Aquila Tax-free Correlations

AZTCX Fund

USD 9.85 0.02 0.20%

The current 90-days correlation between Aquila Tax Free and Siit High Yield is 0.28 (i.e., Modest diversification). The correlation of Aquila Tax-free is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Aquila Tax-free Correlation With Market

Very good diversification

The correlation between Aquila Tax Free Trust and DJI is -0.27 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Aquila Tax Free Trust and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Aquila Tax Free Trust. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in main economic indicators.

Moving together with Aquila Mutual Fund

0.8	ATPAX	Aquila Three Peaks	Pair Corr
0.78	ATPYX	Aquila Three Peaks	Pair Corr
0.96	UTAYX	Aquila Tax Free	Pair Corr
0.93	UTACX	Aquila Tax Free	Pair Corr
0.93	UTAHX	Aquila Tax Free	Pair Corr
0.97	COTCX	Aquila Tax Free	Pair Corr
0.98	COTYX	Aquila Tax Free	Pair Corr
0.97	COTFX	Aquila Tax Free	Pair Corr
0.98	AZTYX	Aquila Tax Free	Pair Corr
0.99	AZTFX	Aquila Tax Free	Pair Corr
0.89	HULAX	Hawaiian Tax Free	Pair Corr
0.83	HULCX	Hawaiian Tax Free	Pair Corr
0.89	HULFX	Hawaiian Tax Free	Pair Corr
0.83	HULYX	Hawaiian Tax Free	Pair Corr
0.92	ORTYX	Aquila Tax Free	Pair Corr
0.89	ORTFX	Aquila Tax Free	Pair Corr
0.9	ORTCX	Aquila Tax Free	Pair Corr
0.89	KYTFX	Kentucky Tax Free	Pair Corr
0.95	UVABX	Virginia Bond	Pair Corr
0.94	UVAIX	Usaa Virginia Bond	Pair Corr
0.94	USVAX	Virginia Bond	Pair Corr

Moving against Aquila Mutual Fund

0.38

TGLDX

Tocqueville Gold

Pair Corr

Related Correlations Analysis

	SGYAX	PHDTX	MRHYX	SIHSX	PHYEX	BHYRX
SGYAX		0.92	0.87	0.81	0.81	0.84	SGYAX
PHDTX	0.92		0.96	0.85	0.83	0.88	PHDTX
MRHYX	0.87	0.96		0.83	0.77	0.88	MRHYX
SIHSX	0.81	0.85	0.83		0.96	0.96	SIHSX
PHYEX	0.81	0.83	0.77	0.96		0.91	PHYEX
BHYRX	0.84	0.88	0.88	0.96	0.91		BHYRX
	SGYAX	PHDTX	MRHYX	SIHSX	PHYEX	BHYRX

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Risk-Adjusted Indicators

There is a big difference between Aquila Mutual Fund performing well and Aquila Tax-free Mutual Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Aquila Tax-free's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
SGYAX	0.14	0.04	(0.47)	(0.81)	(0.25)	0.28	(0.14)	1.28
PHDTX	0.09	0.02	(0.58)	2.78	(0.15)	0.23	(0.11)	0.56
MRHYX	0.09	0.02	(0.62)	5.15	(0.14)	0.23	(0.12)	0.47
SIHSX	0.11	0.02	(0.79)	(1.11)	(0.17)	0.30	(0.20)	0.70
PHYEX	0.13	0.03	(0.39)	(0.54)	(0.26)	0.41	(0.21)	1.05
BHYRX	0.12	0.02	(0.50)	(1.71)	(0.21)	0.28	(0.28)	0.85

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