DMTFX vs. CXHYX
DMTFX (Delaware Tax Free USA Fund) and CXHYX (Delaware National High-Yield Municipal Bond Fund) are both mutual funds - DMTFX is a Municipal Bonds fund managed by Delaware Funds, while CXHYX is a High Yield Muni fund managed by Delaware Funds. Over the past 10 years, DMTFX returned 2.64%/yr vs 3.35%/yr for CXHYX. Their correlation of 0.85 suggests significant overlap in exposure. DMTFX charges 0.80%/yr vs 0.85%/yr for CXHYX.
Performance
DMTFX vs. CXHYX - Performance Comparison
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Returns By Period
In the year-to-date period, DMTFX achieves a 2.51% return, which is significantly higher than CXHYX's 2.29% return. Over the past 10 years, DMTFX has underperformed CXHYX with an annualized return of 2.64%, while CXHYX has yielded a comparatively higher 3.35% annualized return.
DMTFX
- 1D
- 0.10%
- 1M
- 2.44%
- YTD
- 2.51%
- 6M
- 3.11%
- 1Y
- 7.36%
- 3Y*
- 4.44%
- 5Y*
- 0.30%
- 10Y*
- 2.64%
CXHYX
- 1D
- 0.00%
- 1M
- 1.51%
- YTD
- 2.29%
- 6M
- 2.85%
- 1Y
- 5.67%
- 3Y*
- 4.62%
- 5Y*
- 0.76%
- 10Y*
- 3.35%
DMTFX vs. CXHYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DMTFX Delaware Tax Free USA Fund | 2.51% | 2.13% | 3.17% | 10.72% | -16.20% | 5.19% | 8.85% | 8.97% | 0.29% | 7.19% |
CXHYX Delaware National High-Yield Municipal Bond Fund | 2.29% | 1.71% | 5.76% | 8.26% | -14.85% | 7.86% | 6.49% | 11.52% | 1.58% | 10.15% |
Correlation
The correlation between DMTFX and CXHYX is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Jun 20, 1996 | 0.85 |
The correlation between DMTFX and CXHYX has been stable across timeframes, ranging from 0.85 to 0.94 - a consistent structural relationship.
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Return for Risk
DMTFX vs. CXHYX — Risk / Return Rank
DMTFX
CXHYX
DMTFX vs. CXHYX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Delaware Tax Free USA Fund (DMTFX) and Delaware National High-Yield Municipal Bond Fund (CXHYX). 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.
| DMTFX | CXHYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.39 | ||
| Sortino ratioReturn per unit of downside risk | +0.61 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.30 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.06 | 1.73 | +0.33 |
| Martin ratioReturn relative to average drawdown | 6.04 | 4.96 | +1.08 |
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Drawdowns
DMTFX vs. CXHYX - Drawdown Comparison
The maximum DMTFX drawdown since its inception was -21.92%, roughly equal to the maximum CXHYX drawdown of -21.82%. Use the drawdown chart below to compare losses from any high point for DMTFX and CXHYX.
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Drawdown Indicators
| DMTFX | CXHYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.92% | -21.82% | -0.10% |
Max Drawdown (1Y)Largest decline over 1 year | -3.60% | -3.31% | -0.29% |
Max Drawdown (3Y)Largest decline over 3 years | -11.32% | -9.55% | -1.77% |
Max Drawdown (5Y)Largest decline over 5 years | -21.92% | -20.11% | -1.81% |
Max Drawdown (10Y)Largest decline over 10 years | -21.92% | -20.11% | -1.81% |
Current DrawdownCurrent decline from peak | 0.00% | -0.41% | +0.41% |
Average DrawdownAverage peak-to-trough decline | -2.55% | -2.58% | +0.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.22% | 1.15% | +0.07% |
Volatility
DMTFX vs. CXHYX - Volatility Comparison
The current volatility for Delaware Tax Free USA Fund (DMTFX) is 0.97%, while Delaware National High-Yield Municipal Bond Fund (CXHYX) has a volatility of 1.09%. This indicates that DMTFX experiences smaller price fluctuations and is considered to be less risky than CXHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DMTFX | CXHYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.97% | 1.09% | -0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 2.86% | 2.83% | +0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.11% | 4.03% | +0.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.61% | 6.08% | +0.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.00% | 5.80% | +0.20% |
DMTFX vs. CXHYX - Expense Ratio Comparison
DMTFX has a 0.80% expense ratio, which is lower than CXHYX's 0.85% expense ratio.
Dividends
DMTFX vs. CXHYX - Dividend Comparison
DMTFX's dividend yield for the trailing twelve months is around 4.25%, less than CXHYX's 4.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CXHYX Delaware National High-Yield Municipal Bond Fund | 4.97% | 6.41% | 5.43% | 3.99% | 4.94% | 3.61% | 4.42% | 5.27% | 4.92% | 4.98% | 3.87% | 3.77% |
DMTFX Delaware Tax Free USA Fund | 4.25% | 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
DMTFX and CXHYX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CXHYX has higher volatility (1.09%) compared to DMTFX (0.97%). In terms of maximum drawdown, DMTFX dropped -21.92% vs CXHYX's -21.82%.
DMTFX currently has the higher Sharpe Ratio (1.80 vs 1.42), 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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