Aquila Tax-free Correlations

Mutual Funds . USA . 
Fund . Aquila Tax Free Fund
COTYX Fund  USD 9.84  0.02  0.20%   
The current 90-days correlation between Aquila Tax Free and Invesco Gold Special is -0.07 (i.e., Good 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 Fund and DJI is -0.33 (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 Fund 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 Fund. 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 manufacturing.

Moving together with Aquila Mutual Fund

  0.8ATPAX Aquila Three PeaksPairCorr
  0.77ATPYX Aquila Three PeaksPairCorr
  0.99UTAYX Aquila Tax FreePairCorr
  0.97UTACX Aquila Tax FreePairCorr
  0.97UTAHX Aquila Tax FreePairCorr
  0.99COTCX Aquila Tax FreePairCorr
  0.99COTFX Aquila Tax FreePairCorr
  0.98AZTFX Aquila Tax FreePairCorr
  0.93HULAX Hawaiian Tax FreePairCorr
  0.88HULCX Hawaiian Tax FreePairCorr
  0.93HULFX Hawaiian Tax FreePairCorr
  0.86HULYX Hawaiian Tax FreePairCorr
  0.96ORTYX Aquila Tax FreePairCorr
  0.94ORTFX Aquila Tax FreePairCorr
  0.94ORTCX Aquila Tax FreePairCorr
  0.9KYTFX Kentucky Tax FreePairCorr
  0.95UVABX Virginia BondPairCorr
  0.94UVAIX Usaa Virginia BondPairCorr
  0.94USVAX Virginia BondPairCorr

Moving against Aquila Mutual Fund

  0.52LETRX Voya Russia FundPairCorr

Related Correlations Analysis

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.
High positive correlations   
OGMCX
+ 1.0
IOGYX
GLDAX
+ 0.92
IOGYX
GLDAX
+ 0.92
OGMCX
GLDAX
+ 0.88
XGGNX
XGGNX
+ 0.85
IOGYX
XGGNX
+ 0.85
OGMCX
  
High negative correlations   
GLDAX
- 0.96
SPPIX
XGGNX
- 0.88
SPPIX
SPPIX
- 0.85
OGMCX
SPPIX
- 0.85
IOGYX
GEBRX
- 0.59
SPPIX
VGSBX
- 0.18
IOGYX

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.

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