DEEIX vs. DEFFX

Last updated Jun 4, 2026

DEEIX (Delaware Extended Duration Bond Fund) and DEFFX (Delaware Tax-Free Minnesota Fund) are both mutual funds - DEEIX is a Long-Term Bond fund managed by Delaware Funds by Macquarie, while DEFFX is a Municipal Bonds fund managed by Delaware Funds by Macquarie. Over the past 10 years, DEEIX returned 2.04%/yr vs 2.09%/yr for DEFFX. A 0.55 correlation means they provide meaningful diversification when combined. DEEIX charges 0.57%/yr vs 0.85%/yr for DEFFX.

Performance

DEEIX vs. DEFFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Delaware Extended Duration Bond Fund (DEEIX) and Delaware Tax-Free Minnesota Fund (DEFFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DEEIX achieves a 1.29% return, which is significantly lower than DEFFX's 2.09% return. Both investments have delivered pretty close results over the past 10 years, with DEEIX having a 2.04% annualized return and DEFFX not far ahead at 2.09%.

DEEIX

• 1D: 0.07%
• 1M: 2.05%
• YTD: 1.29%
• 6M: 0.60%
• 1Y: 8.06%
• 3Y*: 4.07%
• 5Y*: -2.11%
• 10Y*: 2.04%

DEFFX

• 1D: 0.18%
• 1M: 1.04%
• YTD: 2.09%
• 6M: 2.59%
• 1Y: 9.00%
• 3Y*: 4.15%
• 5Y*: 0.91%
• 10Y*: 2.09%

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

DEEIX vs. DEFFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DEEIX Delaware Extended Duration Bond Fund	1.29%	6.26%	-1.29%	9.21%	-26.47%	-0.70%	15.17%	22.02%	-7.69%	12.61%
DEFFX Delaware Tax-Free Minnesota Fund	2.09%	4.51%	3.36%	4.20%	-9.79%	2.13%	4.02%	7.35%	0.89%	5.36%

Correlation

The correlation between DEEIX and DEFFX is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Sep 16, 1998	0.55

The correlation between DEEIX and DEFFX has been stable across timeframes, ranging from 0.49 to 0.59 - a consistent structural relationship.

Return for Risk

DEEIX vs. DEFFX — Risk / Return Rank

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

DEEIX

DEEIX Risk / Return Rank: 16
DEEIX Sharpe Ratio Rank: 15
DEEIX Sortino Ratio Rank: 16
DEEIX Omega Ratio Rank: 14
DEEIX Calmar Ratio Rank: 20
DEEIX Martin Ratio Rank: 15

DEFFX

DEFFX Risk / Return Rank: 66
DEFFX Sharpe Ratio Rank: 76
DEFFX Sortino Ratio Rank: 82
DEFFX Omega Ratio Rank: 87
DEFFX Calmar Ratio Rank: 42
DEFFX Martin Ratio Rank: 41

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.

DEEIX vs. DEFFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Delaware Extended Duration Bond Fund (DEEIX) and Delaware Tax-Free Minnesota Fund (DEFFX). 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.

	DEEIX	DEFFX	Difference
Sharpe ratio: Return per unit of total volatility	1.11	2.55	-1.44
Sortino ratio: Return per unit of downside risk	1.63	3.89	-2.26
Omega ratio: Gain probability vs. loss probability	1.19	1.61	-0.42
Calmar ratio: Return relative to maximum drawdown	1.64	2.48	-0.83
Martin ratio: Return relative to average drawdown	4.23	8.79	-4.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DEEIX vs. DEFFX - Sharpe Ratio Comparison

The current DEEIX Sharpe Ratio is 1.11, which is lower than the DEFFX Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of DEEIX and DEFFX, 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

	DEEIX	DEFFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.11	2.55	-1.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.18	0.19	-0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	0.48	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	1.16	-0.53

Drawdowns

DEEIX vs. DEFFX - Drawdown Comparison

The maximum DEEIX drawdown since its inception was -34.48%, which is greater than DEFFX's maximum drawdown of -14.70%. Use the drawdown chart below to compare losses from any high point for DEEIX and DEFFX.

Drawdown Indicators

	DEEIX	DEFFX	Difference
Max Drawdown Largest peak-to-trough decline	-34.48%	-14.70%	-19.78%
Max Drawdown (1Y) Largest decline over 1 year	-5.14%	-3.62%	-1.52%
Max Drawdown (3Y) Largest decline over 3 years	-12.53%	-7.31%	-5.22%
Max Drawdown (5Y) Largest decline over 5 years	-34.48%	-14.70%	-19.78%
Max Drawdown (10Y) Largest decline over 10 years	-34.48%	-14.70%	-19.78%
Current Drawdown Current decline from peak	-16.41%	-0.21%	-16.20%
Average Drawdown Average peak-to-trough decline	-6.44%	-1.81%	-4.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	1.02%	+0.97%

Volatility

DEEIX vs. DEFFX - Volatility Comparison

Delaware Extended Duration Bond Fund (DEEIX) has a higher volatility of 2.46% compared to Delaware Tax-Free Minnesota Fund (DEFFX) at 1.41%. This indicates that DEEIX's price experiences larger fluctuations and is considered to be riskier than DEFFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DEEIX	DEFFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.46%	1.41%	+1.05%
Volatility (6M) Calculated over the trailing 6-month period	5.41%	2.65%	+2.76%
Volatility (1Y) Calculated over the trailing 1-year period	7.66%	3.54%	+4.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.62%	4.71%	+6.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.60%	4.34%	+6.26%

DEEIX vs. DEFFX - Expense Ratio Comparison

DEEIX has a 0.57% expense ratio, which is lower than DEFFX's 0.85% expense ratio.

Dividends

DEEIX vs. DEFFX - Dividend Comparison

DEEIX's dividend yield for the trailing twelve months is around 5.17%, more than DEFFX's 3.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEEIX Delaware Extended Duration Bond Fund	5.17%	5.05%	4.90%	3.95%	4.35%	7.87%	10.28%	4.79%	4.56%	3.74%	3.75%	4.62%
DEFFX Delaware Tax-Free Minnesota Fund	3.61%	4.69%	3.94%	2.81%	2.59%	2.18%	2.77%	3.63%	3.51%	4.33%	3.26%	3.52%

Frequently Asked Questions

Can I hold both DEEIX and DEFFX in my portfolio?

DEEIX and DEFFX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DEEIX or DEFFX?

DEEIX has higher volatility (2.46%) compared to DEFFX (1.41%). In terms of maximum drawdown, DEEIX dropped -34.48% vs DEFFX's -14.70%.

Which has better risk-adjusted returns?

DEFFX currently has the higher Sharpe Ratio (2.55 vs 1.11), 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.