CA vs. DFNM

Last updated Apr 1, 2026

Compare and contrast key facts about Xtrackers California Municipal Bond ETF (CA) and Dimensional National Municipal Bond ETF (DFNM).

CA and DFNM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CA is a passively managed fund by Xtrackers that tracks the performance of the ICE AMT-Free Broad Liquid California Municipal Index - Benchmark TR Gross. It was launched on Dec 13, 2023. DFNM is an actively managed fund by Dimensional. It was launched on Nov 15, 2021.

Performance

CA vs. DFNM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers California Municipal Bond ETF (CA) and Dimensional National Municipal Bond ETF (DFNM). The values are adjusted to include any dividend payments, if applicable.

CA vs. DFNM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CA Xtrackers California Municipal Bond ETF	-0.08%	3.05%	1.51%	0.79%
DFNM Dimensional National Municipal Bond ETF	0.08%	3.87%	1.19%	0.43%

Returns By Period

In the year-to-date period, CA achieves a -0.08% return, which is significantly lower than DFNM's 0.08% return.

CA

• 1D: 0.38%
• 1M: -2.00%
• YTD: -0.08%
• 6M: 1.22%
• 1Y: 3.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DFNM

• 1D: 0.17%
• 1M: -1.36%
• YTD: 0.08%
• 6M: 1.30%
• 1Y: 3.56%
• 3Y*: 2.47%
• 5Y*: —
• 10Y*: —

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

CA vs. DFNM - Expense Ratio Comparison

CA has a 0.07% expense ratio, which is lower than DFNM's 0.17% 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%.

DFNM

Dimensional National Municipal Bond ETF

CA

Xtrackers California Municipal Bond ETF

Return for Risk

CA vs. DFNM — Risk / Return Rank

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

CA

CA Risk / Return Rank: 45
CA Sharpe Ratio Rank: 48
CA Sortino Ratio Rank: 41
CA Omega Ratio Rank: 56
CA Calmar Ratio Rank: 44
CA Martin Ratio Rank: 36

DFNM

DFNM Risk / Return Rank: 73
DFNM Sharpe Ratio Rank: 78
DFNM Sortino Ratio Rank: 73
DFNM Omega Ratio Rank: 87
DFNM Calmar Ratio Rank: 68
DFNM Martin Ratio Rank: 61

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.

CA vs. DFNM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers California Municipal Bond ETF (CA) 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.

	CA	DFNM	Difference
Sharpe ratio Return per unit of total volatility	0.89	1.46	-0.58
Sortino ratio Return per unit of downside risk	1.17	1.85	-0.68
Omega ratio Gain probability vs. loss probability	1.21	1.35	-0.14
Calmar ratio Return relative to maximum drawdown	1.17	1.72	-0.55
Martin ratio Return relative to average drawdown	3.35	6.02	-2.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CA vs. DFNM - Sharpe Ratio Comparison

The current CA Sharpe Ratio is 0.89, which is lower than the DFNM Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of CA and DFNM, 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

	CA	DFNM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.89	1.46	-0.58
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.48	+0.09

Correlation

The correlation between CA and DFNM is 0.64, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

CA vs. DFNM - Dividend Comparison

CA's dividend yield for the trailing twelve months is around 3.20%, more than DFNM's 2.97% yield.

	TTM	2025	2024	2023	2022	2021
CA Xtrackers California Municipal Bond ETF	2.93%	3.14%	3.03%	0.00%	0.00%	0.00%
DFNM Dimensional National Municipal Bond ETF	2.97%	2.94%	2.74%	2.39%	1.16%	0.05%

Drawdowns

CA vs. DFNM - Drawdown Comparison

The maximum CA drawdown since its inception was -5.24%, smaller than the maximum DFNM drawdown of -6.99%. Use the drawdown chart below to compare losses from any high point for CA and DFNM.

Drawdown Indicators

	CA	DFNM	Difference
Max Drawdown Largest peak-to-trough decline	-5.24%	-6.99%	+1.75%
Max Drawdown (1Y) Largest decline over 1 year	-3.67%	-2.34%	-1.33%
Current Drawdown Current decline from peak	-2.00%	-1.55%	-0.45%
Average Drawdown Average peak-to-trough decline	-1.30%	-2.01%	+0.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.28%	0.67%	+0.61%

Volatility

CA vs. DFNM - Volatility Comparison

Xtrackers California Municipal Bond ETF (CA) has a higher volatility of 1.31% compared to Dimensional National Municipal Bond ETF (DFNM) at 0.86%. This indicates that CA's price experiences larger fluctuations and is considered to be riskier than DFNM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CA	DFNM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.31%	0.86%	+0.45%
Volatility (6M) Calculated over the trailing 6-month period	1.78%	1.22%	+0.56%
Volatility (1Y) Calculated over the trailing 1-year period	4.40%	2.62%	+1.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.09%	2.57%	+1.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.09%	2.57%	+1.52%