Statistics of Price Movements of Delaware Colorado Muni Income Fund Inc (VCF)

The price movements of Delaware Colorado Muni Income Fund Inc (ticker VCF) are summarized in five ways:

• Table 1. Statistics of daily price changes using the closing prices
• Table 2. Statistics of daily price changes using the closing and opening prices
• Table 3 – 7. Statistics of daily price changes when VCF opened with an increase of 1%, 2%, 3%, 4%, or more than 5%
• Table 8 – 10. Statistics of stock price changes in the 20 days after VCF had a big price move
• Table 11. Statistics of daily price changes in the 20 days after VCF moved 5% with twice the 30-day average volume

The statistics are calculated using VCF's price data across 1,551 trading days from 2015 to 2020.

Table 1. Statistics of VCF one-day price changes

In this table, the one-day price change is calculated using the closing price and the previous day's closing price.

In the past 1,551 trading days, 44.5% of the time (690 days), VCF closed above the previous day's closing price. 45.3% of the time (702 days), it closed below the previous day's closing price. 10.2% of the time (158 days), it did not change.

Also see: VIX price movement study.

VCF Price Change (%)	Number of Days	% of Total Sessions
4 – 5%	3	0.19%
3 – 4%	14	0.90%
2 – 3%	16	1.03%
1 – 2%	93	6.00%
0 – 1%	564	36.39%
0%	158	10.19%
0 – -1%	566	36.52%
-1 – -2%	110	7.10%
-2 – -3%	16	1.03%
-3 – -4%	7	0.45%
-4 – -5%	3	0.19%

Table 2. Statistics of VCF: Closing vs. Open

In this table, instead of using the closing price of the previous day, the opening price is used to calculate the one-day price change of VCF.

41.4% of the time (642 days), VCF closed above the opening price. 42.6% of the time (660 days), it closed below the opening price. 16.1% of the time (249 days), it closed where it started.

Closing - Open (%)	Number of Days	% of Total Sessions
5 – 6%	1	0.06%
4 – 5%	1	0.06%
3 – 4%	12	0.77%
2 – 3%	15	0.97%
1 – 2%	106	6.83%
0 – 1%	507	32.69%
0%	249	16.05%
0 – -1%	512	33.01%
-1 – -2%	104	6.71%
-2 – -3%	25	1.61%
-3 – -4%	15	0.97%
-4 – -5%	1	0.06%
-5 – -6%	2	0.13%
-7 – -8%	1	0.06%

Table 3. One-day performance when VCF opened 5% higher than previous close

In the past 1,551 trading days, VCF opened more than 5% higher than the previous day's closing price 3 times. Of these days, 0.0% (0 days) had closing prices above the opening price, and 100.0% (3 days) had closing prices below the opening price.

Closing - Open (%)	Number of Days	% of Total Sessions
-5 – -6%	2	66.67%
-7 – -8%	1	33.33%

Table 4. Closing vs. open when VCF opened 4–5% higher

On 4 days, VCF opened 4–5% higher than the previous day's closing price. Of these days, 0.0% (0 days) had closing prices above the opening price, and 100.0% (4 days) had closing prices below the opening price.

Closing - Open (%)	Number of Days	% of Total Sessions
-2 – -3%	1	25.00%
-3 – -4%	3	75.00%

Table 5. Closing vs. open when VCF open 3 – 4% higher

12 times VCF opened 3 – 4% higher than the previous day's closing price. Among these days, 8.3% (1 days) closed above the opening price, 91.7% (11 days) closed below the opening price.

Closing - Open (%)	Number of Days	% of Total Sessions
0 – 1%	1	8.33%
-1 – -2%	1	8.33%
-2 – -3%	5	41.67%
-3 – -4%	4	33.33%
-4 – -5%	1	8.33%

Table 6. Closing vs. open when VCF open 2 – 3% higher

7 times VCF opened 2 – 3% higher than the previous day's closing price. Among these days, 0.0% (0 days) closed above the opening price, 85.7% (6 days) closed below the opening price.

Closing - Open (%)	Number of Days	% of Total Sessions
0%	1	14.29%
0 – -1%	2	28.57%
-1 – -2%	2	28.57%
-2 – -3%	1	14.29%
-3 – -4%	1	14.29%

Table 7. Closing vs. open when VCF open 1 – 2% higher

63 times VCF opened 1 – 2% higher than the previous day's closing price. Among these days, 15.9% (10 days) closed above the opening price, 77.8% (49 days) closed below the opening price.

Closing - Open (%)	Number of Days	% of Total Sessions
1 – 2%	5	7.94%
0 – 1%	5	7.94%
0%	4	6.35%
0 – -1%	24	38.10%
-1 – -2%	14	22.22%
-2 – -3%	9	14.29%
-3 – -4%	2	3.17%

Table 8. Periods when VCF moved 15% or more

In this table, we track the price movements in the 20 days after VCF had a one-day price change of at least 15%.

Date	Price Change	Price Change after 15% Move
Days after:		1	4	7	10	13	16	19

Table 9. Periods when VCF moved 10% or more

In this table, we track the price movements in the 20 days after VCF had a one-day price change of at least 10%.

Date	Price Change	Price Change after 10% Move
Days after:		1	4	7	10	13	16	19

Table 10. Periods when VCF moved 5% or more

In this table, we track the price movements in the 20 days after VCF had a one-day price change of at least 5%.

Date	Price Change	Price Change after 5% Move
Days after:		1	4	7	10	13	16	19

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Also see: VIX price movement study.