DTRIX vs. DMTFX

Last updated Jun 24, 2026

DTRIX (Delaware Limited-Term Diversified Income Fund) and DMTFX (Delaware Tax Free USA Fund) are both mutual funds - DTRIX is a Short-Term Bond fund managed by Delaware Funds, while DMTFX is a Municipal Bonds fund managed by Delaware Funds. Over the past 10 years, DTRIX returned 2.07%/yr vs 2.57%/yr for DMTFX. A 0.52 correlation means they provide meaningful diversification when combined. DTRIX charges 0.64%/yr vs 0.80%/yr for DMTFX.

Performance

DTRIX vs. DMTFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Delaware Limited-Term Diversified Income Fund (DTRIX) 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, DTRIX achieves a 0.47% return, which is significantly lower than DMTFX's 2.51% return. Over the past 10 years, DTRIX has underperformed DMTFX with an annualized return of 2.07%, while DMTFX has yielded a comparatively higher 2.57% annualized return.

DTRIX

• 1D: -0.13%
• 1M: 0.22%
• YTD: 0.47%
• 6M: 0.92%
• 1Y: 3.38%
• 3Y*: 4.50%
• 5Y*: 1.97%
• 10Y*: 2.07%

DMTFX

• 1D: 0.00%
• 1M: 2.44%
• YTD: 2.51%
• 6M: 3.11%
• 1Y: 7.25%
• 3Y*: 4.20%
• 5Y*: 0.33%
• 10Y*: 2.57%

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

DTRIX vs. DMTFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DTRIX Delaware Limited-Term Diversified Income Fund	0.47%	5.13%	4.38%	4.79%	-4.25%	-0.45%	4.43%	5.51%	-1.10%	2.47%
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 DTRIX and DMTFX is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Jun 20, 1996	0.52

The correlation between DTRIX and DMTFX has been stable across timeframes, ranging from 0.51 to 0.56 - a consistent structural relationship.

Return for Risk

DTRIX vs. DMTFX — Risk / Return Rank

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

DTRIX

DTRIX Risk / Return Rank: 67
DTRIX Sharpe Ratio Rank: 42
DTRIX Sortino Ratio Rank: 69
DTRIX Omega Ratio Rank: 72
DTRIX Calmar Ratio Rank: 79
DTRIX Martin Ratio Rank: 74

DMTFX

DMTFX Risk / Return Rank: 44
DMTFX Sharpe Ratio Rank: 44
DMTFX Sortino Ratio Rank: 52
DMTFX Omega Ratio Rank: 60
DMTFX Calmar Ratio Rank: 34
DMTFX Martin Ratio Rank: 27

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.

DTRIX vs. DMTFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Delaware Limited-Term Diversified Income Fund (DTRIX) 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.

	DTRIX	DMTFX	Difference
Sharpe ratio: Return per unit of total volatility	1.75	1.80	-0.05
Sortino ratio: Return per unit of downside risk	3.15	2.80	+0.35
Omega ratio: Gain probability vs. loss probability	1.43	1.39	+0.04
Calmar ratio: Return relative to maximum drawdown	3.38	2.06	+1.32
Martin ratio: Return relative to average drawdown	13.12	6.04	+7.08

DTRIX vs. DMTFX - Sharpe Ratio Comparison

The current DTRIX Sharpe Ratio is 1.75, which is comparable to the DMTFX Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of DTRIX 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.

Drawdowns

DTRIX vs. DMTFX - Drawdown Comparison

The maximum DTRIX drawdown since its inception was -7.03%, smaller than the maximum DMTFX drawdown of -21.92%. Use the drawdown chart below to compare losses from any high point for DTRIX and DMTFX.

Drawdown Indicators

	DTRIX	DMTFX	Difference
Max Drawdown Largest peak-to-trough decline	-7.03%	-21.92%	+14.89%
Max Drawdown (1Y) Largest decline over 1 year	-1.01%	-3.60%	+2.59%
Max Drawdown (3Y) Largest decline over 3 years	-1.01%	-11.32%	+10.31%
Max Drawdown (5Y) Largest decline over 5 years	-7.03%	-21.92%	+14.89%
Max Drawdown (10Y) Largest decline over 10 years	-7.03%	-21.92%	+14.89%
Current Drawdown Current decline from peak	-0.38%	0.00%	-0.38%
Average Drawdown Average peak-to-trough decline	-0.99%	-2.55%	+1.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	1.22%	-0.96%

Volatility

DTRIX vs. DMTFX - Volatility Comparison

The current volatility for Delaware Limited-Term Diversified Income Fund (DTRIX) is 0.76%, while Delaware Tax Free USA Fund (DMTFX) has a volatility of 0.98%. This indicates that DTRIX experiences smaller price fluctuations and is considered to be less risky than DMTFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DTRIX	DMTFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.76%	0.98%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	1.41%	2.86%	-1.45%
Volatility (1Y) Calculated over the trailing 1-year period	1.95%	4.12%	-2.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.33%	6.61%	-4.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.10%	6.00%	-3.90%

DTRIX vs. DMTFX - Expense Ratio Comparison

DTRIX has a 0.64% expense ratio, which is lower than DMTFX's 0.80% expense ratio.

Dividends

DTRIX vs. DMTFX - Dividend Comparison

DTRIX's dividend yield for the trailing twelve months is around 3.98%, less 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%
DTRIX Delaware Limited-Term Diversified Income Fund	3.98%	3.97%	3.88%	3.09%	2.46%	1.84%	2.27%	3.76%	2.79%	2.68%	1.65%	1.70%

Frequently Asked Questions

Can I hold both DTRIX and DMTFX in my portfolio?

DTRIX and DMTFX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DTRIX or DMTFX?

DMTFX has higher volatility (0.98%) compared to DTRIX (0.76%). In terms of maximum drawdown, DTRIX dropped -7.03% vs DMTFX's -21.92%.

Which has better risk-adjusted returns?

DMTFX currently has the higher Sharpe Ratio (1.80 vs 1.75), 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.