DEEIX vs. IPOAX

Last updated Jun 23, 2026

DEEIX (Delaware Extended Duration Bond Fund) and IPOAX (Delaware Ivy Systematic Emerging Markets Equity Fund) are both mutual funds - DEEIX is a Long-Term Bond fund managed by Delaware Funds by Macquarie, while IPOAX is a Emerging Markets Diversified fund managed by Delaware Funds by Macquarie. Over the past 10 years, DEEIX returned 2.07%/yr vs 10.67%/yr for IPOAX. At a correlation of -0.05, they often move in opposite directions. DEEIX charges 0.57%/yr vs 1.15%/yr for IPOAX.

Performance

DEEIX vs. IPOAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Delaware Extended Duration Bond Fund (DEEIX) and Delaware Ivy Systematic Emerging Markets Equity Fund (IPOAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DEEIX achieves a 1.51% return, which is significantly lower than IPOAX's 29.30% return. Over the past 10 years, DEEIX has underperformed IPOAX with an annualized return of 2.07%, while IPOAX has yielded a comparatively higher 10.67% annualized return.

DEEIX

• 1D: 0.29%
• 1M: 1.90%
• YTD: 1.51%
• 6M: 2.03%
• 1Y: 6.88%
• 3Y*: 3.88%
• 5Y*: -2.84%
• 10Y*: 2.07%

IPOAX

• 1D: 2.66%
• 1M: 7.04%
• YTD: 29.30%
• 6M: 32.17%
• 1Y: 48.61%
• 3Y*: 21.10%
• 5Y*: 5.05%
• 10Y*: 10.67%

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

DEEIX vs. IPOAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DEEIX Delaware Extended Duration Bond Fund	1.51%	6.26%	-1.29%	9.21%	-26.47%	-0.70%	15.17%	22.02%	-7.69%	12.61%
IPOAX Delaware Ivy Systematic Emerging Markets Equity Fund	29.30%	26.53%	7.71%	10.86%	-27.56%	-4.67%	35.01%	23.23%	-19.83%	42.47%

Correlation

The correlation between DEEIX and IPOAX is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.03
Correlation (All Time) Calculated using the full available price history since Sep 15, 1998	-0.05

The correlation between DEEIX and IPOAX shifts across timeframes, from -0.05 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DEEIX vs. IPOAX — Risk / Return Rank

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

DEEIX

DEEIX Risk / Return Rank: 13
DEEIX Sharpe Ratio Rank: 13
DEEIX Sortino Ratio Rank: 13
DEEIX Omega Ratio Rank: 11
DEEIX Calmar Ratio Rank: 16
DEEIX Martin Ratio Rank: 12

IPOAX

IPOAX Risk / Return Rank: 74
IPOAX Sharpe Ratio Rank: 78
IPOAX Sortino Ratio Rank: 60
IPOAX Omega Ratio Rank: 77
IPOAX Calmar Ratio Rank: 82
IPOAX Martin Ratio Rank: 72

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. IPOAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Delaware Extended Duration Bond Fund (DEEIX) and Delaware Ivy Systematic Emerging Markets Equity Fund (IPOAX). 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.

	DEEIX	IPOAX	Difference
Sharpe ratio: Return per unit of total volatility	0.92	2.37	-1.45
Sortino ratio: Return per unit of downside risk	1.37	2.98	-1.61
Omega ratio: Gain probability vs. loss probability	1.16	1.46	-0.29
Calmar ratio: Return relative to maximum drawdown	1.33	3.60	-2.26
Martin ratio: Return relative to average drawdown	3.39	12.83	-9.44

DEEIX vs. IPOAX - Sharpe Ratio Comparison

The current DEEIX Sharpe Ratio is 0.92, which is lower than the IPOAX Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of DEEIX and IPOAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DEEIX vs. IPOAX - Drawdown Comparison

The maximum DEEIX drawdown since its inception was -34.48%, smaller than the maximum IPOAX drawdown of -67.11%. Use the drawdown chart below to compare losses from any high point for DEEIX and IPOAX.

Drawdown Indicators

	DEEIX	IPOAX	Difference
Max Drawdown Largest peak-to-trough decline	-34.48%	-67.11%	+32.63%
Max Drawdown (1Y) Largest decline over 1 year	-5.14%	-13.39%	+8.25%
Max Drawdown (3Y) Largest decline over 3 years	-12.53%	-16.86%	+4.33%
Max Drawdown (5Y) Largest decline over 5 years	-34.48%	-42.52%	+8.04%
Max Drawdown (10Y) Largest decline over 10 years	-34.48%	-45.79%	+11.31%
Current Drawdown Current decline from peak	-16.23%	0.00%	-16.23%
Average Drawdown Average peak-to-trough decline	-6.46%	-23.64%	+17.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	3.75%	-1.73%

Volatility

DEEIX vs. IPOAX - Volatility Comparison

The current volatility for Delaware Extended Duration Bond Fund (DEEIX) is 1.88%, while Delaware Ivy Systematic Emerging Markets Equity Fund (IPOAX) has a volatility of 10.25%. This indicates that DEEIX experiences smaller price fluctuations and is considered to be less risky than IPOAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DEEIX	IPOAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.88%	10.25%	-8.37%
Volatility (6M) Calculated over the trailing 6-month period	5.41%	17.97%	-12.56%
Volatility (1Y) Calculated over the trailing 1-year period	7.43%	20.32%	-12.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.60%	20.39%	-8.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.60%	20.45%	-9.85%

DEEIX vs. IPOAX - Expense Ratio Comparison

DEEIX has a 0.57% expense ratio, which is lower than IPOAX's 1.15% expense ratio.

Dividends

DEEIX vs. IPOAX - Dividend Comparison

DEEIX's dividend yield for the trailing twelve months is around 5.16%, less than IPOAX's 7.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEEIX Delaware Extended Duration Bond Fund	5.16%	5.05%	4.90%	3.95%	4.35%	7.87%	10.28%	4.79%	4.56%	3.74%	3.75%	4.62%
IPOAX Delaware Ivy Systematic Emerging Markets Equity Fund	7.74%	10.01%	3.35%	3.23%	14.83%	0.55%	0.75%	0.74%	0.68%	0.00%	0.00%	0.93%

Frequently Asked Questions

Can I hold both DEEIX and IPOAX in my portfolio?

DEEIX and IPOAX have a correlation of 0.25, 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 IPOAX?

IPOAX has higher volatility (10.25%) compared to DEEIX (1.88%). In terms of maximum drawdown, DEEIX dropped -34.48% vs IPOAX's -67.11%.

Which has better risk-adjusted returns?

IPOAX currently has the higher Sharpe Ratio (2.37 vs 0.92), 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.