BATVX vs. DFCMX

Last updated Apr 1, 2026

Compare and contrast key facts about BlackRock Allocation Target Shares (BATVX) and DFA California Short Term Municipal Bond Portfolio (DFCMX).

BATVX is managed by BlackRock. It was launched on May 20, 2021. DFCMX is managed by Dimensional. It was launched on Apr 1, 2007.

Performance

BATVX vs. DFCMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Allocation Target Shares (BATVX) and DFA California Short Term Municipal Bond Portfolio (DFCMX). The values are adjusted to include any dividend payments, if applicable.

BATVX vs. DFCMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BATVX BlackRock Allocation Target Shares	0.33%	2.80%	2.48%	1.41%	-0.10%	0.00%
DFCMX DFA California Short Term Municipal Bond Portfolio	0.44%	2.55%	2.84%	2.53%	-0.76%	-0.22%

Returns By Period

In the year-to-date period, BATVX achieves a 0.33% return, which is significantly lower than DFCMX's 0.44% return.

BATVX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.33%
• 6M: 1.02%
• 1Y: 2.45%
• 3Y*: 2.34%
• 5Y*: —
• 10Y*: —

DFCMX

• 1D: 0.04%
• 1M: -0.15%
• YTD: 0.44%
• 6M: 0.96%
• 1Y: 2.60%
• 3Y*: 2.46%
• 5Y*: 1.47%
• 10Y*: 1.17%

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

BATVX vs. DFCMX - Expense Ratio Comparison

BATVX has a 0.00% expense ratio, which is lower than DFCMX's 0.19% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

DFCMX

DFA California Short Term Municipal Bond Portfolio

BATVX

BlackRock Allocation Target Shares

Return for Risk

BATVX vs. DFCMX — Risk / Return Rank

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

DFCMX

DFCMX Risk / Return Rank: 98
DFCMX Sharpe Ratio Rank: 99
DFCMX Sortino Ratio Rank: 99
DFCMX Omega Ratio Rank: 99
DFCMX Calmar Ratio Rank: 97
DFCMX Martin Ratio Rank: 98

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.

BATVX vs. DFCMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Allocation Target Shares (BATVX) 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.

	BATVX	DFCMX	Difference
Sharpe ratio Return per unit of total volatility	3.56	3.45	+0.11
Sortino ratio Return per unit of downside risk	—	6.05	—
Omega ratio Gain probability vs. loss probability	—	2.84	—
Calmar ratio Return relative to maximum drawdown	—	4.25	—
Martin ratio Return relative to average drawdown	—	23.72	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BATVX vs. DFCMX - Sharpe Ratio Comparison

The current BATVX Sharpe Ratio is 3.56, which is comparable to the DFCMX Sharpe Ratio of 3.45. The chart below compares the historical Sharpe Ratios of BATVX and DFCMX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BATVX	DFCMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.56	3.45	+0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.65	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.33	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.29	1.28	+1.01

Correlation

The correlation between BATVX and DFCMX is -0.02. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

BATVX vs. DFCMX - Dividend Comparison

BATVX's dividend yield for the trailing twelve months is around 2.42%, less than DFCMX's 2.57% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BATVX BlackRock Allocation Target Shares	2.42%	2.76%	2.44%	1.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DFCMX DFA California Short Term Municipal Bond Portfolio	2.57%	2.23%	2.61%	1.70%	0.71%	0.36%	0.87%	1.43%	1.04%	0.87%	0.86%	0.82%

Drawdowns

BATVX vs. DFCMX - Drawdown Comparison

The maximum BATVX drawdown since its inception was -0.20%, smaller than the maximum DFCMX drawdown of -2.20%. Use the drawdown chart below to compare losses from any high point for BATVX and DFCMX.

Drawdown Indicators

	BATVX	DFCMX	Difference
Max Drawdown Largest peak-to-trough decline	-0.20%	-2.20%	+2.00%
Max Drawdown (1Y) Largest decline over 1 year	0.00%	-0.59%	+0.59%
Max Drawdown (5Y) Largest decline over 5 years	—	-2.20%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-2.20%	—
Current Drawdown Current decline from peak	0.00%	-0.16%	+0.16%
Average Drawdown Average peak-to-trough decline	-0.03%	-0.26%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.11%	-0.11%

Volatility

BATVX vs. DFCMX - Volatility Comparison

The current volatility for BlackRock Allocation Target Shares (BATVX) is 0.00%, while DFA California Short Term Municipal Bond Portfolio (DFCMX) has a volatility of 0.20%. This indicates that BATVX experiences smaller price fluctuations and is considered to be less risky than DFCMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BATVX	DFCMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	0.20%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	0.51%	0.41%	+0.10%
Volatility (1Y) Calculated over the trailing 1-year period	0.76%	0.79%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.62%	0.90%	-0.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.62%	0.88%	-0.26%