CXHYX vs. DHMBX
CXHYX (Delaware National High-Yield Municipal Bond Fund) and DHMBX (BNY Mellon High Yield Municipal Bond Fund) are both High Yield Muni funds. Over the past 10 years, CXHYX returned 3.28%/yr vs 2.33%/yr for DHMBX. A 0.78 correlation means they provide meaningful diversification when combined. CXHYX charges 0.85%/yr vs 0.69%/yr for DHMBX.
Performance
CXHYX vs. DHMBX - Performance Comparison
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Returns By Period
In the year-to-date period, CXHYX achieves a 2.50% return, which is significantly lower than DHMBX's 3.51% return. Over the past 10 years, CXHYX has outperformed DHMBX with an annualized return of 3.28%, while DHMBX has yielded a comparatively lower 2.33% annualized return.
CXHYX
- 1D
- 0.21%
- 1M
- 1.19%
- YTD
- 2.50%
- 6M
- 3.06%
- 1Y
- 6.00%
- 3Y*
- 4.48%
- 5Y*
- 0.79%
- 10Y*
- 3.28%
DHMBX
- 1D
- 0.28%
- 1M
- 1.58%
- YTD
- 3.51%
- 6M
- 4.08%
- 1Y
- 9.14%
- 3Y*
- 4.54%
- 5Y*
- -0.24%
- 10Y*
- 2.33%
CXHYX vs. DHMBX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CXHYX Delaware National High-Yield Municipal Bond Fund | 2.50% | 1.71% | 5.76% | 8.26% | -14.85% | 7.86% | 6.49% | 11.52% | 1.58% | 10.15% |
DHMBX BNY Mellon High Yield Municipal Bond Fund | 3.51% | 2.64% | 4.41% | 6.50% | -17.25% | 5.58% | 2.85% | 10.76% | 1.64% | 12.78% |
Correlation
The correlation between CXHYX and DHMBX is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2005 | 0.78 |
The correlation between CXHYX and DHMBX shifts across timeframes, from 0.78 (all time) to 0.90 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
CXHYX vs. DHMBX — Risk / Return Rank
CXHYX
DHMBX
CXHYX vs. DHMBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Delaware National High-Yield Municipal Bond Fund (CXHYX) and BNY Mellon High Yield Municipal Bond Fund (DHMBX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
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.
| CXHYX | DHMBX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.92 | ||
| Sortino ratioReturn per unit of downside risk | -1.46 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.55 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 1.83 | 2.76 | -0.93 |
| Martin ratioReturn relative to average drawdown | 5.24 | 9.03 | -3.79 |
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Drawdowns
CXHYX vs. DHMBX - Drawdown Comparison
The maximum CXHYX drawdown since its inception was -21.82%, smaller than the maximum DHMBX drawdown of -27.66%. Use the drawdown chart below to compare losses from any high point for CXHYX and DHMBX.
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Drawdown Indicators
| CXHYX | DHMBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.82% | -27.66% | +5.84% |
Max Drawdown (1Y)Largest decline over 1 year | -3.31% | -3.33% | +0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -9.55% | -9.55% | 0.00% |
Max Drawdown (5Y)Largest decline over 5 years | -20.11% | -22.90% | +2.79% |
Max Drawdown (10Y)Largest decline over 10 years | -20.11% | -22.90% | +2.79% |
Current DrawdownCurrent decline from peak | -0.20% | -2.63% | +2.43% |
Average DrawdownAverage peak-to-trough decline | -2.57% | -4.87% | +2.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.15% | 1.01% | +0.14% |
Volatility
CXHYX vs. DHMBX - Volatility Comparison
Delaware National High-Yield Municipal Bond Fund (CXHYX) has a higher volatility of 1.10% compared to BNY Mellon High Yield Municipal Bond Fund (DHMBX) at 1.03%. This indicates that CXHYX's price experiences larger fluctuations and is considered to be riskier than DHMBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CXHYX | DHMBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | 1.03% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 2.83% | 2.80% | +0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.03% | 3.80% | +0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.08% | 6.16% | -0.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.80% | 6.05% | -0.25% |
CXHYX vs. DHMBX - Expense Ratio Comparison
CXHYX has a 0.85% expense ratio, which is higher than DHMBX's 0.69% expense ratio.
Dividends
CXHYX vs. DHMBX - Dividend Comparison
CXHYX's dividend yield for the trailing twelve months is around 4.96%, more than DHMBX's 3.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CXHYX Delaware National High-Yield Municipal Bond Fund | 4.96% | 6.41% | 5.43% | 3.99% | 4.94% | 3.61% | 4.42% | 5.27% | 4.92% | 4.98% | 3.87% | 3.77% |
DHMBX BNY Mellon High Yield Municipal Bond Fund | 3.99% | 5.37% | 3.96% | 3.13% | 3.09% | 2.47% | 3.46% | 4.19% | 4.13% | 3.66% | 4.95% | 4.50% |
Frequently Asked Questions
CXHYX and DHMBX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CXHYX has higher volatility (1.10%) compared to DHMBX (1.03%). In terms of maximum drawdown, CXHYX dropped -21.82% vs DHMBX's -27.66%.
DHMBX currently has the higher Sharpe Ratio (2.42 vs 1.50), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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