IPOAX vs. OILGX

Last updated Aug 1, 2026

IPOAX (Delaware Ivy Systematic Emerging Markets Equity Fund) and OILGX (Optimum Large Cap Growth Fund) are both mutual funds - IPOAX is a Emerging Markets Equities fund managed by Delaware Funds, while OILGX is a Large Cap Growth Equities fund managed by Delaware Funds. Over the past 10 years, IPOAX returned 8.80%/yr vs 16.06%/yr for OILGX. Their 0.57 correlation means they have sometimes moved together and sometimes differently. IPOAX charges 1.15%/yr vs 0.89%/yr for OILGX.

Performance

IPOAX vs. OILGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Delaware Ivy Systematic Emerging Markets Equity Fund (IPOAX) and Optimum Large Cap Growth Fund (OILGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IPOAX achieves a 18.05% return, which is significantly higher than OILGX's 1.65% return. Over the past 10 years, IPOAX has underperformed OILGX with an annualized return of 8.80%, while OILGX has yielded a comparatively higher 16.06% annualized return.

IPOAX

• 1D: 4.34%
• 1M: -1.19%
• 6M: 7.44%
• YTD: 18.05%
• 1Y: 34.17%
• 3Y*: 16.79%
• 5Y*: 4.31%
• 10Y*: 8.80%
• ALL TIME*: 5.33%

OILGX

• 1D: 2.80%
• 1M: -2.88%
• 6M: 2.14%
• YTD: 1.65%
• 1Y: 12.37%
• 3Y*: 23.21%
• 5Y*: 11.18%
• 10Y*: 16.06%
• ALL TIME*: 11.70%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IPOAX Delaware Ivy Systematic Emerging Markets Equity Fund	$0.00	$0.00	$0.00
OILGX Optimum Large Cap Growth Fund	$0.00	$0.00	$0.00

IPOAX vs. OILGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IPOAX Delaware Ivy Systematic Emerging Markets Equity Fund	18.05%	26.53%	7.71%	10.86%	-27.56%	-4.67%	35.01%	23.23%	-19.83%	42.47%
OILGX Optimum Large Cap Growth Fund	1.65%	15.97%	49.90%	41.16%	-34.69%	17.88%	33.81%	31.34%	-0.80%	32.46%

Correlation

The correlation between IPOAX and OILGX is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.59
Correlation (3Y) Balances recent behavior with more history.	0.53
Correlation (5Y) Shows whether the relationship held over a longer period.	0.56
Correlation (10Y) Provides a long-term view across more market conditions.	0.61
Correlation (All Time) Calculated using the full available price history since Jul 23, 2003	0.57

The correlation between IPOAX and OILGX has been stable across timeframes, ranging from 0.53 to 0.61 - a consistent structural relationship.

Return for Risk

IPOAX vs. OILGX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IPOAX

IPOAX Risk / Return Rank: 54
IPOAX Sharpe Ratio Rank: 50
IPOAX Sortino Ratio Rank: 43
IPOAX Omega Ratio Rank: 56
IPOAX Calmar Ratio Rank: 70
IPOAX Martin Ratio Rank: 49

OILGX

OILGX Risk / Return Rank: 15
OILGX Sharpe Ratio Rank: 15
OILGX Sortino Ratio Rank: 15
OILGX Omega Ratio Rank: 15
OILGX Calmar Ratio Rank: 14
OILGX Martin Ratio Rank: 15

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IPOAX vs. OILGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Delaware Ivy Systematic Emerging Markets Equity Fund (IPOAX) and Optimum Large Cap Growth Fund (OILGX). 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.

	IPOAX	OILGX	Difference
Sharpe ratio: Return per unit of total volatility	1.36	0.57	+0.79
Sortino ratio: Return per unit of downside risk	1.83	0.90	+0.93
Omega ratio: Gain probability vs. loss probability	1.26	1.11	+0.16
Calmar ratio: Return relative to maximum drawdown	2.30	0.66	+1.64
Martin ratio: Return relative to average drawdown	6.92	2.08	+4.83

IPOAX vs. OILGX - Sharpe Ratio Comparison

The current IPOAX Sharpe Ratio is 1.36, which is higher than the OILGX Sharpe Ratio of 0.57. The chart below compares the historical Sharpe Ratios of IPOAX and OILGX, 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

IPOAX vs. OILGX - Drawdown Comparison

The maximum IPOAX drawdown since its inception was -67.11%, which is greater than OILGX's maximum drawdown of -54.28%. Use the drawdown chart below to compare losses from any high point for IPOAX and OILGX.

Drawdown Indicators

	IPOAX	OILGX	Difference
Max Drawdown Largest peak-to-trough decline	-67.11%	-54.28%	-12.83%
Max Drawdown (1Y) Largest decline over 1 year	-13.39%	-15.31%	+1.92%
Max Drawdown (3Y) Largest decline over 3 years	-16.86%	-23.75%	+6.89%
Max Drawdown (5Y) Largest decline over 5 years	-40.84%	-39.97%	-0.87%
Max Drawdown (10Y) Largest decline over 10 years	-45.79%	-39.97%	-5.82%
Current Drawdown Current decline from peak	-8.70%	-7.90%	-0.80%
Average Drawdown Average peak-to-trough decline	-23.58%	-8.45%	-15.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.46%	4.86%	-0.40%

Volatility

IPOAX vs. OILGX - Volatility Comparison

Delaware Ivy Systematic Emerging Markets Equity Fund (IPOAX) has a higher volatility of 9.36% compared to Optimum Large Cap Growth Fund (OILGX) at 5.71%. This indicates that IPOAX's price experiences larger fluctuations and is considered to be riskier than OILGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IPOAX	OILGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.36%	5.71%	+3.65%
Volatility (6M) Calculated over the trailing 6-month period	20.68%	13.92%	+6.76%
Volatility (1Y) Calculated over the trailing 1-year period	22.72%	17.79%	+4.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.78%	23.65%	-2.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.60%	22.11%	-1.51%

IPOAX vs. OILGX - Expense Ratio Comparison

IPOAX has a 1.15% expense ratio, which is higher than OILGX's 0.89% expense ratio.

Dividends

IPOAX vs. OILGX - Dividend Comparison

IPOAX's dividend yield for the trailing twelve months is around 8.48%, less than OILGX's 13.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IPOAX Delaware Ivy Systematic Emerging Markets Equity Fund	8.48%	10.01%	3.35%	3.23%	14.83%	0.55%	0.75%	0.74%	0.68%	0.00%	0.00%	0.93%
OILGX Optimum Large Cap Growth Fund	13.82%	14.05%	20.62%	11.50%	4.95%	14.42%	7.72%	2.98%	14.76%	18.13%	3.68%	10.49%

Frequently Asked Questions

Can I hold both IPOAX and OILGX in my portfolio?

IPOAX and OILGX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IPOAX or OILGX?

IPOAX has higher volatility (9.36%) compared to OILGX (5.71%). In terms of maximum drawdown, IPOAX dropped -67.11% vs OILGX's -54.28%.

Which has better risk-adjusted returns?

IPOAX currently has the higher Sharpe Ratio (1.36 vs 0.57), 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.