Aquila Tax Correlations

COTYX Fund

USD 9.81 0.01 0.10%

The current 90-days correlation between Aquila Tax Free and Baillie Gifford Health is 0.02 (i.e., Significant diversification). The correlation of Aquila Tax 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 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

0.81	ATIPX	Aquila Three Peaks	Pair Corr
0.8	ATPCX	Aquila Three Peaks	Pair Corr
0.8	ATPAX	Aquila Three Peaks	Pair Corr
0.77	ATPYX	Aquila Three Peaks	Pair Corr
0.99	UTAYX	Aquila Tax Free	Pair Corr
0.97	UTACX	Aquila Tax Free	Pair Corr
0.97	UTAHX	Aquila Tax Free	Pair Corr
0.99	COTCX	Aquila Tax Free	Pair Corr
0.99	COTFX	Aquila Tax Free	Pair Corr
0.97	AZTYX	Aquila Tax Free	Pair Corr
0.99	AZTFX	Aquila Tax Free	Pair Corr
0.9	AZTCX	Aquila Tax Free	Pair Corr
0.94	HULAX	Hawaiian Tax Free	Pair Corr
0.88	HULCX	Hawaiian Tax Free	Pair Corr
0.94	HULFX	Hawaiian Tax Free	Pair Corr
0.94	HULYX	Hawaiian Tax Free	Pair Corr
0.96	ORTYX	Aquila Tax Free	Pair Corr
0.95	ORTFX	Aquila Tax Free	Pair Corr
0.94	ORTCX	Aquila Tax Free	Pair Corr
0.9	KYTFX	Kentucky Tax Free	Pair Corr
0.95	UVABX	Virginia Bond	Pair Corr
0.95	UVAIX	Usaa Virginia Bond	Pair Corr
0.95	USVAX	Virginia Bond	Pair Corr

Moving against Aquila Mutual Fund

0.32	ATGAX	Aquila Three Peaks	Pair Corr
0.32	ATGCX	Aquila Three Peaks	Pair Corr
0.32	ATGYX	Aquila Three Peaks	Pair Corr
0.32	ATRIX	Aquila Three Peaks	Pair Corr
0.44	SMPIX	Semiconductor Ultrasector	Pair Corr
0.43	SMPSX	Semiconductor Ultrasector	Pair Corr
0.36	ORFFX	Aquila Tax Free	Pair Corr
0.41	FIKGX	Fidelity Advisor Sem	Pair Corr
0.37	BAC	Bank of America Aggressive Push	Pair Corr

Related Correlations Analysis

	BGHDX	SCHLX	HHCZX	GGHYX	HLHIX	LYFAX	HIAHX
BGHDX		0.82	-0.42	0.81	0.78	0.66	0.83	BGHDX
SCHLX	0.82		-0.76	0.99	0.94	0.65	0.99	SCHLX
HHCZX	-0.42	-0.76		-0.77	-0.73	-0.36	-0.77	HHCZX
GGHYX	0.81	0.99	-0.77		0.95	0.63	0.99	GGHYX
HLHIX	0.78	0.94	-0.73	0.95		0.68	0.95	HLHIX
LYFAX	0.66	0.65	-0.36	0.63	0.68		0.63	LYFAX
HIAHX	0.83	0.99	-0.77	0.99	0.95	0.63		HIAHX
	BGHDX	SCHLX	HHCZX	GGHYX	HLHIX	LYFAX	HIAHX

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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

GGHYX	+ 0.99	SCHLX
HIAHX	+ 0.99	SCHLX
HIAHX	+ 0.99	GGHYX
HLHIX	+ 0.95	GGHYX
HIAHX	+ 0.95	HLHIX
HLHIX	+ 0.94	SCHLX

High negative correlations

HIAHX	- 0.77	HHCZX
GGHYX	- 0.77	HHCZX
HHCZX	- 0.76	SCHLX
HLHIX	- 0.73	HHCZX
HHCZX	- 0.42	BGHDX
LYFAX	- 0.36	HHCZX

Risk-Adjusted Indicators

There is a big difference between Aquila Mutual Fund performing well and Aquila Tax 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'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
BGHDX	0.79	(0.12)	0.00	(0.61)	0.00	1.34	(1.69)	6.08
SCHLX	0.53	(0.13)	0.00	(0.87)	0.00	0.89	(1.30)	3.08
HHCZX	0.16	0.00	(0.41)	0.15	(0.19)	0.37	(0.31)	1.14
GGHYX	0.62	(0.14)	0.00	(0.71)	0.00	0.89	(1.30)	3.73
HLHIX	0.63	(0.18)	0.00	(0.13)	0.00	0.96	(1.36)	3.35
LYFAX	0.64	(0.13)	0.00	(0.09)	0.00	1.10	(1.65)	3.82
HIAHX	0.61	(0.18)	0.00	(1.05)	0.00	0.76	(1.34)	3.83

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