WMGAX vs. DVTAX

Last updated Jul 11, 2026

WMGAX (Delaware Ivy Mid Cap Growth Fund) and DVTAX (Delaware Tax-Free California Fund) are both mutual funds - WMGAX is a Mid Cap Growth Equities fund managed by Delaware Funds, while DVTAX is a Municipal Bonds fund managed by Delaware Funds. Over the past 10 years, WMGAX returned 11.18%/yr vs 2.28%/yr for DVTAX. At a correlation of -0.07, they often move in opposite directions. WMGAX charges 1.12%/yr vs 0.82%/yr for DVTAX.

Performance

WMGAX vs. DVTAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Delaware Ivy Mid Cap Growth Fund (WMGAX) and Delaware Tax-Free California Fund (DVTAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with WMGAX having a 2.71% return and DVTAX slightly lower at 2.67%. Over the past 10 years, WMGAX has outperformed DVTAX with an annualized return of 11.18%, while DVTAX has yielded a comparatively lower 2.28% annualized return.

WMGAX

• 1D: 0.69%
• 1M: -0.26%
• 6M: -0.97%
• YTD: 2.71%
• 1Y: 0.88%
• 3Y*: 5.18%
• 5Y*: -0.40%
• 10Y*: 11.18%

DVTAX

• 1D: 0.09%
• 1M: 0.69%
• 6M: 2.01%
• YTD: 2.67%
• 1Y: 8.16%
• 3Y*: 4.61%
• 5Y*: 0.77%
• 10Y*: 2.28%

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

WMGAX vs. DVTAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WMGAX Delaware Ivy Mid Cap Growth Fund	2.71%	0.83%	10.02%	19.97%	-30.68%	16.22%	48.56%	38.01%	-0.20%	26.95%
DVTAX Delaware Tax-Free California Fund	2.67%	2.10%	3.39%	8.80%	-12.31%	4.08%	5.66%	8.04%	0.07%	6.89%

Correlation

The correlation between WMGAX and DVTAX is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (10Y) Calculated over the trailing 10-year period	0.07
Correlation (All Time) Calculated using the full available price history since Jun 30, 2000	-0.08

The correlation between WMGAX and DVTAX shifts across timeframes, from -0.07 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

WMGAX vs. DVTAX — Risk / Return Rank

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

WMGAX

WMGAX Risk / Return Rank: 3
WMGAX Sharpe Ratio Rank: 3
WMGAX Sortino Ratio Rank: 3
WMGAX Omega Ratio Rank: 3
WMGAX Calmar Ratio Rank: 3
WMGAX Martin Ratio Rank: 3

DVTAX

DVTAX Risk / Return Rank: 68
DVTAX Sharpe Ratio Rank: 78
DVTAX Sortino Ratio Rank: 82
DVTAX Omega Ratio Rank: 84
DVTAX Calmar Ratio Rank: 52
DVTAX Martin Ratio Rank: 46

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.

WMGAX vs. DVTAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Delaware Ivy Mid Cap Growth Fund (WMGAX) and Delaware Tax-Free California Fund (DVTAX). 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.

	WMGAX	DVTAX	Difference
Sharpe ratio: Return per unit of total volatility	-0.02	2.02	-2.04
Sortino ratio: Return per unit of downside risk	0.10	3.12	-3.02
Omega ratio: Gain probability vs. loss probability	1.01	1.44	-0.43
Calmar ratio: Return relative to maximum drawdown	-0.02	2.21	-2.23
Martin ratio: Return relative to average drawdown	-0.05	7.57	-7.63

WMGAX vs. DVTAX - Sharpe Ratio Comparison

The current WMGAX Sharpe Ratio is -0.02, which is lower than the DVTAX Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of WMGAX and DVTAX, 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

WMGAX vs. DVTAX - Drawdown Comparison

The maximum WMGAX drawdown since its inception was -53.74%, which is greater than DVTAX's maximum drawdown of -18.38%. Use the drawdown chart below to compare losses from any high point for WMGAX and DVTAX.

Drawdown Indicators

	WMGAX	DVTAX	Difference
Max Drawdown Largest peak-to-trough decline	-53.74%	-18.38%	-35.36%
Max Drawdown (1Y) Largest decline over 1 year	-16.16%	-3.54%	-12.62%
Max Drawdown (3Y) Largest decline over 3 years	-26.59%	-8.76%	-17.83%
Max Drawdown (5Y) Largest decline over 5 years	-42.95%	-18.38%	-24.57%
Max Drawdown (10Y) Largest decline over 10 years	-42.95%	-18.38%	-24.57%
Current Drawdown Current decline from peak	-14.84%	-0.64%	-14.20%
Average Drawdown Average peak-to-trough decline	-13.62%	-2.33%	-11.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.99%	1.04%	+4.95%

Volatility

WMGAX vs. DVTAX - Volatility Comparison

Delaware Ivy Mid Cap Growth Fund (WMGAX) has a higher volatility of 5.55% compared to Delaware Tax-Free California Fund (DVTAX) at 0.78%. This indicates that WMGAX's price experiences larger fluctuations and is considered to be riskier than DVTAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WMGAX	DVTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.55%	0.78%	+4.77%
Volatility (6M) Calculated over the trailing 6-month period	13.86%	2.86%	+11.00%
Volatility (1Y) Calculated over the trailing 1-year period	17.94%	3.86%	+14.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.17%	5.79%	+19.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.13%	5.17%	+17.96%

WMGAX vs. DVTAX - Expense Ratio Comparison

WMGAX has a 1.12% expense ratio, which is higher than DVTAX's 0.82% expense ratio.

Dividends

WMGAX vs. DVTAX - Dividend Comparison

WMGAX's dividend yield for the trailing twelve months is around 10.80%, more than DVTAX's 3.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DVTAX Delaware Tax-Free California Fund	3.96%	5.06%	4.06%	3.19%	3.33%	2.95%	3.54%	4.29%	3.51%	3.72%	3.53%	3.44%
WMGAX Delaware Ivy Mid Cap Growth Fund	10.80%	11.10%	15.30%	6.66%	11.94%	13.08%	9.97%	5.23%	10.28%	7.92%	3.98%	10.88%

Frequently Asked Questions

Can I hold both WMGAX and DVTAX in my portfolio?

WMGAX and DVTAX have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WMGAX or DVTAX?

WMGAX has higher volatility (5.55%) compared to DVTAX (0.78%). In terms of maximum drawdown, WMGAX dropped -53.74% vs DVTAX's -18.38%.

Which has better risk-adjusted returns?

DVTAX currently has the higher Sharpe Ratio (2.02 vs -0.02), 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.