- Issuer
- Dimensional
- Inception Date
- Sep 29, 2020
- Category
- Municipal Bonds
- Min. Investment
- $0
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
DSSMX Performance Chart
DFA Selective State Municipal Bond Portfolio (DSSMX) is up 0.7% since the beginning of the year. DSSMX is currently trading at $9 per share. Investors who bought $1,000 worth of DSSMX shares 5 years ago would now be looking at an investment worth $1,020.
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Returns By Period
DFA Selective State Municipal Bond Portfolio (DSSMX) has returned 0.69% so far this year and 3.49% over the past 12 months.
DFA Selective State Municipal Bond Portfolio
- 1D
- -0.08%
- 1M
- -0.91%
- 6M
- -0.07%
- YTD
- 0.69%
- 1Y
- 3.49%
- 3Y*
- 2.74%
- 5Y*
- 0.40%
- 10Y*
- —
- ALL TIME*
- 0.64%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
DSSMX Monthly Returns History
Based on dividend-adjusted daily data since Oct 19, 2020, DSSMX's average daily return is 0.00%, while the average monthly return is +0.06%. At this rate, an investment would double in approximately 96.3 years.
Historically, 60% of months were positive and 40% were negative. The best month was Nov 2022 with a return of +3.6%, while the worst month was Sep 2022 at -3.1%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 4 months.
On a daily basis, DSSMX closed higher 30% of trading days. The best single day was Apr 10, 2025 with a return of +1.3%, while the worst single day was Jun 13, 2022 at -1.2%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.76% | 0.72% | -1.29% | 0.75% | 0.23% | 0.45% | -0.91% | 0.69% | |||||
| 2025 | 0.32% | 0.83% | -1.37% | -0.21% | 0.11% | 0.53% | 0.08% | 0.64% | 1.20% | 0.66% | 0.33% | 0.24% | 3.40% |
| 2024 | 0.02% | 0.04% | -0.00% | -0.47% | -0.14% | 0.95% | 0.77% | 0.76% | 0.51% | -0.63% | 0.82% | -0.55% | 2.08% |
| 2023 | 1.98% | -1.90% | 1.80% | -0.53% | -0.72% | 0.68% | 0.14% | -0.49% | -1.49% | -0.44% | 3.24% | 1.28% | 3.47% |
| 2022 | -2.44% | -0.47% | -2.47% | -2.36% | 1.37% | -0.88% | 2.13% | -2.02% | -3.12% | -0.33% | 3.58% | 0.32% | -6.72% |
| 2021 | 0.24% | -1.25% | 0.27% | 0.55% | 0.15% | 0.04% | 0.65% | -0.15% | -0.75% | -0.15% | 0.45% | 0.06% | 0.10% |
Benchmark Metrics
DFA Selective State Municipal Bond Portfolio has an annualized alpha of 0.53%, beta of 0.01, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since October 19, 2020.
- This fund participated in 23.24% of S&P 500 Index downside but only 10.56% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.01 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
- 0.53%
- Beta
- 0.01
- R²
- 0.00
- Upside Capture
- 10.56%
- Downside Capture
- 23.24%
Expense Ratio
DSSMX has an expense ratio of 0.23%, which is considered low.
Return for Risk
Risk / Return Rank
DSSMX ranks 85 for risk / return — above 85% of mutual funds peers on PortfoliosLab. Its historical combined result is among the stronger results in the peer group.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for DFA Selective State Municipal Bond Portfolio (DSSMX) 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.
| DSSMX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.08 | ||
| Sortino ratioReturn per unit of downside risk | +1.88 | ||
| Omega ratioGain probability vs. loss probability | 1.72 | 1.25 | +0.47 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | 2.00 | +0.46 |
| Martin ratioReturn relative to average drawdown | 8.84 | 8.49 | +0.35 |
Dividends
Dividend History
DFA Selective State Municipal Bond Portfolio provided a 2.81% dividend yield over the last twelve months, with an annual payout of $0.27 per share. The fund has been increasing its distributions for 5 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Dividend | $0.27 | $0.23 | $0.23 | $0.14 | $0.09 | $0.06 | $0.00 |
Dividend yield | 2.81% | 2.37% | 2.39% | 1.47% | 0.92% | 0.60% | 0.03% |
Monthly Dividends
The table displays the monthly dividend distributions for DFA Selective State 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 | $0.03 | $0.02 | $0.02 | $0.02 | $0.02 | $0.15 | |||||
| 2025 | $0.00 | $0.02 | $0.00 | $0.02 | $0.02 | $0.02 | $0.03 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.23 |
| 2024 | $0.01 | $0.01 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.23 |
| 2023 | $0.01 | $0.01 | $0.02 | $0.00 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.00 | $0.01 | $0.02 | $0.14 |
| 2022 | $0.01 | $0.00 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.00 | $0.01 | $0.01 | $0.01 | $0.09 |
| 2021 | $0.00 | $0.00 | $0.01 | $0.00 | $0.01 | $0.00 | $0.01 | $0.01 | $0.00 | $0.00 | $0.00 | $0.01 | $0.06 |
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 Selective State 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 Selective State Municipal Bond Portfolio was 10.89%, occurring on Oct 25, 2022. Recovery took 723 trading sessions.
The current DFA Selective State Municipal Bond Portfolio drawdown is 0.91%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-10.89%Oct 2022 | 1y 2mo | 2y 10mo | 4y 1moAug 2021 - Sep 2025 | Bear market2022 |
-1.56%Mar 2026 | 29d | 3mo 1d | 4moFeb 2026 - Jun 2026 | — |
-1.54%Feb 2021 | 9d | 4mo 13d | 4mo 22dFeb 2021 - Jul 2021 | — |
-1.15%Jul 2026 | 15d | — | 25dJul 2026 - now | — |
-0.32%Sep 2025 | 8d | 12d | 20dSep 2025 - Oct 2025 | — |
Drawdown Indicators
| DSSMX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.89% | -56.78% | +45.89% |
Max Drawdown (1Y)Largest decline over 1 year | -1.56% | -9.10% | +7.54% |
Max Drawdown (3Y)Largest decline over 3 years | -3.57% | -18.90% | +15.33% |
Max Drawdown (5Y)Largest decline over 5 years | -10.89% | -25.43% | +14.54% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.91% | -1.58% | +0.67% |
Average DrawdownAverage peak-to-trough decline | -3.19% | -10.70% | +7.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.43% | 2.14% | -1.71% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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