DVMHX vs. DEFFX
DVMHX (Delaware Minnesota High-Yield Municipal Bond Fund) and DEFFX (Delaware Tax-Free Minnesota Fund) are both Municipal Bonds funds from Delaware Funds by Macquarie. Over the past 10 years, DVMHX returned 2.41%/yr vs 1.97%/yr for DEFFX. Their correlation of 0.89 suggests significant overlap in exposure. DVMHX charges 0.88%/yr vs 0.85%/yr for DEFFX.
Performance
DVMHX vs. DEFFX - Performance Comparison
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Returns By Period
In the year-to-date period, DVMHX achieves a 2.71% return, which is significantly higher than DEFFX's 2.18% return. Over the past 10 years, DVMHX has outperformed DEFFX with an annualized return of 2.41%, while DEFFX has yielded a comparatively lower 1.97% annualized return.
DVMHX
- 1D
- 0.00%
- 1M
- 2.25%
- YTD
- 2.71%
- 6M
- 3.15%
- 1Y
- 9.03%
- 3Y*
- 4.88%
- 5Y*
- 1.31%
- 10Y*
- 2.41%
DEFFX
- 1D
- -0.09%
- 1M
- 2.14%
- YTD
- 2.18%
- 6M
- 2.59%
- 1Y
- 8.38%
- 3Y*
- 4.03%
- 5Y*
- 0.91%
- 10Y*
- 1.97%
DVMHX vs. DEFFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DVMHX Delaware Minnesota High-Yield Municipal Bond Fund | 2.71% | 4.22% | 5.10% | 5.24% | -10.69% | 3.07% | 3.95% | 8.74% | 0.79% | 5.97% |
DEFFX Delaware Tax-Free Minnesota Fund | 2.18% | 4.51% | 3.36% | 4.20% | -9.79% | 2.13% | 4.02% | 7.35% | 0.89% | 5.36% |
Correlation
The correlation between DVMHX and DEFFX is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Jun 20, 1996 | 0.89 |
The correlation between DVMHX and DEFFX has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.
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Return for Risk
DVMHX vs. DEFFX — Risk / Return Rank
DVMHX
DEFFX
DVMHX vs. DEFFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Delaware Minnesota High-Yield Municipal Bond Fund (DVMHX) and Delaware Tax-Free Minnesota Fund (DEFFX). 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.
| DVMHX | DEFFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.60 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.59 | 2.39 | +0.20 |
| Martin ratioReturn relative to average drawdown | 9.48 | 8.47 | +1.01 |
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Drawdowns
DVMHX vs. DEFFX - Drawdown Comparison
The maximum DVMHX drawdown since its inception was -15.73%, which is greater than DEFFX's maximum drawdown of -14.70%. Use the drawdown chart below to compare losses from any high point for DVMHX and DEFFX.
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Drawdown Indicators
| DVMHX | DEFFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.73% | -14.70% | -1.03% |
Max Drawdown (1Y)Largest decline over 1 year | -3.55% | -3.62% | +0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -7.86% | -7.31% | -0.55% |
Max Drawdown (5Y)Largest decline over 5 years | -15.56% | -14.70% | -0.86% |
Max Drawdown (10Y)Largest decline over 10 years | -15.56% | -14.70% | -0.86% |
Current DrawdownCurrent decline from peak | 0.00% | -0.12% | +0.12% |
Average DrawdownAverage peak-to-trough decline | -1.96% | -1.81% | -0.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 1.02% | -0.05% |
Volatility
DVMHX vs. DEFFX - Volatility Comparison
Delaware Minnesota High-Yield Municipal Bond Fund (DVMHX) and Delaware Tax-Free Minnesota Fund (DEFFX) have volatilities of 0.94% and 0.95%, 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.
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Volatility by Period
| DVMHX | DEFFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.94% | 0.95% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 2.72% | 2.62% | +0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.73% | 3.50% | +0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.02% | 4.71% | +0.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.68% | 4.34% | +0.34% |
DVMHX vs. DEFFX - Expense Ratio Comparison
DVMHX has a 0.88% expense ratio, which is higher than DEFFX's 0.85% expense ratio.
Dividends
DVMHX vs. DEFFX - Dividend Comparison
DVMHX's dividend yield for the trailing twelve months is around 3.77%, more than DEFFX's 3.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DEFFX Delaware Tax-Free Minnesota Fund | 3.60% | 4.69% | 3.94% | 2.81% | 2.59% | 2.18% | 2.77% | 3.63% | 3.51% | 4.33% | 3.26% | 3.52% |
DVMHX Delaware Minnesota High-Yield Municipal Bond Fund | 3.77% | 4.95% | 4.17% | 3.12% | 2.98% | 2.40% | 2.99% | 3.70% | 3.21% | 3.34% | 3.29% | 3.47% |
Frequently Asked Questions
With a correlation of 0.94, DVMHX and DEFFX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
DEFFX has higher volatility (0.95%) compared to DVMHX (0.94%). In terms of maximum drawdown, DVMHX dropped -15.73% vs DEFFX's -14.70%.
DVMHX currently has the higher Sharpe Ratio (2.48 vs 2.48), 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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