DEFFX vs. IBNAX

Last updated Jun 3, 2026

DEFFX (Delaware Tax-Free Minnesota Fund) and IBNAX (Delaware Ivy Balanced Fund) are both mutual funds - DEFFX is a Municipal Bonds fund managed by Delaware Funds by Macquarie, while IBNAX is a Diversified Portfolio fund managed by Delaware Funds by Macquarie. Over the past 10 years, DEFFX returned 2.07%/yr vs 9.16%/yr for IBNAX. At a correlation of -0.02, they often move in opposite directions. DEFFX charges 0.85%/yr vs 1.10%/yr for IBNAX.

Performance

DEFFX vs. IBNAX - Performance Comparison

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

Returns By Period

In the year-to-date period, DEFFX achieves a 1.91% return, which is significantly lower than IBNAX's 6.43% return. Over the past 10 years, DEFFX has underperformed IBNAX with an annualized return of 2.07%, while IBNAX has yielded a comparatively higher 9.16% annualized return.

DEFFX

• 1D: 0.00%
• 1M: 0.77%
• YTD: 1.91%
• 6M: 2.40%
• 1Y: 8.70%
• 3Y*: 4.09%
• 5Y*: 0.87%
• 10Y*: 2.07%

IBNAX

• 1D: -0.04%
• 1M: 1.76%
• YTD: 6.43%
• 6M: 6.37%
• 1Y: 16.73%
• 3Y*: 14.72%
• 5Y*: 7.25%
• 10Y*: 9.16%

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

DEFFX vs. IBNAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DEFFX Delaware Tax-Free Minnesota Fund	1.91%	4.51%	3.36%	4.20%	-9.79%	2.13%	4.02%	7.35%	0.89%	5.36%
IBNAX Delaware Ivy Balanced Fund	6.43%	12.17%	15.68%	16.19%	-16.41%	16.22%	14.34%	22.13%	-3.32%	11.37%

Correlation

The correlation between DEFFX and IBNAX is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (10Y) Calculated over the trailing 10-year period	0.07
Correlation (All Time) Calculated using the full available price history since Jun 21, 1996	-0.02

The correlation between DEFFX and IBNAX shifts across timeframes, from -0.02 (all time) to 0.23 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

DEFFX vs. IBNAX — Risk / Return Rank

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

DEFFX

DEFFX Risk / Return Rank: 60
DEFFX Sharpe Ratio Rank: 67
DEFFX Sortino Ratio Rank: 76
DEFFX Omega Ratio Rank: 84
DEFFX Calmar Ratio Rank: 37
DEFFX Martin Ratio Rank: 38

IBNAX

IBNAX Risk / Return Rank: 42
IBNAX Sharpe Ratio Rank: 41
IBNAX Sortino Ratio Rank: 41
IBNAX Omega Ratio Rank: 41
IBNAX Calmar Ratio Rank: 37
IBNAX Martin Ratio Rank: 48

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. IBNAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Delaware Tax-Free Minnesota Fund (DEFFX) and Delaware Ivy Balanced Fund (IBNAX). 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.

	DEFFX	IBNAX	Difference
Sharpe ratio Return per unit of total volatility	2.40	1.88	+0.52
Sortino ratio Return per unit of downside risk	3.66	2.70	+0.96
Omega ratio Gain probability vs. loss probability	1.57	1.34	+0.23
Calmar ratio Return relative to maximum drawdown	2.33	2.31	+0.02
Martin ratio Return relative to average drawdown	8.29	9.98	-1.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DEFFX vs. IBNAX - Sharpe Ratio Comparison

The current DEFFX Sharpe Ratio is 2.40, which is comparable to the IBNAX Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of DEFFX and IBNAX, 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

	DEFFX	IBNAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.40	1.88	+0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	0.36	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.55	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	1.16	0.36	+0.80

Drawdowns

DEFFX vs. IBNAX - Drawdown Comparison

The maximum DEFFX drawdown since its inception was -14.70%, smaller than the maximum IBNAX drawdown of -52.04%. Use the drawdown chart below to compare losses from any high point for DEFFX and IBNAX.

Drawdown Indicators

	DEFFX	IBNAX	Difference
Max Drawdown Largest peak-to-trough decline	-14.70%	-52.04%	+37.34%
Max Drawdown (1Y) Largest decline over 1 year	-3.62%	-7.42%	+3.80%
Max Drawdown (3Y) Largest decline over 3 years	-7.31%	-10.91%	+3.60%
Max Drawdown (5Y) Largest decline over 5 years	-14.70%	-28.04%	+13.34%
Max Drawdown (10Y) Largest decline over 10 years	-14.70%	-28.04%	+13.34%
Current Drawdown Current decline from peak	-0.39%	-0.44%	+0.05%
Average Drawdown Average peak-to-trough decline	-1.81%	-10.48%	+8.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	1.72%	-0.70%

Volatility

DEFFX vs. IBNAX - Volatility Comparison

The current volatility for Delaware Tax-Free Minnesota Fund (DEFFX) is 1.41%, while Delaware Ivy Balanced Fund (IBNAX) has a volatility of 3.04%. This indicates that DEFFX experiences smaller price fluctuations and is considered to be less risky than IBNAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DEFFX	IBNAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.41%	3.04%	-1.63%
Volatility (6M) Calculated over the trailing 6-month period	2.65%	7.46%	-4.81%
Volatility (1Y) Calculated over the trailing 1-year period	3.54%	9.13%	-5.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.71%	20.09%	-15.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.34%	16.66%	-12.32%

DEFFX vs. IBNAX - Expense Ratio Comparison

DEFFX has a 0.85% expense ratio, which is lower than IBNAX's 1.10% expense ratio.

Dividends

DEFFX vs. IBNAX - Dividend Comparison

DEFFX's dividend yield for the trailing twelve months is around 3.61%, more than IBNAX's 2.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
IBNAX Delaware Ivy Balanced Fund	2.91%	3.10%	1.86%	1.11%	26.49%	11.58%	6.76%	7.70%	11.85%	4.62%	2.31%	6.20%

Frequently Asked Questions

Can I hold both DEFFX and IBNAX in my portfolio?

DEFFX and IBNAX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DEFFX or IBNAX?

IBNAX has higher volatility (3.04%) compared to DEFFX (1.41%). In terms of maximum drawdown, DEFFX dropped -14.70% vs IBNAX's -52.04%.

Which has better risk-adjusted returns?

DEFFX currently has the higher Sharpe Ratio (2.40 vs 1.88), 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.