- ISIN
- US24610T1088
- CUSIP
- 24610T108
- Delisting Date
- Jul 13, 2026
- Sector
- Financial Services
- Industry
- Asset Management
- IPO Date
- Aug 18, 1995
Highlights
- Market Cap
- $126.59M
- Enterprise Value
- $126.59M
- Total Revenue (TTM)
- $14.79M
- Gross Profit (TTM)
- $753.90K
- EBITDA (TTM)
- $16.80M
- Year Range
- $9.38 - $10.50
- ROA (TTM)
- 3.30%
- ROE (TTM)
- 5.69%
Share Price Chart
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Performance
VFL Performance Chart
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Returns By Period
Delaware Investments National Municipal Income Fund (VFL) has returned 3.63% so far this year and 13.77% over the past 12 months. Over the last ten years, VFL has returned 1.36% per year, falling short of the S&P 500 Index benchmark, which averaged 13.26% annually.
Delaware Investments National Municipal Income Fund
- 1D
- -0.58%
- 1M
- -1.10%
- 6M
- 2.58%
- YTD
- 3.63%
- 1Y
- 13.77%
- 3Y*
- 6.99%
- 5Y*
- -1.32%
- 10Y*
- 1.36%
- ALL TIME*
- 4.43%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
VFL Monthly Returns History
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.03% | 1.31% | -3.84% | 2.10% | 1.89% | 1.80% | -0.58% | 3.63% | |||||
| 2025 | 2.27% | 5.34% | -5.74% | -2.25% | -0.71% | -0.31% | -1.08% | 1.53% | 7.40% | -0.20% | -0.59% | 2.38% | 7.66% |
| 2024 | -0.17% | 1.51% | 1.24% | -3.71% | 0.84% | 6.37% | 0.33% | 3.84% | 2.84% | -3.49% | 2.07% | -6.60% | 4.45% |
| 2023 | 7.09% | -4.76% | 2.16% | -2.01% | -2.93% | 0.13% | 0.52% | -5.58% | -8.72% | -6.13% | 18.55% | 7.70% | 3.05% |
| 2022 | -6.92% | 0.80% | -3.53% | -6.85% | 2.63% | -5.38% | 11.39% | -2.68% | -10.16% | -4.13% | 10.87% | -9.29% | -23.11% |
| 2021 | 2.22% | -2.82% | 1.25% | 2.99% | 2.70% | 2.82% | 1.85% | 0.25% | -1.39% | -2.78% | 3.19% | 1.50% | 12.14% |
Benchmark Metrics
Delaware Investments National Municipal Income Fund has an annualized alpha of 4.41%, beta of 0.09, and R2 of 0.02 versus S&P 500 Index. Calculated based on daily prices since August 18, 1995.
- This stock participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (23.62%) than losses (18.44%) - typical of diversified or defensive assets.
- Beta of 0.09 may look defensive, but with R2 of 0.02 this stock is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this stock's risk.
- R2 of 0.02 means this stock moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 4.41%
- Beta
- 0.09
- R²
- 0.02
- Upside Capture
- 23.62%
- Downside Capture
- 18.44%
Return for Risk
Risk / Return Rank
VFL ranks 83 for risk / return — above 83% of stocks peers on PortfoliosLab. Its historical combined result is among the stronger results in the peer group.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for Delaware Investments National Municipal Income Fund (VFL) and compare them to S&P 500 Index.
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.
| VFL | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.25 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.93 | 2.00 | -0.08 |
| Martin ratioReturn relative to average drawdown | 7.51 | 8.49 | -0.99 |
Dividends
Dividend History
Delaware Investments National Municipal Income Fund provided a 5.57% dividend yield over the last twelve months, with an annual payout of $0.57 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.57 | $0.60 | $0.54 | $0.45 | $0.54 | $0.62 | $0.57 | $0.68 | $0.60 | $0.61 | $0.70 | $0.78 |
Dividend yield | 5.57% | 5.84% | 5.31% | 4.43% | 5.21% | 4.42% | 4.32% | 5.14% | 5.04% | 4.60% | 5.32% | 5.97% |
Monthly Dividends
The table displays the monthly dividend distributions for Delaware Investments National Municipal Income Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.07 | $0.00 | $0.32 | |||||
| 2025 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.60 |
| 2024 | $0.04 | $0.04 | $0.04 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.54 |
| 2023 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.45 |
| 2022 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.54 |
| 2021 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.14 | $0.62 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Delaware Investments National Municipal Income Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Delaware Investments National Municipal Income Fund was 45.27%, occurring on Dec 4, 2008. Recovery took 706 trading sessions.
The current Delaware Investments National Municipal Income Fund drawdown is 8.05%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-45.27%Dec 2008 | 2y 9mo | 2y 9mo | 5y 6moMar 2006 - Sep 2011 | Financial crisis2007–2009 |
-39.05%Oct 2023 | 1y 10mo | — | 4y 7moDec 2021 - now | — |
-29.96%Mar 2020 | 13d | 10mo 9d | 10mo 22dMar 2020 - Jan 2021 | COVID crash2020 |
-23.34%Jan 2000 | 1y 22d | 1y 6mo | 2y 6moDec 1998 - Jul 2001 | — |
-22.70%Sep 2013 | 9mo 8d | 1y 4mo | 2y 1moDec 2012 - Jan 2015 | — |
Drawdown Indicators
| VFL | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.27% | -56.78% | +11.51% |
Max Drawdown (1Y)Largest decline over 1 year | -6.64% | -9.10% | +2.46% |
Max Drawdown (3Y)Largest decline over 3 years | -19.56% | -18.90% | -0.66% |
Max Drawdown (5Y)Largest decline over 5 years | -39.05% | -25.43% | -13.62% |
Max Drawdown (10Y)Largest decline over 10 years | -39.05% | -33.92% | -5.13% |
Current DrawdownCurrent decline from peak | -8.05% | -1.58% | -6.47% |
Average DrawdownAverage peak-to-trough decline | -8.63% | -10.70% | +2.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.76% | 2.14% | -0.38% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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Financials
Financial Performance
The chart below illustrates the trends in the financial health of Delaware Investments National Municipal Income Fund over time, highlighting three key metrics: Total Revenue, Earnings Before Interest and Taxes (EBIT), and Net Income.
Valuation
The Valuation section provides an overview of how Delaware Investments National Municipal Income Fund is priced in the market compared to other companies in the Asset Management industry. It includes key financial ratios that help investors assess whether the stock is undervalued or overvalued.
Income Statement
| TTM | |
|---|---|
Revenue | |
Total Revenue | — |
Cost Of Revenue | — |
Gross Profit | — |
Operating Expenses | |
Selling, General & Admin Expenses | — |
R&D Expenses | — |
Depreciation And Amortization | — |
Total Operating Expenses | — |
Income | |
Income Before Tax | — |
Operating Income | — |
EBITDA | — |
EBIT | — |
Earnings From Continuing Operations | — |
Net Income | — |
Income Tax Expense | — |
Other Non-Operating Income (Expenses) | — |
Extraordinary Items | — |
Discontinued Operations | — |
Effect Of Accounting Charges | — |
Non Recurring | — |
Minority Interest | — |
Other Items | — |
Interest Income | — |
Interest Expense | — |
Net Interest Income | — |
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