DFA Short Term Municipal Bond Portfolio (DFSMX)

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DFA Short Term Municipal Bond Portfolio (DFSMX) is up 1.2% since the beginning of the year. DFSMX is currently trading at $10 per share. Investors who bought $1,000 worth of DFSMX shares 5 years ago would now be looking at an investment worth $1,090.

DFA Short Term Municipal Bond Portfolio (DFSMX) has returned 1.15% so far this year and 2.48% over the past 12 months. Over the last ten years, DFSMX has returned 1.26% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.

Based on dividend-adjusted daily data since Aug 22, 2002, DFSMX's average daily return is +0.01%, while the average monthly return is +0.13%. At this rate, an investment would double in approximately 44.5 years.

Historically, 69% of months were positive and 31% were negative. The best month was Sep 2003 with a return of +1.4%, while the worst month was Jul 2003 at -1.3%. The longest winning streak lasted 23 consecutive months, and the longest losing streak was 5 months.

On a daily basis, DFSMX closed higher 17% of trading days. The best single day was Aug 6, 2004 with a return of +0.5%, while the worst single day was May 7, 2004 at -0.5%.

DFA Short Term Municipal Bond Portfolio has an annualized alpha of 1.66%, beta of -0.00, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since August 22, 2002.

• This fund captured 3.70% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -4.13%) - a profile typical of hedging or uncorrelated 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.

DFSMX has an expense ratio of 0.20%, which is considered low.

DFSMX 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.

DFA Short Term Municipal Bond Portfolio provided a 2.35% dividend yield over the last twelve months, with an annual payout of $0.24 per share.

The table displays the monthly dividend distributions for DFA Short Term Municipal Bond 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 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 Short Term Municipal Bond Portfolio was 2.66%, occurring on May 13, 2004. Recovery took 110 trading sessions.

The chart below shows the rolling one-month volatility.