DPDFX vs. DMTFX
DPDFX (Delaware Diversified Income Fund) and DMTFX (Delaware Tax Free USA Fund) are both mutual funds - DPDFX is a Intermediate Core-Plus Bond fund managed by Delaware Funds, while DMTFX is a Municipal Bonds fund managed by Delaware Funds. Over the past 10 years, DPDFX returned 2.70%/yr vs 2.64%/yr for DMTFX. A 0.54 correlation means they provide meaningful diversification when combined. DPDFX charges 0.70%/yr vs 0.80%/yr for DMTFX.
Performance
DPDFX vs. DMTFX - Performance Comparison
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Returns By Period
In the year-to-date period, DPDFX achieves a 0.62% return, which is significantly lower than DMTFX's 2.51% return. Both investments have delivered pretty close results over the past 10 years, with DPDFX having a 2.70% annualized return and DMTFX not far behind at 2.64%.
DPDFX
- 1D
- 0.26%
- 1M
- 1.01%
- YTD
- 0.62%
- 6M
- 1.26%
- 1Y
- 5.37%
- 3Y*
- 4.51%
- 5Y*
- 0.64%
- 10Y*
- 2.70%
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%
DPDFX vs. DMTFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DPDFX Delaware Diversified Income Fund | 0.62% | 7.39% | 1.91% | 6.05% | -13.93% | 1.64% | 10.96% | 11.98% | -1.98% | 5.34% |
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% |
Correlation
The correlation between DPDFX and DMTFX is 0.64, 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 | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.61 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Dec 24, 1997 | 0.54 |
The correlation between DPDFX and DMTFX shifts across timeframes, from 0.54 (all time) to 0.66 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
DPDFX vs. DMTFX — Risk / Return Rank
DPDFX
DMTFX
DPDFX vs. DMTFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Delaware Diversified Income Fund (DPDFX) 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.
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.
| DPDFX | DMTFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.44 | ||
| Sortino ratioReturn per unit of downside risk | -0.74 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.39 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.93 | 2.06 | -0.13 |
| Martin ratioReturn relative to average drawdown | 5.55 | 6.04 | -0.48 |
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Drawdowns
DPDFX vs. DMTFX - Drawdown Comparison
The maximum DPDFX drawdown since its inception was -18.64%, smaller than the maximum DMTFX drawdown of -21.92%. Use the drawdown chart below to compare losses from any high point for DPDFX and DMTFX.
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Drawdown Indicators
| DPDFX | DMTFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.64% | -21.92% | +3.28% |
Max Drawdown (1Y)Largest decline over 1 year | -2.81% | -3.60% | +0.79% |
Max Drawdown (3Y)Largest decline over 3 years | -6.91% | -11.32% | +4.41% |
Max Drawdown (5Y)Largest decline over 5 years | -18.64% | -21.92% | +3.28% |
Max Drawdown (10Y)Largest decline over 10 years | -18.64% | -21.92% | +3.28% |
Current DrawdownCurrent decline from peak | -1.05% | 0.00% | -1.05% |
Average DrawdownAverage peak-to-trough decline | -2.20% | -2.55% | +0.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 1.22% | -0.25% |
Volatility
DPDFX vs. DMTFX - Volatility Comparison
Delaware Diversified Income Fund (DPDFX) has a higher volatility of 1.25% compared to Delaware Tax Free USA Fund (DMTFX) at 0.97%. This indicates that DPDFX's price experiences larger fluctuations and is considered to be riskier than DMTFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DPDFX | DMTFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.25% | 0.97% | +0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 2.91% | 2.86% | +0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.97% | 4.11% | -0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.15% | 6.61% | -0.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.05% | 6.00% | -0.95% |
DPDFX vs. DMTFX - Expense Ratio Comparison
DPDFX has a 0.70% expense ratio, which is lower than DMTFX's 0.80% expense ratio.
Dividends
DPDFX vs. DMTFX - Dividend Comparison
DPDFX's dividend yield for the trailing twelve months is around 4.34%, more than DMTFX's 4.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
DPDFX Delaware Diversified Income Fund | 4.34% | 4.34% | 4.01% | 3.57% | 3.52% | 5.95% | 3.15% | 4.28% | 4.10% | 3.70% | 3.19% | 3.55% |
Frequently Asked Questions
DPDFX and DMTFX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DPDFX has higher volatility (1.25%) compared to DMTFX (0.97%). In terms of maximum drawdown, DPDFX dropped -18.64% vs DMTFX's -21.92%.
DMTFX currently has the higher Sharpe Ratio (1.80 vs 1.37), 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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