FTNYX vs. FIUSX

Last updated Jun 5, 2026

FTNYX (Delaware Tax-Free New York Fund) and FIUSX (Delaware Opportunity Fund) are both mutual funds - FTNYX is a Municipal Bonds fund managed by Delaware Funds, while FIUSX is a Mid Cap Value Equities fund managed by Delaware Funds. Over the past 10 years, FTNYX returned 2.36%/yr vs 11.07%/yr for FIUSX. At a correlation of -0.06, they often move in opposite directions. FTNYX charges 0.80%/yr vs 1.15%/yr for FIUSX.

Performance

FTNYX vs. FIUSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Delaware Tax-Free New York Fund (FTNYX) and Delaware Opportunity Fund (FIUSX). 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 FIUSX's 18.90% return. Over the past 10 years, FTNYX has underperformed FIUSX with an annualized return of 2.36%, while FIUSX has yielded a comparatively higher 11.07% annualized return.

FTNYX

• 1D: 0.00%
• 1M: 1.03%
• YTD: 2.50%
• 6M: 2.75%
• 1Y: 7.54%
• 3Y*: 4.17%
• 5Y*: 0.83%
• 10Y*: 2.36%

FIUSX

• 1D: 0.08%
• 1M: 1.41%
• YTD: 18.90%
• 6M: 18.41%
• 1Y: 34.96%
• 3Y*: 20.09%
• 5Y*: 10.63%
• 10Y*: 11.07%

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

FTNYX vs. FIUSX - 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%
FIUSX Delaware Opportunity Fund	18.90%	12.60%	14.07%	11.68%	-9.62%	30.95%	0.88%	29.58%	-15.71%	18.67%

Correlation

The correlation between FTNYX and FIUSX is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Aug 25, 1992	-0.06

The correlation between FTNYX and FIUSX shifts across timeframes, from -0.06 (all time) to 0.15 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FTNYX vs. FIUSX — Risk / Return Rank

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

FTNYX

FTNYX Risk / Return Rank: 55
FTNYX Sharpe Ratio Rank: 53
FTNYX Sortino Ratio Rank: 63
FTNYX Omega Ratio Rank: 75
FTNYX Calmar Ratio Rank: 44
FTNYX Martin Ratio Rank: 39

FIUSX

FIUSX Risk / Return Rank: 80
FIUSX Sharpe Ratio Rank: 75
FIUSX Sortino Ratio Rank: 74
FIUSX Omega Ratio Rank: 65
FIUSX Calmar Ratio Rank: 93
FIUSX Martin Ratio Rank: 92

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. FIUSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Delaware Tax-Free New York Fund (FTNYX) and Delaware Opportunity Fund (FIUSX). 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	FIUSX	Difference
Sharpe ratio: Return per unit of total volatility	2.08	2.51	-0.43
Sortino ratio: Return per unit of downside risk	3.23	3.60	-0.36
Omega ratio: Gain probability vs. loss probability	1.48	1.45	+0.03
Calmar ratio: Return relative to maximum drawdown	2.44	5.12	-2.67
Martin ratio: Return relative to average drawdown	8.23	19.10	-10.86
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. FIUSX - Sharpe Ratio Comparison

The current FTNYX Sharpe Ratio is 2.08, which is comparable to the FIUSX Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of FTNYX and FIUSX, 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	FIUSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	2.51	-0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	0.59	-0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.54	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	1.11	0.45	+0.65

Drawdowns

FTNYX vs. FIUSX - Drawdown Comparison

The maximum FTNYX drawdown since its inception was -17.11%, smaller than the maximum FIUSX drawdown of -56.30%. Use the drawdown chart below to compare losses from any high point for FTNYX and FIUSX.

Drawdown Indicators

	FTNYX	FIUSX	Difference
Max Drawdown Largest peak-to-trough decline	-17.11%	-56.30%	+39.19%
Max Drawdown (1Y) Largest decline over 1 year	-3.24%	-6.75%	+3.51%
Max Drawdown (3Y) Largest decline over 3 years	-8.54%	-21.69%	+13.15%
Max Drawdown (5Y) Largest decline over 5 years	-17.11%	-21.69%	+4.58%
Max Drawdown (10Y) Largest decline over 10 years	-17.11%	-46.38%	+29.27%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.96%	-9.45%	+7.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	1.80%	-0.84%

Volatility

FTNYX vs. FIUSX - Volatility Comparison

The current volatility for Delaware Tax-Free New York Fund (FTNYX) is 1.49%, while Delaware Opportunity Fund (FIUSX) has a volatility of 4.21%. This indicates that FTNYX experiences smaller price fluctuations and is considered to be less risky than FIUSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FTNYX	FIUSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.49%	4.21%	-2.72%
Volatility (6M) Calculated over the trailing 6-month period	2.80%	10.46%	-7.66%
Volatility (1Y) Calculated over the trailing 1-year period	3.82%	13.81%	-9.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.34%	18.17%	-12.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.91%	20.57%	-15.66%

FTNYX vs. FIUSX - Expense Ratio Comparison

FTNYX has a 0.80% expense ratio, which is lower than FIUSX's 1.15% expense ratio.

Dividends

FTNYX vs. FIUSX - Dividend Comparison

FTNYX's dividend yield for the trailing twelve months is around 3.98%, less than FIUSX's 9.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIUSX Delaware Opportunity Fund	9.70%	11.53%	12.68%	2.85%	8.96%	5.62%	1.60%	40.65%	12.11%	6.00%	4.23%	1.14%
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 FIUSX in my portfolio?

FTNYX and FIUSX have a correlation of 0.15, 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 FIUSX?

FIUSX has higher volatility (4.21%) compared to FTNYX (1.49%). In terms of maximum drawdown, FTNYX dropped -17.11% vs FIUSX's -56.30%.

Which has better risk-adjusted returns?

FIUSX currently has the higher Sharpe Ratio (2.51 vs 2.08), 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.