The low density part of the film curve where the shadows are is the toe, and the high density part of the curve where the highlights are is the shoulder.
If you underexpose, then you are putting a wider range of tonal values on the toe, so you lose shadow detail, and you're probably not using a portion of the straight line portion of the curve between the highest density on the neg and the shoulder on the curve, unless the image has a particularly wide contrast range.
If you overexpose or overdevelop, you are likely doing the same at the other end of the scale--putting the highlights too high on the curve with respect to the shadows for your print process and possibly putting them on the shoulder of the film curve, where all the highlights will appear to be about the same value and won't have good separation.
With Tri-X it's easy to let the highlights get out of control. If it's happening all the time, then you're probably overdeveloping or over agitating.
Delta 400 is much better at controlling highlights. If you're getting good highlight separation, then you're staying on the straight line portion of the curve (below the shoulder), and you're not overdeveloping, so contrast is staying within the range of the paper.
Try Tri-X in PMK, since you're using it for Delta 400. It looks really nice, and you might find that the highlights are more moderated, particularly if you use VC paper.
Delta 400 looks really good in Perceptol, if you haven't tried that.