DFA Short Term Municipal Bond Portfolio (DFSMX)
The fund invests primarily in a universe of investment grade municipal securities, the interest on which is exempt from regular federal income tax. It invests at least 80% of its net assets in municipal securities that pay interest exempt from federal income tax.
Fund Info
US2332034394
Aug 19, 2002
$0
Expense Ratio
DFSMX has an expense ratio of 0.20%, which is considered low.
Share Price Chart
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Compare to other instruments
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Performance
Performance Chart
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Returns By Period
DFA Short Term Municipal Bond Portfolio (DFSMX) returned 0.70% year-to-date (YTD) and 2.70% over the past 12 months. Over the past 10 years, DFSMX returned 1.19% annually, underperforming the S&P 500 benchmark at 10.85%.
DFSMX
0.70%
0.10%
0.84%
2.70%
2.23%
1.20%
1.19%
^GSPC (Benchmark)
0.51%
6.15%
-2.00%
12.92%
12.68%
14.19%
10.85%
Monthly Returns
The table below presents the monthly returns of DFSMX, with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 0.34% | 0.30% | 0.15% | -0.20% | 0.10% | 0.70% | |||||||
| 2024 | 0.15% | 0.19% | 0.14% | 0.15% | 0.24% | 0.43% | 0.38% | 0.38% | 0.22% | 0.06% | 0.31% | 0.14% | 2.82% |
| 2023 | 0.63% | -0.31% | 0.57% | -0.08% | 0.05% | 0.34% | 0.26% | 0.19% | -0.03% | 0.21% | 0.76% | 0.38% | 2.99% |
| 2022 | -0.30% | -0.10% | -0.39% | -0.29% | 0.53% | 0.04% | 0.47% | -0.73% | -0.70% | 0.20% | 1.00% | -0.08% | -0.35% |
| 2021 | 0.12% | -0.08% | -0.04% | 0.02% | 0.03% | 0.02% | 0.02% | -0.10% | 0.00% | 0.00% | 0.00% | -0.10% | -0.11% |
| 2020 | 0.22% | 0.08% | -0.09% | 0.18% | 0.47% | -0.08% | 0.15% | -0.07% | 0.03% | -0.03% | 0.04% | -0.06% | 0.84% |
| 2019 | 0.23% | 0.19% | 0.20% | 0.04% | 0.21% | 0.20% | 0.22% | 0.09% | -0.02% | 0.12% | 0.08% | 0.09% | 1.64% |
| 2018 | 0.12% | 0.16% | -0.07% | -0.12% | 0.30% | 0.18% | 0.20% | -0.01% | -0.12% | 0.02% | 0.27% | 0.30% | 1.22% |
| 2017 | 0.58% | 0.36% | -0.08% | 0.27% | 0.38% | -0.21% | 0.27% | 0.19% | -0.14% | -0.11% | -0.42% | 0.07% | 1.17% |
| 2016 | 0.71% | 0.24% | -0.38% | 0.26% | -0.12% | 0.47% | 0.27% | -0.13% | -0.33% | -0.11% | -1.00% | 0.17% | 0.05% |
| 2015 | 0.88% | -0.44% | 0.00% | -0.03% | -0.22% | 0.27% | 0.28% | 0.07% | 0.27% | 0.27% | -0.18% | -0.03% | 1.15% |
| 2014 | 0.29% | 0.22% | -0.40% | 0.17% | 0.27% | -0.02% | 0.07% | 0.36% | -0.12% | 0.08% | 0.07% | -0.42% | 0.58% |
Risk-Adjusted Performance
Risk-Adjusted Performance Rank
With an overall rank of 98, DFSMX is among the top 2% of mutual funds on our website when it comes to balancing risk and reward. Below is a breakdown of how it compares using common performance measures.
Risk-Adjusted Performance Indicators
The charts below present risk-adjusted performance metrics for DFA Short Term Municipal Bond Portfolio (DFSMX) and compare them to a chosen benchmark (^GSPC). These indicators evaluate an investment's returns against its associated risks.
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Dividends
Dividend History
DFA Short Term Municipal Bond Portfolio provided a 2.57% dividend yield over the last twelve months, with an annual payout of $0.26 per share. The fund has been increasing its distributions for 3 consecutive years.
| Period | TTM | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.26 | $0.28 | $0.20 | $0.06 | $0.02 | $0.09 | $0.13 | $0.11 | $0.10 | $0.10 | $0.10 | $0.09 |
Dividend yield | 2.57% | 2.79% | 1.95% | 0.64% | 0.19% | 0.83% | 1.23% | 1.11% | 0.97% | 0.95% | 0.95% | 0.87% |
Monthly Dividends
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.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | $0.02 | $0.02 | $0.03 | $0.02 | $0.00 | $0.09 | |||||||
| 2024 | $0.02 | $0.02 | $0.02 | $0.03 | $0.02 | $0.02 | $0.03 | $0.02 | $0.02 | $0.03 | $0.02 | $0.03 | $0.28 |
| 2023 | $0.01 | $0.01 | $0.02 | $0.01 | $0.02 | $0.01 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.20 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.06 |
| 2021 | $0.00 | $0.00 | $0.01 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.02 |
| 2020 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.00 | $0.00 | $0.01 | $0.00 | $0.00 | $0.09 |
| 2019 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.13 |
| 2018 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.11 |
| 2017 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.10 |
| 2016 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.10 |
| 2015 | $0.00 | $0.02 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.10 |
| 2014 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.09 |
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 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 current DFA Short Term Municipal Bond Portfolio drawdown is 0.20%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -2.66% | Mar 18, 2004 | 40 | May 13, 2004 | 110 | Oct 20, 2004 | 150 |
| -1.83% | Jun 17, 2003 | 31 | Jul 31, 2003 | 110 | Jan 7, 2004 | 141 |
| -1.68% | Feb 18, 2021 | 407 | Sep 28, 2022 | 77 | Jan 19, 2023 | 484 |
| -1.65% | Aug 30, 2016 | 66 | Dec 1, 2016 | 116 | May 19, 2017 | 182 |
| -1.57% | Oct 2, 2002 | 15 | Oct 22, 2002 | 40 | Dec 18, 2002 | 55 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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