DVTAX vs. NMTRX

Last updated Jun 6, 2026

DVTAX (Delaware Tax-Free California Fund) and NMTRX (Nuveen Municipal Total Return Managed Accounts) are both Municipal Bonds funds. Over the past 10 years, DVTAX returned 2.41%/yr vs 2.37%/yr for NMTRX. A 0.80 correlation means they provide meaningful diversification when combined. DVTAX charges 0.82%/yr vs 0.05%/yr for NMTRX.

Performance

DVTAX vs. NMTRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Delaware Tax-Free California Fund (DVTAX) and Nuveen Municipal Total Return Managed Accounts (NMTRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DVTAX achieves a 2.15% return, which is significantly lower than NMTRX's 2.58% return. Both investments have delivered pretty close results over the past 10 years, with DVTAX having a 2.41% annualized return and NMTRX not far behind at 2.37%.

DVTAX

• 1D: 0.18%
• 1M: 0.71%
• YTD: 2.15%
• 6M: 2.31%
• 1Y: 7.45%
• 3Y*: 4.40%
• 5Y*: 0.89%
• 10Y*: 2.41%

NMTRX

• 1D: 0.10%
• 1M: 0.80%
• YTD: 2.58%
• 6M: 3.08%
• 1Y: 8.29%
• 3Y*: 4.23%
• 5Y*: 0.52%
• 10Y*: 2.37%

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

DVTAX vs. NMTRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DVTAX Delaware Tax-Free California Fund	2.15%	2.10%	3.39%	8.80%	-12.31%	4.08%	5.66%	8.04%	0.07%	6.89%
NMTRX Nuveen Municipal Total Return Managed Accounts	2.58%	3.90%	1.99%	6.21%	-11.98%	2.69%	5.25%	9.26%	1.06%	7.41%

Correlation

The correlation between DVTAX and NMTRX is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jun 1, 2007	0.80

The correlation between DVTAX and NMTRX has been stable across timeframes, ranging from 0.80 to 0.89 - a consistent structural relationship.

Return for Risk

DVTAX vs. NMTRX — Risk / Return Rank

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

DVTAX

DVTAX Risk / Return Rank: 45
DVTAX Sharpe Ratio Rank: 45
DVTAX Sortino Ratio Rank: 53
DVTAX Omega Ratio Rank: 63
DVTAX Calmar Ratio Rank: 34
DVTAX Martin Ratio Rank: 30

NMTRX

NMTRX Risk / Return Rank: 80
NMTRX Sharpe Ratio Rank: 86
NMTRX Sortino Ratio Rank: 92
NMTRX Omega Ratio Rank: 92
NMTRX Calmar Ratio Rank: 71
NMTRX Martin Ratio Rank: 60

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.

DVTAX vs. NMTRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Delaware Tax-Free California Fund (DVTAX) and Nuveen Municipal Total Return Managed Accounts (NMTRX). 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.

	DVTAX	NMTRX	Difference
Sharpe ratio: Return per unit of total volatility	1.92	2.78	-0.86
Sortino ratio: Return per unit of downside risk	3.00	4.58	-1.58
Omega ratio: Gain probability vs. loss probability	1.42	1.69	-0.27
Calmar ratio: Return relative to maximum drawdown	2.09	3.14	-1.05
Martin ratio: Return relative to average drawdown	6.71	11.55	-4.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DVTAX vs. NMTRX - Sharpe Ratio Comparison

The current DVTAX Sharpe Ratio is 1.92, which is lower than the NMTRX Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of DVTAX and NMTRX, 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

	DVTAX	NMTRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.92	2.78	-0.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	0.13	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.54	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	1.07	1.00	+0.08

Drawdowns

DVTAX vs. NMTRX - Drawdown Comparison

The maximum DVTAX drawdown since its inception was -18.38%, which is greater than NMTRX's maximum drawdown of -16.36%. Use the drawdown chart below to compare losses from any high point for DVTAX and NMTRX.

Drawdown Indicators

	DVTAX	NMTRX	Difference
Max Drawdown Largest peak-to-trough decline	-18.38%	-16.36%	-2.02%
Max Drawdown (1Y) Largest decline over 1 year	-3.54%	-2.65%	-0.89%
Max Drawdown (3Y) Largest decline over 3 years	-8.76%	-5.77%	-2.99%
Max Drawdown (5Y) Largest decline over 5 years	-18.38%	-16.36%	-2.02%
Max Drawdown (10Y) Largest decline over 10 years	-18.38%	-16.36%	-2.02%
Current Drawdown Current decline from peak	-0.18%	0.00%	-0.18%
Average Drawdown Average peak-to-trough decline	-2.34%	-2.91%	+0.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.10%	0.72%	+0.38%

Volatility

DVTAX vs. NMTRX - Volatility Comparison

Delaware Tax-Free California Fund (DVTAX) has a higher volatility of 1.53% compared to Nuveen Municipal Total Return Managed Accounts (NMTRX) at 1.25%. This indicates that DVTAX's price experiences larger fluctuations and is considered to be riskier than NMTRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DVTAX	NMTRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.53%	1.25%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	2.84%	2.25%	+0.59%
Volatility (1Y) Calculated over the trailing 1-year period	3.88%	3.01%	+0.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.78%	4.03%	+1.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.17%	4.40%	+0.77%

DVTAX vs. NMTRX - Expense Ratio Comparison

DVTAX has a 0.82% expense ratio, which is higher than NMTRX's 0.05% expense ratio.

Dividends

DVTAX vs. NMTRX - Dividend Comparison

DVTAX's dividend yield for the trailing twelve months is around 3.96%, less than NMTRX's 4.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DVTAX Delaware Tax-Free California Fund	3.96%	5.06%	4.06%	3.19%	3.33%	2.95%	3.54%	4.29%	3.51%	3.72%	3.53%	3.44%
NMTRX Nuveen Municipal Total Return Managed Accounts	4.58%	4.46%	3.55%	3.67%	3.28%	2.73%	2.92%	3.20%	3.47%	3.28%	3.71%	3.91%

Frequently Asked Questions

Can I hold both DVTAX and NMTRX in my portfolio?

DVTAX and NMTRX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DVTAX or NMTRX?

DVTAX has higher volatility (1.53%) compared to NMTRX (1.25%). In terms of maximum drawdown, DVTAX dropped -18.38% vs NMTRX's -16.36%.

Which has better risk-adjusted returns?

NMTRX currently has the higher Sharpe Ratio (2.78 vs 1.92), 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.