BPH vs. DFNM

Last updated Aug 2, 2026

BPH (BP p.l.c. ADRhedged ETF) and DFNM (Dimensional National Municipal Bond ETF) are both exchange-traded funds - BPH is a Energy Equities fund actively managed by Precidian, while DFNM is a Municipal Bonds fund actively managed by Dimensional. Both are actively managed. Their -0.52 correlation means they have often moved in opposite directions in the past. BPH charges 0.19%/yr vs 0.17%/yr for DFNM.

Performance

BPH vs. DFNM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BP p.l.c. ADRhedged ETF (BPH) and Dimensional National Municipal Bond ETF (DFNM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BPH

• 1D: 2.00%
• 1M: 18.84%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

DFNM

• 1D: -0.04%
• 1M: -1.20%
• 6M: -0.36%
• YTD: 0.45%
• 1Y: 3.46%
• 3Y*: 2.90%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 1.20%

*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)
BPH BP p.l.c. ADRhedged ETF	$53.46K	$52.99K	$51.54K
DFNM Dimensional National Municipal Bond ETF	$10.08M	$8.87M	$8.49M

BPH vs. DFNM - Yearly Performance Comparison

	2026 (YTD)
BPH BP p.l.c. ADRhedged ETF	5.67%
DFNM Dimensional National Municipal Bond ETF	-0.06%

Correlation

The correlation between BPH and DFNM is -0.52, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 26, 2026	-0.52

Return for Risk

BPH vs. DFNM — Risk / Return Rank

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

BPH

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

DFNM

DFNM Risk / Return Rank: 77
DFNM Sharpe Ratio Rank: 88
DFNM Sortino Ratio Rank: 87
DFNM Omega Ratio Rank: 92
DFNM Calmar Ratio Rank: 58
DFNM Martin Ratio Rank: 57

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.

BPH vs. DFNM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BP p.l.c. ADRhedged ETF (BPH) and Dimensional National Municipal Bond ETF (DFNM). 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.

	BPH	DFNM	Difference
Sharpe ratio: Return per unit of total volatility	—	2.12	—
Sortino ratio: Return per unit of downside risk	—	2.95	—
Omega ratio: Gain probability vs. loss probability	—	1.46	—
Calmar ratio: Return relative to maximum drawdown	—	2.07	—
Martin ratio: Return relative to average drawdown	—	6.89	—

Drawdowns

BPH vs. DFNM - Drawdown Comparison

The maximum BPH drawdown since its inception was -15.58%, which is greater than DFNM's maximum drawdown of -6.99%. Use the drawdown chart below to compare losses from any high point for BPH and DFNM.

Drawdown Indicators

	BPH	DFNM	Difference
Max Drawdown Largest peak-to-trough decline	-15.58%	-6.99%	-8.59%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.84%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-2.79%	—
Current Drawdown Current decline from peak	0.00%	-1.20%	+1.20%
Average Drawdown Average peak-to-trough decline	-5.64%	-1.91%	-3.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.55%	—

Volatility

Volatility by Period

	BPH	DFNM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.67%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.43%	—
Volatility (1Y) Calculated over the trailing 1-year period	28.58%	1.80%	+26.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.58%	2.52%	+26.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.58%	2.52%	+26.06%

BPH vs. DFNM - Expense Ratio Comparison

BPH has a 0.19% expense ratio, which is higher than DFNM's 0.17% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

BPH vs. DFNM - Dividend Comparison

BPH's dividend yield for the trailing twelve months is around 0.48%, less than DFNM's 2.97% yield.

Position	TTM	2025	2024	2023	2022	2021
BPH BP p.l.c. ADRhedged ETF	0.48%	0.00%	0.00%	0.00%	0.00%	0.00%
DFNM Dimensional National Municipal Bond ETF	2.97%	2.94%	2.74%	2.39%	1.16%	0.05%

Frequently Asked Questions

Can I hold both BPH and DFNM in my portfolio?

BPH and DFNM have a correlation of -0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BPH or DFNM?

On fees, DFNM is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BPH or DFNM?

DFNM is cheaper with a 0.17% expense ratio, compared with 0.19% for BPH.

Which ETF pays a higher dividend yield, BPH or DFNM?

DFNM has the higher dividend yield at 2.97%, compared with 0.48% for BPH.

What is the main difference between BPH and DFNM?

BPH is categorized as Energy Equities, while DFNM is Municipal Bonds. They also come from different issuers: Precidian and Dimensional. Their fees differ too: 0.19% for BPH and 0.17% for DFNM.