CXHYX vs. DMTFX
CXHYX (Delaware National High-Yield Municipal Bond Fund) and DMTFX (Delaware Tax Free USA Fund) are both mutual funds - CXHYX is a High Yield Muni fund managed by Delaware Funds, while DMTFX is a Municipal Bonds fund managed by Delaware Funds. Over the past 10 years, CXHYX returned 3.10%/yr vs 2.40%/yr for DMTFX. Their correlation of 0.85 means they have usually moved in the same direction. CXHYX charges 0.85%/yr vs 0.80%/yr for DMTFX.
Performance
CXHYX vs. DMTFX - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with CXHYX having a 0.95% return and DMTFX slightly lower at 0.93%. Over the past 10 years, CXHYX has outperformed DMTFX with an annualized return of 3.10%, while DMTFX has yielded a comparatively lower 2.40% annualized return.
CXHYX
- 1D
- -0.42%
- 1M
- -2.25%
- 6M
- 0.21%
- YTD
- 0.95%
- 1Y
- 5.61%
- 3Y*
- 4.12%
- 5Y*
- 0.16%
- 10Y*
- 3.10%
- ALL TIME*
- 4.94%
DMTFX
- 1D
- -0.40%
- 1M
- -2.53%
- 6M
- 0.35%
- YTD
- 0.93%
- 1Y
- 6.62%
- 3Y*
- 3.67%
- 5Y*
- -0.29%
- 10Y*
- 2.40%
- ALL TIME*
- 4.14%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
CXHYX vs. DMTFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CXHYX Delaware National High-Yield Municipal Bond Fund | 0.95% | 1.71% | 5.76% | 8.26% | -14.85% | 7.86% | 6.49% | 11.52% | 1.58% | 10.15% |
DMTFX Delaware Tax Free USA Fund | 0.93% | 2.13% | 3.17% | 10.72% | -16.20% | 5.19% | 8.85% | 8.97% | 0.29% | 7.19% |
Correlation
The correlation between CXHYX and DMTFX is 0.88, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.88 |
Correlation (3Y) Balances recent behavior with more history. | 0.94 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.95 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.92 |
Correlation (All Time) Calculated using the full available price history since Jun 20, 1996 | 0.85 |
The correlation between CXHYX and DMTFX has been stable across timeframes, ranging from 0.85 to 0.95 - a consistent structural relationship.
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Return for Risk
CXHYX vs. DMTFX — Risk / Return Rank
CXHYX
DMTFX
CXHYX vs. DMTFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Delaware National High-Yield Municipal Bond Fund (CXHYX) and Delaware Tax Free USA Fund (DMTFX). 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 | DMTFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.42 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.19 | 2.22 | -0.03 |
| Martin ratioReturn relative to average drawdown | 7.88 | 7.32 | +0.56 |
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Drawdowns
CXHYX vs. DMTFX - Drawdown Comparison
The maximum CXHYX drawdown since its inception was -21.82%, roughly equal to the maximum DMTFX drawdown of -21.92%. Use the drawdown chart below to compare losses from any high point for CXHYX and DMTFX.
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Drawdown Indicators
| CXHYX | DMTFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.82% | -21.92% | +0.10% |
Max Drawdown (1Y)Largest decline over 1 year | -3.16% | -3.60% | +0.44% |
Max Drawdown (3Y)Largest decline over 3 years | -8.33% | -9.62% | +1.29% |
Max Drawdown (5Y)Largest decline over 5 years | -20.11% | -21.92% | +1.81% |
Max Drawdown (10Y)Largest decline over 10 years | -20.11% | -21.92% | +1.81% |
Current DrawdownCurrent decline from peak | -2.35% | -2.53% | +0.18% |
Average DrawdownAverage peak-to-trough decline | -2.57% | -2.54% | -0.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 1.09% | -0.21% |
Volatility
CXHYX vs. DMTFX - Volatility Comparison
Delaware National High-Yield Municipal Bond Fund (CXHYX) and Delaware Tax Free USA Fund (DMTFX) have volatilities of 1.14% and 1.17%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CXHYX | DMTFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 1.17% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 3.02% | 3.05% | -0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.98% | 4.09% | -0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.10% | 6.63% | -0.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.81% | 6.01% | -0.20% |
CXHYX vs. DMTFX - Expense Ratio Comparison
CXHYX has a 0.85% expense ratio, which is higher than DMTFX's 0.80% expense ratio.
Dividends
CXHYX vs. DMTFX - Dividend Comparison
CXHYX's dividend yield for the trailing twelve months is around 4.69%, more than DMTFX's 3.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CXHYX Delaware National High-Yield Municipal Bond Fund | 4.69% | 6.41% | 5.43% | 3.99% | 4.94% | 3.61% | 4.42% | 5.27% | 4.92% | 4.98% | 3.87% | 3.77% |
DMTFX Delaware Tax Free USA Fund | 3.92% | 5.69% | 4.77% | 3.53% | 3.67% | 4.00% | 4.24% | 4.44% | 3.64% | 4.74% | 4.70% | 3.63% |
Frequently Asked Questions
CXHYX and DMTFX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DMTFX has higher volatility (1.17%) compared to CXHYX (1.14%). In terms of maximum drawdown, CXHYX dropped -21.82% vs DMTFX's -21.92%.
DMTFX currently has the higher Sharpe Ratio (1.96 vs 1.74), 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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