CBTAX vs. DMREX
Compare and contrast key facts about Six Circles Tax Aware Bond Fund (CBTAX) and DFA Municipal Real Return Portfolio (DMREX).
CBTAX is managed by Six Circles. It was launched on May 18, 2020. DMREX is managed by Dimensional. It was launched on Nov 3, 2014.
Performance
CBTAX vs. DMREX - Performance Comparison
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CBTAX vs. DMREX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
CBTAX Six Circles Tax Aware Bond Fund | -0.57% | 4.13% | 2.38% | 6.35% | -7.47% | 0.89% | 5.02% |
DMREX DFA Municipal Real Return Portfolio | 1.10% | 2.77% | 3.10% | 2.56% | -1.42% | 6.75% | 6.57% |
Returns By Period
In the year-to-date period, CBTAX achieves a -0.57% return, which is significantly lower than DMREX's 1.10% return.
CBTAX
- 1D
- -0.21%
- 1M
- -2.51%
- YTD
- -0.57%
- 6M
- 0.83%
- 1Y
- 3.71%
- 3Y*
- 3.21%
- 5Y*
- 1.15%
- 10Y*
- —
DMREX
- 1D
- -0.04%
- 1M
- 0.42%
- YTD
- 1.10%
- 6M
- 1.08%
- 1Y
- 2.58%
- 3Y*
- 2.54%
- 5Y*
- 2.70%
- 10Y*
- 2.77%
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CBTAX vs. DMREX - Expense Ratio Comparison
CBTAX has a 0.14% expense ratio, which is lower than DMREX's 0.24% 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%.
Return for Risk
CBTAX vs. DMREX — Risk / Return Rank
CBTAX
DMREX
CBTAX vs. DMREX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Six Circles Tax Aware Bond Fund (CBTAX) and DFA Municipal Real Return Portfolio (DMREX). 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.
| CBTAX | DMREX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.94 | 2.31 | -1.37 |
Sortino ratioReturn per unit of downside risk | 1.24 | 3.35 | -2.11 |
Omega ratioGain probability vs. loss probability | 1.27 | 1.62 | -0.35 |
Calmar ratioReturn relative to maximum drawdown | 0.91 | 2.90 | -1.99 |
Martin ratioReturn relative to average drawdown | 3.31 | 9.38 | -6.07 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CBTAX | DMREX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.94 | 2.31 | -1.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.34 | 1.10 | -0.76 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.88 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.86 | -0.31 |
Correlation
The correlation between CBTAX and DMREX is 0.24, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
CBTAX vs. DMREX - Dividend Comparison
CBTAX's dividend yield for the trailing twelve months is around 3.24%, less than DMREX's 3.30% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CBTAX Six Circles Tax Aware Bond Fund | 3.24% | 3.49% | 3.28% | 2.68% | 1.57% | 0.88% | 0.49% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
DMREX DFA Municipal Real Return Portfolio | 3.30% | 2.95% | 3.55% | 1.96% | 1.16% | 0.98% | 1.44% | 2.26% | 1.54% | 1.32% | 1.15% | 1.09% |
Drawdowns
CBTAX vs. DMREX - Drawdown Comparison
The maximum CBTAX drawdown since its inception was -12.12%, smaller than the maximum DMREX drawdown of -13.22%. Use the drawdown chart below to compare losses from any high point for CBTAX and DMREX.
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Drawdown Indicators
| CBTAX | DMREX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.12% | -13.22% | +1.10% |
Max Drawdown (1Y)Largest decline over 1 year | -4.30% | -0.92% | -3.38% |
Max Drawdown (5Y)Largest decline over 5 years | -12.12% | -5.33% | -6.79% |
Max Drawdown (10Y)Largest decline over 10 years | — | -13.22% | — |
Current DrawdownCurrent decline from peak | -2.51% | -0.32% | -2.19% |
Average DrawdownAverage peak-to-trough decline | -2.82% | -0.89% | -1.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.19% | 0.29% | +0.90% |
Volatility
CBTAX vs. DMREX - Volatility Comparison
Six Circles Tax Aware Bond Fund (CBTAX) has a higher volatility of 0.89% compared to DFA Municipal Real Return Portfolio (DMREX) at 0.49%. This indicates that CBTAX's price experiences larger fluctuations and is considered to be riskier than DMREX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBTAX | DMREX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.89% | 0.49% | +0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 1.37% | 0.71% | +0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.23% | 1.17% | +3.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.38% | 2.47% | +0.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.18% | 3.14% | +0.04% |