AITFX vs. DMREX
AITFX (Invesco Limited Term Municipal Income Fund) and DMREX (DFA Municipal Real Return Portfolio) are both Municipal Bonds funds. Over the past 10 years, AITFX returned 2.08%/yr vs 2.79%/yr for DMREX. At a 0.28 correlation, their price movements are largely independent. AITFX charges 0.33%/yr vs 0.24%/yr for DMREX.
Performance
AITFX vs. DMREX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, AITFX achieves a 1.34% return, which is significantly lower than DMREX's 2.05% return. Over the past 10 years, AITFX has underperformed DMREX with an annualized return of 2.08%, while DMREX has yielded a comparatively higher 2.79% annualized return.
AITFX
- 1D
- -0.09%
- 1M
- 0.76%
- YTD
- 1.34%
- 6M
- 1.74%
- 1Y
- 4.85%
- 3Y*
- 3.96%
- 5Y*
- 2.13%
- 10Y*
- 2.08%
DMREX
- 1D
- 0.00%
- 1M
- 0.10%
- YTD
- 2.05%
- 6M
- 2.14%
- 1Y
- 3.21%
- 3Y*
- 3.21%
- 5Y*
- 2.53%
- 10Y*
- 2.79%
AITFX vs. DMREX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AITFX Invesco Limited Term Municipal Income Fund | 1.34% | 5.47% | 2.88% | 3.67% | -2.62% | 0.57% | 3.73% | 4.35% | 1.13% | 2.69% |
DMREX DFA Municipal Real Return Portfolio | 2.05% | 2.77% | 3.10% | 2.56% | -1.42% | 6.75% | 4.11% | 6.64% | -0.51% | 2.57% |
Correlation
The correlation between AITFX and DMREX is 0.07, 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 | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015 | 0.28 |
Over the past year, the correlation between AITFX and DMREX has dropped to 0.07 - well below their long-term average of 0.28, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
AITFX vs. DMREX — Risk / Return Rank
AITFX
DMREX
AITFX vs. DMREX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Limited Term Municipal Income Fund (AITFX) and DFA Municipal Real Return Portfolio (DMREX). 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.
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.
| AITFX | DMREX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.28 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.98 | 1.95 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.02 | 6.34 | -3.33 |
| Martin ratioReturn relative to average drawdown | 11.42 | 14.56 | -3.14 |
Loading charts...
Drawdowns
AITFX vs. DMREX - Drawdown Comparison
The maximum AITFX drawdown since its inception was -7.17%, smaller than the maximum DMREX drawdown of -13.22%. Use the drawdown chart below to compare losses from any high point for AITFX and DMREX.
Loading charts...
Drawdown Indicators
| AITFX | DMREX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.17% | -13.22% | +6.05% |
Max Drawdown (1Y)Largest decline over 1 year | -1.62% | -0.51% | -1.11% |
Max Drawdown (3Y)Largest decline over 3 years | -2.63% | -2.48% | -0.15% |
Max Drawdown (5Y)Largest decline over 5 years | -5.62% | -5.33% | -0.29% |
Max Drawdown (10Y)Largest decline over 10 years | -7.17% | -13.22% | +6.05% |
Current DrawdownCurrent decline from peak | -0.18% | -0.28% | +0.10% |
Average DrawdownAverage peak-to-trough decline | -0.73% | -0.87% | +0.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.43% | 0.22% | +0.21% |
Volatility
AITFX vs. DMREX - Volatility Comparison
Invesco Limited Term Municipal Income Fund (AITFX) has a higher volatility of 0.49% compared to DFA Municipal Real Return Portfolio (DMREX) at 0.27%. This indicates that AITFX's price experiences larger fluctuations and is considered to be riskier than DMREX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| AITFX | DMREX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.49% | 0.27% | +0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 1.28% | 0.77% | +0.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.64% | 0.99% | +0.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.09% | 2.45% | -0.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.19% | 3.14% | -0.95% |
AITFX vs. DMREX - Expense Ratio Comparison
AITFX has a 0.33% expense ratio, which is higher than DMREX's 0.24% expense ratio.
Dividends
AITFX vs. DMREX - Dividend Comparison
AITFX's dividend yield for the trailing twelve months is around 3.63%, more than DMREX's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AITFX Invesco Limited Term Municipal Income Fund | 3.63% | 4.82% | 3.93% | 2.67% | 1.80% | 1.44% | 2.07% | 2.48% | 2.28% | 1.95% | 1.93% | 2.51% |
DMREX DFA Municipal Real Return Portfolio | 3.25% | 2.95% | 3.55% | 1.96% | 1.16% | 0.98% | 1.44% | 2.26% | 1.54% | 1.32% | 1.15% | 1.09% |
Frequently Asked Questions
AITFX and DMREX have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AITFX has higher volatility (0.49%) compared to DMREX (0.27%). In terms of maximum drawdown, AITFX dropped -7.17% vs DMREX's -13.22%.
DMREX currently has the higher Sharpe Ratio (3.26 vs 2.98), 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.
Find the right allocation for AITFX and DMREX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer