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DEFFX vs. APUSX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DEFFX vs. APUSX

Last updated Jul 16, 2026
Documentation

DEFFX (Delaware Tax-Free Minnesota Fund) and APUSX (Cavanal Hill Ultra Short Tax-Free Income Fund) are both Municipal Bonds funds. Over the past 5 years, DEFFX returned 0.79%/yr vs 2.12%/yr for APUSX. At a 0.26 correlation, their price movements are largely independent. DEFFX charges 0.85%/yr vs 0.60%/yr for APUSX.

Performance

DEFFX vs. APUSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Delaware Tax-Free Minnesota Fund (DEFFX) and Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, DEFFX achieves a 2.31% return, which is significantly higher than APUSX's 1.00% return.

DEFFX

1D
0.00%
1M
0.30%
6M
1.85%
YTD
2.31%
1Y
8.89%
3Y*
4.23%
5Y*
0.79%
10Y*
2.00%

APUSX

1D
0.00%
1M
0.18%
6M
1.00%
YTD
1.00%
1Y
2.33%
3Y*
3.31%
5Y*
2.12%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

DEFFX vs. APUSX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
DEFFX
Delaware Tax-Free Minnesota Fund		2.31%4.51%3.36%4.20%-9.79%2.13%4.02%
APUSX
Cavanal Hill Ultra Short Tax-Free Income Fund		1.00%3.88%3.65%2.63%-0.18%-0.40%0.15%

Correlation

The correlation between DEFFX and APUSX is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.29

Correlation (3Y)
Calculated over the trailing 3-year period

0.21

Correlation (5Y)
Calculated over the trailing 5-year period

0.27

Correlation (All Time)
Calculated using the full available price history since Jan 2, 2020

0.26

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Delaware Tax-Free Minnesota Fund

Cavanal Hill Ultra Short Tax-Free Income Fund

Often compared with DEFFX:
DEFFX vs. DVMHXDEFFX vs. DDFLXDEFFX vs. IPOAXDEFFX vs. IBNAXDEFFX vs. IVINXDEFFX vs. DEGGXDEFFX vs. NMI
Often compared with APUSX:
APUSX vs. ALTHXAPUSX vs. CBTAXAPUSX vs. APBDXAPUSX vs. MYIAPUSX vs. APSTXAPUSX vs. COLTXAPUSX vs. APENX

Return for Risk

DEFFX vs. APUSX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DEFFX
DEFFX Risk / Return Rank: 7979
Overall Rank
DEFFX Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
DEFFX Sortino Ratio Rank: 9191
Sortino Ratio Rank
DEFFX Omega Ratio Rank: 9292
Omega Ratio Rank
DEFFX Calmar Ratio Rank: 6262
Calmar Ratio Rank
DEFFX Martin Ratio Rank: 5858
Martin Ratio Rank
APUSX
APUSX Risk / Return Rank: 2020
Overall Rank
APUSX Sharpe Ratio Rank: 55
Sharpe Ratio Rank
APUSX Sortino Ratio Rank: 55
Sortino Ratio Rank
APUSX Omega Ratio Rank: 6464
Omega Ratio Rank
APUSX Calmar Ratio Rank: 55
Calmar Ratio Rank
APUSX Martin Ratio Rank: 2020
Martin Ratio Rank
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.

DEFFX vs. APUSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Delaware Tax-Free Minnesota Fund (DEFFX) and Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX). 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.

DEFFXAPUSXDifference
Sharpe ratioReturn per unit of total volatility
2.50
0.15

+2.35

Sortino ratioReturn per unit of downside risk
3.80
0.34

+3.46

Omega ratioGain probability vs. loss probability

1.60

1.32

+0.28

Calmar ratioReturn relative to maximum drawdown

2.39

0.23

+2.17

Martin ratioReturn relative to average drawdown

9.00

3.58

+5.41

DEFFX vs. APUSX - Sharpe Ratio Comparison

The current DEFFX Sharpe Ratio is 2.50, which is higher than the APUSX Sharpe Ratio of 0.15. The chart below compares the historical Sharpe Ratios of DEFFX and APUSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

DEFFX vs. APUSX - Drawdown Comparison

The maximum DEFFX drawdown since its inception was -14.70%, which is greater than APUSX's maximum drawdown of -10.36%. Use the drawdown chart below to compare losses from any high point for DEFFX and APUSX.

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Drawdown Indicators

DEFFXAPUSXDifference

Max Drawdown

Largest peak-to-trough decline

-14.70%

-10.36%

-4.34%

Max Drawdown (1Y)

Largest decline over 1 year

-3.62%

-10.36%

+6.74%

Max Drawdown (3Y)

Largest decline over 3 years

-7.29%

-10.36%

+3.07%

Max Drawdown (5Y)

Largest decline over 5 years

-14.70%

-10.36%

-4.34%

Max Drawdown (10Y)

Largest decline over 10 years

-14.70%

—

—

Current Drawdown

Current decline from peak

-0.62%

0.00%

-0.62%

Average Drawdown

Average peak-to-trough decline

-1.80%

-0.29%

-1.51%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.97%

0.65%

+0.32%

Volatility

DEFFX vs. APUSX - Volatility Comparison

The current volatility for Delaware Tax-Free Minnesota Fund (DEFFX) is 0.66%, while Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX) has a volatility of 15.98%. This indicates that DEFFX experiences smaller price fluctuations and is considered to be less risky than APUSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DEFFXAPUSXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.66%

15.98%

-15.32%

Volatility (6M)

Calculated over the trailing 6-month period

2.67%

15.66%

-12.99%

Volatility (1Y)

Calculated over the trailing 1-year period

3.47%

15.75%

-12.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.71%

7.14%

-2.43%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.33%

6.25%

-1.92%

DEFFX vs. APUSX - Expense Ratio Comparison

DEFFX has a 0.85% expense ratio, which is higher than APUSX's 0.60% expense ratio.

Dividends

DEFFX vs. APUSX - Dividend Comparison

DEFFX's dividend yield for the trailing twelve months is around 3.62%, more than APUSX's 2.40% yield.

PositionTTM20252024202320222021202020192018201720162015
APUSX
Cavanal Hill Ultra Short Tax-Free Income Fund		2.40%3.69%3.68%1.69%0.33%0.00%0.25%0.00%0.00%0.00%0.00%0.00%
DEFFX
Delaware Tax-Free Minnesota Fund		3.62%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

DEFFX and APUSX have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

APUSX has higher volatility (15.98%) compared to DEFFX (0.66%). In terms of maximum drawdown, DEFFX dropped -14.70% vs APUSX's -10.36%.

DEFFX currently has the higher Sharpe Ratio (2.50 vs 0.15), 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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