VFL vs. SPY
Compare and contrast key facts about Delaware Investments National Municipal Income Fund (VFL) and State Street SPDR S&P 500 ETF (SPY).
SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Performance
VFL vs. SPY - Performance Comparison
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VFL vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VFL Delaware Investments National Municipal Income Fund | -1.58% | 7.66% | 4.45% | 3.05% | -23.11% | 12.14% | 3.74% | 17.58% | -5.75% | 5.54% |
SPY State Street SPDR S&P 500 ETF | -4.37% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, VFL achieves a -1.58% return, which is significantly higher than SPY's -4.37% return. Over the past 10 years, VFL has underperformed SPY with an annualized return of 1.67%, while SPY has yielded a comparatively higher 13.98% annualized return.
VFL
- 1D
- 2.36%
- 1M
- -3.84%
- YTD
- -1.58%
- 6M
- -0.03%
- 1Y
- 4.34%
- 3Y*
- 3.06%
- 5Y*
- -0.53%
- 10Y*
- 1.67%
SPY
- 1D
- 2.91%
- 1M
- -4.94%
- YTD
- -4.37%
- 6M
- -1.82%
- 1Y
- 17.59%
- 3Y*
- 18.19%
- 5Y*
- 11.69%
- 10Y*
- 13.98%
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Return for Risk
VFL vs. SPY — Risk / Return Rank
VFL
SPY
VFL vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Delaware Investments National Municipal Income Fund (VFL) and State Street SPDR S&P 500 ETF (SPY). 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.
| VFL | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.42 | 0.93 | -0.51 |
Sortino ratioReturn per unit of downside risk | 0.64 | 1.45 | -0.81 |
Omega ratioGain probability vs. loss probability | 1.09 | 1.22 | -0.14 |
Calmar ratioReturn relative to maximum drawdown | 0.48 | 1.53 | -1.04 |
Martin ratioReturn relative to average drawdown | 1.24 | 7.30 | -6.06 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VFL | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.42 | 0.93 | -0.51 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.04 | 0.69 | -0.73 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.13 | 0.78 | -0.65 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.33 | 0.56 | -0.23 |
Correlation
The correlation between VFL and SPY is 0.05, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
VFL vs. SPY - Dividend Comparison
VFL's dividend yield for the trailing twelve months is around 6.02%, more than SPY's 1.14% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VFL Delaware Investments National Municipal Income Fund | 6.02% | 5.84% | 5.31% | 4.43% | 5.21% | 4.42% | 4.32% | 5.14% | 5.04% | 4.60% | 5.32% | 5.97% |
SPY State Street SPDR S&P 500 ETF | 1.14% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
VFL vs. SPY - Drawdown Comparison
The maximum VFL drawdown since its inception was -45.27%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VFL and SPY.
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Drawdown Indicators
| VFL | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.27% | -55.19% | +9.92% |
Max Drawdown (1Y)Largest decline over 1 year | -9.90% | -12.05% | +2.15% |
Max Drawdown (5Y)Largest decline over 5 years | -39.05% | -24.50% | -14.55% |
Max Drawdown (10Y)Largest decline over 10 years | -39.05% | -33.72% | -5.33% |
Current DrawdownCurrent decline from peak | -12.68% | -6.24% | -6.44% |
Average DrawdownAverage peak-to-trough decline | -8.62% | -9.09% | +0.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.83% | 2.52% | +1.31% |
Volatility
VFL vs. SPY - Volatility Comparison
The current volatility for Delaware Investments National Municipal Income Fund (VFL) is 3.61%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.31%. This indicates that VFL experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VFL | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.61% | 5.31% | -1.70% |
Volatility (6M)Calculated over the trailing 6-month period | 5.91% | 9.47% | -3.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.45% | 19.05% | -8.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.65% | 17.06% | -4.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.76% | 17.92% | -5.16% |