparison

ORTFX has a 0.70% expense ratio, which is higher than FXIEX's 0.07% expense ratio.

Dividends

ORTFX vs. FXIEX - Dividend Comparison

ORTFX's dividend yield for the trailing twelve months is around 3.07%, more than FXIEX's 2.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXIEX PIMCO Fixed Income SHares: Series TE	2.79%	2.75%	4.53%	3.98%	3.25%	2.63%	3.37%	3.63%	3.79%	2.67%	0.00%	0.00%
ORTFX Aquila Tax-Free Trust of Oregon	3.07%	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 FXIEX in my portfolio?

ORTFX and FXIEX have a correlation of 0.66, 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 FXIEX?

FXIEX has higher volatility (1.29%) compared to ORTFX (0.90%). In terms of maximum drawdown, ORTFX dropped -14.94% vs FXIEX's -15.25%.

Which has better risk-adjusted returns?

ORTFX currently has the higher Sharpe Ratio (3.02 vs 2.49), 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.