DCARX vs. USMTX

Last updated Jun 3, 2026

DCARX (DFA California Municipal Real Return Portfolio) and USMTX (JPMorgan Ultra-Short Municipal Fund) are both Municipal Bonds funds. Over the past 5 years, DCARX returned 2.55%/yr vs 1.93%/yr for USMTX. At a 0.22 correlation, their price movements are largely independent. DCARX charges 0.26%/yr vs 0.24%/yr for USMTX.

Performance

DCARX vs. USMTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA California Municipal Real Return Portfolio (DCARX) and JPMorgan Ultra-Short Municipal Fund (USMTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DCARX achieves a 2.03% return, which is significantly higher than USMTX's 0.79% return.

DCARX

• 1D: 0.09%
• 1M: 0.37%
• YTD: 2.03%
• 6M: 2.07%
• 1Y: 3.37%
• 3Y*: 3.27%
• 5Y*: 2.55%
• 10Y*: —

USMTX

• 1D: 0.00%
• 1M: 0.21%
• YTD: 0.79%
• 6M: 1.01%
• 1Y: 2.65%
• 3Y*: 3.12%
• 5Y*: 1.93%
• 10Y*: —

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

DCARX vs. USMTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DCARX DFA California Municipal Real Return Portfolio	2.03%	2.64%	3.16%	2.63%	-1.06%	6.21%	2.35%	5.08%	-0.46%	1.16%
USMTX JPMorgan Ultra-Short Municipal Fund	0.79%	2.96%	3.30%	3.46%	-0.71%	-0.05%	1.07%	2.01%	1.32%	0.08%

Correlation

The correlation between DCARX and USMTX is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (All Time) Calculated using the full available price history since Nov 30, 2017	0.22

The correlation between DCARX and USMTX shifts across timeframes, from 0.02 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DCARX vs. USMTX — Risk / Return Rank

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

DCARX

DCARX Risk / Return Rank: 96
DCARX Sharpe Ratio Rank: 95
DCARX Sortino Ratio Rank: 97
DCARX Omega Ratio Rank: 97
DCARX Calmar Ratio Rank: 97
DCARX Martin Ratio Rank: 94

USMTX

USMTX Risk / Return Rank: 99
USMTX Sharpe Ratio Rank: 99
USMTX Sortino Ratio Rank: 99
USMTX Omega Ratio Rank: 100
USMTX Calmar Ratio Rank: 98
USMTX Martin Ratio Rank: 99

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.

DCARX vs. USMTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA California Municipal Real Return Portfolio (DCARX) and JPMorgan Ultra-Short Municipal Fund (USMTX). 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	USMTX	Difference
Sharpe ratio Return per unit of total volatility	3.35	4.52	-1.17
Sortino ratio Return per unit of downside risk	5.60	10.05	-4.46
Omega ratio Gain probability vs. loss probability	1.98	5.63	-3.65
Calmar ratio Return relative to maximum drawdown	7.43	8.87	-1.44
Martin ratio Return relative to average drawdown	20.89	49.09	-28.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DCARX vs. USMTX - Sharpe Ratio Comparison

The current DCARX Sharpe Ratio is 3.35, which is comparable to the USMTX Sharpe Ratio of 4.52. The chart below compares the historical Sharpe Ratios of DCARX and USMTX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DCARX	USMTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.35	4.52	-1.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.14	2.69	-1.55
Sharpe Ratio (All Time) Calculated using the full available price history	0.96	2.12	-1.17

Drawdowns

DCARX vs. USMTX - Drawdown Comparison

The maximum DCARX drawdown since its inception was -12.27%, which is greater than USMTX's maximum drawdown of -1.98%. Use the drawdown chart below to compare losses from any high point for DCARX and USMTX.

Drawdown Indicators

	DCARX	USMTX	Difference
Max Drawdown Largest peak-to-trough decline	-12.27%	-1.98%	-10.29%
Max Drawdown (1Y) Largest decline over 1 year	-0.47%	-0.30%	-0.17%
Max Drawdown (3Y) Largest decline over 3 years	-1.39%	-0.50%	-0.89%
Max Drawdown (5Y) Largest decline over 5 years	-4.79%	-1.92%	-2.87%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.74%	-0.18%	-0.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.17%	0.05%	+0.12%

Volatility

DCARX vs. USMTX - Volatility Comparison

DFA California Municipal Real Return Portfolio (DCARX) has a higher volatility of 0.44% compared to JPMorgan Ultra-Short Municipal Fund (USMTX) at 0.20%. This indicates that DCARX's price experiences larger fluctuations and is considered to be riskier than USMTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DCARX	USMTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.44%	0.20%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	0.86%	0.44%	+0.42%
Volatility (1Y) Calculated over the trailing 1-year period	1.04%	0.59%	+0.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.24%	0.72%	+1.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.91%	0.75%	+2.16%

DCARX vs. USMTX - Expense Ratio Comparison

DCARX has a 0.26% expense ratio, which is higher than USMTX's 0.24% 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

DCARX vs. USMTX - Dividend Comparison

DCARX's dividend yield for the trailing twelve months is around 3.22%, more than USMTX's 2.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DCARX DFA California Municipal Real Return Portfolio	3.22%	3.11%	3.52%	1.84%	0.90%	0.78%	1.12%	1.43%	1.27%	0.09%
USMTX JPMorgan Ultra-Short Municipal Fund	2.52%	2.62%	3.05%	2.58%	0.89%	0.25%	0.76%	1.49%	1.31%	0.78%

Frequently Asked Questions

Can I hold both DCARX and USMTX in my portfolio?

DCARX and USMTX have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DCARX or USMTX?

DCARX has higher volatility (0.44%) compared to USMTX (0.20%). In terms of maximum drawdown, DCARX dropped -12.27% vs USMTX's -1.98%.

Which has better risk-adjusted returns?

USMTX currently has the higher Sharpe Ratio (4.52 vs 3.35), 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.