DCIBX vs. DFIEX

Last updated Jun 3, 2026

DCIBX (DFA California Intermediate-Term Municipal Bond Portfolio) and DFIEX (DFA International Core Equity Portfolio I) are both mutual funds - DCIBX is a Municipal Bonds fund managed by Dimensional, while DFIEX is a Foreign Large Cap Equities fund managed by Dimensional. Over the past 10 years, DCIBX returned 1.35%/yr vs 9.98%/yr for DFIEX. At a correlation of -0.00, they often move in opposite directions. DCIBX charges 0.20%/yr vs 0.24%/yr for DFIEX.

Performance

DCIBX vs. DFIEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA California Intermediate-Term Municipal Bond Portfolio (DCIBX) and DFA International Core Equity Portfolio I (DFIEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DCIBX achieves a 0.83% return, which is significantly lower than DFIEX's 10.70% return. Over the past 10 years, DCIBX has underperformed DFIEX with an annualized return of 1.35%, while DFIEX has yielded a comparatively higher 9.98% annualized return.

DCIBX

• 1D: 0.00%
• 1M: 0.22%
• YTD: 0.83%
• 6M: 1.25%
• 1Y: 4.95%
• 3Y*: 3.04%
• 5Y*: 1.07%
• 10Y*: 1.35%

DFIEX

• 1D: -0.49%
• 1M: 2.23%
• YTD: 10.70%
• 6M: 14.20%
• 1Y: 26.82%
• 3Y*: 19.52%
• 5Y*: 9.59%
• 10Y*: 9.98%

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

DCIBX vs. DFIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DCIBX DFA California Intermediate-Term Municipal Bond Portfolio	0.83%	3.70%	1.19%	3.73%	-3.75%	-0.53%	2.78%	4.09%	1.36%	2.30%
DFIEX DFA International Core Equity Portfolio I	10.70%	36.18%	3.99%	17.50%	-13.51%	13.85%	7.73%	21.70%	-17.41%	28.04%

Correlation

The correlation between DCIBX and DFIEX is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (10Y) Calculated over the trailing 10-year period	0.06
Correlation (All Time) Calculated using the full available price history since Aug 6, 2012	-0.00

The correlation between DCIBX and DFIEX shifts across timeframes, from -0.00 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DCIBX vs. DFIEX — Risk / Return Rank

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

DCIBX

DCIBX Risk / Return Rank: 73
DCIBX Sharpe Ratio Rank: 90
DCIBX Sortino Ratio Rank: 93
DCIBX Omega Ratio Rank: 96
DCIBX Calmar Ratio Rank: 49
DCIBX Martin Ratio Rank: 39

DFIEX

DFIEX Risk / Return Rank: 48
DFIEX Sharpe Ratio Rank: 48
DFIEX Sortino Ratio Rank: 46
DFIEX Omega Ratio Rank: 46
DFIEX Calmar Ratio Rank: 47
DFIEX Martin Ratio Rank: 50

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.

DCIBX vs. DFIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA California Intermediate-Term Municipal Bond Portfolio (DCIBX) and DFA International Core Equity Portfolio I (DFIEX). 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.

	DCIBX	DFIEX	Difference
Sharpe ratio Return per unit of total volatility	3.01	2.06	+0.95
Sortino ratio Return per unit of downside risk	4.70	2.86	+1.84
Omega ratio Gain probability vs. loss probability	1.86	1.37	+0.49
Calmar ratio Return relative to maximum drawdown	2.70	2.66	+0.04
Martin ratio Return relative to average drawdown	8.45	10.43	-1.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DCIBX vs. DFIEX - Sharpe Ratio Comparison

The current DCIBX Sharpe Ratio is 3.01, which is higher than the DFIEX Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of DCIBX and DFIEX, 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

	DCIBX	DFIEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.01	2.06	+0.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.61	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.61	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	0.36	+0.39

Drawdowns

DCIBX vs. DFIEX - Drawdown Comparison

The maximum DCIBX drawdown since its inception was -7.97%, smaller than the maximum DFIEX drawdown of -62.22%. Use the drawdown chart below to compare losses from any high point for DCIBX and DFIEX.

Drawdown Indicators

	DCIBX	DFIEX	Difference
Max Drawdown Largest peak-to-trough decline	-7.97%	-62.22%	+54.25%
Max Drawdown (1Y) Largest decline over 1 year	-1.80%	-11.01%	+9.21%
Max Drawdown (3Y) Largest decline over 3 years	-2.97%	-12.81%	+9.84%
Max Drawdown (5Y) Largest decline over 5 years	-7.22%	-28.66%	+21.44%
Max Drawdown (10Y) Largest decline over 10 years	-7.97%	-41.04%	+33.07%
Current Drawdown Current decline from peak	-0.82%	-0.66%	-0.16%
Average Drawdown Average peak-to-trough decline	-1.29%	-12.18%	+10.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.57%	2.81%	-2.24%

Volatility

DCIBX vs. DFIEX - Volatility Comparison

The current volatility for DFA California Intermediate-Term Municipal Bond Portfolio (DCIBX) is 0.51%, while DFA International Core Equity Portfolio I (DFIEX) has a volatility of 4.14%. This indicates that DCIBX experiences smaller price fluctuations and is considered to be less risky than DFIEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DCIBX	DFIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.51%	4.14%	-3.63%
Volatility (6M) Calculated over the trailing 6-month period	1.24%	11.17%	-9.93%
Volatility (1Y) Calculated over the trailing 1-year period	1.63%	13.87%	-12.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.19%	15.75%	-13.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.36%	16.39%	-14.03%

DCIBX vs. DFIEX - Expense Ratio Comparison

DCIBX has a 0.20% expense ratio, which is lower than DFIEX'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%.

Dividends

DCIBX vs. DFIEX - Dividend Comparison

DCIBX's dividend yield for the trailing twelve months is around 2.59%, less than DFIEX's 2.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DCIBX DFA California Intermediate-Term Municipal Bond Portfolio	2.59%	2.44%	2.06%	1.69%	1.15%	1.05%	1.34%	1.46%	1.44%	1.32%	1.44%	1.61%
DFIEX DFA International Core Equity Portfolio I	2.92%	3.22%	3.42%	3.36%	2.88%	2.98%	1.77%	2.90%	2.95%	2.49%	2.76%	4.20%

Frequently Asked Questions

Can I hold both DCIBX and DFIEX in my portfolio?

DCIBX and DFIEX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DCIBX or DFIEX?

DFIEX has higher volatility (4.14%) compared to DCIBX (0.51%). In terms of maximum drawdown, DCIBX dropped -7.97% vs DFIEX's -62.22%.

Which has better risk-adjusted returns?

DCIBX currently has the higher Sharpe Ratio (3.01 vs 2.06), 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.