DVMHX vs. USMSX
Compare and contrast key facts about Delaware Minnesota High-Yield Municipal Bond Fund (DVMHX) and JPMorgan Ultra-Short Municipal Fund (USMSX).
DVMHX is managed by Delaware Funds by Macquarie. It was launched on Jun 3, 1996. USMSX is managed by JPMorgan. It was launched on May 31, 2016.
Performance
DVMHX vs. USMSX - Performance Comparison
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DVMHX vs. USMSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DVMHX Delaware Minnesota High-Yield Municipal Bond Fund | -0.91% | 4.22% | 5.10% | 5.24% | -10.69% | 3.07% | 3.95% | 8.74% | 0.79% | 5.97% |
USMSX JPMorgan Ultra-Short Municipal Fund | 0.19% | 2.87% | 3.09% | 3.21% | -0.90% | -0.15% | 0.77% | 1.90% | 1.01% | 0.69% |
Returns By Period
In the year-to-date period, DVMHX achieves a -0.91% return, which is significantly lower than USMSX's 0.19% return.
DVMHX
- 1D
- 0.31%
- 1M
- -3.26%
- YTD
- -0.91%
- 6M
- 1.07%
- 1Y
- 3.30%
- 3Y*
- 3.76%
- 5Y*
- 0.97%
- 10Y*
- 2.30%
USMSX
- 1D
- 0.00%
- 1M
- -0.30%
- YTD
- 0.19%
- 6M
- 0.82%
- 1Y
- 2.49%
- 3Y*
- 2.80%
- 5Y*
- 1.67%
- 10Y*
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DVMHX vs. USMSX - Expense Ratio Comparison
DVMHX has a 0.88% expense ratio, which is higher than USMSX's 0.45% expense ratio.
Return for Risk
DVMHX vs. USMSX — Risk / Return Rank
DVMHX
USMSX
DVMHX vs. USMSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Delaware Minnesota High-Yield Municipal Bond Fund (DVMHX) and JPMorgan Ultra-Short Municipal Fund (USMSX). 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 | USMSX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.63 | 3.75 | -3.12 |
Sortino ratioReturn per unit of downside risk | 0.88 | 6.76 | -5.88 |
Omega ratioGain probability vs. loss probability | 1.17 | 3.27 | -2.10 |
Calmar ratioReturn relative to maximum drawdown | 0.60 | 6.48 | -5.88 |
Martin ratioReturn relative to average drawdown | 1.59 | 34.69 | -33.10 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DVMHX | USMSX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.63 | 3.75 | -3.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | 2.39 | -2.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.50 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.10 | 1.86 | -0.76 |
Correlation
The correlation between DVMHX and USMSX is 0.31, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
DVMHX vs. USMSX - Dividend Comparison
DVMHX's dividend yield for the trailing twelve months is around 3.83%, more than USMSX's 2.36% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DVMHX Delaware Minnesota High-Yield Municipal Bond Fund | 3.83% | 4.95% | 4.17% | 3.12% | 2.98% | 2.40% | 2.99% | 3.70% | 3.21% | 3.34% | 3.29% | 3.47% |
USMSX JPMorgan Ultra-Short Municipal Fund | 2.36% | 2.42% | 2.84% | 2.35% | 0.70% | 0.05% | 0.57% | 1.28% | 1.01% | 0.59% | 0.00% | 0.00% |
Drawdowns
DVMHX vs. USMSX - Drawdown Comparison
The maximum DVMHX drawdown since its inception was -15.73%, which is greater than USMSX's maximum drawdown of -2.09%. Use the drawdown chart below to compare losses from any high point for DVMHX and USMSX.
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Drawdown Indicators
| DVMHX | USMSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.73% | -2.09% | -13.64% |
Max Drawdown (1Y)Largest decline over 1 year | -6.59% | -0.40% | -6.19% |
Max Drawdown (5Y)Largest decline over 5 years | -15.56% | -2.03% | -13.53% |
Max Drawdown (10Y)Largest decline over 10 years | -15.56% | — | — |
Current DrawdownCurrent decline from peak | -3.26% | -0.30% | -2.96% |
Average DrawdownAverage peak-to-trough decline | -1.97% | -0.22% | -1.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.48% | 0.07% | +2.41% |
Volatility
DVMHX vs. USMSX - Volatility Comparison
Delaware Minnesota High-Yield Municipal Bond Fund (DVMHX) has a higher volatility of 1.45% compared to JPMorgan Ultra-Short Municipal Fund (USMSX) at 0.22%. This indicates that DVMHX's price experiences larger fluctuations and is considered to be riskier than USMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DVMHX | USMSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.45% | 0.22% | +1.23% |
Volatility (6M)Calculated over the trailing 6-month period | 2.19% | 0.40% | +1.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.85% | 0.69% | +6.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.95% | 0.70% | +4.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.65% | 0.74% | +3.91% |