DVTAX vs. DEVLX
DVTAX (Delaware Tax-Free California Fund) and DEVLX (Delaware Small Cap Value Fund) are both mutual funds - DVTAX is a Municipal Bonds fund managed by Delaware Funds, while DEVLX is a Small Cap Value Equities fund managed by Delaware Funds. Over the past 10 years, DVTAX returned 2.36%/yr vs 9.87%/yr for DEVLX. At a correlation of -0.08, they often move in opposite directions. DVTAX charges 0.82%/yr vs 1.11%/yr for DEVLX.
Performance
DVTAX vs. DEVLX - Performance Comparison
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Returns By Period
In the year-to-date period, DVTAX achieves a 2.43% return, which is significantly lower than DEVLX's 19.44% return. Over the past 10 years, DVTAX has underperformed DEVLX with an annualized return of 2.36%, while DEVLX has yielded a comparatively higher 9.87% 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%
DEVLX
- 1D
- 1.46%
- 1M
- 4.06%
- YTD
- 19.44%
- 6M
- 17.08%
- 1Y
- 32.67%
- 3Y*
- 15.69%
- 5Y*
- 8.77%
- 10Y*
- 9.87%
DVTAX vs. DEVLX - 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% |
DEVLX Delaware Small Cap Value Fund | 19.44% | 7.66% | 10.87% | 9.22% | -12.46% | 33.85% | -0.79% | 27.85% | -17.70% | 11.69% |
Correlation
The correlation between DVTAX and DEVLX is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 1995 | -0.08 |
The correlation between DVTAX and DEVLX shifts across timeframes, from -0.08 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
DVTAX vs. DEVLX — Risk / Return Rank
DVTAX
DEVLX
DVTAX vs. DEVLX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Delaware Tax-Free California Fund (DVTAX) and Delaware Small Cap Value Fund (DEVLX). 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 | DEVLX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.35 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.18 | 3.50 | -1.32 |
| Martin ratioReturn relative to average drawdown | 6.97 | 12.01 | -5.04 |
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Drawdowns
DVTAX vs. DEVLX - Drawdown Comparison
The maximum DVTAX drawdown since its inception was -18.38%, smaller than the maximum DEVLX drawdown of -60.08%. Use the drawdown chart below to compare losses from any high point for DVTAX and DEVLX.
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Drawdown Indicators
| DVTAX | DEVLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.38% | -60.08% | +41.70% |
Max Drawdown (1Y)Largest decline over 1 year | -3.54% | -9.44% | +5.90% |
Max Drawdown (3Y)Largest decline over 3 years | -8.76% | -24.80% | +16.04% |
Max Drawdown (5Y)Largest decline over 5 years | -18.38% | -24.80% | +6.42% |
Max Drawdown (10Y)Largest decline over 10 years | -18.38% | -46.48% | +28.10% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.34% | -8.28% | +5.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.10% | 2.74% | -1.64% |
Volatility
DVTAX vs. DEVLX - Volatility Comparison
The current volatility for Delaware Tax-Free California Fund (DVTAX) is 1.09%, while Delaware Small Cap Value Fund (DEVLX) has a volatility of 4.51%. This indicates that DVTAX experiences smaller price fluctuations and is considered to be less risky than DEVLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DVTAX | DEVLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 4.51% | -3.42% |
Volatility (6M)Calculated over the trailing 6-month period | 2.82% | 11.62% | -8.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.86% | 16.58% | -12.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.79% | 20.95% | -15.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.17% | 23.52% | -18.35% |
DVTAX vs. DEVLX - Expense Ratio Comparison
DVTAX has a 0.82% expense ratio, which is lower than DEVLX's 1.11% expense ratio.
Dividends
DVTAX vs. DEVLX - Dividend Comparison
DVTAX's dividend yield for the trailing twelve months is around 3.95%, less than DEVLX's 11.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DEVLX Delaware Small Cap Value Fund | 11.52% | 13.76% | 12.67% | 7.54% | 4.37% | 4.43% | 1.37% | 4.29% | 8.80% | 1.34% | 0.52% | 7.01% |
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 DEVLX have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DEVLX has higher volatility (4.51%) compared to DVTAX (1.09%). In terms of maximum drawdown, DVTAX dropped -18.38% vs DEVLX's -60.08%.
DVTAX currently has the higher Sharpe Ratio (2.00 vs 1.99), 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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