FTORX vs. FIUSX

Last updated Jul 17, 2026

FTORX (Delaware Tax-Free Oregon Fund) and FIUSX (Delaware Opportunity Fund) are both mutual funds - FTORX 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, FTORX returned 1.84%/yr vs 10.85%/yr for FIUSX. At a correlation of -0.06, they often move in opposite directions. FTORX charges 0.90%/yr vs 1.15%/yr for FIUSX.

Performance

FTORX vs. FIUSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Delaware Tax-Free Oregon Fund (FTORX) 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, FTORX achieves a 2.65% return, which is significantly lower than FIUSX's 19.79% return. Over the past 10 years, FTORX has underperformed FIUSX with an annualized return of 1.84%, while FIUSX has yielded a comparatively higher 10.85% annualized return.

FTORX

• 1D: -0.08%
• 1M: 0.39%
• 6M: 2.15%
• YTD: 2.65%
• 1Y: 9.57%
• 3Y*: 3.80%
• 5Y*: 0.69%
• 10Y*: 1.84%

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%

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

FTORX vs. FIUSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTORX Delaware Tax-Free Oregon Fund	2.65%	2.56%	2.62%	5.94%	-9.85%	2.82%	6.29%	6.29%	-0.03%	3.73%
FIUSX Delaware Opportunity Fund	19.79%	12.60%	14.07%	11.68%	-9.62%	30.95%	0.88%	29.58%	-15.71%	18.67%

Correlation

The correlation between FTORX and FIUSX is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (10Y) Calculated over the trailing 10-year period	0.01
Correlation (All Time) Calculated using the full available price history since Aug 24, 1992	-0.06

The correlation between FTORX and FIUSX shifts across timeframes, from -0.06 (all time) to 0.16 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FTORX vs. FIUSX — Risk / Return Rank

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

FTORX

FTORX Risk / Return Rank: 84
FTORX Sharpe Ratio Rank: 91
FTORX Sortino Ratio Rank: 91
FTORX Omega Ratio Rank: 91
FTORX Calmar Ratio Rank: 75
FTORX Martin Ratio Rank: 74

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

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.

FTORX vs. FIUSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Delaware Tax-Free Oregon Fund (FTORX) 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.

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.

	FTORX	FIUSX	Difference
Sharpe ratio: Return per unit of total volatility	2.54	2.25	+0.29
Sortino ratio: Return per unit of downside risk	3.92	3.29	+0.63
Omega ratio: Gain probability vs. loss probability	1.61	1.40	+0.21
Calmar ratio: Return relative to maximum drawdown	2.83	4.65	-1.82
Martin ratio: Return relative to average drawdown	10.99	17.12	-6.12

FTORX vs. FIUSX - Sharpe Ratio Comparison

The current FTORX Sharpe Ratio is 2.54, which is comparable to the FIUSX Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of FTORX 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.

Drawdowns

FTORX vs. FIUSX - Drawdown Comparison

The maximum FTORX drawdown since its inception was -14.64%, smaller than the maximum FIUSX drawdown of -56.30%. Use the drawdown chart below to compare losses from any high point for FTORX and FIUSX.

Drawdown Indicators

	FTORX	FIUSX	Difference
Max Drawdown Largest peak-to-trough decline	-14.64%	-56.30%	+41.66%
Max Drawdown (1Y) Largest decline over 1 year	-3.24%	-6.75%	+3.51%
Max Drawdown (3Y) Largest decline over 3 years	-7.97%	-21.69%	+13.72%
Max Drawdown (5Y) Largest decline over 5 years	-14.64%	-21.69%	+7.05%
Max Drawdown (10Y) Largest decline over 10 years	-14.64%	-46.38%	+31.74%
Current Drawdown Current decline from peak	-0.73%	-1.59%	+0.86%
Average Drawdown Average peak-to-trough decline	-2.04%	-9.43%	+7.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	1.83%	-0.96%

Volatility

FTORX vs. FIUSX - Volatility Comparison

The current volatility for Delaware Tax-Free Oregon Fund (FTORX) is 0.66%, while Delaware Opportunity Fund (FIUSX) has a volatility of 2.96%. This indicates that FTORX 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

	FTORX	FIUSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.66%	2.96%	-2.30%
Volatility (6M) Calculated over the trailing 6-month period	2.72%	10.63%	-7.91%
Volatility (1Y) Calculated over the trailing 1-year period	3.64%	14.05%	-10.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.88%	18.11%	-13.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.35%	20.50%	-16.15%

FTORX vs. FIUSX - Expense Ratio Comparison

FTORX has a 0.90% expense ratio, which is lower than FIUSX's 1.15% expense ratio.

Dividends

FTORX vs. FIUSX - Dividend Comparison

FTORX's dividend yield for the trailing twelve months is around 3.72%, less than FIUSX's 9.63% 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%
FTORX Delaware Tax-Free Oregon Fund	3.72%	3.62%	3.33%	2.91%	2.99%	2.41%	3.90%	2.98%	2.85%	3.20%	3.27%	3.19%

Frequently Asked Questions

Can I hold both FTORX and FIUSX in my portfolio?

FTORX and FIUSX have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTORX or FIUSX?

FIUSX has higher volatility (2.96%) compared to FTORX (0.66%). In terms of maximum drawdown, FTORX dropped -14.64% vs FIUSX's -56.30%.

Which has better risk-adjusted returns?

FTORX currently has the higher Sharpe Ratio (2.54 vs 2.25), 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.