IYSAX vs. FIUSX

Last updated Jun 24, 2026

IYSAX (Delaware Ivy Smid Cap Core Fund) and FIUSX (Delaware Opportunity Fund) are both mutual funds - IYSAX is a Small Cap Blend Equities fund managed by Delaware Funds, while FIUSX is a Mid Cap Value Equities fund managed by Delaware Funds. Over the past 10 years, IYSAX returned 10.93%/yr vs 11.60%/yr for FIUSX. Their correlation of 0.89 suggests significant overlap in exposure. IYSAX charges 1.14%/yr vs 1.15%/yr for FIUSX.

Performance

IYSAX vs. FIUSX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with IYSAX having a 19.52% return and FIUSX slightly higher at 20.12%. Over the past 10 years, IYSAX has underperformed FIUSX with an annualized return of 10.93%, while FIUSX has yielded a comparatively higher 11.60% annualized return.

IYSAX

• 1D: 1.08%
• 1M: 4.41%
• YTD: 19.52%
• 6M: 17.44%
• 1Y: 32.20%
• 3Y*: 18.51%
• 5Y*: 8.23%
• 10Y*: 10.93%

FIUSX

• 1D: 1.03%
• 1M: 2.91%
• YTD: 20.12%
• 6M: 18.56%
• 1Y: 34.46%
• 3Y*: 20.30%
• 5Y*: 11.57%
• 10Y*: 11.60%

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

IYSAX vs. FIUSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IYSAX Delaware Ivy Smid Cap Core Fund	19.52%	8.74%	14.62%	16.48%	-15.55%	20.46%	7.06%	24.16%	-10.90%	13.27%
FIUSX Delaware Opportunity Fund	20.12%	12.60%	14.07%	11.68%	-9.62%	30.95%	0.88%	29.58%	-15.71%	18.67%

Correlation

The correlation between IYSAX and FIUSX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jan 31, 1997	0.89

The correlation between IYSAX and FIUSX has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

Return for Risk

IYSAX vs. FIUSX — Risk / Return Rank

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

IYSAX

IYSAX Risk / Return Rank: 68
IYSAX Sharpe Ratio Rank: 62
IYSAX Sortino Ratio Rank: 62
IYSAX Omega Ratio Rank: 52
IYSAX Calmar Ratio Rank: 84
IYSAX Martin Ratio Rank: 81

FIUSX

FIUSX Risk / Return Rank: 87
FIUSX Sharpe Ratio Rank: 85
FIUSX Sortino Ratio Rank: 83
FIUSX Omega Ratio Rank: 76
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.

IYSAX vs. FIUSX - Risk-Adjusted Trends Comparison

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

	IYSAX	FIUSX	Difference
Sharpe ratio: Return per unit of total volatility	2.14	2.57	-0.42
Sortino ratio: Return per unit of downside risk	3.01	3.66	-0.65
Omega ratio: Gain probability vs. loss probability	1.37	1.45	-0.08
Calmar ratio: Return relative to maximum drawdown	3.75	5.36	-1.61
Martin ratio: Return relative to average drawdown	14.08	19.83	-5.75

IYSAX vs. FIUSX - Sharpe Ratio Comparison

The current IYSAX Sharpe Ratio is 2.14, which is comparable to the FIUSX Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of IYSAX 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

IYSAX vs. FIUSX - Drawdown Comparison

The maximum IYSAX drawdown since its inception was -48.76%, smaller than the maximum FIUSX drawdown of -56.30%. Use the drawdown chart below to compare losses from any high point for IYSAX and FIUSX.

Drawdown Indicators

	IYSAX	FIUSX	Difference
Max Drawdown Largest peak-to-trough decline	-48.76%	-56.30%	+7.54%
Max Drawdown (1Y) Largest decline over 1 year	-9.02%	-6.75%	-2.27%
Max Drawdown (3Y) Largest decline over 3 years	-24.50%	-21.69%	-2.81%
Max Drawdown (5Y) Largest decline over 5 years	-34.05%	-21.69%	-12.36%
Max Drawdown (10Y) Largest decline over 10 years	-41.72%	-46.38%	+4.66%
Current Drawdown Current decline from peak	0.00%	-0.05%	+0.05%
Average Drawdown Average peak-to-trough decline	-10.76%	-9.44%	-1.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	1.82%	+0.58%

Volatility

IYSAX vs. FIUSX - Volatility Comparison

Delaware Ivy Smid Cap Core Fund (IYSAX) has a higher volatility of 5.21% compared to Delaware Opportunity Fund (FIUSX) at 4.28%. This indicates that IYSAX's price experiences larger fluctuations and is considered to be riskier than FIUSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IYSAX	FIUSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.21%	4.28%	+0.93%
Volatility (6M) Calculated over the trailing 6-month period	11.75%	10.73%	+1.02%
Volatility (1Y) Calculated over the trailing 1-year period	15.81%	14.11%	+1.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.04%	18.16%	+10.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.87%	20.60%	+5.27%

IYSAX vs. FIUSX - Expense Ratio Comparison

IYSAX has a 1.14% expense ratio, which is lower than FIUSX's 1.15% expense ratio.

Dividends

IYSAX vs. FIUSX - Dividend Comparison

IYSAX's dividend yield for the trailing twelve months is around 1.52%, less than FIUSX's 9.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIUSX Delaware Opportunity Fund	9.60%	11.53%	12.68%	2.85%	8.96%	5.62%	1.60%	40.65%	12.11%	6.00%	4.23%	1.14%
IYSAX Delaware Ivy Smid Cap Core Fund	1.52%	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 FIUSX in my portfolio?

With a correlation of 0.91, IYSAX and FIUSX 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 FIUSX?

IYSAX has higher volatility (5.21%) compared to FIUSX (4.28%). In terms of maximum drawdown, IYSAX dropped -48.76% vs FIUSX's -56.30%.

Which has better risk-adjusted returns?

FIUSX currently has the higher Sharpe Ratio (2.57 vs 2.14), 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.