IYSAX vs. DCCIX

Last updated Aug 1, 2026

IYSAX (Delaware Ivy Smid Cap Core Fund) and DCCIX (Delaware Small Cap Core Fund) are both Small Cap Blend Equities funds from Delaware Funds. Over the past 10 years, IYSAX returned 9.95%/yr vs 10.29%/yr for DCCIX. Their correlation of 0.94 means they have usually moved in the same direction. IYSAX charges 1.14%/yr vs 0.81%/yr for DCCIX.

Performance

IYSAX vs. DCCIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Delaware Ivy Smid Cap Core Fund (IYSAX) and Delaware Small Cap Core Fund (DCCIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IYSAX achieves a 16.60% return, which is significantly lower than DCCIX's 17.73% return. Both investments have delivered pretty close results over the past 10 years, with IYSAX having a 9.95% annualized return and DCCIX not far ahead at 10.29%.

IYSAX

• 1D: 1.79%
• 1M: -1.68%
• 6M: 12.79%
• YTD: 16.60%
• 1Y: 28.37%
• 3Y*: 14.36%
• 5Y*: 7.73%
• 10Y*: 9.95%
• ALL TIME*: 8.32%

DCCIX

• 1D: 1.39%
• 1M: -1.13%
• 6M: 13.23%
• YTD: 17.73%
• 1Y: 28.54%
• 3Y*: 11.70%
• 5Y*: 6.76%
• 10Y*: 10.29%
• ALL TIME*: 10.44%

*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)
DCCIX Delaware Small Cap Core Fund	$0.00	$0.00	$0.00
IYSAX Delaware Ivy Smid Cap Core Fund	$0.00	$0.00	$0.00

IYSAX vs. DCCIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IYSAX Delaware Ivy Smid Cap Core Fund	16.60%	8.74%	14.62%	16.48%	-15.55%	20.46%	7.06%	24.16%	-10.90%	13.27%
DCCIX Delaware Small Cap Core Fund	17.73%	4.59%	10.27%	14.65%	-15.94%	23.23%	14.81%	26.04%	-11.82%	14.06%

Correlation

The correlation between IYSAX and DCCIX is 0.95, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.95
Correlation (3Y) Balances recent behavior with more history.	0.96
Correlation (5Y) Shows whether the relationship held over a longer period.	0.96
Correlation (10Y) Provides a long-term view across more market conditions.	0.94
Correlation (All Time) Calculated using the full available price history since Dec 28, 1998	0.94

The correlation between IYSAX and DCCIX has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

IYSAX vs. DCCIX — Risk / Return Rank

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

IYSAX

IYSAX Risk / Return Rank: 67
IYSAX Sharpe Ratio Rank: 61
IYSAX Sortino Ratio Rank: 63
IYSAX Omega Ratio Rank: 53
IYSAX Calmar Ratio Rank: 81
IYSAX Martin Ratio Rank: 79

DCCIX

DCCIX Risk / Return Rank: 68
DCCIX Sharpe Ratio Rank: 65
DCCIX Sortino Ratio Rank: 69
DCCIX Omega Ratio Rank: 59
DCCIX Calmar Ratio Rank: 77
DCCIX Martin Ratio Rank: 69

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.

IYSAX vs. DCCIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Delaware Ivy Smid Cap Core Fund (IYSAX) and Delaware Small Cap Core Fund (DCCIX). 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.

	IYSAX	DCCIX	Difference
Sharpe ratio: Return per unit of total volatility	1.57	1.54	+0.03
Sortino ratio: Return per unit of downside risk	2.29	2.33	-0.03
Omega ratio: Gain probability vs. loss probability	1.27	1.27	+0.01
Calmar ratio: Return relative to maximum drawdown	2.78	2.48	+0.29
Martin ratio: Return relative to average drawdown	9.99	8.48	+1.52

IYSAX vs. DCCIX - Sharpe Ratio Comparison

The current IYSAX Sharpe Ratio is 1.57, which is comparable to the DCCIX Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of IYSAX and DCCIX, 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

IYSAX vs. DCCIX - Drawdown Comparison

The maximum IYSAX drawdown since its inception was -48.76%, smaller than the maximum DCCIX drawdown of -59.44%. Use the drawdown chart below to compare losses from any high point for IYSAX and DCCIX.

Drawdown Indicators

	IYSAX	DCCIX	Difference
Max Drawdown Largest peak-to-trough decline	-48.76%	-59.44%	+10.68%
Max Drawdown (1Y) Largest decline over 1 year	-9.02%	-10.35%	+1.33%
Max Drawdown (3Y) Largest decline over 3 years	-24.50%	-26.47%	+1.97%
Max Drawdown (5Y) Largest decline over 5 years	-34.05%	-26.71%	-7.34%
Max Drawdown (10Y) Largest decline over 10 years	-41.72%	-39.44%	-2.28%
Current Drawdown Current decline from peak	-3.97%	-2.26%	-1.71%
Average Drawdown Average peak-to-trough decline	-10.73%	-9.25%	-1.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	3.03%	-0.51%

Volatility

IYSAX vs. DCCIX - Volatility Comparison

Delaware Ivy Smid Cap Core Fund (IYSAX) has a higher volatility of 4.23% compared to Delaware Small Cap Core Fund (DCCIX) at 3.39%. This indicates that IYSAX's price experiences larger fluctuations and is considered to be riskier than DCCIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IYSAX	DCCIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.23%	3.39%	+0.84%
Volatility (6M) Calculated over the trailing 6-month period	12.19%	12.10%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	15.92%	16.68%	-0.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.98%	20.92%	+8.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.82%	22.10%	+3.72%

IYSAX vs. DCCIX - Expense Ratio Comparison

IYSAX has a 1.14% expense ratio, which is higher than DCCIX's 0.81% expense ratio.

Dividends

IYSAX vs. DCCIX - Dividend Comparison

IYSAX's dividend yield for the trailing twelve months is around 1.54%, less than DCCIX's 3.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DCCIX Delaware Small Cap Core Fund	3.74%	4.40%	1.18%	4.17%	3.82%	6.35%	0.40%	2.03%	10.74%	7.97%	1.11%	3.11%
IYSAX Delaware Ivy Smid Cap Core Fund	1.54%	1.88%	0.62%	0.45%	29.63%	19.36%	0.00%	0.67%	16.13%	2.22%	4.75%	15.43%

Frequently Asked Questions

Can I hold both IYSAX and DCCIX in my portfolio?

With a correlation of 0.95, IYSAX and DCCIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, IYSAX or DCCIX?

IYSAX has higher volatility (4.23%) compared to DCCIX (3.39%). In terms of maximum drawdown, IYSAX dropped -48.76% vs DCCIX's -59.44%.

Which has better risk-adjusted returns?

IYSAX currently has the higher Sharpe Ratio (1.57 vs 1.54), 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.