BSHIX vs. DFCMX
BSHIX (Bishop Street Hawaii Municipal Bond Fund) and DFCMX (DFA California Short Term Municipal Bond Portfolio) are both Municipal Bonds funds. Over the past 10 years, BSHIX returned 0.93%/yr vs 1.16%/yr for DFCMX. Their 0.37 correlation means their historical movements had little consistent relationship. BSHIX charges 0.55%/yr vs 0.19%/yr for DFCMX.
Performance
BSHIX vs. DFCMX - Performance Comparison
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Returns By Period
In the year-to-date period, BSHIX achieves a -0.20% return, which is significantly lower than DFCMX's 1.14% return. Over the past 10 years, BSHIX has underperformed DFCMX with an annualized return of 0.93%, while DFCMX has yielded a comparatively higher 1.16% annualized return.
BSHIX
- 1D
- -0.20%
- 1M
- -1.59%
- 6M
- -0.93%
- YTD
- -0.20%
- 1Y
- 3.67%
- 3Y*
- 1.88%
- 5Y*
- -0.26%
- 10Y*
- 0.93%
- ALL TIME*
- 3.50%
DFCMX
- 1D
- 0.01%
- 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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
BSHIX vs. DFCMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BSHIX Bishop Street Hawaii Municipal Bond Fund | -0.20% | 4.43% | 1.02% | 1.76% | -7.28% | 0.07% | 3.71% | 5.71% | 0.67% | 3.69% |
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 BSHIX and DFCMX is 0.29, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.29 |
Correlation (3Y) Balances recent behavior with more history. | 0.32 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.42 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.37 |
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012 | 0.37 |
The correlation between BSHIX and DFCMX shifts across timeframes, from 0.29 (1 year) to 0.42 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BSHIX vs. DFCMX — Risk / Return Rank
BSHIX
DFCMX
BSHIX vs. DFCMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bishop Street Hawaii Municipal Bond Fund (BSHIX) 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.
| BSHIX | DFCMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.72 | ||
| Sortino ratioReturn per unit of downside risk | -4.66 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 3.49 | -2.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.83 | 10.66 | -8.83 |
| Martin ratioReturn relative to average drawdown | 5.59 | 33.66 | -28.07 |
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Drawdowns
BSHIX vs. DFCMX - Drawdown Comparison
The maximum BSHIX drawdown since its inception was -11.83%, which is greater than DFCMX's maximum drawdown of -2.20%. Use the drawdown chart below to compare losses from any high point for BSHIX and DFCMX.
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Drawdown Indicators
| BSHIX | DFCMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.83% | -2.20% | -9.63% |
Max Drawdown (1Y)Largest decline over 1 year | -2.36% | -0.20% | -2.16% |
Max Drawdown (3Y)Largest decline over 3 years | -4.99% | -0.68% | -4.31% |
Max Drawdown (5Y)Largest decline over 5 years | -11.82% | -2.13% | -9.69% |
Max Drawdown (10Y)Largest decline over 10 years | -11.83% | -2.20% | -9.63% |
Current DrawdownCurrent decline from peak | -1.81% | -0.09% | -1.72% |
Average DrawdownAverage peak-to-trough decline | -1.77% | -0.25% | -1.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 0.06% | +0.71% |
Volatility
BSHIX vs. DFCMX - Volatility Comparison
Bishop Street Hawaii Municipal Bond Fund (BSHIX) has a higher volatility of 0.81% compared to DFA California Short Term Municipal Bond Portfolio (DFCMX) at 0.22%. This indicates that BSHIX's price experiences larger fluctuations and is considered to be riskier than DFCMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BSHIX | DFCMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.81% | 0.22% | +0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 1.78% | 0.40% | +1.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.20% | 0.59% | +1.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.01% | 0.89% | +2.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.20% | 0.87% | +2.33% |
BSHIX vs. DFCMX - Expense Ratio Comparison
BSHIX has a 0.55% expense ratio, which is higher than DFCMX's 0.19% expense ratio.
Dividends
BSHIX vs. DFCMX - Dividend Comparison
BSHIX's dividend yield for the trailing twelve months is around 2.41%, less than DFCMX's 2.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSHIX Bishop Street Hawaii Municipal Bond Fund | 2.41% | 2.48% | 1.93% | 1.23% | 0.97% | 1.18% | 2.06% | 2.31% | 2.47% | 2.38% | 3.08% | 2.69% |
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
BSHIX and DFCMX have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BSHIX has higher volatility (0.81%) compared to DFCMX (0.22%). In terms of maximum drawdown, BSHIX dropped -11.83% vs DFCMX's -2.20%.
DFCMX currently has the higher Sharpe Ratio (3.69 vs 1.97), 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.
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