DVMHX vs. IVINX

Last updated Jun 3, 2026

DVMHX (Delaware Minnesota High-Yield Municipal Bond Fund) and IVINX (Delaware Ivy Global Growth Fund) are both mutual funds - DVMHX is a Municipal Bonds fund managed by Delaware Funds by Macquarie, while IVINX is a Global Equities fund managed by Delaware Funds by Macquarie. Over the past 10 years, DVMHX returned 2.51%/yr vs 11.52%/yr for IVINX. At a correlation of -0.07, they often move in opposite directions. DVMHX charges 0.88%/yr vs 1.28%/yr for IVINX.

Performance

DVMHX vs. IVINX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Delaware Minnesota High-Yield Municipal Bond Fund (DVMHX) and Delaware Ivy Global Growth Fund (IVINX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DVMHX achieves a 2.30% return, which is significantly lower than IVINX's 8.51% return. Over the past 10 years, DVMHX has underperformed IVINX with an annualized return of 2.51%, while IVINX has yielded a comparatively higher 11.52% annualized return.

DVMHX

• 1D: 0.00%
• 1M: 0.82%
• YTD: 2.30%
• 6M: 2.94%
• 1Y: 9.28%
• 3Y*: 4.92%
• 5Y*: 1.26%
• 10Y*: 2.51%

IVINX

• 1D: 0.12%
• 1M: 3.38%
• YTD: 8.51%
• 6M: 9.53%
• 1Y: 18.84%
• 3Y*: 18.50%
• 5Y*: 9.06%
• 10Y*: 11.52%

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

DVMHX vs. IVINX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DVMHX Delaware Minnesota High-Yield Municipal Bond Fund	2.30%	4.22%	5.10%	5.24%	-10.69%	3.07%	3.95%	8.74%	0.79%	5.97%
IVINX Delaware Ivy Global Growth Fund	8.51%	17.76%	17.08%	19.05%	-18.81%	17.34%	20.55%	25.63%	-6.20%	24.32%

Correlation

The correlation between DVMHX and IVINX is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.04
Correlation (All Time) Calculated using the full available price history since Jun 3, 1996	-0.07

The correlation between DVMHX and IVINX shifts across timeframes, from -0.07 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DVMHX vs. IVINX — Risk / Return Rank

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

DVMHX

DVMHX Risk / Return Rank: 61
DVMHX Sharpe Ratio Rank: 64
DVMHX Sortino Ratio Rank: 74
DVMHX Omega Ratio Rank: 82
DVMHX Calmar Ratio Rank: 44
DVMHX Martin Ratio Rank: 43

IVINX

IVINX Risk / Return Rank: 26
IVINX Sharpe Ratio Rank: 24
IVINX Sortino Ratio Rank: 25
IVINX Omega Ratio Rank: 27
IVINX Calmar Ratio Rank: 23
IVINX Martin Ratio Rank: 34

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.

DVMHX vs. IVINX - 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 Ivy Global Growth Fund (IVINX). 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.

	DVMHX	IVINX	Difference
Sharpe ratio Return per unit of total volatility	2.35	1.43	+0.92
Sortino ratio Return per unit of downside risk	3.60	2.11	+1.49
Omega ratio Gain probability vs. loss probability	1.55	1.27	+0.28
Calmar ratio Return relative to maximum drawdown	2.52	1.78	+0.74
Martin ratio Return relative to average drawdown	9.24	7.76	+1.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DVMHX vs. IVINX - Sharpe Ratio Comparison

The current DVMHX Sharpe Ratio is 2.35, which is higher than the IVINX Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of DVMHX and IVINX, 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

	DVMHX	IVINX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.35	1.43	+0.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	0.21	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.35	+0.19
Sharpe Ratio (All Time) Calculated using the full available price history	1.12	0.28	+0.84

Drawdowns

DVMHX vs. IVINX - Drawdown Comparison

The maximum DVMHX drawdown since its inception was -15.73%, smaller than the maximum IVINX drawdown of -70.19%. Use the drawdown chart below to compare losses from any high point for DVMHX and IVINX.

Drawdown Indicators

	DVMHX	IVINX	Difference
Max Drawdown Largest peak-to-trough decline	-15.73%	-70.19%	+54.46%
Max Drawdown (1Y) Largest decline over 1 year	-3.55%	-10.74%	+7.19%
Max Drawdown (3Y) Largest decline over 3 years	-7.86%	-16.82%	+8.96%
Max Drawdown (5Y) Largest decline over 5 years	-15.56%	-45.82%	+30.26%
Max Drawdown (10Y) Largest decline over 10 years	-15.56%	-45.82%	+30.26%
Current Drawdown Current decline from peak	-0.13%	-2.28%	+2.15%
Average Drawdown Average peak-to-trough decline	-1.97%	-20.40%	+18.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	2.46%	-1.49%

Volatility

DVMHX vs. IVINX - Volatility Comparison

The current volatility for Delaware Minnesota High-Yield Municipal Bond Fund (DVMHX) is 1.46%, while Delaware Ivy Global Growth Fund (IVINX) has a volatility of 4.02%. This indicates that DVMHX experiences smaller price fluctuations and is considered to be less risky than IVINX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DVMHX	IVINX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.46%	4.02%	-2.56%
Volatility (6M) Calculated over the trailing 6-month period	2.75%	11.10%	-8.35%
Volatility (1Y) Calculated over the trailing 1-year period	3.79%	13.48%	-9.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.01%	42.56%	-37.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.68%	32.95%	-28.27%

DVMHX vs. IVINX - Expense Ratio Comparison

DVMHX has a 0.88% expense ratio, which is lower than IVINX's 1.28% expense ratio.

Dividends

DVMHX vs. IVINX - Dividend Comparison

DVMHX's dividend yield for the trailing twelve months is around 3.78%, less than IVINX's 8.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DVMHX Delaware Minnesota High-Yield Municipal Bond Fund	3.78%	4.95%	4.17%	3.12%	2.98%	2.40%	2.99%	3.70%	3.21%	3.34%	3.29%	3.47%
IVINX Delaware Ivy Global Growth Fund	8.20%	8.90%	3.86%	6.13%	77.33%	6.97%	5.20%	0.94%	12.51%	7.48%	0.00%	2.30%

Frequently Asked Questions

Can I hold both DVMHX and IVINX in my portfolio?

DVMHX and IVINX have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DVMHX or IVINX?

IVINX has higher volatility (4.02%) compared to DVMHX (1.46%). In terms of maximum drawdown, DVMHX dropped -15.73% vs IVINX's -70.19%.

Which has better risk-adjusted returns?

DVMHX currently has the higher Sharpe Ratio (2.35 vs 1.43), 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.