- ISIN
- US25239Y3945
- Issuer
- Dimensional
- Inception Date
- Oct 31, 2017
- Category
- Municipal Bonds
- Min. Investment
- $0
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
DCARX Performance Chart
DFA California Municipal Real Return Portfolio (DCARX) is up 1.8% since the beginning of the year. DCARX is currently trading at $11 per share. Investors who bought $1,000 worth of DCARX shares 5 years ago would now be looking at an investment worth $1,134.
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Returns By Period
DFA California Municipal Real Return Portfolio (DCARX) has returned 1.84% so far this year and 2.99% over the past 12 months.
DFA California Municipal Real Return Portfolio
- 1D
- 0.00%
- 1M
- -0.00%
- YTD
- 1.84%
- 6M
- 1.84%
- 1Y
- 2.99%
- 3Y*
- 3.15%
- 5Y*
- 2.55%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
DCARX Monthly Returns History
Based on dividend-adjusted daily data since Nov 29, 2017, DCARX's average daily return is +0.01%, while the average monthly return is +0.23%. At this rate, an investment would double in approximately 25.1 years.
Historically, 72% of months were positive and 28% were negative. The best month was May 2020 with a return of +3.0%, while the worst month was Mar 2020 at -5.9%. The longest winning streak lasted 18 consecutive months, and the longest losing streak was 3 months.
On a daily basis, DCARX closed higher 36% of trading days. The best single day was Mar 25, 2020 with a return of +2.9%, while the worst single day was Mar 19, 2020 at -2.2%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.59% | 0.08% | 0.42% | 0.56% | 0.28% | -0.09% | 1.84% | ||||||
| 2025 | 0.38% | 0.57% | 0.19% | -0.08% | 0.16% | 0.29% | 0.60% | 0.55% | -0.08% | -0.17% | 0.17% | 0.04% | 2.64% |
| 2024 | 0.13% | 0.44% | 0.12% | 0.40% | 0.02% | 0.39% | 0.12% | 0.40% | 0.48% | 0.15% | 0.39% | 0.07% | 3.16% |
| 2023 | 1.04% | -0.67% | 1.48% | -0.74% | -0.80% | 0.81% | 0.32% | -0.12% | -0.41% | 0.29% | 1.14% | 0.28% | 2.63% |
| 2022 | -1.52% | 1.17% | -0.20% | -0.61% | 1.19% | -1.51% | 2.53% | -1.20% | -3.46% | 1.16% | 1.43% | 0.11% | -1.06% |
| 2021 | 0.46% | -0.10% | 0.69% | 0.74% | 0.74% | 0.35% | 1.21% | 0.25% | 0.05% | 1.00% | 0.33% | 0.34% | 6.21% |
Benchmark Metrics
DFA California Municipal Real Return Portfolio has an annualized alpha of 2.16%, beta of 0.04, and R2 of 0.08 versus S&P 500 Index. Calculated based on daily prices since November 29, 2017.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (11.86%) than losses (11.45%) - typical of diversified or defensive assets.
- Beta of 0.04 may look defensive, but with R2 of 0.08 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.08 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 2.16%
- Beta
- 0.04
- R²
- 0.08
- Upside Capture
- 11.86%
- Downside Capture
- 11.45%
Expense Ratio
DCARX has an expense ratio of 0.26%, which is considered low.
Return for Risk
Risk / Return Rank
DCARX ranks 95 for risk / return — in the top 95% of mutual funds on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for DFA California Municipal Real Return Portfolio (DCARX) and compare them to S&P 500 Index.
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.
| DCARX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.89 | ||
| Sortino ratioReturn per unit of downside risk | +2.07 | ||
| Omega ratioGain probability vs. loss probability | 1.81 | 1.37 | +0.44 |
| Calmar ratioReturn relative to maximum drawdown | 6.63 | 2.78 | +3.85 |
| Martin ratioReturn relative to average drawdown | 18.02 | 12.44 | +5.58 |
Dividends
Dividend History
DFA California Municipal Real Return Portfolio provided a 3.22% dividend yield over the last twelve months, with an annual payout of $0.35 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.35 | $0.33 | $0.37 | $0.20 | $0.10 | $0.08 | $0.12 | $0.15 | $0.12 | $0.01 |
Dividend yield | 3.22% | 3.11% | 3.52% | 1.84% | 0.90% | 0.78% | 1.12% | 1.43% | 1.27% | 0.09% |
Monthly Dividends
The table displays the monthly dividend distributions for DFA California Municipal Real Return Portfolio. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.01 | $0.02 | $0.02 | $0.02 | $0.02 | $0.00 | $0.09 | ||||||
| 2025 | $0.00 | $0.02 | $0.00 | $0.03 | $0.03 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.12 | $0.33 |
| 2024 | $0.01 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.02 | $0.14 | $0.37 |
| 2023 | $0.01 | $0.01 | $0.02 | $0.01 | $0.01 | $0.02 | $0.01 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.20 |
| 2022 | $0.01 | $0.00 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.10 |
| 2021 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.08 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the DFA California Municipal Real Return Portfolio. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the DFA California Municipal Real Return Portfolio was 12.27%, occurring on Mar 20, 2020. Recovery took 100 trading sessions.
The current DFA California Municipal Real Return Portfolio drawdown is 0.37%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -12.27%Mar 2020 | 1mo 28d | 4mo 25d | 6mo 23dJan 2020 - Aug 2020 |
Bear market2022 | -4.79%Sep 2022 | 1mo 28d | 1y 2mo | 1y 3moAug 2022 - Nov 2023 |
Bear market2022 | -3.18%May 2022 | 2mo 4d | 28d | 3mo 2dMar 2022 - Jun 2022 |
Bear market2022 | -2.59%Jun 2022 | 17d | 1mo 2d | 1mo 19dJun 2022 - Aug 2022 |
Rate-hike selloffLate 2018 | -2.17%Nov 2018 | 3mo 11d | 3mo 28d | 7mo 9dJul 2018 - Feb 2019 |
Drawdown Indicators
| DCARX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.27% | -56.78% | +44.51% |
Max Drawdown (1Y)Largest decline over 1 year | -0.47% | -9.10% | +8.63% |
Max Drawdown (3Y)Largest decline over 3 years | -1.39% | -18.90% | +17.51% |
Max Drawdown (5Y)Largest decline over 5 years | -4.79% | -25.43% | +20.64% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.37% | -1.80% | +1.43% |
Average DrawdownAverage peak-to-trough decline | -0.74% | -10.71% | +9.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.17% | 2.03% | -1.86% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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