DCARX vs. DFSMX
Compare and contrast key facts about DFA California Municipal Real Return Portfolio (DCARX) and DFA Short Term Municipal Bond Portfolio (DFSMX).
DCARX is managed by Dimensional. It was launched on Oct 31, 2017. DFSMX is managed by Dimensional. It was launched on Aug 19, 2002.
Performance
DCARX vs. DFSMX - Performance Comparison
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DCARX vs. DFSMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DCARX DFA California Municipal Real Return Portfolio | 1.09% | 2.64% | 3.16% | 2.63% | -1.06% | 6.21% | 2.35% | 5.08% | -0.46% | 1.16% |
DFSMX DFA Short Term Municipal Bond Portfolio | 0.55% | 2.30% | 2.84% | 2.98% | -0.36% | -0.11% | 0.83% | 1.62% | 1.22% | 0.17% |
Returns By Period
In the year-to-date period, DCARX achieves a 1.09% return, which is significantly higher than DFSMX's 0.55% return.
DCARX
- 1D
- 0.04%
- 1M
- 0.42%
- YTD
- 1.09%
- 6M
- 1.13%
- 1Y
- 2.59%
- 3Y*
- 2.55%
- 5Y*
- 2.70%
- 10Y*
- —
DFSMX
- 1D
- 0.04%
- 1M
- -0.05%
- YTD
- 0.55%
- 6M
- 1.10%
- 1Y
- 2.45%
- 3Y*
- 2.60%
- 5Y*
- 1.63%
- 10Y*
- 1.23%
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DCARX vs. DFSMX - Expense Ratio Comparison
DCARX has a 0.26% expense ratio, which is higher than DFSMX's 0.20% 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%.
Return for Risk
DCARX vs. DFSMX — Risk / Return Rank
DCARX
DFSMX
DCARX vs. DFSMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DFA California Municipal Real Return Portfolio (DCARX) and DFA Short Term Municipal Bond Portfolio (DFSMX). 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.
| DCARX | DFSMX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.19 | 3.68 | -1.49 |
Sortino ratioReturn per unit of downside risk | 3.19 | 6.50 | -3.31 |
Omega ratioGain probability vs. loss probability | 1.61 | 3.20 | -1.59 |
Calmar ratioReturn relative to maximum drawdown | 2.89 | 4.59 | -1.70 |
Martin ratioReturn relative to average drawdown | 11.77 | 21.83 | -10.06 |
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
| DCARX | DFSMX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.19 | 3.68 | -1.49 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.21 | 2.11 | -0.90 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 1.60 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.93 | 1.78 | -0.85 |
Correlation
The correlation between DCARX and DFSMX is 0.17, 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
DCARX vs. DFSMX - Dividend Comparison
DCARX's dividend yield for the trailing twelve months is around 3.41%, more than DFSMX's 2.43% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DCARX DFA California Municipal Real Return Portfolio | 3.41% | 3.11% | 3.52% | 1.84% | 0.90% | 0.78% | 1.12% | 1.43% | 1.27% | 0.09% | 0.00% | 0.00% |
DFSMX DFA Short Term Municipal Bond Portfolio | 2.43% | 2.08% | 2.80% | 1.94% | 0.63% | 0.19% | 0.83% | 1.22% | 1.11% | 0.95% | 0.94% | 0.95% |
Drawdowns
DCARX vs. DFSMX - Drawdown Comparison
The maximum DCARX drawdown since its inception was -12.27%, which is greater than DFSMX's maximum drawdown of -2.66%. Use the drawdown chart below to compare losses from any high point for DCARX and DFSMX.
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Drawdown Indicators
| DCARX | DFSMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.27% | -2.66% | -9.61% |
Max Drawdown (1Y)Largest decline over 1 year | -0.93% | -0.39% | -0.54% |
Max Drawdown (5Y)Largest decline over 5 years | -4.79% | -1.67% | -3.12% |
Max Drawdown (10Y)Largest decline over 10 years | — | -1.69% | — |
Current DrawdownCurrent decline from peak | -0.24% | -0.06% | -0.18% |
Average DrawdownAverage peak-to-trough decline | -0.76% | -0.24% | -0.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.23% | 0.10% | +0.13% |
Volatility
DCARX vs. DFSMX - Volatility Comparison
DFA California Municipal Real Return Portfolio (DCARX) has a higher volatility of 0.52% compared to DFA Short Term Municipal Bond Portfolio (DFSMX) at 0.11%. This indicates that DCARX's price experiences larger fluctuations and is considered to be riskier than DFSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DCARX | DFSMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.52% | 0.11% | +0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 0.72% | 0.37% | +0.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.28% | 0.68% | +0.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.25% | 0.78% | +1.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.93% | 0.77% | +2.16% |