DMTFX vs. IRSAX

Last updated Jun 4, 2026

DMTFX (Delaware Tax Free USA Fund) and IRSAX (Delaware Ivy Securian Real Estate Securities Fund) are both mutual funds - DMTFX is a Municipal Bonds fund managed by Delaware Funds, while IRSAX is a REIT fund managed by Delaware Funds. Over the past 10 years, DMTFX returned 2.68%/yr vs 7.55%/yr for IRSAX. At a 0.03 correlation, their price movements are largely independent. DMTFX charges 0.80%/yr vs 1.20%/yr for IRSAX.

Performance

DMTFX vs. IRSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Delaware Tax Free USA Fund (DMTFX) and Delaware Ivy Securian Real Estate Securities Fund (IRSAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DMTFX achieves a 2.21% return, which is significantly lower than IRSAX's 11.86% return. Over the past 10 years, DMTFX has underperformed IRSAX with an annualized return of 2.68%, while IRSAX has yielded a comparatively higher 7.55% annualized return.

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%

IRSAX

• 1D: 0.35%
• 1M: -1.11%
• YTD: 11.86%
• 6M: 11.88%
• 1Y: 17.88%
• 3Y*: 16.90%
• 5Y*: 7.27%
• 10Y*: 7.55%

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

DMTFX vs. IRSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
IRSAX Delaware Ivy Securian Real Estate Securities Fund	11.86%	7.28%	23.62%	9.53%	-25.47%	43.57%	-3.51%	24.13%	-5.69%	5.29%

Correlation

The correlation between DMTFX and IRSAX is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (10Y) Calculated over the trailing 10-year period	0.17
Correlation (All Time) Calculated using the full available price history since Feb 26, 1999	0.03

Over the past year, DMTFX and IRSAX have become more correlated (0.32) than their long-term average of 0.03, meaning their price movements have been converging.

Return for Risk

DMTFX vs. IRSAX — Risk / Return Rank

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

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

IRSAX

IRSAX Risk / Return Rank: 26
IRSAX Sharpe Ratio Rank: 22
IRSAX Sortino Ratio Rank: 19
IRSAX Omega Ratio Rank: 20
IRSAX Calmar Ratio Rank: 33
IRSAX Martin Ratio Rank: 36

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.

DMTFX vs. IRSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Delaware Tax Free USA Fund (DMTFX) and Delaware Ivy Securian Real Estate Securities Fund (IRSAX). 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.

	DMTFX	IRSAX	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.34	+0.52
Sortino ratio: Return per unit of downside risk	2.88	1.84	+1.04
Omega ratio: Gain probability vs. loss probability	1.40	1.23	+0.17
Calmar ratio: Return relative to maximum drawdown	2.13	2.15	-0.02
Martin ratio: Return relative to average drawdown	6.22	7.99	-1.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DMTFX vs. IRSAX - Sharpe Ratio Comparison

The current DMTFX Sharpe Ratio is 1.86, which is higher than the IRSAX Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of DMTFX and IRSAX, 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

	DMTFX	IRSAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	1.34	+0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.05	0.26	-0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.30	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.97	0.31	+0.66

Drawdowns

DMTFX vs. IRSAX - Drawdown Comparison

The maximum DMTFX drawdown since its inception was -21.92%, smaller than the maximum IRSAX drawdown of -72.03%. Use the drawdown chart below to compare losses from any high point for DMTFX and IRSAX.

Drawdown Indicators

	DMTFX	IRSAX	Difference
Max Drawdown Largest peak-to-trough decline	-21.92%	-72.03%	+50.11%
Max Drawdown (1Y) Largest decline over 1 year	-3.60%	-8.04%	+4.44%
Max Drawdown (3Y) Largest decline over 3 years	-11.32%	-16.26%	+4.94%
Max Drawdown (5Y) Largest decline over 5 years	-21.92%	-37.56%	+15.64%
Max Drawdown (10Y) Largest decline over 10 years	-21.92%	-40.71%	+18.79%
Current Drawdown Current decline from peak	-0.25%	-3.39%	+3.14%
Average Drawdown Average peak-to-trough decline	-2.55%	-13.24%	+10.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.23%	2.16%	-0.93%

Volatility

DMTFX vs. IRSAX - Volatility Comparison

The current volatility for Delaware Tax Free USA Fund (DMTFX) is 1.48%, while Delaware Ivy Securian Real Estate Securities Fund (IRSAX) has a volatility of 3.83%. This indicates that DMTFX experiences smaller price fluctuations and is considered to be less risky than IRSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DMTFX	IRSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.48%	3.83%	-2.35%
Volatility (6M) Calculated over the trailing 6-month period	2.89%	9.46%	-6.57%
Volatility (1Y) Calculated over the trailing 1-year period	4.16%	12.91%	-8.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.61%	28.57%	-21.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.00%	25.61%	-19.61%

DMTFX vs. IRSAX - Expense Ratio Comparison

DMTFX has a 0.80% expense ratio, which is lower than IRSAX's 1.20% expense ratio.

Dividends

DMTFX vs. IRSAX - Dividend Comparison

DMTFX's dividend yield for the trailing twelve months is around 4.26%, less than IRSAX's 22.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
IRSAX Delaware Ivy Securian Real Estate Securities Fund	22.17%	24.77%	29.95%	9.61%	34.76%	13.03%	1.81%	9.69%	7.51%	12.71%	10.34%	5.88%

Frequently Asked Questions

Can I hold both DMTFX and IRSAX in my portfolio?

DMTFX and IRSAX have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DMTFX or IRSAX?

IRSAX has higher volatility (3.83%) compared to DMTFX (1.48%). In terms of maximum drawdown, DMTFX dropped -21.92% vs IRSAX's -72.03%.

Which has better risk-adjusted returns?

DMTFX currently has the higher Sharpe Ratio (1.86 vs 1.34), 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.