DEFFX vs. DVMHX
DEFFX (Delaware Tax-Free Minnesota Fund) and DVMHX (Delaware Minnesota High-Yield Municipal Bond Fund) are both Municipal Bonds funds from Delaware Funds. Over the past 10 years, DEFFX returned 1.78%/yr vs 2.24%/yr for DVMHX. Their correlation of 0.89 means they have usually moved in the same direction. DEFFX charges 0.85%/yr vs 0.88%/yr for DVMHX.
Performance
DEFFX vs. DVMHX - Performance Comparison
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Returns By Period
In the year-to-date period, DEFFX achieves a 0.29% return, which is significantly lower than DVMHX's 0.97% return. Over the past 10 years, DEFFX has underperformed DVMHX with an annualized return of 1.78%, while DVMHX has yielded a comparatively higher 2.24% annualized return.
DEFFX
- 1D
- -0.36%
- 1M
- -2.58%
- 6M
- -0.37%
- YTD
- 0.29%
- 1Y
- 6.42%
- 3Y*
- 3.49%
- 5Y*
- 0.34%
- 10Y*
- 1.78%
- ALL TIME*
- 3.99%
DVMHX
- 1D
- -0.50%
- 1M
- -2.47%
- 6M
- 0.24%
- YTD
- 0.97%
- 1Y
- 7.37%
- 3Y*
- 4.33%
- 5Y*
- 0.76%
- 10Y*
- 2.24%
- ALL TIME*
- 4.19%
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 |
DEFFX vs. DVMHX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DEFFX Delaware Tax-Free Minnesota Fund | 0.29% | 4.51% | 3.36% | 4.20% | -9.79% | 2.13% | 4.02% | 7.35% | 0.89% | 5.36% |
DVMHX Delaware Minnesota High-Yield Municipal Bond Fund | 0.97% | 4.22% | 5.10% | 5.24% | -10.69% | 3.07% | 3.95% | 8.74% | 0.79% | 5.97% |
Correlation
The correlation between DEFFX and DVMHX is 0.94, 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. | 0.94 |
Correlation (3Y) Balances recent behavior with more history. | 0.95 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.94 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.91 |
Correlation (All Time) Calculated using the full available price history since Jun 20, 1996 | 0.89 |
The correlation between DEFFX and DVMHX has been stable across timeframes, ranging from 0.89 to 0.95 - a consistent structural relationship.
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Return for Risk
DEFFX vs. DVMHX — Risk / Return Rank
DEFFX
DVMHX
DEFFX vs. DVMHX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Delaware Tax-Free Minnesota Fund (DEFFX) and Delaware Minnesota High-Yield Municipal Bond Fund (DVMHX). 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.
| DEFFX | DVMHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.54 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.08 | 2.42 | -0.34 |
| Martin ratioReturn relative to average drawdown | 7.26 | 8.91 | -1.66 |
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Drawdowns
DEFFX vs. DVMHX - Drawdown Comparison
The maximum DEFFX drawdown since its inception was -14.70%, smaller than the maximum DVMHX drawdown of -15.73%. Use the drawdown chart below to compare losses from any high point for DEFFX and DVMHX.
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Drawdown Indicators
| DEFFX | DVMHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.70% | -15.73% | +1.03% |
Max Drawdown (1Y)Largest decline over 1 year | -3.62% | -3.55% | -0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -6.80% | -7.12% | +0.32% |
Max Drawdown (5Y)Largest decline over 5 years | -14.70% | -15.56% | +0.86% |
Max Drawdown (10Y)Largest decline over 10 years | -14.70% | -15.56% | +0.86% |
Current DrawdownCurrent decline from peak | -2.58% | -2.47% | -0.11% |
Average DrawdownAverage peak-to-trough decline | -1.80% | -1.96% | +0.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.03% | 0.96% | +0.07% |
Volatility
DEFFX vs. DVMHX - Volatility Comparison
Delaware Tax-Free Minnesota Fund (DEFFX) and Delaware Minnesota High-Yield Municipal Bond Fund (DVMHX) have volatilities of 1.16% and 1.13%, 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
| DEFFX | DVMHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 1.13% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 2.87% | 2.93% | -0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.60% | 3.76% | -0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.74% | 5.05% | -0.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.34% | 4.69% | -0.35% |
DEFFX vs. DVMHX - Expense Ratio Comparison
DEFFX has a 0.85% expense ratio, which is lower than DVMHX's 0.88% expense ratio.
Dividends
DEFFX vs. DVMHX - Dividend Comparison
DEFFX's dividend yield for the trailing twelve months is around 3.39%, less than DVMHX's 3.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DEFFX Delaware Tax-Free Minnesota Fund | 3.39% | 4.69% | 3.94% | 2.81% | 2.59% | 2.18% | 2.77% | 3.63% | 3.51% | 4.33% | 3.26% | 3.52% |
DVMHX Delaware Minnesota High-Yield Municipal Bond Fund | 3.51% | 4.95% | 4.17% | 3.12% | 2.98% | 2.40% | 2.99% | 3.70% | 3.21% | 3.34% | 3.29% | 3.47% |
Frequently Asked Questions
With a correlation of 0.94, DEFFX and DVMHX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
DEFFX has higher volatility (1.16%) compared to DVMHX (1.13%). In terms of maximum drawdown, DEFFX dropped -14.70% vs DVMHX's -15.73%.
DVMHX currently has the higher Sharpe Ratio (2.29 vs 2.09), 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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