- ISIN
- US2332033305
- Issuer
- Dimensional
- Inception Date
- Apr 1, 2007
- Category
- Municipal Bonds
- Min. Investment
- $0
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
DFCMX Performance Chart
DFA California Short Term Municipal Bond Portfolio (DFCMX) is up 1.0% since the beginning of the year. DFCMX is currently trading at $10 per share. Investors who bought $1,000 worth of DFCMX shares 5 years ago would now be looking at an investment worth $1,083.
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Returns By Period
DFA California Short Term Municipal Bond Portfolio (DFCMX) has returned 1.03% so far this year and 2.60% over the past 12 months. Over the last ten years, DFCMX has returned 1.19% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
DFA California Short Term Municipal Bond Portfolio
- 1D
- 0.00%
- 1M
- 0.39%
- YTD
- 1.03%
- 6M
- 1.03%
- 1Y
- 2.60%
- 3Y*
- 2.64%
- 5Y*
- 1.60%
- 10Y*
- 1.19%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.15%
- 1Y
- 24.03%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
DFCMX Monthly Returns History
Based on dividend-adjusted daily data since Aug 3, 2012, DFCMX's average daily return is 0.00%, while the average monthly return is +0.09%. At this rate, an investment would double in approximately 64.2 years.
Historically, 65% of months were positive and 35% were negative. The best month was Nov 2022 with a return of +1.1%, while the worst month was Nov 2016 at -1.0%. The longest winning streak lasted 11 consecutive months, and the longest losing streak was 5 months.
On a daily basis, DFCMX closed higher 15% of trading days. The best single day was Mar 25, 2020 with a return of +0.6%, while the worst single day was Jun 13, 2022 at -0.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.41% | 0.19% | -0.15% | 0.19% | 0.19% | 0.20% | 1.03% | ||||||
| 2025 | 0.20% | 0.30% | -0.20% | 0.14% | 0.33% | 0.40% | 0.33% | 0.29% | 0.21% | 0.02% | 0.28% | 0.20% | 2.55% |
| 2024 | 0.23% | 0.18% | 0.11% | 0.12% | 0.13% | 0.49% | 0.45% | 0.39% | 0.30% | -0.04% | 0.41% | 0.05% | 2.84% |
| 2023 | 0.72% | -0.51% | 0.75% | -0.19% | 0.04% | 0.33% | 0.15% | 0.19% | -0.14% | -0.00% | 0.78% | 0.37% | 2.53% |
| 2022 | -0.48% | -0.09% | -0.64% | -0.37% | 0.75% | -0.04% | 0.57% | -0.81% | -0.81% | 0.19% | 1.08% | -0.09% | -0.76% |
| 2021 | 0.13% | -0.04% | -0.03% | 0.03% | -0.06% | 0.03% | 0.03% | -0.08% | -0.09% | 0.02% | 0.01% | -0.08% | -0.13% |
Benchmark Metrics
DFA California Short Term Municipal Bond Portfolio has an annualized alpha of 1.08%, beta of 0.00, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since August 03, 2012.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (3.67%) than losses (0.38%) - typical of diversified or defensive assets.
- Beta of 0.00 may look defensive, but with R2 of 0.00 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 0.00 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
- 1.08%
- Beta
- 0.00
- R²
- 0.00
- Upside Capture
- 3.67%
- Downside Capture
- 0.38%
Expense Ratio
DFCMX has an expense ratio of 0.19%, which is considered low.
Return for Risk
Risk / Return Rank
DFCMX ranks 99 for risk / return — in the top 99% 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 Short Term Municipal Bond Portfolio (DFCMX) 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.
| DFCMX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.43 | ||
| Sortino ratioReturn per unit of downside risk | +7.69 | ||
| Omega ratioGain probability vs. loss probability | 4.85 | 1.37 | +3.49 |
| Calmar ratioReturn relative to maximum drawdown | 12.81 | 2.78 | +10.03 |
| Martin ratioReturn relative to average drawdown | 43.93 | 12.44 | +31.50 |
Dividends
Dividend History
DFA California Short Term Municipal Bond Portfolio provided a 2.47% dividend yield over the last twelve months, with an annual payout of $0.25 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.25 | $0.23 | $0.27 | $0.17 | $0.07 | $0.04 | $0.09 | $0.15 | $0.11 | $0.09 | $0.09 | $0.08 |
Dividend yield | 2.47% | 2.23% | 2.61% | 1.70% | 0.71% | 0.36% | 0.87% | 1.43% | 1.04% | 0.87% | 0.86% | 0.82% |
Monthly Dividends
The table displays the monthly dividend distributions for DFA California Short Term Municipal Bond 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 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.23 |
| 2024 | $0.01 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.02 | $0.02 | $0.03 | $0.02 | $0.03 | $0.27 |
| 2023 | $0.01 | $0.01 | $0.02 | $0.01 | $0.01 | $0.01 | $0.02 | $0.02 | $0.02 | $0.00 | $0.02 | $0.03 | $0.17 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.07 |
| 2021 | $0.00 | $0.01 | $0.01 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.04 |
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 Short Term Municipal Bond 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 Short Term Municipal Bond Portfolio was 2.20%, occurring on Sep 29, 2022. Recovery took 129 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -2.20%Sep 2022 | 1y 2mo | 6mo 8d | 1y 8moJul 2021 - Apr 2023 |
COVID crash2020 | -1.93%Mar 2020 | 10d | 1mo 26d | 2mo 6dMar 2020 - May 2020 |
2016 pullback2016 | -1.76%Dec 2016 | 3mo 8d | 6mo 1d | 9mo 9dAug 2016 - May 2017 |
2015 pullback2015 | -0.88%Jun 2015 | 4mo 2d | 2mo 17d | 6mo 19dFeb 2015 - Aug 2015 |
2017 pullback2017 | -0.81%Dec 2017 | 3mo 22d | 6mo 23d | 10mo 15dAug 2017 - Jul 2018 |
Drawdown Indicators
| DFCMX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.20% | -56.78% | +54.58% |
Max Drawdown (1Y)Largest decline over 1 year | -0.20% | -9.10% | +8.90% |
Max Drawdown (3Y)Largest decline over 3 years | -0.68% | -18.90% | +18.22% |
Max Drawdown (5Y)Largest decline over 5 years | -2.20% | -25.43% | +23.23% |
Max Drawdown (10Y)Largest decline over 10 years | -2.20% | -33.92% | +31.72% |
Current DrawdownCurrent decline from peak | 0.00% | -1.80% | +1.80% |
Average DrawdownAverage peak-to-trough decline | -0.25% | -10.71% | +10.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.06% | 2.03% | -1.97% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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