- ISIN
- US25434V6332
- Issuer
- Dimensional
- Inception Date
- Jun 26, 2023
- Category
- Municipal Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $690M
Share Price Chart
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Performance
DFCA Performance Chart
Dimensional California Municipal Bond ETF (DFCA) is up 1.1% since the beginning of the year. DFCA is currently trading at $50 per share.
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Returns By Period
Dimensional California Municipal Bond ETF (DFCA) has returned 1.08% so far this year and 5.16% over the past 12 months.
Dimensional California Municipal Bond ETF
- 1D
- -0.02%
- 1M
- 0.37%
- YTD
- 1.08%
- 6M
- 1.39%
- 1Y
- 5.16%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -2.64%
- 1M
- 0.64%
- YTD
- 7.86%
- 6M
- 7.47%
- 1Y
- 23.05%
- 3Y*
- 19.90%
- 5Y*
- 11.79%
- 10Y*
- 13.33%
DFCA Monthly Returns History
Based on dividend-adjusted daily data since Jun 27, 2023, DFCA's average daily return is +0.01%, while the average monthly return is +0.22%. At this rate, an investment would double in approximately 26.3 years.
Historically, 68% of months were positive and 32% were negative. The best month was Nov 2023 with a return of +3.5%, while the worst month was Sep 2023 at -1.7%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 3 months.
On a daily basis, DFCA closed higher 54% of trading days. The best single day was Apr 14, 2025 with a return of +0.6%, while the worst single day was Apr 7, 2025 at -1.3%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.76% | 0.83% | -1.50% | 0.59% | 0.20% | 0.21% | 1.08% | ||||||
| 2025 | 0.06% | 0.90% | -1.27% | -0.45% | 0.06% | 0.50% | -0.05% | 0.60% | 1.25% | 0.79% | 0.42% | 0.17% | 2.99% |
| 2024 | 0.04% | 0.09% | -0.30% | -0.56% | -0.12% | 0.73% | 0.91% | 0.37% | 0.61% | -0.55% | 0.95% | -0.67% | 1.49% |
| 2023 | 0.02% | 0.17% | -0.52% | -1.69% | -0.55% | 3.50% | 1.72% | 2.59% |
Benchmark Metrics
Dimensional California Municipal Bond ETF has an annualized alpha of 2.38%, beta of 0.02, and R2 of 0.02 versus S&P 500 Index. Calculated based on daily prices since June 28, 2023.
- This ETF participated in 19.20% of S&P 500 Index downside but only 13.27% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.02 may look defensive, but with R2 of 0.02 this ETF 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 ETF's risk.
- R2 of 0.02 means this ETF 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
- 2.38%
- Beta
- 0.02
- R²
- 0.02
- Upside Capture
- 13.27%
- Downside Capture
- 19.20%
Expense Ratio
DFCA has an expense ratio of 0.19%, which is considered low.
Return for Risk
Risk / Return Rank
DFCA ranks 79 for risk / return — better than 79% of ETFs on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Dimensional California Municipal Bond ETF (DFCA) and compare them to S&P 500 Index.
| DFCA | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.77 | ||
| Sortino ratioReturn per unit of downside risk | +1.38 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.36 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.77 | 2.69 | +0.08 |
| Martin ratioReturn relative to average drawdown | 8.93 | 12.34 | -3.41 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
Dimensional California Municipal Bond ETF provided a 2.69% dividend yield over the last twelve months, with an annual payout of $1.35 per share.
| Period | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Dividend | $1.35 | $1.43 | $1.43 | $0.63 |
Dividend yield | 2.69% | 2.86% | 2.86% | 1.24% |
Monthly Dividends
The table displays the monthly dividend distributions for Dimensional California Municipal Bond ETF. 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 | $0.04 | $0.10 | $0.13 | $0.09 | $0.11 | $0.00 | $0.46 | ||||||
| 2025 | $0.04 | $0.10 | $0.14 | $0.13 | $0.13 | $0.11 | $0.12 | $0.12 | $0.11 | $0.12 | $0.10 | $0.21 | $1.43 |
| 2024 | $0.02 | $0.12 | $0.09 | $0.11 | $0.14 | $0.11 | $0.12 | $0.14 | $0.09 | $0.15 | $0.11 | $0.23 | $1.43 |
| 2023 | $0.05 | $0.04 | $0.09 | $0.14 | $0.11 | $0.19 | $0.63 |
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 Dimensional California Municipal Bond ETF. 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 Dimensional California Municipal Bond ETF was 3.28%, occurring on Apr 11, 2025. Recovery took 101 trading sessions.
The current Dimensional California Municipal Bond ETF drawdown is 0.51%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2025 selloff2025 | -3.28%Apr 2025 | 1mo 9d | 5mo | 6mo 9dMar 2025 - Sep 2025 |
2023 pullback2023 | -3.07%Oct 2023 | 3mo 5d | 1mo | 4mo 5dJul 2023 - Nov 2023 |
2026 pullback2026 | -1.77%Mar 2026 | 25d | — | 3mo 7dMar 2026 - now |
2025 pullback2025 | -1.63%Jan 2025 | 1mo 5d | 1mo 16d | 2mo 21dDec 2024 - Feb 2025 |
2024 pullback2024 | -1.27%May 2024 | 2mo 23d | 1mo 6d | 3mo 29dMar 2024 - Jul 2024 |
Drawdown Indicators
| DFCA | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.28% | -56.78% | +53.50% |
Max Drawdown (1Y)Largest decline over 1 year | -1.77% | -9.10% | +7.33% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.51% | -2.97% | +2.46% |
Average DrawdownAverage peak-to-trough decline | -0.70% | -10.72% | +10.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.55% | 1.97% | -1.42% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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