ORTFX vs. NRK
ORTFX (Aquila Tax-Free Trust of Oregon) and NRK (Nuveen New York AMT Free Quality Municipal Income) are both Municipal Bonds funds. Over the past 10 years, ORTFX returned 1.06%/yr vs 2.25%/yr for NRK. At a 0.26 correlation, their price movements are largely independent. ORTFX charges 0.70%/yr vs 2.16%/yr for NRK.
Performance
ORTFX vs. NRK - Performance Comparison
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Returns By Period
In the year-to-date period, ORTFX achieves a 1.45% return, which is significantly lower than NRK's 10.00% return. Over the past 10 years, ORTFX has underperformed NRK with an annualized return of 1.06%, while NRK has yielded a comparatively higher 2.25% annualized return.
ORTFX
- 1D
- 0.00%
- 1M
- 0.35%
- 6M
- 0.97%
- YTD
- 1.45%
- 1Y
- 5.82%
- 3Y*
- 2.69%
- 5Y*
- 0.25%
- 10Y*
- 1.06%
NRK
- 1D
- 0.09%
- 1M
- 1.09%
- 6M
- 8.82%
- YTD
- 10.00%
- 1Y
- 19.06%
- 3Y*
- 8.57%
- 5Y*
- 0.09%
- 10Y*
- 2.25%
ORTFX vs. NRK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ORTFX Aquila Tax-Free Trust of Oregon | 1.45% | 4.28% | -0.07% | 3.18% | -6.75% | -0.63% | 4.22% | 5.44% | 0.57% | 2.93% |
NRK Nuveen New York AMT Free Quality Municipal Income | 10.00% | 4.74% | 5.93% | 7.03% | -21.84% | 6.24% | 4.08% | 21.43% | -5.98% | 6.16% |
Correlation
The correlation between ORTFX and NRK is 0.51, 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 | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Jan 16, 2003 | 0.26 |
Over the past year, ORTFX and NRK have become more correlated (0.51) than their long-term average of 0.26, meaning their price movements have been converging.
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Return for Risk
ORTFX vs. NRK — Risk / Return Rank
ORTFX
NRK
ORTFX vs. NRK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Aquila Tax-Free Trust of Oregon (ORTFX) and Nuveen New York AMT Free Quality Municipal Income (NRK). 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 | NRK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.33 | ||
| Sortino ratioReturn per unit of downside risk | +0.52 | ||
| Omega ratioGain probability vs. loss probability | 1.67 | 1.44 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.16 | 3.55 | -1.40 |
| Martin ratioReturn relative to average drawdown | 6.89 | 12.16 | -5.27 |
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Drawdowns
ORTFX vs. NRK - Drawdown Comparison
The maximum ORTFX drawdown since its inception was -14.94%, smaller than the maximum NRK drawdown of -40.18%. Use the drawdown chart below to compare losses from any high point for ORTFX and NRK.
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Drawdown Indicators
| ORTFX | NRK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.94% | -40.18% | +25.24% |
Max Drawdown (1Y)Largest decline over 1 year | -2.67% | -5.32% | +2.65% |
Max Drawdown (3Y)Largest decline over 3 years | -4.11% | -12.67% | +8.56% |
Max Drawdown (5Y)Largest decline over 5 years | -10.80% | -31.06% | +20.26% |
Max Drawdown (10Y)Largest decline over 10 years | -10.88% | -31.06% | +20.18% |
Current DrawdownCurrent decline from peak | -0.59% | -0.93% | +0.34% |
Average DrawdownAverage peak-to-trough decline | -2.10% | -8.16% | +6.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.83% | 1.55% | -0.72% |
Volatility
ORTFX vs. NRK - Volatility Comparison
The current volatility for Aquila Tax-Free Trust of Oregon (ORTFX) is 0.56%, while Nuveen New York AMT Free Quality Municipal Income (NRK) has a volatility of 2.15%. This indicates that ORTFX experiences smaller price fluctuations and is considered to be less risky than NRK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ORTFX | NRK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.56% | 2.15% | -1.59% |
Volatility (6M)Calculated over the trailing 6-month period | 1.77% | 6.71% | -4.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.24% | 8.45% | -6.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.86% | 9.96% | -7.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.07% | 10.35% | -7.28% |
ORTFX vs. NRK - Expense Ratio Comparison
ORTFX has a 0.70% expense ratio, which is lower than NRK's 2.16% expense ratio.
Dividends
ORTFX vs. NRK - Dividend Comparison
ORTFX's dividend yield for the trailing twelve months is around 3.08%, less than NRK's 7.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NRK Nuveen New York AMT Free Quality Municipal Income | 7.73% | 8.21% | 6.74% | 4.06% | 5.41% | 4.18% | 4.15% | 3.98% | 4.68% | 4.85% | 5.37% | 5.44% |
ORTFX Aquila Tax-Free Trust of Oregon | 3.08% | 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
ORTFX and NRK have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NRK has higher volatility (2.15%) compared to ORTFX (0.56%). In terms of maximum drawdown, ORTFX dropped -14.94% vs NRK's -40.18%.
ORTFX currently has the higher Sharpe Ratio (2.57 vs 2.24), 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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