DGCIX vs. DMTFX

Last updated Jun 4, 2026

DGCIX (Delaware Corporate Bond Fund) and DMTFX (Delaware Tax Free USA Fund) are both mutual funds - DGCIX is a Corporate Bonds fund managed by Delaware Funds, while DMTFX is a Municipal Bonds fund managed by Delaware Funds. Over the past 10 years, DGCIX returned 3.03%/yr vs 2.68%/yr for DMTFX. A 0.57 correlation means they provide meaningful diversification when combined. DGCIX charges 0.57%/yr vs 0.80%/yr for DMTFX.

Performance

DGCIX vs. DMTFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Delaware Corporate Bond Fund (DGCIX) and Delaware Tax Free USA Fund (DMTFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DGCIX achieves a 0.90% return, which is significantly lower than DMTFX's 2.21% return. Over the past 10 years, DGCIX has outperformed DMTFX with an annualized return of 3.03%, while DMTFX has yielded a comparatively lower 2.68% annualized return.

DGCIX

• 1D: 0.07%
• 1M: 1.08%
• YTD: 0.90%
• 6M: 0.85%
• 1Y: 6.24%
• 3Y*: 5.20%
• 5Y*: 0.17%
• 10Y*: 3.03%

DMTFX

• 1D: 0.30%
• 1M: 1.33%
• YTD: 2.21%
• 6M: 2.40%
• 1Y: 7.59%
• 3Y*: 4.54%
• 5Y*: 0.35%
• 10Y*: 2.68%

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

DGCIX vs. DMTFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DGCIX Delaware Corporate Bond Fund	0.90%	6.89%	2.81%	7.08%	-16.87%	-0.65%	11.99%	17.38%	-3.78%	7.91%
DMTFX Delaware Tax Free USA Fund	2.21%	2.13%	3.17%	10.72%	-16.20%	5.19%	8.85%	8.97%	0.29%	7.19%

Correlation

The correlation between DGCIX and DMTFX is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.53
Correlation (All Time) Calculated using the full available price history since Sep 16, 1998	0.57

The correlation between DGCIX and DMTFX shifts across timeframes, from 0.53 (10 years) to 0.66 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

DGCIX vs. DMTFX — Risk / Return Rank

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

DGCIX

DGCIX Risk / Return Rank: 26
DGCIX Sharpe Ratio Rank: 26
DGCIX Sortino Ratio Rank: 27
DGCIX Omega Ratio Rank: 25
DGCIX Calmar Ratio Rank: 26
DGCIX Martin Ratio Rank: 27

DMTFX

DMTFX Risk / Return Rank: 40
DMTFX Sharpe Ratio Rank: 41
DMTFX Sortino Ratio Rank: 47
DMTFX Omega Ratio Rank: 54
DMTFX Calmar Ratio Rank: 32
DMTFX Martin Ratio Rank: 25

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.

DGCIX vs. DMTFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Delaware Corporate Bond Fund (DGCIX) and Delaware Tax Free USA Fund (DMTFX). 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.

	DGCIX	DMTFX	Difference
Sharpe ratio Return per unit of total volatility	1.47	1.86	-0.38
Sortino ratio Return per unit of downside risk	2.18	2.88	-0.71
Omega ratio Gain probability vs. loss probability	1.26	1.40	-0.14
Calmar ratio Return relative to maximum drawdown	1.88	2.13	-0.25
Martin ratio Return relative to average drawdown	6.47	6.22	+0.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DGCIX vs. DMTFX - Sharpe Ratio Comparison

The current DGCIX Sharpe Ratio is 1.47, which is comparable to the DMTFX Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of DGCIX and DMTFX, 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

	DGCIX	DMTFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.47	1.86	-0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	0.05	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.45	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	0.97	+0.01

Drawdowns

DGCIX vs. DMTFX - Drawdown Comparison

The maximum DGCIX drawdown since its inception was -22.98%, roughly equal to the maximum DMTFX drawdown of -21.92%. Use the drawdown chart below to compare losses from any high point for DGCIX and DMTFX.

Drawdown Indicators

	DGCIX	DMTFX	Difference
Max Drawdown Largest peak-to-trough decline	-22.98%	-21.92%	-1.06%
Max Drawdown (1Y) Largest decline over 1 year	-3.42%	-3.60%	+0.18%
Max Drawdown (3Y) Largest decline over 3 years	-6.37%	-11.32%	+4.95%
Max Drawdown (5Y) Largest decline over 5 years	-22.98%	-21.92%	-1.06%
Max Drawdown (10Y) Largest decline over 10 years	-22.98%	-21.92%	-1.06%
Current Drawdown Current decline from peak	-2.81%	-0.25%	-2.56%
Average Drawdown Average peak-to-trough decline	-3.48%	-2.55%	-0.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.99%	1.23%	-0.24%

Volatility

DGCIX vs. DMTFX - Volatility Comparison

Delaware Corporate Bond Fund (DGCIX) and Delaware Tax Free USA Fund (DMTFX) have volatilities of 1.50% and 1.48%, 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.

Volatility by Period

	DGCIX	DMTFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.50%	1.48%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	3.26%	2.89%	+0.37%
Volatility (1Y) Calculated over the trailing 1-year period	4.39%	4.16%	+0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.47%	6.61%	-0.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.03%	6.00%	+0.03%

DGCIX vs. DMTFX - Expense Ratio Comparison

DGCIX has a 0.57% expense ratio, which is lower than DMTFX's 0.80% expense ratio.

Dividends

DGCIX vs. DMTFX - Dividend Comparison

DGCIX's dividend yield for the trailing twelve months is around 5.10%, more than DMTFX's 4.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGCIX Delaware Corporate Bond Fund	5.10%	5.06%	4.84%	3.78%	3.81%	4.56%	3.72%	4.54%	4.18%	4.11%	3.63%	4.17%
DMTFX Delaware Tax Free USA Fund	4.26%	5.69%	4.77%	3.53%	3.67%	4.00%	4.24%	4.44%	3.64%	4.74%	4.70%	3.63%

Frequently Asked Questions

Can I hold both DGCIX and DMTFX in my portfolio?

DGCIX and DMTFX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DGCIX or DMTFX?

DGCIX has higher volatility (1.50%) compared to DMTFX (1.48%). In terms of maximum drawdown, DGCIX dropped -22.98% vs DMTFX's -21.92%.

Which has better risk-adjusted returns?

DMTFX currently has the higher Sharpe Ratio (1.86 vs 1.47), 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.