UTAHX vs. AZTFX

Last updated Aug 1, 2026

UTAHX (Aquila Tax-Free Fund For Utah) and AZTFX (Aquila Tax Free Trust of Arizona Fund) are both Municipal Bonds funds from Aquila. Over the past 10 years, UTAHX returned 1.30%/yr vs 1.24%/yr for AZTFX. Their correlation of 0.88 means they have usually moved in the same direction. UTAHX charges 0.87%/yr vs 0.73%/yr for AZTFX.

Performance

UTAHX vs. AZTFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aquila Tax-Free Fund For Utah (UTAHX) and Aquila Tax Free Trust of Arizona Fund (AZTFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UTAHX achieves a 0.65% return, which is significantly higher than AZTFX's 0.21% return. Both investments have delivered pretty close results over the past 10 years, with UTAHX having a 1.30% annualized return and AZTFX not far behind at 1.24%.

UTAHX

• 1D: -0.21%
• 1M: -1.75%
• 6M: -0.38%
• YTD: 0.65%
• 1Y: 5.03%
• 3Y*: 2.75%
• 5Y*: 0.15%
• 10Y*: 1.30%
• ALL TIME*: 3.91%

AZTFX

• 1D: -0.21%
• 1M: -1.72%
• 6M: -0.78%
• YTD: 0.21%
• 1Y: 4.28%
• 3Y*: 2.57%
• 5Y*: 0.02%
• 10Y*: 1.24%
• ALL TIME*: 3.62%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AZTFX Aquila Tax Free Trust of Arizona Fund	$0.00	$0.00	$0.00
UTAHX Aquila Tax-Free Fund For Utah	$0.00	$0.00	$0.00

UTAHX vs. AZTFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UTAHX Aquila Tax-Free Fund For Utah	0.65%	4.73%	0.46%	3.87%	-7.91%	0.21%	4.09%	6.24%	0.79%	4.27%
AZTFX Aquila Tax Free Trust of Arizona Fund	0.21%	4.57%	0.76%	4.19%	-8.34%	0.77%	3.64%	6.36%	0.88%	3.99%

Correlation

The correlation between UTAHX and AZTFX is 0.82, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.82
Correlation (3Y) Balances recent behavior with more history.	0.86
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (10Y) Provides a long-term view across more market conditions.	0.85
Correlation (All Time) Calculated using the full available price history since Jun 20, 1996	0.88

The correlation between UTAHX and AZTFX has been stable across timeframes, ranging from 0.82 to 0.88 - a consistent structural relationship.

Return for Risk

UTAHX vs. AZTFX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UTAHX

UTAHX Risk / Return Rank: 78
UTAHX Sharpe Ratio Rank: 91
UTAHX Sortino Ratio Rank: 92
UTAHX Omega Ratio Rank: 94
UTAHX Calmar Ratio Rank: 63
UTAHX Martin Ratio Rank: 52

AZTFX

AZTFX Risk / Return Rank: 68
AZTFX Sharpe Ratio Rank: 84
AZTFX Sortino Ratio Rank: 84
AZTFX Omega Ratio Rank: 93
AZTFX Calmar Ratio Rank: 45
AZTFX Martin Ratio Rank: 37

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UTAHX vs. AZTFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aquila Tax-Free Fund For Utah (UTAHX) 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.

	UTAHX	AZTFX	Difference
Sharpe ratio: Return per unit of total volatility	2.32	2.05	+0.27
Sortino ratio: Return per unit of downside risk	3.55	3.01	+0.54
Omega ratio: Gain probability vs. loss probability	1.56	1.53	+0.03
Calmar ratio: Return relative to maximum drawdown	2.17	1.81	+0.37
Martin ratio: Return relative to average drawdown	7.28	5.61	+1.67

UTAHX vs. AZTFX - Sharpe Ratio Comparison

The current UTAHX Sharpe Ratio is 2.32, which is comparable to the AZTFX Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of UTAHX and AZTFX, 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

UTAHX vs. AZTFX - Drawdown Comparison

The maximum UTAHX drawdown since its inception was -13.94%, which is greater than AZTFX's maximum drawdown of -12.40%. Use the drawdown chart below to compare losses from any high point for UTAHX and AZTFX.

Drawdown Indicators

	UTAHX	AZTFX	Difference
Max Drawdown Largest peak-to-trough decline	-13.94%	-12.40%	-1.54%
Max Drawdown (1Y) Largest decline over 1 year	-2.64%	-2.80%	+0.16%
Max Drawdown (3Y) Largest decline over 3 years	-4.23%	-4.23%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	-12.26%	-12.40%	+0.14%
Max Drawdown (10Y) Largest decline over 10 years	-12.26%	-12.40%	+0.14%
Current Drawdown Current decline from peak	-1.75%	-1.92%	+0.17%
Average Drawdown Average peak-to-trough decline	-1.92%	-1.69%	-0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	0.90%	-0.11%

Volatility

UTAHX vs. AZTFX - Volatility Comparison

The current volatility for Aquila Tax-Free Fund For Utah (UTAHX) is 0.85%, while Aquila Tax Free Trust of Arizona Fund (AZTFX) has a volatility of 0.90%. This indicates that UTAHX experiences smaller price fluctuations and is considered to be less risky than AZTFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UTAHX	AZTFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.85%	0.90%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	2.02%	2.04%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	2.47%	2.47%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.21%	3.27%	-0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.30%	3.21%	+0.09%

UTAHX vs. AZTFX - Expense Ratio Comparison

UTAHX has a 0.87% expense ratio, which is higher than AZTFX's 0.73% expense ratio.

Dividends

UTAHX vs. AZTFX - Dividend Comparison

UTAHX's dividend yield for the trailing twelve months is around 3.36%, more than AZTFX's 3.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AZTFX Aquila Tax Free Trust of Arizona Fund	3.08%	3.28%	2.50%	2.43%	1.66%	1.97%	2.26%	2.94%	2.95%	2.78%	3.09%	3.33%
UTAHX Aquila Tax-Free Fund For Utah	3.36%	3.52%	2.44%	2.00%	1.59%	1.63%	2.02%	2.75%	2.52%	2.62%	2.69%	2.83%

Frequently Asked Questions

Can I hold both UTAHX and AZTFX in my portfolio?

UTAHX and AZTFX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UTAHX or AZTFX?

AZTFX has higher volatility (0.90%) compared to UTAHX (0.85%). In terms of maximum drawdown, UTAHX dropped -13.94% vs AZTFX's -12.40%.

Which has better risk-adjusted returns?

UTAHX currently has the higher Sharpe Ratio (2.32 vs 2.05), 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.