WMGAX vs. FTORX

Last updated Aug 1, 2026

WMGAX (Delaware Ivy Mid Cap Growth Fund) and FTORX (Delaware Tax-Free Oregon Fund) are both mutual funds - WMGAX is a Mid Cap Growth Equities fund managed by Delaware Funds, while FTORX is a Municipal Bonds fund managed by Delaware Funds. Over the past 10 years, WMGAX returned 10.70%/yr vs 1.65%/yr for FTORX. Their -0.09 correlation means they have often moved in opposite directions in the past. WMGAX charges 1.12%/yr vs 0.90%/yr for FTORX.

Performance

WMGAX vs. FTORX - 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 Oregon Fund (FTORX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WMGAX achieves a -0.26% return, which is significantly lower than FTORX's 0.89% return. Over the past 10 years, WMGAX has outperformed FTORX with an annualized return of 10.70%, while FTORX has yielded a comparatively lower 1.65% annualized return.

WMGAX

• 1D: 0.71%
• 1M: -4.08%
• 6M: -2.19%
• YTD: -0.26%
• 1Y: -3.72%
• 3Y*: 3.26%
• 5Y*: -1.44%
• 10Y*: 10.70%
• ALL TIME*: 8.14%

FTORX

• 1D: -0.33%
• 1M: -2.43%
• 6M: 0.32%
• YTD: 0.89%
• 1Y: 6.78%
• 3Y*: 3.14%
• 5Y*: 0.31%
• 10Y*: 1.65%
• ALL TIME*: 4.05%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FTORX Delaware Tax-Free Oregon Fund	$0.00	$0.00	$0.00
WMGAX Delaware Ivy Mid Cap Growth Fund	$0.00	$0.00	$0.00

WMGAX vs. FTORX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WMGAX Delaware Ivy Mid Cap Growth Fund	-0.26%	0.83%	10.02%	19.97%	-30.68%	16.22%	48.56%	38.01%	-0.20%	26.95%
FTORX Delaware Tax-Free Oregon Fund	0.89%	2.56%	2.62%	5.94%	-9.85%	2.82%	6.29%	6.29%	-0.03%	3.73%

Correlation

The correlation between WMGAX and FTORX is 0.22, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.22
Correlation (3Y) Balances recent behavior with more history.	0.15
Correlation (5Y) Shows whether the relationship held over a longer period.	0.14
Correlation (10Y) Provides a long-term view across more market conditions.	0.07
Correlation (All Time) Calculated using the full available price history since Jun 30, 2000	-0.09

The correlation between WMGAX and FTORX shifts across timeframes, from -0.09 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

WMGAX vs. FTORX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

WMGAX

WMGAX Risk / Return Rank: 2
WMGAX Sharpe Ratio Rank: 2
WMGAX Sortino Ratio Rank: 2
WMGAX Omega Ratio Rank: 2
WMGAX Calmar Ratio Rank: 2
WMGAX Martin Ratio Rank: 1

FTORX

FTORX Risk / Return Rank: 80
FTORX Sharpe Ratio Rank: 87
FTORX Sortino Ratio Rank: 87
FTORX Omega Ratio Rank: 90
FTORX Calmar Ratio Rank: 73
FTORX Martin Ratio Rank: 66

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

WMGAX vs. FTORX - 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 Oregon Fund (FTORX). 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	FTORX	Difference
Sharpe ratio: Return per unit of total volatility	-0.33	2.15	-2.49
Sortino ratio: Return per unit of downside risk	-0.37	3.22	-3.59
Omega ratio: Gain probability vs. loss probability	0.96	1.50	-0.54
Calmar ratio: Return relative to maximum drawdown	-0.37	2.45	-2.82
Martin ratio: Return relative to average drawdown	-0.96	8.64	-9.60

WMGAX vs. FTORX - Sharpe Ratio Comparison

The current WMGAX Sharpe Ratio is -0.33, which is lower than the FTORX Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of WMGAX and FTORX, 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. FTORX - Drawdown Comparison

The maximum WMGAX drawdown since its inception was -53.74%, which is greater than FTORX's maximum drawdown of -14.64%. Use the drawdown chart below to compare losses from any high point for WMGAX and FTORX.

Drawdown Indicators

	WMGAX	FTORX	Difference
Max Drawdown Largest peak-to-trough decline	-53.74%	-14.64%	-39.10%
Max Drawdown (1Y) Largest decline over 1 year	-16.16%	-3.24%	-12.92%
Max Drawdown (3Y) Largest decline over 3 years	-26.59%	-7.85%	-18.74%
Max Drawdown (5Y) Largest decline over 5 years	-42.95%	-14.64%	-28.31%
Max Drawdown (10Y) Largest decline over 10 years	-42.95%	-14.64%	-28.31%
Current Drawdown Current decline from peak	-17.31%	-2.43%	-14.88%
Average Drawdown Average peak-to-trough decline	-13.63%	-2.04%	-11.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.22%	0.92%	+5.30%

Volatility

WMGAX vs. FTORX - Volatility Comparison

Delaware Ivy Mid Cap Growth Fund (WMGAX) has a higher volatility of 3.06% compared to Delaware Tax-Free Oregon Fund (FTORX) at 1.12%. This indicates that WMGAX's price experiences larger fluctuations and is considered to be riskier than FTORX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WMGAX	FTORX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.06%	1.12%	+1.94%
Volatility (6M) Calculated over the trailing 6-month period	13.74%	2.91%	+10.83%
Volatility (1Y) Calculated over the trailing 1-year period	17.87%	3.69%	+14.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.14%	4.91%	+20.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.14%	4.37%	+18.77%

WMGAX vs. FTORX - Expense Ratio Comparison

WMGAX has a 1.12% expense ratio, which is higher than FTORX's 0.90% expense ratio.

Dividends

WMGAX vs. FTORX - Dividend Comparison

WMGAX's dividend yield for the trailing twelve months is around 11.13%, more than FTORX's 3.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTORX Delaware Tax-Free Oregon Fund	3.46%	3.62%	3.33%	2.91%	2.99%	2.41%	3.90%	2.98%	2.85%	3.20%	3.27%	3.19%
WMGAX Delaware Ivy Mid Cap Growth Fund	11.13%	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 FTORX in my portfolio?

WMGAX and FTORX have a correlation of 0.22, 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 FTORX?

WMGAX has higher volatility (3.06%) compared to FTORX (1.12%). In terms of maximum drawdown, WMGAX dropped -53.74% vs FTORX's -14.64%.

Which has better risk-adjusted returns?

FTORX currently has the higher Sharpe Ratio (2.15 vs -0.33), 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.