FTNYX vs. DEVLX

Last updated Jun 4, 2026

FTNYX (Delaware Tax-Free New York Fund) and DEVLX (Delaware Small Cap Value Fund) are both mutual funds - FTNYX 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, FTNYX returned 2.36%/yr vs 9.48%/yr for DEVLX. At a correlation of -0.05, they often move in opposite directions. FTNYX charges 0.80%/yr vs 1.11%/yr for DEVLX.

Performance

FTNYX vs. DEVLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Delaware Tax-Free New York Fund (FTNYX) and Delaware Small Cap Value Fund (DEVLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FTNYX achieves a 2.50% return, which is significantly lower than DEVLX's 15.25% return. Over the past 10 years, FTNYX has underperformed DEVLX with an annualized return of 2.36%, while DEVLX has yielded a comparatively higher 9.48% annualized return.

FTNYX

• 1D: 0.19%
• 1M: 1.12%
• YTD: 2.50%
• 6M: 2.75%
• 1Y: 7.86%
• 3Y*: 4.17%
• 5Y*: 0.85%
• 10Y*: 2.36%

DEVLX

• 1D: 1.16%
• 1M: 1.18%
• YTD: 15.25%
• 6M: 14.79%
• 1Y: 27.67%
• 3Y*: 15.43%
• 5Y*: 6.49%
• 10Y*: 9.48%

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

FTNYX vs. DEVLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTNYX Delaware Tax-Free New York Fund	2.50%	2.46%	3.13%	8.24%	-12.26%	3.91%	5.15%	8.18%	0.70%	6.11%
DEVLX Delaware Small Cap Value Fund	15.25%	7.66%	10.87%	9.22%	-12.46%	33.85%	-0.79%	27.85%	-17.70%	11.69%

Correlation

The correlation between FTNYX and DEVLX is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (10Y) Calculated over the trailing 10-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Nov 9, 1987	-0.05

The correlation between FTNYX and DEVLX shifts across timeframes, from -0.05 (all time) to 0.14 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FTNYX vs. DEVLX — Risk / Return Rank

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

FTNYX

FTNYX Risk / Return Rank: 52
FTNYX Sharpe Ratio Rank: 49
FTNYX Sortino Ratio Rank: 59
FTNYX Omega Ratio Rank: 73
FTNYX Calmar Ratio Rank: 41
FTNYX Martin Ratio Rank: 38

DEVLX

DEVLX Risk / Return Rank: 48
DEVLX Sharpe Ratio Rank: 40
DEVLX Sortino Ratio Rank: 41
DEVLX Omega Ratio Rank: 36
DEVLX Calmar Ratio Rank: 68
DEVLX Martin Ratio Rank: 54

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.

FTNYX vs. DEVLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Delaware Tax-Free New York Fund (FTNYX) 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.

	FTNYX	DEVLX	Difference
Sharpe ratio Return per unit of total volatility	2.08	1.82	+0.26
Sortino ratio Return per unit of downside risk	3.23	2.68	+0.56
Omega ratio Gain probability vs. loss probability	1.48	1.32	+0.16
Calmar ratio Return relative to maximum drawdown	2.44	3.18	-0.74
Martin ratio Return relative to average drawdown	8.23	10.88	-2.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FTNYX vs. DEVLX - Sharpe Ratio Comparison

The current FTNYX Sharpe Ratio is 2.08, which is comparable to the DEVLX Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of FTNYX and DEVLX, 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

	FTNYX	DEVLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	1.82	+0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	0.31	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.41	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	1.11	0.53	+0.58

Drawdowns

FTNYX vs. DEVLX - Drawdown Comparison

The maximum FTNYX drawdown since its inception was -17.11%, smaller than the maximum DEVLX drawdown of -60.08%. Use the drawdown chart below to compare losses from any high point for FTNYX and DEVLX.

Drawdown Indicators

	FTNYX	DEVLX	Difference
Max Drawdown Largest peak-to-trough decline	-17.11%	-60.08%	+42.97%
Max Drawdown (1Y) Largest decline over 1 year	-3.24%	-9.44%	+6.20%
Max Drawdown (3Y) Largest decline over 3 years	-8.54%	-24.80%	+16.26%
Max Drawdown (5Y) Largest decline over 5 years	-17.11%	-24.80%	+7.69%
Max Drawdown (10Y) Largest decline over 10 years	-17.11%	-46.48%	+29.37%
Current Drawdown Current decline from peak	0.00%	-1.19%	+1.19%
Average Drawdown Average peak-to-trough decline	-1.96%	-8.29%	+6.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	2.75%	-1.79%

Volatility

FTNYX vs. DEVLX - Volatility Comparison

The current volatility for Delaware Tax-Free New York Fund (FTNYX) is 1.51%, while Delaware Small Cap Value Fund (DEVLX) has a volatility of 4.70%. This indicates that FTNYX 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.

Volatility by Period

	FTNYX	DEVLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.51%	4.70%	-3.19%
Volatility (6M) Calculated over the trailing 6-month period	2.81%	11.44%	-8.63%
Volatility (1Y) Calculated over the trailing 1-year period	3.86%	16.52%	-12.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.34%	20.99%	-15.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.91%	23.51%	-18.60%

FTNYX vs. DEVLX - Expense Ratio Comparison

FTNYX has a 0.80% expense ratio, which is lower than DEVLX's 1.11% expense ratio.

Dividends

FTNYX vs. DEVLX - Dividend Comparison

FTNYX's dividend yield for the trailing twelve months is around 3.98%, less than DEVLX's 11.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEVLX Delaware Small Cap Value Fund	11.94%	13.76%	12.67%	7.54%	4.37%	4.43%	1.37%	4.29%	8.80%	1.34%	0.52%	7.01%
FTNYX Delaware Tax-Free New York Fund	3.98%	5.09%	4.14%	3.13%	3.27%	2.39%	3.50%	3.97%	3.70%	3.81%	3.12%	3.14%

Frequently Asked Questions

Can I hold both FTNYX and DEVLX in my portfolio?

FTNYX and DEVLX have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTNYX or DEVLX?

DEVLX has higher volatility (4.70%) compared to FTNYX (1.51%). In terms of maximum drawdown, FTNYX dropped -17.11% vs DEVLX's -60.08%.

Which has better risk-adjusted returns?

FTNYX currently has the higher Sharpe Ratio (2.08 vs 1.82), 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.