Aquila Tax-free Correlations

UTACX Fund

USD 9.70 0.01 0.10%

The current 90-days correlation between Aquila Tax Free and Aquila Three Peaks is 0.04 (i.e., Significant 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 -0.38 (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 World Market Map 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 main economic indicators.

Moving together with Aquila Mutual Fund

0.75	ATPAX	Aquila Three Peaks	Pair Corr
0.69	ATPYX	Aquila Three Peaks	Pair Corr
0.99	UTAYX	Aquila Tax Free	Pair Corr
1.0	UTAHX	Aquila Tax Free	Pair Corr
0.98	COTCX	Aquila Tax Free	Pair Corr
0.97	COTYX	Aquila Tax Free	Pair Corr
0.99	COTFX	Aquila Tax Free	Pair Corr
0.94	AZTFX	Aquila Tax Free	Pair Corr
0.97	HULAX	Hawaiian Tax Free	Pair Corr
0.94	HULCX	Hawaiian Tax Free	Pair Corr
0.97	HULFX	Hawaiian Tax Free	Pair Corr
0.89	HULYX	Hawaiian Tax Free	Pair Corr
0.98	ORTYX	Aquila Tax Free	Pair Corr
0.98	ORTFX	Aquila Tax Free	Pair Corr
0.97	ORTCX	Aquila Tax Free	Pair Corr
0.89	KYTFX	Kentucky Tax Free	Pair Corr
0.92	UVABX	Virginia Bond	Pair Corr
0.92	UVAIX	Usaa Virginia Bond	Pair Corr
0.92	USVAX	Virginia Bond	Pair Corr

Moving against Aquila Mutual Fund

0.42	ATGCX	Aquila Three Peaks	Pair Corr
0.42	ATRIX	Aquila Three Peaks	Pair Corr
0.39	ATGYX	Aquila Three Peaks	Pair Corr
0.38	ATGAX	Aquila Three Peaks	Pair Corr
0.34	KSCYX	Kinetics Small Cap	Pair Corr
0.33	KSOCX	Kinetics Small Cap	Pair Corr
0.67	LETRX	Voya Russia Fund	Pair Corr
0.4	MLMAX	Global E Portfolio	Pair Corr
0.36	ILESX	Fisher Investments	Pair Corr
0.33	KNPCX	Kinetics Paradigm Steady Growth	Pair Corr
0.33	WWNPX	Kinetics Paradigm Steady Growth	Pair Corr
0.33	KSCOX	Kinetics Small Cap	Pair Corr
0.33	AMEIX	Equity Growth	Pair Corr
0.33	TLCYX	Touchstone Large Cap	Pair Corr
0.32	KNPAX	Kinetics Paradigm Steady Growth	Pair Corr
0.32	LSHUX	Horizon Spin Off Steady Growth	Pair Corr

Related Correlations Analysis

	ATGAX	ATGCX	ATGYX	ATIPX	ATPCX	ATPAX	ATPYX	ATRIX
ATGAX		0.91	0.96	-0.13	-0.18	-0.08	0.03	0.91	ATGAX
ATGCX	0.91		0.85	-0.13	-0.17	-0.17	-0.05	1.0	ATGCX
ATGYX	0.96	0.85		-0.12	-0.19	-0.11	0.01	0.85	ATGYX
ATIPX	-0.13	-0.13	-0.12		0.97	0.74	0.74	-0.13	ATIPX
ATPCX	-0.18	-0.17	-0.19	0.97		0.68	0.68	-0.17	ATPCX
ATPAX	-0.08	-0.17	-0.11	0.74	0.68		0.98	-0.17	ATPAX
ATPYX	0.03	-0.05	0.01	0.74	0.68	0.98		-0.05	ATPYX
ATRIX	0.91	1.0	0.85	-0.13	-0.17	-0.17	-0.05		ATRIX
	ATGAX	ATGCX	ATGYX	ATIPX	ATPCX	ATPAX	ATPYX	ATRIX

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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

ATRIX	+ 1.0	ATGCX
ATPYX	+ 0.98	ATPAX
ATPCX	+ 0.97	ATIPX
ATGYX	+ 0.96	ATGAX
ATGCX	+ 0.91	ATGAX
ATRIX	+ 0.91	ATGAX

High negative correlations

ATPCX	- 0.19	ATGYX
ATPCX	- 0.18	ATGAX
ATRIX	- 0.17	ATPAX
ATRIX	- 0.17	ATPCX
ATPAX	- 0.17	ATGCX
ATPCX	- 0.17	ATGCX

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	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
ATGAX	0.71	0.09	(0.02)	0.86	0.75	(0.80)	1.39	(1.37)	4.09
ATGCX	0.71	0.08	(0.04)	0.64	0.75	(0.81)	1.38	(1.36)	4.08
ATGYX	0.70	0.00	0.00	0.13	0.74	(0.79)	1.39	(1.37)	4.08
ATIPX	0.09	0.00	(0.71)	0.00	0.07	(0.16)	0.12	(0.24)	0.73
ATPCX	0.10	(0.01)	(0.78)	6.20	0.11	(0.16)	0.24	(0.24)	0.73
ATPAX	0.09	0.00	(0.64)	0.03	0.05	(0.18)	0.24	(0.24)	0.85
ATPYX	0.10	0.00	(0.72)	0.06	0.04	(0.17)	0.24	(0.24)	0.73
ATRIX	0.71	0.08	(0.04)	0.69	0.75	(0.81)	1.39	(1.38)	4.09

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