DCCIX vs. DMTFX

Last updated Jun 4, 2026

DCCIX (Delaware Small Cap Core Fund) and DMTFX (Delaware Tax Free USA Fund) are both mutual funds - DCCIX is a Small Cap Blend Equities fund managed by Delaware Funds, while DMTFX is a Municipal Bonds fund managed by Delaware Funds. Over the past 10 years, DCCIX returned 10.22%/yr vs 2.68%/yr for DMTFX. At a correlation of -0.08, they often move in opposite directions. DCCIX charges 0.81%/yr vs 0.80%/yr for DMTFX.

Performance

DCCIX vs. DMTFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Delaware Small Cap Core Fund (DCCIX) and Delaware Tax Free USA Fund (DMTFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DCCIX achieves a 12.71% return, which is significantly higher than DMTFX's 2.21% return. Over the past 10 years, DCCIX has outperformed DMTFX with an annualized return of 10.22%, while DMTFX has yielded a comparatively lower 2.68% annualized return.

DCCIX

• 1D: 1.00%
• 1M: 2.42%
• YTD: 12.71%
• 6M: 12.79%
• 1Y: 25.08%
• 3Y*: 13.04%
• 5Y*: 5.63%
• 10Y*: 10.22%

DMTFX

• 1D: 0.30%
• 1M: 1.33%
• YTD: 2.21%
• 6M: 2.40%
• 1Y: 7.59%
• 3Y*: 4.54%
• 5Y*: 0.35%
• 10Y*: 2.68%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DCCIX vs. DMTFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DCCIX Delaware Small Cap Core Fund	12.71%	4.59%	10.27%	14.65%	-15.94%	23.23%	14.81%	26.04%	-11.82%	14.06%
DMTFX Delaware Tax Free USA Fund	2.21%	2.13%	3.17%	10.72%	-16.20%	5.19%	8.85%	8.97%	0.29%	7.19%

Correlation

The correlation between DCCIX and DMTFX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.02
Correlation (All Time) Calculated using the full available price history since Dec 29, 1998	-0.08

The correlation between DCCIX and DMTFX shifts across timeframes, from -0.08 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DCCIX vs. DMTFX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DCCIX

DCCIX Risk / Return Rank: 37
DCCIX Sharpe Ratio Rank: 32
DCCIX Sortino Ratio Rank: 33
DCCIX Omega Ratio Rank: 29
DCCIX Calmar Ratio Rank: 48
DCCIX Martin Ratio Rank: 41

DMTFX

DMTFX Risk / Return Rank: 40
DMTFX Sharpe Ratio Rank: 41
DMTFX Sortino Ratio Rank: 47
DMTFX Omega Ratio Rank: 54
DMTFX Calmar Ratio Rank: 32
DMTFX Martin Ratio Rank: 25

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DCCIX vs. DMTFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Delaware Small Cap Core Fund (DCCIX) 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.

	DCCIX	DMTFX	Difference
Sharpe ratio: Return per unit of total volatility	1.62	1.86	-0.23
Sortino ratio: Return per unit of downside risk	2.39	2.88	-0.49
Omega ratio: Gain probability vs. loss probability	1.28	1.40	-0.12
Calmar ratio: Return relative to maximum drawdown	2.63	2.13	+0.50
Martin ratio: Return relative to average drawdown	8.89	6.22	+2.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DCCIX vs. DMTFX - Sharpe Ratio Comparison

The current DCCIX Sharpe Ratio is 1.62, which is comparable to the DMTFX Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of DCCIX and DMTFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DCCIX	DMTFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.62	1.86	-0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.05	+0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.45	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.97	-0.50

Drawdowns

DCCIX vs. DMTFX - Drawdown Comparison

The maximum DCCIX drawdown since its inception was -59.44%, which is greater than DMTFX's maximum drawdown of -21.92%. Use the drawdown chart below to compare losses from any high point for DCCIX and DMTFX.

Drawdown Indicators

	DCCIX	DMTFX	Difference
Max Drawdown Largest peak-to-trough decline	-59.44%	-21.92%	-37.52%
Max Drawdown (1Y) Largest decline over 1 year	-10.35%	-3.60%	-6.75%
Max Drawdown (3Y) Largest decline over 3 years	-26.47%	-11.32%	-15.15%
Max Drawdown (5Y) Largest decline over 5 years	-26.71%	-21.92%	-4.79%
Max Drawdown (10Y) Largest decline over 10 years	-39.44%	-21.92%	-17.52%
Current Drawdown Current decline from peak	-0.78%	-0.25%	-0.53%
Average Drawdown Average peak-to-trough decline	-9.30%	-2.55%	-6.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	1.23%	+1.82%

Volatility

DCCIX vs. DMTFX - Volatility Comparison

Delaware Small Cap Core Fund (DCCIX) has a higher volatility of 4.77% compared to Delaware Tax Free USA Fund (DMTFX) at 1.48%. This indicates that DCCIX's price experiences larger fluctuations and is considered to be riskier than DMTFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DCCIX	DMTFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.77%	1.48%	+3.29%
Volatility (6M) Calculated over the trailing 6-month period	11.78%	2.89%	+8.89%
Volatility (1Y) Calculated over the trailing 1-year period	16.73%	4.16%	+12.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.00%	6.61%	+14.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.17%	6.00%	+16.17%

DCCIX vs. DMTFX - Expense Ratio Comparison

DCCIX has a 0.81% expense ratio, which is higher than DMTFX's 0.80% expense ratio.

Dividends

DCCIX vs. DMTFX - Dividend Comparison

DCCIX's dividend yield for the trailing twelve months is around 3.91%, less than DMTFX's 4.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DCCIX Delaware Small Cap Core Fund	3.91%	4.40%	1.18%	4.17%	3.82%	6.35%	0.40%	2.03%	10.74%	7.97%	1.11%	3.11%
DMTFX Delaware Tax Free USA Fund	4.26%	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

Can I hold both DCCIX and DMTFX in my portfolio?

DCCIX and DMTFX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DCCIX or DMTFX?

DCCIX has higher volatility (4.77%) compared to DMTFX (1.48%). In terms of maximum drawdown, DCCIX dropped -59.44% vs DMTFX's -21.92%.

Which has better risk-adjusted returns?

DMTFX currently has the higher Sharpe Ratio (1.86 vs 1.62), 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.