DVTAX vs. CXHYX
DVTAX (Delaware Tax-Free California Fund) and CXHYX (Delaware National High-Yield Municipal Bond Fund) are both mutual funds - DVTAX is a Municipal Bonds fund managed by Delaware Funds, while CXHYX is a High Yield Muni fund managed by Delaware Funds. Over the past 10 years, DVTAX returned 2.36%/yr vs 3.35%/yr for CXHYX. Their correlation of 0.84 suggests significant overlap in exposure. DVTAX charges 0.82%/yr vs 0.85%/yr for CXHYX.
Performance
DVTAX vs. CXHYX - Performance Comparison
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Returns By Period
In the year-to-date period, DVTAX achieves a 2.43% return, which is significantly higher than CXHYX's 2.29% return. Over the past 10 years, DVTAX has underperformed CXHYX with an annualized return of 2.36%, while CXHYX has yielded a comparatively higher 3.35% annualized return.
DVTAX
- 1D
- 0.09%
- 1M
- 2.31%
- YTD
- 2.43%
- 6M
- 2.97%
- 1Y
- 7.75%
- 3Y*
- 4.37%
- 5Y*
- 0.90%
- 10Y*
- 2.36%
CXHYX
- 1D
- 0.00%
- 1M
- 1.51%
- YTD
- 2.29%
- 6M
- 2.85%
- 1Y
- 5.67%
- 3Y*
- 4.62%
- 5Y*
- 0.76%
- 10Y*
- 3.35%
DVTAX vs. CXHYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DVTAX Delaware Tax-Free California Fund | 2.43% | 2.10% | 3.39% | 8.80% | -12.31% | 4.08% | 5.66% | 8.04% | 0.07% | 6.89% |
CXHYX Delaware National High-Yield Municipal Bond Fund | 2.29% | 1.71% | 5.76% | 8.26% | -14.85% | 7.86% | 6.49% | 11.52% | 1.58% | 10.15% |
Correlation
The correlation between DVTAX and CXHYX is 0.87, 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 | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Jun 20, 1996 | 0.84 |
The correlation between DVTAX and CXHYX has been stable across timeframes, ranging from 0.84 to 0.93 - a consistent structural relationship.
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Return for Risk
DVTAX vs. CXHYX — Risk / Return Rank
DVTAX
CXHYX
DVTAX vs. CXHYX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Delaware Tax-Free California Fund (DVTAX) and Delaware National High-Yield Municipal Bond Fund (CXHYX). 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.
| DVTAX | CXHYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.58 | ||
| Sortino ratioReturn per unit of downside risk | +0.93 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.30 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.18 | 1.73 | +0.45 |
| Martin ratioReturn relative to average drawdown | 6.97 | 4.96 | +2.02 |
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Drawdowns
DVTAX vs. CXHYX - Drawdown Comparison
The maximum DVTAX drawdown since its inception was -18.38%, smaller than the maximum CXHYX drawdown of -21.82%. Use the drawdown chart below to compare losses from any high point for DVTAX and CXHYX.
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Drawdown Indicators
| DVTAX | CXHYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.38% | -21.82% | +3.44% |
Max Drawdown (1Y)Largest decline over 1 year | -3.54% | -3.31% | -0.23% |
Max Drawdown (3Y)Largest decline over 3 years | -8.76% | -9.55% | +0.79% |
Max Drawdown (5Y)Largest decline over 5 years | -18.38% | -20.11% | +1.73% |
Max Drawdown (10Y)Largest decline over 10 years | -18.38% | -20.11% | +1.73% |
Current DrawdownCurrent decline from peak | 0.00% | -0.41% | +0.41% |
Average DrawdownAverage peak-to-trough decline | -2.34% | -2.58% | +0.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.10% | 1.15% | -0.05% |
Volatility
DVTAX vs. CXHYX - Volatility Comparison
Delaware Tax-Free California Fund (DVTAX) and Delaware National High-Yield Municipal Bond Fund (CXHYX) have volatilities of 1.09% and 1.09%, 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
| DVTAX | CXHYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 1.09% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 2.82% | 2.83% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.86% | 4.03% | -0.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.79% | 6.08% | -0.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.17% | 5.80% | -0.63% |
DVTAX vs. CXHYX - Expense Ratio Comparison
DVTAX has a 0.82% expense ratio, which is lower than CXHYX's 0.85% expense ratio.
Dividends
DVTAX vs. CXHYX - Dividend Comparison
DVTAX's dividend yield for the trailing twelve months is around 3.95%, less than CXHYX's 4.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CXHYX Delaware National High-Yield Municipal Bond Fund | 4.97% | 6.41% | 5.43% | 3.99% | 4.94% | 3.61% | 4.42% | 5.27% | 4.92% | 4.98% | 3.87% | 3.77% |
DVTAX Delaware Tax-Free California Fund | 3.95% | 5.06% | 4.06% | 3.19% | 3.33% | 2.95% | 3.54% | 4.29% | 3.51% | 3.72% | 3.53% | 3.44% |
Frequently Asked Questions
DVTAX and CXHYX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CXHYX has higher volatility (1.09%) compared to DVTAX (1.09%). In terms of maximum drawdown, DVTAX dropped -18.38% vs CXHYX's -21.82%.
DVTAX currently has the higher Sharpe Ratio (2.00 vs 1.42), 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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