DVMHX vs. MINN

Last updated Jun 24, 2026

DVMHX (Delaware Minnesota High-Yield Municipal Bond Fund) and MINN (Mairs & Power Minnesota Municipal Bond ETF) are both Municipal Bonds funds. Over the past 5 years, DVMHX returned 1.31%/yr vs -0.21%/yr for MINN. A 0.56 correlation means they provide meaningful diversification when combined. DVMHX charges 0.88%/yr vs 0.25%/yr for MINN.

Performance

DVMHX vs. MINN - Performance Comparison

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

Returns By Period

In the year-to-date period, DVMHX achieves a 2.71% return, which is significantly higher than MINN's 0.78% 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%

MINN

• 1D: -0.16%
• 1M: 1.33%
• YTD: 0.78%
• 6M: 0.92%
• 1Y: 6.61%
• 3Y*: 3.46%
• 5Y*: -0.21%
• 10Y*: —

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

DVMHX vs. MINN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DVMHX Delaware Minnesota High-Yield Municipal Bond Fund	2.71%	4.22%	5.10%	5.24%	-10.69%	2.82%
MINN Mairs & Power Minnesota Municipal Bond ETF	0.78%	5.61%	0.21%	5.41%	-12.27%	0.92%

Correlation

The correlation between DVMHX and MINN is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (All Time) Calculated using the full available price history since Mar 12, 2021	0.56

The correlation between DVMHX and MINN has been stable across timeframes, ranging from 0.48 to 0.56 - a consistent structural relationship.

Return for Risk

DVMHX vs. MINN — Risk / Return Rank

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

DVMHX

DVMHX Risk / Return Rank: 71
DVMHX Sharpe Ratio Rank: 82
DVMHX Sortino Ratio Rank: 86
DVMHX Omega Ratio Rank: 89
DVMHX Calmar Ratio Rank: 50
DVMHX Martin Ratio Rank: 48

MINN

MINN Risk / Return Rank: 51
MINN Sharpe Ratio Rank: 49
MINN Sortino Ratio Rank: 53
MINN Omega Ratio Rank: 52
MINN Calmar Ratio Rank: 51
MINN Martin Ratio Rank: 47

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. MINN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Delaware Minnesota High-Yield Municipal Bond Fund (DVMHX) and Mairs & Power Minnesota Municipal Bond ETF (MINN). 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	MINN	Difference
Sharpe ratio: Return per unit of total volatility	2.48	1.56	+0.92
Sortino ratio: Return per unit of downside risk	3.82	2.38	+1.44
Omega ratio: Gain probability vs. loss probability	1.59	1.30	+0.29
Calmar ratio: Return relative to maximum drawdown	2.59	2.36	+0.24
Martin ratio: Return relative to average drawdown	9.48	7.46	+2.02

DVMHX vs. MINN - Sharpe Ratio Comparison

The current DVMHX Sharpe Ratio is 2.48, which is higher than the MINN Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of DVMHX and MINN, 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

DVMHX vs. MINN - Drawdown Comparison

The maximum DVMHX drawdown since its inception was -15.73%, smaller than the maximum MINN drawdown of -18.37%. Use the drawdown chart below to compare losses from any high point for DVMHX and MINN.

Drawdown Indicators

	DVMHX	MINN	Difference
Max Drawdown Largest peak-to-trough decline	-15.73%	-18.37%	+2.64%
Max Drawdown (1Y) Largest decline over 1 year	-3.55%	-2.82%	-0.73%
Max Drawdown (3Y) Largest decline over 3 years	-7.86%	-6.77%	-1.09%
Max Drawdown (5Y) Largest decline over 5 years	-15.56%	-18.37%	+2.81%
Max Drawdown (10Y) Largest decline over 10 years	-15.56%	—	—
Current Drawdown Current decline from peak	0.00%	-2.19%	+2.19%
Average Drawdown Average peak-to-trough decline	-1.96%	-7.73%	+5.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	0.89%	+0.08%

Volatility

DVMHX vs. MINN - Volatility Comparison

Delaware Minnesota High-Yield Municipal Bond Fund (DVMHX) has a higher volatility of 0.94% compared to Mairs & Power Minnesota Municipal Bond ETF (MINN) at 0.78%. This indicates that DVMHX's price experiences larger fluctuations and is considered to be riskier than MINN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DVMHX	MINN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.94%	0.78%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	2.72%	2.34%	+0.38%
Volatility (1Y) Calculated over the trailing 1-year period	3.73%	4.27%	-0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.02%	5.09%	-0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.68%	4.97%	-0.29%

DVMHX vs. MINN - Expense Ratio Comparison

DVMHX has a 0.88% expense ratio, which is higher than MINN's 0.25% expense ratio.

Dividends

DVMHX vs. MINN - Dividend Comparison

DVMHX's dividend yield for the trailing twelve months is around 3.77%, more than MINN's 2.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
MINN Mairs & Power Minnesota Municipal Bond ETF	2.76%	2.94%	2.65%	1.80%	1.34%	0.64%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DVMHX and MINN in my portfolio?

DVMHX and MINN have a correlation of 0.48, 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 MINN?

DVMHX has higher volatility (0.94%) compared to MINN (0.78%). In terms of maximum drawdown, DVMHX dropped -15.73% vs MINN's -18.37%.

Which has better risk-adjusted returns?

DVMHX currently has the higher Sharpe Ratio (2.48 vs 1.56), 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.