DFA California Municipal Real Return Portfolio (DCARX)

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The chart shows the growth of an initial investment of $10,000 in DFA California Municipal Real Return Portfolio, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.

DFA California Municipal Real Return Portfolio (DCARX) has returned 1.09% so far this year and 2.59% over the past 12 months.

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, your 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%.

DFA California Municipal Real Return Portfolio has an annualized alpha of 2.21%, beta of 0.04, and R² of 0.08 versus S&P 500 Index. Calculated based on daily prices since November 30, 2017.

• This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (12.41%) than losses (11.34%) — 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.

DCARX has an expense ratio of 0.26%, which is considered low.

DCARX ranks 94 for risk / return — in the top 94% 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.

The table below present risk-adjusted performance metrics for DFA California Municipal Real Return Portfolio (DCARX) and compare them to a chosen benchmark (S&P 500 Index).

DFA California Municipal Real Return Portfolio provided a 3.41% dividend yield over the last twelve months, with an annual payout of $0.36 per share.

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.

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.

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 0.24%.

The chart below shows the rolling one-month volatility.