FTNYX vs. MUNY
FTNYX (Delaware Tax-Free New York Fund) and MUNY (Vanguard New York Tax-Exempt Bond ETF) are both Municipal Bonds funds. Over the past year, FTNYX returned 7.75% vs 6.39% for MUNY. A 0.68 correlation means they provide meaningful diversification when combined. FTNYX charges 0.80%/yr vs 0.09%/yr for MUNY.
Performance
FTNYX vs. MUNY - Performance Comparison
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Returns By Period
In the year-to-date period, FTNYX achieves a 2.79% return, which is significantly higher than MUNY's 1.71% return.
FTNYX
- 1D
- 0.00%
- 1M
- 2.41%
- YTD
- 2.79%
- 6M
- 3.34%
- 1Y
- 7.75%
- 3Y*
- 3.97%
- 5Y*
- 0.85%
- 10Y*
- 2.25%
MUNY
- 1D
- -0.11%
- 1M
- 1.41%
- YTD
- 1.71%
- 6M
- 1.78%
- 1Y
- 6.39%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FTNYX vs. MUNY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FTNYX Delaware Tax-Free New York Fund | 2.79% | 4.96% |
MUNY Vanguard New York Tax-Exempt Bond ETF | 1.71% | 5.60% |
Correlation
The correlation between FTNYX and MUNY is 0.68, 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 | 0.68 |
Correlation (All Time) Calculated using the full available price history since May 22, 2025 | 0.68 |
The correlation between FTNYX and MUNY has been stable across timeframes, ranging from 0.68 to 0.68 - a consistent structural relationship.
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Return for Risk
FTNYX vs. MUNY — Risk / Return Rank
FTNYX
MUNY
FTNYX vs. MUNY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Delaware Tax-Free New York Fund (FTNYX) and Vanguard New York Tax-Exempt Bond ETF (MUNY). 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.
| FTNYX | MUNY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.50 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.47 | 2.38 | +0.10 |
| Martin ratioReturn relative to average drawdown | 8.34 | 7.97 | +0.36 |
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Drawdowns
FTNYX vs. MUNY - Drawdown Comparison
The maximum FTNYX drawdown since its inception was -17.11%, which is greater than MUNY's maximum drawdown of -2.70%. Use the drawdown chart below to compare losses from any high point for FTNYX and MUNY.
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Drawdown Indicators
| FTNYX | MUNY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.11% | -2.70% | -14.41% |
Max Drawdown (1Y)Largest decline over 1 year | -3.24% | -2.70% | -0.54% |
Max Drawdown (3Y)Largest decline over 3 years | -8.54% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -17.11% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -17.11% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.29% | +0.29% |
Average DrawdownAverage peak-to-trough decline | -1.95% | -0.65% | -1.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 0.80% | +0.16% |
Volatility
FTNYX vs. MUNY - Volatility Comparison
Delaware Tax-Free New York Fund (FTNYX) has a higher volatility of 1.02% compared to Vanguard New York Tax-Exempt Bond ETF (MUNY) at 0.75%. This indicates that FTNYX's price experiences larger fluctuations and is considered to be riskier than MUNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FTNYX | MUNY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.02% | 0.75% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 2.78% | 2.35% | +0.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.82% | 2.90% | +0.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.34% | 3.86% | +1.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.91% | 3.86% | +1.05% |
FTNYX vs. MUNY - Expense Ratio Comparison
FTNYX has a 0.80% expense ratio, which is higher than MUNY's 0.09% expense ratio.
Dividends
FTNYX vs. MUNY - Dividend Comparison
FTNYX's dividend yield for the trailing twelve months is around 3.97%, more than MUNY's 3.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FTNYX Delaware Tax-Free New York Fund | 3.97% | 5.09% | 4.14% | 3.13% | 3.27% | 2.39% | 3.50% | 3.97% | 3.70% | 3.81% | 3.12% | 3.14% |
MUNY Vanguard New York Tax-Exempt Bond ETF | 3.10% | 1.80% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FTNYX and MUNY have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FTNYX has higher volatility (1.02%) compared to MUNY (0.75%). In terms of maximum drawdown, FTNYX dropped -17.11% vs MUNY's -2.70%.
MUNY currently has the higher Sharpe Ratio (2.22 vs 2.10), 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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