TCPYX vs. DUTMX

Last updated Jun 3, 2026

TCPYX (Touchstone Impact Bond Fund) and DUTMX (Dupree Taxable Municipal Bond Fund) are both Intermediate Core Bond funds. Over the past 10 years, TCPYX returned 1.55%/yr vs 0.42%/yr for DUTMX. Their correlation of 0.83 suggests significant overlap in exposure. TCPYX charges 0.51%/yr vs 1.00%/yr for DUTMX.

Performance

TCPYX vs. DUTMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Touchstone Impact Bond Fund (TCPYX) and Dupree Taxable Municipal Bond Fund (DUTMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TCPYX achieves a 0.31% return, which is significantly lower than DUTMX's 0.74% return. Over the past 10 years, TCPYX has outperformed DUTMX with an annualized return of 1.55%, while DUTMX has yielded a comparatively lower 0.42% annualized return.

TCPYX

• 1D: -0.11%
• 1M: -0.10%
• YTD: 0.31%
• 6M: 0.37%
• 1Y: 5.38%
• 3Y*: 4.03%
• 5Y*: 0.02%
• 10Y*: 1.55%

DUTMX

• 1D: 0.00%
• 1M: 0.24%
• YTD: 0.74%
• 6M: 0.74%
• 1Y: 6.75%
• 3Y*: 3.26%
• 5Y*: -2.39%
• 10Y*: 0.42%

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

TCPYX vs. DUTMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TCPYX Touchstone Impact Bond Fund	0.31%	6.75%	1.77%	5.32%	-13.07%	-1.01%	6.72%	7.91%	0.16%	3.94%
DUTMX Dupree Taxable Municipal Bond Fund	0.74%	6.44%	1.09%	6.83%	-25.27%	0.28%	6.24%	6.66%	2.04%	5.12%

Correlation

The correlation between TCPYX and DUTMX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Nov 5, 2010	0.83

The correlation between TCPYX and DUTMX has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.

Return for Risk

TCPYX vs. DUTMX — Risk / Return Rank

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

TCPYX

TCPYX Risk / Return Rank: 20
TCPYX Sharpe Ratio Rank: 19
TCPYX Sortino Ratio Rank: 20
TCPYX Omega Ratio Rank: 18
TCPYX Calmar Ratio Rank: 22
TCPYX Martin Ratio Rank: 20

DUTMX

DUTMX Risk / Return Rank: 16
DUTMX Sharpe Ratio Rank: 14
DUTMX Sortino Ratio Rank: 15
DUTMX Omega Ratio Rank: 14
DUTMX Calmar Ratio Rank: 20
DUTMX Martin Ratio Rank: 18

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.

TCPYX vs. DUTMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Touchstone Impact Bond Fund (TCPYX) and Dupree Taxable Municipal Bond Fund (DUTMX). 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.

	TCPYX	DUTMX	Difference
Sharpe ratio Return per unit of total volatility	1.27	1.08	+0.19
Sortino ratio Return per unit of downside risk	1.92	1.62	+0.31
Omega ratio Gain probability vs. loss probability	1.23	1.19	+0.04
Calmar ratio Return relative to maximum drawdown	1.76	1.67	+0.09
Martin ratio Return relative to average drawdown	5.37	5.13	+0.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TCPYX vs. DUTMX - Sharpe Ratio Comparison

The current TCPYX Sharpe Ratio is 1.27, which is comparable to the DUTMX Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of TCPYX and DUTMX, 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

	TCPYX	DUTMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.27	1.08	+0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.00	-0.27	+0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.06	+0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.37	+0.32

Drawdowns

TCPYX vs. DUTMX - Drawdown Comparison

The maximum TCPYX drawdown since its inception was -18.12%, smaller than the maximum DUTMX drawdown of -30.53%. Use the drawdown chart below to compare losses from any high point for TCPYX and DUTMX.

Drawdown Indicators

	TCPYX	DUTMX	Difference
Max Drawdown Largest peak-to-trough decline	-18.12%	-30.53%	+12.41%
Max Drawdown (1Y) Largest decline over 1 year	-2.92%	-4.05%	+1.13%
Max Drawdown (3Y) Largest decline over 3 years	-5.79%	-8.67%	+2.88%
Max Drawdown (5Y) Largest decline over 5 years	-18.12%	-30.53%	+12.41%
Max Drawdown (10Y) Largest decline over 10 years	-18.12%	-30.53%	+12.41%
Current Drawdown Current decline from peak	-2.20%	-14.92%	+12.72%
Average Drawdown Average peak-to-trough decline	-3.22%	-6.94%	+3.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	1.31%	-0.35%

Volatility

TCPYX vs. DUTMX - Volatility Comparison

The current volatility for Touchstone Impact Bond Fund (TCPYX) is 1.47%, while Dupree Taxable Municipal Bond Fund (DUTMX) has a volatility of 1.91%. This indicates that TCPYX experiences smaller price fluctuations and is considered to be less risky than DUTMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TCPYX	DUTMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.47%	1.91%	-0.44%
Volatility (6M) Calculated over the trailing 6-month period	2.83%	3.87%	-1.04%
Volatility (1Y) Calculated over the trailing 1-year period	3.98%	5.76%	-1.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.90%	8.83%	-2.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.85%	7.08%	-2.23%

TCPYX vs. DUTMX - Expense Ratio Comparison

TCPYX has a 0.51% expense ratio, which is lower than DUTMX's 1.00% expense ratio.

Dividends

TCPYX vs. DUTMX - Dividend Comparison

TCPYX's dividend yield for the trailing twelve months is around 3.94%, less than DUTMX's 4.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DUTMX Dupree Taxable Municipal Bond Fund	4.50%	4.57%	4.26%	4.02%	4.28%	2.32%	4.69%	5.18%	5.04%	4.89%	4.84%	4.77%
TCPYX Touchstone Impact Bond Fund	3.94%	3.52%	3.68%	3.22%	2.63%	1.91%	2.13%	2.63%	2.86%	2.77%	2.98%	2.91%

Frequently Asked Questions

Can I hold both TCPYX and DUTMX in my portfolio?

TCPYX and DUTMX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TCPYX or DUTMX?

DUTMX has higher volatility (1.91%) compared to TCPYX (1.47%). In terms of maximum drawdown, TCPYX dropped -18.12% vs DUTMX's -30.53%.

Which has better risk-adjusted returns?

TCPYX currently has the higher Sharpe Ratio (1.27 vs 1.08), 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.