DVTAX vs. WMGAX
DVTAX (Delaware Tax-Free California Fund) and WMGAX (Delaware Ivy Mid Cap Growth Fund) are both mutual funds - DVTAX is a Municipal Bonds fund managed by Delaware Funds, while WMGAX is a Mid Cap Growth Equities fund managed by Delaware Funds. Over the past 10 years, DVTAX returned 2.14%/yr vs 10.55%/yr for WMGAX. Their -0.07 correlation means they have often moved in opposite directions in the past. DVTAX charges 0.82%/yr vs 1.12%/yr for WMGAX.
Performance
DVTAX vs. WMGAX - Performance Comparison
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Returns By Period
In the year-to-date period, DVTAX achieves a 0.97% return, which is significantly higher than WMGAX's -0.96% return. Over the past 10 years, DVTAX has underperformed WMGAX with an annualized return of 2.14%, while WMGAX has yielded a comparatively higher 10.55% annualized return.
DVTAX
- 1D
- -0.19%
- 1M
- -2.28%
- 6M
- 0.79%
- YTD
- 0.97%
- 1Y
- 7.50%
- 3Y*
- 3.71%
- 5Y*
- 0.37%
- 10Y*
- 2.14%
- ALL TIME*
- 4.55%
WMGAX
- 1D
- -0.66%
- 1M
- -5.67%
- 6M
- -4.27%
- YTD
- -0.96%
- 1Y
- -6.61%
- 3Y*
- 3.19%
- 5Y*
- -1.58%
- 10Y*
- 10.55%
- ALL TIME*
- 8.11%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
DVTAX vs. WMGAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DVTAX Delaware Tax-Free California Fund | 0.97% | 2.10% | 3.39% | 8.80% | -12.31% | 4.08% | 5.66% | 8.04% | 0.07% | 6.89% |
WMGAX Delaware Ivy Mid Cap Growth Fund | -0.96% | 0.83% | 10.02% | 19.97% | -30.68% | 16.22% | 48.56% | 38.01% | -0.20% | 26.95% |
Correlation
The correlation between DVTAX and WMGAX is 0.24, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.24 |
Correlation (3Y) Balances recent behavior with more history. | 0.17 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.15 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.07 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2000 | -0.07 |
The correlation between DVTAX and WMGAX shifts across timeframes, from -0.07 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
DVTAX vs. WMGAX — Risk / Return Rank
DVTAX
WMGAX
DVTAX vs. WMGAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Delaware Tax-Free California Fund (DVTAX) and Delaware Ivy Mid Cap Growth Fund (WMGAX). 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 | WMGAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.26 | ||
| Sortino ratioReturn per unit of downside risk | +3.28 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 0.96 | +0.46 |
| Calmar ratioReturn relative to maximum drawdown | 2.11 | -0.39 | +2.50 |
| Martin ratioReturn relative to average drawdown | 7.02 | -1.01 | +8.03 |
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Drawdowns
DVTAX vs. WMGAX - Drawdown Comparison
The maximum DVTAX drawdown since its inception was -18.38%, smaller than the maximum WMGAX drawdown of -53.74%. Use the drawdown chart below to compare losses from any high point for DVTAX and WMGAX.
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Drawdown Indicators
| DVTAX | WMGAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.38% | -53.74% | +35.36% |
Max Drawdown (1Y)Largest decline over 1 year | -3.54% | -16.16% | +12.62% |
Max Drawdown (3Y)Largest decline over 3 years | -7.87% | -26.59% | +18.72% |
Max Drawdown (5Y)Largest decline over 5 years | -18.38% | -42.95% | +24.57% |
Max Drawdown (10Y)Largest decline over 10 years | -18.38% | -42.95% | +24.57% |
Current DrawdownCurrent decline from peak | -2.28% | -17.89% | +15.61% |
Average DrawdownAverage peak-to-trough decline | -2.33% | -13.63% | +11.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.06% | 6.20% | -5.14% |
Volatility
DVTAX vs. WMGAX - Volatility Comparison
The current volatility for Delaware Tax-Free California Fund (DVTAX) is 1.25%, while Delaware Ivy Mid Cap Growth Fund (WMGAX) has a volatility of 3.14%. This indicates that DVTAX experiences smaller price fluctuations and is considered to be less risky than WMGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DVTAX | WMGAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.25% | 3.14% | -1.89% |
Volatility (6M)Calculated over the trailing 6-month period | 3.01% | 13.75% | -10.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.91% | 17.86% | -13.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.81% | 25.14% | -19.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.18% | 23.14% | -17.96% |
DVTAX vs. WMGAX - Expense Ratio Comparison
DVTAX has a 0.82% expense ratio, which is lower than WMGAX's 1.12% expense ratio.
Dividends
DVTAX vs. WMGAX - Dividend Comparison
DVTAX's dividend yield for the trailing twelve months is around 4.03%, less than WMGAX's 11.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DVTAX Delaware Tax-Free California Fund | 4.03% | 5.06% | 4.06% | 3.19% | 3.33% | 2.95% | 3.54% | 4.29% | 3.51% | 3.72% | 3.53% | 3.44% |
WMGAX Delaware Ivy Mid Cap Growth Fund | 11.21% | 11.10% | 15.30% | 6.66% | 11.94% | 13.08% | 9.97% | 5.23% | 10.28% | 7.92% | 3.98% | 10.88% |
Frequently Asked Questions
DVTAX and WMGAX have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WMGAX has higher volatility (3.14%) compared to DVTAX (1.25%). In terms of maximum drawdown, DVTAX dropped -18.38% vs WMGAX's -53.74%.
DVTAX currently has the higher Sharpe Ratio (1.91 vs -0.35), 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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