BITEX vs. DCARX

Last updated Jun 4, 2026

BITEX (Brown Advisory Tax-Exempt Sustainable Bond Fund) and DCARX (DFA California Municipal Real Return Portfolio) are both Municipal Bonds funds. Over the past 5 years, BITEX returned 0.57%/yr vs 2.55%/yr for DCARX. At a 0.22 correlation, their price movements are largely independent. BITEX charges 0.49%/yr vs 0.26%/yr for DCARX.

Performance

BITEX vs. DCARX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Brown Advisory Tax-Exempt Sustainable Bond Fund (BITEX) 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, BITEX achieves a 1.44% return, which is significantly lower than DCARX's 2.03% return.

BITEX

• 1D: 0.11%
• 1M: 0.74%
• YTD: 1.44%
• 6M: 1.86%
• 1Y: 6.65%
• 3Y*: 3.59%
• 5Y*: 0.57%
• 10Y*: —

DCARX

• 1D: 0.00%
• 1M: 0.19%
• YTD: 2.03%
• 6M: 2.07%
• 1Y: 3.47%
• 3Y*: 3.27%
• 5Y*: 2.55%
• 10Y*: —

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

BITEX vs. DCARX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BITEX Brown Advisory Tax-Exempt Sustainable Bond Fund	1.44%	4.27%	2.02%	4.35%	-9.40%	2.21%	2.08%	0.19%
DCARX DFA California Municipal Real Return Portfolio	2.03%	2.64%	3.16%	2.63%	-1.06%	6.21%	2.35%	1.00%

Correlation

The correlation between BITEX and DCARX is -0.03, 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	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (All Time) Calculated using the full available price history since Dec 3, 2019	0.22

The correlation between BITEX and DCARX shifts across timeframes, from -0.03 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BITEX vs. DCARX — Risk / Return Rank

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

BITEX

BITEX Risk / Return Rank: 70
BITEX Sharpe Ratio Rank: 83
BITEX Sortino Ratio Rank: 91
BITEX Omega Ratio Rank: 92
BITEX Calmar Ratio Rank: 44
BITEX Martin Ratio Rank: 40

DCARX

DCARX Risk / Return Rank: 96
DCARX Sharpe Ratio Rank: 94
DCARX Sortino Ratio Rank: 96
DCARX Omega Ratio Rank: 97
DCARX Calmar Ratio Rank: 97
DCARX Martin Ratio Rank: 93

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.

BITEX vs. DCARX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brown Advisory Tax-Exempt Sustainable Bond Fund (BITEX) 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.

	BITEX	DCARX	Difference
Sharpe ratio: Return per unit of total volatility	2.70	3.27	-0.57
Sortino ratio: Return per unit of downside risk	4.44	5.44	-1.00
Omega ratio: Gain probability vs. loss probability	1.69	1.95	-0.26
Calmar ratio: Return relative to maximum drawdown	2.52	7.25	-4.73
Martin ratio: Return relative to average drawdown	8.66	20.39	-11.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BITEX vs. DCARX - Sharpe Ratio Comparison

The current BITEX Sharpe Ratio is 2.70, which is comparable to the DCARX Sharpe Ratio of 3.27. The chart below compares the historical Sharpe Ratios of BITEX 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

	BITEX	DCARX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.70	3.27	-0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	1.14	-0.96
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.96	-0.71

Drawdowns

BITEX vs. DCARX - Drawdown Comparison

The maximum BITEX drawdown since its inception was -13.06%, which is greater than DCARX's maximum drawdown of -12.27%. Use the drawdown chart below to compare losses from any high point for BITEX and DCARX.

Drawdown Indicators

	BITEX	DCARX	Difference
Max Drawdown Largest peak-to-trough decline	-13.06%	-12.27%	-0.79%
Max Drawdown (1Y) Largest decline over 1 year	-2.60%	-0.47%	-2.13%
Max Drawdown (3Y) Largest decline over 3 years	-4.76%	-1.39%	-3.37%
Max Drawdown (5Y) Largest decline over 5 years	-13.06%	-4.79%	-8.27%
Current Drawdown Current decline from peak	-0.43%	0.00%	-0.43%
Average Drawdown Average peak-to-trough decline	-4.55%	-0.74%	-3.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.75%	0.17%	+0.58%

Volatility

BITEX vs. DCARX - Volatility Comparison

Brown Advisory Tax-Exempt Sustainable Bond Fund (BITEX) has a higher volatility of 0.93% compared to DFA California Municipal Real Return Portfolio (DCARX) at 0.44%. This indicates that BITEX'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

	BITEX	DCARX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	0.44%	+0.49%
Volatility (6M) Calculated over the trailing 6-month period	1.85%	0.86%	+0.99%
Volatility (1Y) Calculated over the trailing 1-year period	2.44%	1.04%	+1.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.28%	2.24%	+1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.04%	2.91%	+1.13%

BITEX vs. DCARX - Expense Ratio Comparison

BITEX has a 0.49% expense ratio, which is higher than DCARX's 0.26% expense ratio.

Dividends

BITEX vs. DCARX - Dividend Comparison

BITEX's dividend yield for the trailing twelve months is around 3.51%, more than DCARX's 3.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BITEX Brown Advisory Tax-Exempt Sustainable Bond Fund	3.51%	3.25%	3.32%	2.78%	1.25%	2.00%	1.45%	0.09%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both BITEX and DCARX in my portfolio?

BITEX and DCARX have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITEX or DCARX?

BITEX has higher volatility (0.93%) compared to DCARX (0.44%). In terms of maximum drawdown, BITEX dropped -13.06% vs DCARX's -12.27%.

Which has better risk-adjusted returns?

DCARX currently has the higher Sharpe Ratio (3.27 vs 2.70), 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.