Dimensional National Municipal Bond ETF (DFNM) belongs to the Municipal Bonds category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with DFNM. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to DFNM
DFNM charges 0.17% annually. There are 21 ETFs in the Municipal Bonds category with lower expense ratios, going as low as 0.03%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Schwab Municipal Bond ETF | 0.03% | 3.92B | Oct 2022 | DFNM vs SCMB | |
| Vanguard Tax-Exempt Bond ETF | 0.03% | 47.60B | Aug 2015 | DFNM vs VTEB | |
| Fidelity Systematic Municipal Bond Index ETF | 0.05% | 180.62M | Jul 2019 | DFNM vs FMUN | |
| Northern Trust Intermediate Tax-Exempt Bond ETF | 0.05% | 153.73M | Aug 2025 | DFNM vs TAXI | |
| Northern Trust Short-Term Tax-Exempt Bond ETF | 0.05% | 116.60M | Aug 2025 | DFNM vs TAXS |
Best Risk-Adjusted Alternatives to DFNM
DFNM has a PortfoliosLab risk / return rank of 80. There are 26 ETFs in the Municipal Bonds category with higher risk-adjusted ranks, going as high as 97.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| State Street My2027 Municipal Bond ETF | 97 | 9.88M | Sep 2024 | DFNM vs MYMG | |
| First Trust Ultra Short Duration Municipal ETF | 97 | 246.08M | Nov 2018 | DFNM vs FUMB | |
| State Street My2026 Municipal Bond ETF | 96 | 8.74M | Sep 2024 | DFNM vs MYMF | |
| iShares Short Maturity Municipal Bond ETF | 96 | 1.39B | Mar 2015 | DFNM vs MEAR | |
| Goldman Sachs Ultra Short Municipal Income ETF | 95 | 38.99M | Jul 2024 | DFNM vs GUMI |
Top Performing DFNM Alternatives (YTD)
DFNM is at 1.44% YTD. There are 75 ETFs in the Municipal Bonds category with higher YTD returns, going as high as 4.19%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Xtrackers Municipal Infrastructure Revenue Bond ET... | 4.19% | 142.76M | Jun 2013 | DFNM vs RVNU | |
| First Trust Flexible Municipal High Income ETF | 3.96% | 19.03M | Sep 2016 | DFNM vs MFLX | |
| T. Rowe Price High Income Municipal ETF | 3.82% | 25.43M | Nov 2025 | DFNM vs THYM | |
| Overlay Shares Municipal Bond ETF | 3.75% | 30.60M | Sep 2019 | DFNM vs OVM | |
| Rareview Tax Advantaged Income ETF | 3.54% | 18.13M | Oct 2020 | DFNM vs RTAI |
Lowest Volatility Alternatives to DFNM
DFNM has 1.72% 1-year volatility. There are 34 ETFs in the Municipal Bonds category with lower 1-year volatility, going as low as 0.54%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| F/m Ultrashort Tax-Free Municipal ETF | 0.54% | 30.59M | Sep 2025 | DFNM vs ZMUN | |
| State Street My2026 Municipal Bond ETF | 0.73% | 8.74M | Sep 2024 | DFNM vs MYMF | |
| iShares Short-Term California Muni Active ETF | 0.75% | 398.45M | Oct 2007 | DFNM vs CALI | |
| Allspring Ultra Short Municipal ETF | 0.75% | 30.06M | Jul 2025 | DFNM vs AUSM | |
| First Trust Ultra Short Duration Municipal ETF | 0.77% | 246.08M | Nov 2018 | DFNM vs FUMB |
Lowest Drawdown Alternatives to DFNM
DFNM has a 1-year max drawdown of -1.84%. There are 33 ETFs in the Municipal Bonds category with shallower 1-year drawdowns, going as shallow as -0.22%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| First Trust Ultra Short Duration Municipal ETF | -0.22% | 246.08M | Nov 2018 | DFNM vs FUMB | |
| Invesco BulletShares 2026 Municipal Bond ETF | -0.33% | 290.51M | Sep 2019 | DFNM vs BSMQ | |
| Goldman Sachs Ultra Short Municipal Income ETF | -0.36% | 38.99M | Jul 2024 | DFNM vs GUMI | |
| State Street My2027 Municipal Bond ETF | -0.36% | 9.88M | Sep 2024 | DFNM vs MYMG | |
| iShares iBonds Dec 2026 Term Muni Bond ETF | -0.38% | 587.10M | Apr 2019 | DFNM vs IBMO |
Other ETFs from Dimensional
The 10 most viewed Dimensional ETFs shown here include DFUS, DFIV, DFAW and span 6 categories. AUM among these funds goes as high as $47B.
Often Compared With DFNM
Investors most often compare DFNM with DUSB, DFIP, DFSD. These 19 comparison targets span 11 categories, based on PortfoliosLab usage data.
Compare DFNM with Any Fund or Stock
Compare DFNM with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair DFNM with funds that move differently
Dimensional National Municipal Bond ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to DFNM.
Explore DFNM Diversifiers