FIUSX vs. WMGAX

Last updated Jul 17, 2026

FIUSX (Delaware Opportunity Fund) and WMGAX (Delaware Ivy Mid Cap Growth Fund) are both mutual funds - FIUSX is a Mid Cap Value Equities fund managed by Delaware Funds, while WMGAX is a Mid Cap Growth Equities fund managed by Delaware Funds. Over the past 10 years, FIUSX returned 10.85%/yr vs 10.94%/yr for WMGAX. Their correlation of 0.87 suggests significant overlap in exposure. FIUSX charges 1.15%/yr vs 1.12%/yr for WMGAX.

Performance

FIUSX vs. WMGAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Delaware Opportunity Fund (FIUSX) and Delaware Ivy Mid Cap Growth Fund (WMGAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIUSX achieves a 19.79% return, which is significantly higher than WMGAX's 0.88% return. Both investments have delivered pretty close results over the past 10 years, with FIUSX having a 10.85% annualized return and WMGAX not far ahead at 10.94%.

FIUSX

• 1D: -0.41%
• 1M: -0.05%
• 6M: 14.02%
• YTD: 19.79%
• 1Y: 30.59%
• 3Y*: 18.04%
• 5Y*: 11.70%
• 10Y*: 10.85%

WMGAX

• 1D: -0.60%
• 1M: -2.46%
• 6M: -3.60%
• YTD: 0.88%
• 1Y: -1.16%
• 3Y*: 3.68%
• 5Y*: -0.28%
• 10Y*: 10.94%

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

FIUSX vs. WMGAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIUSX Delaware Opportunity Fund	19.79%	12.60%	14.07%	11.68%	-9.62%	30.95%	0.88%	29.58%	-15.71%	18.67%
WMGAX Delaware Ivy Mid Cap Growth Fund	0.88%	0.83%	10.02%	19.97%	-30.68%	16.22%	48.56%	38.01%	-0.20%	26.95%

Correlation

The correlation between FIUSX and WMGAX is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jun 30, 2000	0.87

The correlation between FIUSX and WMGAX has been stable across timeframes, ranging from 0.79 to 0.87 - a consistent structural relationship.

Return for Risk

FIUSX vs. WMGAX — Risk / Return Rank

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

FIUSX

FIUSX Risk / Return Rank: 88
FIUSX Sharpe Ratio Rank: 84
FIUSX Sortino Ratio Rank: 84
FIUSX Omega Ratio Rank: 79
FIUSX Calmar Ratio Rank: 95
FIUSX Martin Ratio Rank: 95

WMGAX

WMGAX Risk / Return Rank: 3
WMGAX Sharpe Ratio Rank: 3
WMGAX Sortino Ratio Rank: 3
WMGAX Omega Ratio Rank: 3
WMGAX Calmar Ratio Rank: 3
WMGAX Martin Ratio Rank: 3

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.

FIUSX vs. WMGAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Delaware Opportunity Fund (FIUSX) 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.

	FIUSX	WMGAX	Difference
Sharpe ratio: Return per unit of total volatility	2.25	-0.04	+2.29
Sortino ratio: Return per unit of downside risk	3.29	0.07	+3.22
Omega ratio: Gain probability vs. loss probability	1.40	1.01	+0.39
Calmar ratio: Return relative to maximum drawdown	4.65	-0.04	+4.70
Martin ratio: Return relative to average drawdown	17.12	-0.12	+17.23

FIUSX vs. WMGAX - Sharpe Ratio Comparison

The current FIUSX Sharpe Ratio is 2.25, which is higher than the WMGAX Sharpe Ratio of -0.04. The chart below compares the historical Sharpe Ratios of FIUSX and WMGAX, 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

FIUSX vs. WMGAX - Drawdown Comparison

The maximum FIUSX drawdown since its inception was -56.30%, roughly equal to the maximum WMGAX drawdown of -53.74%. Use the drawdown chart below to compare losses from any high point for FIUSX and WMGAX.

Drawdown Indicators

	FIUSX	WMGAX	Difference
Max Drawdown Largest peak-to-trough decline	-56.30%	-53.74%	-2.56%
Max Drawdown (1Y) Largest decline over 1 year	-6.75%	-16.16%	+9.41%
Max Drawdown (3Y) Largest decline over 3 years	-21.69%	-26.59%	+4.90%
Max Drawdown (5Y) Largest decline over 5 years	-21.69%	-42.95%	+21.26%
Max Drawdown (10Y) Largest decline over 10 years	-46.38%	-42.95%	-3.43%
Current Drawdown Current decline from peak	-1.59%	-16.37%	+14.78%
Average Drawdown Average peak-to-trough decline	-9.43%	-13.62%	+4.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.83%	6.03%	-4.20%

Volatility

FIUSX vs. WMGAX - Volatility Comparison

The current volatility for Delaware Opportunity Fund (FIUSX) is 2.96%, while Delaware Ivy Mid Cap Growth Fund (WMGAX) has a volatility of 4.33%. This indicates that FIUSX 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.

Volatility by Period

	FIUSX	WMGAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.96%	4.33%	-1.37%
Volatility (6M) Calculated over the trailing 6-month period	10.63%	13.91%	-3.28%
Volatility (1Y) Calculated over the trailing 1-year period	14.05%	17.92%	-3.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.11%	25.17%	-7.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.50%	23.14%	-2.64%

FIUSX vs. WMGAX - Expense Ratio Comparison

FIUSX has a 1.15% expense ratio, which is higher than WMGAX's 1.12% expense ratio.

Dividends

FIUSX vs. WMGAX - Dividend Comparison

FIUSX's dividend yield for the trailing twelve months is around 9.63%, less than WMGAX's 11.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIUSX Delaware Opportunity Fund	9.63%	11.53%	12.68%	2.85%	8.96%	5.62%	1.60%	40.65%	12.11%	6.00%	4.23%	1.14%
WMGAX Delaware Ivy Mid Cap Growth Fund	11.00%	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

Can I hold both FIUSX and WMGAX in my portfolio?

FIUSX and WMGAX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIUSX or WMGAX?

WMGAX has higher volatility (4.33%) compared to FIUSX (2.96%). In terms of maximum drawdown, FIUSX dropped -56.30% vs WMGAX's -53.74%.

Which has better risk-adjusted returns?

FIUSX currently has the higher Sharpe Ratio (2.25 vs -0.04), 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.