FGINX vs. DVMHX

Last updated Aug 5, 2026

FGINX (Delaware Growth and Income Fund) and DVMHX (Delaware Minnesota High-Yield Municipal Bond Fund) are both mutual funds - FGINX is a Large Cap Value Equities fund managed by Delaware Funds, while DVMHX is a Municipal Bonds fund managed by Delaware Funds. Over the past 10 years, FGINX returned 13.56%/yr vs 2.23%/yr for DVMHX. Their -0.07 correlation means they have often moved in opposite directions in the past. FGINX charges 1.02%/yr vs 0.88%/yr for DVMHX.

Performance

FGINX vs. DVMHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Delaware Growth and Income Fund (FGINX) and Delaware Minnesota High-Yield Municipal Bond Fund (DVMHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FGINX achieves a 24.22% return, which is significantly higher than DVMHX's 0.76% return. Over the past 10 years, FGINX has outperformed DVMHX with an annualized return of 13.56%, while DVMHX has yielded a comparatively lower 2.23% annualized return.

FGINX

• 1D: 0.78%
• 1M: 4.73%
• 6M: 15.09%
• YTD: 24.22%
• 1Y: 46.42%
• 3Y*: 25.93%
• 5Y*: 17.84%
• 10Y*: 13.56%
• ALL TIME*: 9.85%

DVMHX

• 1D: -0.10%
• 1M: -2.67%
• 6M: -0.06%
• YTD: 0.76%
• 1Y: 7.04%
• 3Y*: 4.72%
• 5Y*: 0.70%
• 10Y*: 2.23%
• ALL TIME*: 4.18%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DVMHX Delaware Minnesota High-Yield Municipal Bond Fund	$0.00	$0.00	$0.00
FGINX Delaware Growth and Income Fund	$0.00	$0.00	$0.00

FGINX vs. DVMHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FGINX Delaware Growth and Income Fund	24.22%	29.78%	15.13%	11.98%	3.03%	21.37%	-0.08%	25.64%	-10.27%	18.08%
DVMHX Delaware Minnesota High-Yield Municipal Bond Fund	0.76%	4.22%	5.10%	5.24%	-10.69%	3.07%	3.95%	8.74%	0.79%	5.97%

Correlation

The correlation between FGINX and DVMHX is 0.18, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.18
Correlation (3Y) Balances recent behavior with more history.	0.13
Correlation (5Y) Shows whether the relationship held over a longer period.	0.09
Correlation (10Y) Provides a long-term view across more market conditions.	0.00
Correlation (All Time) Calculated using the full available price history since May 31, 1996	-0.07

The correlation between FGINX and DVMHX shifts across timeframes, from -0.07 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FGINX vs. DVMHX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FGINX

FGINX Risk / Return Rank: 98
FGINX Sharpe Ratio Rank: 99
FGINX Sortino Ratio Rank: 98
FGINX Omega Ratio Rank: 98
FGINX Calmar Ratio Rank: 98
FGINX Martin Ratio Rank: 98

DVMHX

DVMHX Risk / Return Rank: 67
DVMHX Sharpe Ratio Rank: 78
DVMHX Sortino Ratio Rank: 79
DVMHX Omega Ratio Rank: 87
DVMHX Calmar Ratio Rank: 46
DVMHX Martin Ratio Rank: 46

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FGINX vs. DVMHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Delaware Growth and Income Fund (FGINX) and Delaware Minnesota High-Yield Municipal Bond Fund (DVMHX). 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.

	FGINX	DVMHX	Difference
Sharpe ratio: Return per unit of total volatility	4.12	1.95	+2.17
Sortino ratio: Return per unit of downside risk	5.61	2.87	+2.74
Omega ratio: Gain probability vs. loss probability	1.74	1.45	+0.30
Calmar ratio: Return relative to maximum drawdown	6.59	2.03	+4.56
Martin ratio: Return relative to average drawdown	25.47	7.26	+18.22

FGINX vs. DVMHX - Sharpe Ratio Comparison

The current FGINX Sharpe Ratio is 4.12, which is higher than the DVMHX Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of FGINX and DVMHX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FGINX vs. DVMHX - Drawdown Comparison

The maximum FGINX drawdown since its inception was -54.80%, which is greater than DVMHX's maximum drawdown of -15.73%. Use the drawdown chart below to compare losses from any high point for FGINX and DVMHX.

Drawdown Indicators

	FGINX	DVMHX	Difference
Max Drawdown Largest peak-to-trough decline	-54.80%	-15.73%	-39.07%
Max Drawdown (1Y) Largest decline over 1 year	-7.34%	-3.55%	-3.79%
Max Drawdown (3Y) Largest decline over 3 years	-13.28%	-7.12%	-6.16%
Max Drawdown (5Y) Largest decline over 5 years	-16.21%	-15.49%	-0.72%
Max Drawdown (10Y) Largest decline over 10 years	-37.37%	-15.56%	-21.81%
Current Drawdown Current decline from peak	0.00%	-2.67%	+2.67%
Average Drawdown Average peak-to-trough decline	-9.65%	-1.96%	-7.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.89%	0.99%	+0.90%

Volatility

FGINX vs. DVMHX - Volatility Comparison

Delaware Growth and Income Fund (FGINX) has a higher volatility of 2.58% compared to Delaware Minnesota High-Yield Municipal Bond Fund (DVMHX) at 1.10%. This indicates that FGINX's price experiences larger fluctuations and is considered to be riskier than DVMHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGINX	DVMHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.58%	1.10%	+1.48%
Volatility (6M) Calculated over the trailing 6-month period	8.77%	2.91%	+5.86%
Volatility (1Y) Calculated over the trailing 1-year period	11.75%	3.69%	+8.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.85%	5.05%	+9.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.98%	4.70%	+12.28%

FGINX vs. DVMHX - Expense Ratio Comparison

FGINX has a 1.02% expense ratio, which is higher than DVMHX's 0.88% expense ratio.

Dividends

FGINX vs. DVMHX - Dividend Comparison

FGINX's dividend yield for the trailing twelve months is around 8.95%, more than DVMHX's 3.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DVMHX Delaware Minnesota High-Yield Municipal Bond Fund	3.52%	4.95%	4.17%	3.12%	2.98%	2.40%	2.99%	3.70%	3.21%	3.34%	3.29%	3.47%
FGINX Delaware Growth and Income Fund	8.95%	11.28%	12.40%	7.11%	7.04%	11.97%	6.59%	51.75%	25.36%	5.13%	4.12%	5.66%

Frequently Asked Questions

Can I hold both FGINX and DVMHX in my portfolio?

FGINX and DVMHX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FGINX or DVMHX?

FGINX has higher volatility (2.58%) compared to DVMHX (1.10%). In terms of maximum drawdown, FGINX dropped -54.80% vs DVMHX's -15.73%.

Which has better risk-adjusted returns?

FGINX currently has the higher Sharpe Ratio (4.12 vs 1.95), 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.