UTAHX vs. ORTFX

Last updated Jun 23, 2026

UTAHX (Aquila Tax-Free Fund For Utah) and ORTFX (Aquila Tax-Free Trust of Oregon) are both Municipal Bonds funds from Aquila. Over the past 10 years, UTAHX returned 1.50%/yr vs 1.13%/yr for ORTFX. Their correlation of 0.89 suggests significant overlap in exposure. UTAHX charges 0.87%/yr vs 0.70%/yr for ORTFX.

Performance

UTAHX vs. ORTFX - 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 Oregon (ORTFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UTAHX achieves a 1.92% return, which is significantly higher than ORTFX's 1.39% return. Over the past 10 years, UTAHX has outperformed ORTFX with an annualized return of 1.50%, while ORTFX has yielded a comparatively lower 1.13% annualized return.

UTAHX

• 1D: 0.00%
• 1M: 1.24%
• YTD: 1.92%
• 6M: 2.34%
• 1Y: 7.00%
• 3Y*: 3.31%
• 5Y*: 0.54%
• 10Y*: 1.50%

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%

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

UTAHX vs. ORTFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UTAHX Aquila Tax-Free Fund For Utah	1.92%	4.73%	0.46%	3.87%	-7.91%	0.21%	4.09%	6.24%	0.79%	4.27%
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%

Correlation

The correlation between UTAHX and ORTFX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jul 24, 1992	0.89

The correlation between UTAHX and ORTFX has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.

Return for Risk

UTAHX vs. ORTFX — Risk / Return Rank

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

UTAHX

UTAHX Risk / Return Rank: 77
UTAHX Sharpe Ratio Rank: 94
UTAHX Sortino Ratio Rank: 96
UTAHX Omega Ratio Rank: 96
UTAHX Calmar Ratio Rank: 53
UTAHX Martin Ratio Rank: 48

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

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.

UTAHX vs. ORTFX - 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 Oregon (ORTFX). 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	ORTFX	Difference
Sharpe ratio: Return per unit of total volatility	3.01	2.88	+0.13
Sortino ratio: Return per unit of downside risk	4.87	4.67	+0.20
Omega ratio: Gain probability vs. loss probability	1.78	1.78	0.00
Calmar ratio: Return relative to maximum drawdown	2.68	2.39	+0.28
Martin ratio: Return relative to average drawdown	9.42	7.68	+1.74

UTAHX vs. ORTFX - Sharpe Ratio Comparison

The current UTAHX Sharpe Ratio is 3.01, which is comparable to the ORTFX Sharpe Ratio of 2.88. The chart below compares the historical Sharpe Ratios of UTAHX and ORTFX, 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. ORTFX - Drawdown Comparison

The maximum UTAHX drawdown since its inception was -13.94%, smaller than the maximum ORTFX drawdown of -14.94%. Use the drawdown chart below to compare losses from any high point for UTAHX and ORTFX.

Drawdown Indicators

	UTAHX	ORTFX	Difference
Max Drawdown Largest peak-to-trough decline	-13.94%	-14.94%	+1.00%
Max Drawdown (1Y) Largest decline over 1 year	-2.64%	-2.67%	+0.03%
Max Drawdown (3Y) Largest decline over 3 years	-4.61%	-4.11%	-0.50%
Max Drawdown (5Y) Largest decline over 5 years	-12.26%	-10.80%	-1.46%
Max Drawdown (10Y) Largest decline over 10 years	-12.26%	-10.88%	-1.38%
Current Drawdown Current decline from peak	-0.42%	-0.65%	+0.23%
Average Drawdown Average peak-to-trough decline	-1.93%	-2.11%	+0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.75%	0.83%	-0.08%

Volatility

UTAHX vs. ORTFX - Volatility Comparison

Aquila Tax-Free Fund For Utah (UTAHX) and Aquila Tax-Free Trust of Oregon (ORTFX) have volatilities of 0.68% and 0.66%, 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

	UTAHX	ORTFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.68%	0.66%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	1.82%	1.74%	+0.08%
Volatility (1Y) Calculated over the trailing 1-year period	2.35%	2.22%	+0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.18%	2.85%	+0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.29%	3.08%	+0.21%

UTAHX vs. ORTFX - Expense Ratio Comparison

UTAHX has a 0.87% expense ratio, which is higher than ORTFX's 0.70% expense ratio.

Dividends

UTAHX vs. ORTFX - Dividend Comparison

UTAHX's dividend yield for the trailing twelve months is around 3.59%, more than ORTFX's 3.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
UTAHX Aquila Tax-Free Fund For Utah	3.59%	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 ORTFX in my portfolio?

UTAHX and ORTFX have a correlation of 0.83, 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 ORTFX?

UTAHX has higher volatility (0.68%) compared to ORTFX (0.66%). In terms of maximum drawdown, UTAHX dropped -13.94% vs ORTFX's -14.94%.

Which has better risk-adjusted returns?

UTAHX currently has the higher Sharpe Ratio (3.01 vs 2.88), 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.