IYSAX vs. DDVIX

Last updated Jun 4, 2026

IYSAX (Delaware Ivy Smid Cap Core Fund) and DDVIX (Delaware Value Fund) are both mutual funds - IYSAX is a Small Cap Blend Equities fund managed by Delaware Funds, while DDVIX is a Large Cap Value Equities fund managed by Delaware Funds. Over the past 10 years, IYSAX returned 10.39%/yr vs 7.84%/yr for DDVIX. Their correlation of 0.81 suggests significant overlap in exposure. IYSAX charges 1.14%/yr vs 0.68%/yr for DDVIX.

Performance

IYSAX vs. DDVIX - Performance Comparison

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

Returns By Period

In the year-to-date period, IYSAX achieves a 16.03% return, which is significantly higher than DDVIX's 5.83% return. Over the past 10 years, IYSAX has outperformed DDVIX with an annualized return of 10.39%, while DDVIX has yielded a comparatively lower 7.84% annualized return.

IYSAX

• 1D: 1.80%
• 1M: 4.65%
• YTD: 16.03%
• 6M: 15.52%
• 1Y: 30.04%
• 3Y*: 17.40%
• 5Y*: 7.57%
• 10Y*: 10.39%

DDVIX

• 1D: 0.56%
• 1M: -0.40%
• YTD: 5.83%
• 6M: 6.63%
• 1Y: 18.09%
• 3Y*: 10.44%
• 5Y*: 5.49%
• 10Y*: 7.84%

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

IYSAX vs. DDVIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IYSAX Delaware Ivy Smid Cap Core Fund	16.03%	8.74%	14.62%	16.48%	-15.55%	20.46%	7.06%	24.16%	-10.90%	13.27%
DDVIX Delaware Value Fund	5.83%	11.38%	6.76%	2.09%	-3.60%	22.05%	0.65%	20.26%	-2.99%	13.64%

Correlation

The correlation between IYSAX and DDVIX is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Sep 15, 1998	0.81

The correlation between IYSAX and DDVIX has been stable across timeframes, ranging from 0.77 to 0.81 - a consistent structural relationship.

Return for Risk

IYSAX vs. DDVIX — Risk / Return Rank

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

IYSAX

IYSAX Risk / Return Rank: 57
IYSAX Sharpe Ratio Rank: 49
IYSAX Sortino Ratio Rank: 48
IYSAX Omega Ratio Rank: 43
IYSAX Calmar Ratio Rank: 78
IYSAX Martin Ratio Rank: 69

DDVIX

DDVIX Risk / Return Rank: 30
DDVIX Sharpe Ratio Rank: 30
DDVIX Sortino Ratio Rank: 31
DDVIX Omega Ratio Rank: 29
DDVIX Calmar Ratio Rank: 35
DDVIX Martin Ratio Rank: 28

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.

IYSAX vs. DDVIX - Risk-Adjusted Trends Comparison

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

	IYSAX	DDVIX	Difference
Sharpe ratio: Return per unit of total volatility	2.07	1.57	+0.50
Sortino ratio: Return per unit of downside risk	2.94	2.30	+0.64
Omega ratio: Gain probability vs. loss probability	1.36	1.28	+0.08
Calmar ratio: Return relative to maximum drawdown	3.53	2.22	+1.30
Martin ratio: Return relative to average drawdown	13.27	6.61	+6.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IYSAX vs. DDVIX - Sharpe Ratio Comparison

The current IYSAX Sharpe Ratio is 2.07, which is higher than the DDVIX Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of IYSAX and DDVIX, 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

	IYSAX	DDVIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.07	1.57	+0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.38	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.46	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.44	-0.06

Drawdowns

IYSAX vs. DDVIX - Drawdown Comparison

The maximum IYSAX drawdown since its inception was -48.76%, smaller than the maximum DDVIX drawdown of -53.49%. Use the drawdown chart below to compare losses from any high point for IYSAX and DDVIX.

Drawdown Indicators

	IYSAX	DDVIX	Difference
Max Drawdown Largest peak-to-trough decline	-48.76%	-53.49%	+4.73%
Max Drawdown (1Y) Largest decline over 1 year	-9.02%	-8.45%	-0.57%
Max Drawdown (3Y) Largest decline over 3 years	-24.50%	-18.35%	-6.15%
Max Drawdown (5Y) Largest decline over 5 years	-34.05%	-18.35%	-15.70%
Max Drawdown (10Y) Largest decline over 10 years	-41.72%	-37.52%	-4.20%
Current Drawdown Current decline from peak	0.00%	-4.06%	+4.06%
Average Drawdown Average peak-to-trough decline	-10.78%	-8.17%	-2.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.39%	2.83%	-0.44%

Volatility

IYSAX vs. DDVIX - Volatility Comparison

Delaware Ivy Smid Cap Core Fund (IYSAX) has a higher volatility of 4.65% compared to Delaware Value Fund (DDVIX) at 3.18%. This indicates that IYSAX's price experiences larger fluctuations and is considered to be riskier than DDVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IYSAX	DDVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.65%	3.18%	+1.47%
Volatility (6M) Calculated over the trailing 6-month period	11.18%	8.90%	+2.28%
Volatility (1Y) Calculated over the trailing 1-year period	15.36%	11.97%	+3.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.01%	14.56%	+14.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.85%	17.12%	+8.73%

IYSAX vs. DDVIX - Expense Ratio Comparison

IYSAX has a 1.14% expense ratio, which is higher than DDVIX's 0.68% expense ratio.

Dividends

IYSAX vs. DDVIX - Dividend Comparison

IYSAX's dividend yield for the trailing twelve months is around 1.65%, less than DDVIX's 26.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DDVIX Delaware Value Fund	26.63%	28.24%	32.45%	11.92%	10.60%	25.18%	3.11%	4.87%	6.45%	4.02%	2.51%	2.75%
IYSAX Delaware Ivy Smid Cap Core Fund	1.65%	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 DDVIX in my portfolio?

IYSAX and DDVIX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IYSAX or DDVIX?

IYSAX has higher volatility (4.65%) compared to DDVIX (3.18%). In terms of maximum drawdown, IYSAX dropped -48.76% vs DDVIX's -53.49%.

Which has better risk-adjusted returns?

IYSAX currently has the higher Sharpe Ratio (2.07 vs 1.57), 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.