ATOIX vs. DFCMX

Last updated Aug 5, 2026

ATOIX (abrdn Ultra Short Municipal Income Fund) and DFCMX (DFA California Short Term Municipal Bond Portfolio) are both Municipal Bonds funds. Over the past 10 years, ATOIX returned 1.82%/yr vs 1.16%/yr for DFCMX. Their 0.06 correlation means their historical movements had little consistent relationship. ATOIX charges 0.44%/yr vs 0.19%/yr for DFCMX.

Performance

ATOIX vs. DFCMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in abrdn Ultra Short Municipal Income Fund (ATOIX) and DFA California Short Term Municipal Bond Portfolio (DFCMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ATOIX achieves a 1.46% return, which is significantly higher than DFCMX's 1.14% return. Over the past 10 years, ATOIX has outperformed DFCMX with an annualized return of 1.82%, while DFCMX has yielded a comparatively lower 1.16% annualized return.

ATOIX

• 1D: 0.00%
• 1M: 0.22%
• 6M: 1.20%
• YTD: 1.46%
• 1Y: 2.99%
• 3Y*: 3.02%
• 5Y*: 2.39%
• 10Y*: 1.82%
• ALL TIME*: 1.89%

DFCMX

• 1D: 0.00%
• 1M: 0.01%
• 6M: 0.72%
• YTD: 1.14%
• 1Y: 2.07%
• 3Y*: 2.58%
• 5Y*: 1.61%
• 10Y*: 1.16%
• ALL TIME*: 1.11%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ATOIX abrdn Ultra Short Municipal Income Fund	$0.00	$0.00	$0.00
DFCMX DFA California Short Term Municipal Bond Portfolio	$0.00	$0.00	$0.00

ATOIX vs. DFCMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ATOIX abrdn Ultra Short Municipal Income Fund	1.46%	3.33%	3.14%	3.27%	0.87%	-0.04%	0.88%	1.40%	1.54%	2.24%
DFCMX DFA California Short Term Municipal Bond Portfolio	1.14%	2.55%	2.84%	2.53%	-0.76%	-0.13%	0.67%	1.84%	1.24%	1.07%

Correlation

The correlation between ATOIX and DFCMX is 0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.09
Correlation (3Y) Balances recent behavior with more history.	0.03
Correlation (5Y) Shows whether the relationship held over a longer period.	0.08
Correlation (10Y) Provides a long-term view across more market conditions.	0.07
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012	0.06

Return for Risk

ATOIX vs. DFCMX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ATOIX

ATOIX Risk / Return Rank: 100
ATOIX Sharpe Ratio Rank: 99
ATOIX Sortino Ratio Rank: 100
ATOIX Omega Ratio Rank: 100
ATOIX Calmar Ratio Rank: 100
ATOIX Martin Ratio Rank: 100

DFCMX

DFCMX Risk / Return Rank: 99
DFCMX Sharpe Ratio Rank: 99
DFCMX Sortino Ratio Rank: 99
DFCMX Omega Ratio Rank: 99
DFCMX Calmar Ratio Rank: 99
DFCMX Martin Ratio Rank: 99

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ATOIX vs. DFCMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for abrdn Ultra Short Municipal Income Fund (ATOIX) and DFA California Short Term Municipal Bond Portfolio (DFCMX). 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.

	ATOIX	DFCMX	Difference
Sharpe ratio: Return per unit of total volatility	3.49	3.69	-0.20
Sortino ratio: Return per unit of downside risk	17.14	7.60	+9.54
Omega ratio: Gain probability vs. loss probability	10.88	3.49	+7.39
Calmar ratio: Return relative to maximum drawdown	30.15	10.66	+19.49
Martin ratio: Return relative to average drawdown	88.71	33.53	+55.19

ATOIX vs. DFCMX - Sharpe Ratio Comparison

The current ATOIX Sharpe Ratio is 3.49, which is comparable to the DFCMX Sharpe Ratio of 3.69. The chart below compares the historical Sharpe Ratios of ATOIX and DFCMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ATOIX vs. DFCMX - Drawdown Comparison

The maximum ATOIX drawdown since its inception was -1.46%, smaller than the maximum DFCMX drawdown of -2.20%. Use the drawdown chart below to compare losses from any high point for ATOIX and DFCMX.

Drawdown Indicators

	ATOIX	DFCMX	Difference
Max Drawdown Largest peak-to-trough decline	-1.46%	-2.20%	+0.74%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-0.20%	+0.10%
Max Drawdown (3Y) Largest decline over 3 years	-0.10%	-0.68%	+0.58%
Max Drawdown (5Y) Largest decline over 5 years	-0.37%	-2.13%	+1.76%
Max Drawdown (10Y) Largest decline over 10 years	-0.43%	-2.20%	+1.77%
Current Drawdown Current decline from peak	0.00%	-0.09%	+0.09%
Average Drawdown Average peak-to-trough decline	-0.06%	-0.25%	+0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	0.06%	-0.03%

Volatility

ATOIX vs. DFCMX - Volatility Comparison

abrdn Ultra Short Municipal Income Fund (ATOIX) and DFA California Short Term Municipal Bond Portfolio (DFCMX) have volatilities of 0.22% and 0.22%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ATOIX	DFCMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.22%	0.22%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	0.53%	0.40%	+0.13%
Volatility (1Y) Calculated over the trailing 1-year period	0.86%	0.59%	+0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.84%	0.89%	-0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.79%	0.87%	-0.08%

ATOIX vs. DFCMX - Expense Ratio Comparison

ATOIX has a 0.44% expense ratio, which is higher than DFCMX's 0.19% expense ratio.

Dividends

ATOIX vs. DFCMX - Dividend Comparison

ATOIX's dividend yield for the trailing twelve months is around 2.94%, more than DFCMX's 2.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ATOIX abrdn Ultra Short Municipal Income Fund	2.94%	3.27%	3.09%	3.02%	1.07%	0.06%	0.88%	1.39%	1.42%	2.20%	0.61%	0.52%
DFCMX DFA California Short Term Municipal Bond Portfolio	2.44%	2.23%	2.61%	1.70%	0.71%	0.36%	0.87%	1.43%	1.04%	0.87%	0.86%	0.82%

Frequently Asked Questions

Can I hold both ATOIX and DFCMX in my portfolio?

ATOIX and DFCMX have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ATOIX or DFCMX?

DFCMX has higher volatility (0.22%) compared to ATOIX (0.22%). In terms of maximum drawdown, ATOIX dropped -1.46% vs DFCMX's -2.20%.

Which has better risk-adjusted returns?

DFCMX currently has the higher Sharpe Ratio (3.69 vs 3.49), 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.