AFTEX vs. DCARX

Last updated Jun 3, 2026

AFTEX (American Funds Tax Exempt Bond Fund) and DCARX (DFA California Municipal Real Return Portfolio) are both Municipal Bonds funds. Over the past 5 years, AFTEX returned 0.90%/yr vs 2.55%/yr for DCARX. At a 0.25 correlation, their price movements are largely independent. AFTEX charges 0.50%/yr vs 0.26%/yr for DCARX.

Performance

AFTEX vs. DCARX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Funds Tax Exempt Bond Fund (AFTEX) and DFA California Municipal Real Return Portfolio (DCARX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AFTEX achieves a 1.42% return, which is significantly lower than DCARX's 2.03% return.

AFTEX

• 1D: 0.00%
• 1M: 0.50%
• YTD: 1.42%
• 6M: 1.85%
• 1Y: 6.86%
• 3Y*: 4.11%
• 5Y*: 0.90%
• 10Y*: 2.16%

DCARX

• 1D: 0.09%
• 1M: 0.37%
• YTD: 2.03%
• 6M: 2.07%
• 1Y: 3.37%
• 3Y*: 3.27%
• 5Y*: 2.55%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AFTEX vs. DCARX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AFTEX American Funds Tax Exempt Bond Fund	1.42%	4.88%	2.28%	5.96%	-9.68%	1.87%	4.73%	7.42%	0.78%	1.51%
DCARX DFA California Municipal Real Return Portfolio	2.03%	2.64%	3.16%	2.63%	-1.06%	6.21%	2.35%	5.08%	-0.46%	1.16%

Correlation

The correlation between AFTEX and DCARX is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (All Time) Calculated using the full available price history since Nov 30, 2017	0.25

The correlation between AFTEX and DCARX shifts across timeframes, from -0.05 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.

Return for Risk

AFTEX vs. DCARX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AFTEX

AFTEX Risk / Return Rank: 65
AFTEX Sharpe Ratio Rank: 74
AFTEX Sortino Ratio Rank: 83
AFTEX Omega Ratio Rank: 87
AFTEX Calmar Ratio Rank: 41
AFTEX Martin Ratio Rank: 39

DCARX

DCARX Risk / Return Rank: 96
DCARX Sharpe Ratio Rank: 95
DCARX Sortino Ratio Rank: 97
DCARX Omega Ratio Rank: 97
DCARX Calmar Ratio Rank: 97
DCARX Martin Ratio Rank: 94

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AFTEX vs. DCARX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Funds Tax Exempt Bond Fund (AFTEX) and DFA California Municipal Real Return Portfolio (DCARX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	AFTEX	DCARX	Difference
Sharpe ratio Return per unit of total volatility	2.50	3.35	-0.85
Sortino ratio Return per unit of downside risk	3.92	5.60	-1.68
Omega ratio Gain probability vs. loss probability	1.61	1.98	-0.37
Calmar ratio Return relative to maximum drawdown	2.46	7.43	-4.98
Martin ratio Return relative to average drawdown	8.61	20.89	-12.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AFTEX vs. DCARX - Sharpe Ratio Comparison

The current AFTEX Sharpe Ratio is 2.50, which is comparable to the DCARX Sharpe Ratio of 3.35. The chart below compares the historical Sharpe Ratios of AFTEX and DCARX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AFTEX	DCARX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.50	3.35	-0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	1.14	-0.90
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.43	0.96	+0.47

Drawdowns

AFTEX vs. DCARX - Drawdown Comparison

The maximum AFTEX drawdown since its inception was -14.55%, which is greater than DCARX's maximum drawdown of -12.27%. Use the drawdown chart below to compare losses from any high point for AFTEX and DCARX.

Drawdown Indicators

	AFTEX	DCARX	Difference
Max Drawdown Largest peak-to-trough decline	-14.55%	-12.27%	-2.28%
Max Drawdown (1Y) Largest decline over 1 year	-2.76%	-0.47%	-2.29%
Max Drawdown (3Y) Largest decline over 3 years	-5.21%	-1.39%	-3.82%
Max Drawdown (5Y) Largest decline over 5 years	-14.55%	-4.79%	-9.76%
Max Drawdown (10Y) Largest decline over 10 years	-14.55%	—	—
Current Drawdown Current decline from peak	-0.58%	0.00%	-0.58%
Average Drawdown Average peak-to-trough decline	-1.66%	-0.74%	-0.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	0.17%	+0.62%

Volatility

AFTEX vs. DCARX - Volatility Comparison

American Funds Tax Exempt Bond Fund (AFTEX) has a higher volatility of 1.06% compared to DFA California Municipal Real Return Portfolio (DCARX) at 0.44%. This indicates that AFTEX's price experiences larger fluctuations and is considered to be riskier than DCARX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AFTEX	DCARX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.06%	0.44%	+0.62%
Volatility (6M) Calculated over the trailing 6-month period	2.02%	0.86%	+1.16%
Volatility (1Y) Calculated over the trailing 1-year period	2.65%	1.04%	+1.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.76%	2.24%	+1.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.79%	2.91%	+0.88%

AFTEX vs. DCARX - Expense Ratio Comparison

AFTEX has a 0.50% expense ratio, which is higher than DCARX's 0.26% expense ratio.

Dividends

AFTEX vs. DCARX - Dividend Comparison

AFTEX's dividend yield for the trailing twelve months is around 3.02%, less than DCARX's 3.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AFTEX American Funds Tax Exempt Bond Fund	3.02%	3.98%	2.90%	2.22%	1.75%	2.31%	2.43%	2.83%	2.86%	3.30%	2.90%	3.21%
DCARX DFA California Municipal Real Return Portfolio	3.22%	3.11%	3.52%	1.84%	0.90%	0.78%	1.12%	1.43%	1.27%	0.09%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AFTEX and DCARX in my portfolio?

AFTEX and DCARX have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AFTEX or DCARX?

AFTEX has higher volatility (1.06%) compared to DCARX (0.44%). In terms of maximum drawdown, AFTEX dropped -14.55% vs DCARX's -12.27%.

Which has better risk-adjusted returns?

DCARX currently has the higher Sharpe Ratio (3.35 vs 2.50), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.