WMGAX vs. SPY

Last updated Jul 14, 2026

WMGAX (Delaware Ivy Mid Cap Growth Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - WMGAX is a Mid Cap Growth Equities fund managed by Delaware Funds, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, WMGAX returned 11.04%/yr vs 15.08%/yr for SPY. Their correlation of 0.88 suggests significant overlap in exposure. WMGAX charges 1.12%/yr vs 0.09%/yr for SPY.

Performance

WMGAX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Delaware Ivy Mid Cap Growth Fund (WMGAX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WMGAX achieves a 2.23% return, which is significantly lower than SPY's 10.45% return. Over the past 10 years, WMGAX has underperformed SPY with an annualized return of 11.04%, while SPY has yielded a comparatively higher 15.08% annualized return.

WMGAX

• 1D: -0.47%
• 1M: -0.72%
• 6M: -1.68%
• YTD: 2.23%
• 1Y: 0.41%
• 3Y*: 4.56%
• 5Y*: -0.49%
• 10Y*: 11.04%

SPY

• 1D: -0.77%
• 1M: 1.26%
• 6M: 8.34%
• YTD: 10.45%
• 1Y: 21.46%
• 3Y*: 20.07%
• 5Y*: 12.94%
• 10Y*: 15.08%

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

WMGAX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WMGAX Delaware Ivy Mid Cap Growth Fund	2.23%	0.83%	10.02%	19.97%	-30.68%	16.22%	48.56%	38.01%	-0.20%	26.95%
SPY State Street SPDR S&P 500 ETF	10.45%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between WMGAX and SPY is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jun 30, 2000	0.88

The correlation between WMGAX and SPY has been stable across timeframes, ranging from 0.78 to 0.88 - a consistent structural relationship.

Return for Risk

WMGAX vs. SPY — 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

SPY

SPY Risk / Return Rank: 66
SPY Sharpe Ratio Rank: 66
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 61
SPY Martin Ratio Rank: 72

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. SPY - Risk-Adjusted Trends Comparison

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

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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.04	1.71	-1.76
Sortino ratio: Return per unit of downside risk	0.07	2.37	-2.30
Omega ratio: Gain probability vs. loss probability	1.01	1.31	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.05	2.43	-2.48
Martin ratio: Return relative to average drawdown	-0.13	10.57	-10.71

WMGAX vs. SPY - Sharpe Ratio Comparison

The current WMGAX Sharpe Ratio is -0.04, which is lower than the SPY Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of WMGAX and SPY, 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. SPY - Drawdown Comparison

The maximum WMGAX drawdown since its inception was -53.74%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for WMGAX and SPY.

Drawdown Indicators

	WMGAX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-53.74%	-55.19%	+1.45%
Max Drawdown (1Y) Largest decline over 1 year	-16.16%	-8.88%	-7.28%
Max Drawdown (3Y) Largest decline over 3 years	-26.59%	-18.76%	-7.83%
Max Drawdown (5Y) Largest decline over 5 years	-42.95%	-24.50%	-18.45%
Max Drawdown (10Y) Largest decline over 10 years	-42.95%	-33.72%	-9.23%
Current Drawdown Current decline from peak	-15.24%	-1.12%	-14.12%
Average Drawdown Average peak-to-trough decline	-13.62%	-9.02%	-4.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.00%	2.03%	+3.97%

Volatility

WMGAX vs. SPY - Volatility Comparison

Delaware Ivy Mid Cap Growth Fund (WMGAX) has a higher volatility of 5.48% compared to State Street SPDR S&P 500 ETF (SPY) at 4.26%. This indicates that WMGAX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WMGAX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.48%	4.26%	+1.22%
Volatility (6M) Calculated over the trailing 6-month period	13.86%	10.01%	+3.85%
Volatility (1Y) Calculated over the trailing 1-year period	17.92%	12.60%	+5.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.16%	17.17%	+7.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.13%	17.93%	+5.20%

WMGAX vs. SPY - Expense Ratio Comparison

WMGAX has a 1.12% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

WMGAX vs. SPY - Dividend Comparison

WMGAX's dividend yield for the trailing twelve months is around 10.86%, more than SPY's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.00%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
WMGAX Delaware Ivy Mid Cap Growth Fund	10.86%	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 SPY in my portfolio?

WMGAX and SPY have a correlation of 0.78, 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 SPY?

WMGAX has higher volatility (5.48%) compared to SPY (4.26%). In terms of maximum drawdown, WMGAX dropped -53.74% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.71 vs -0.04), 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.