DFAPX vs. SBI

Last updated Jun 4, 2026

DFAPX (DFA Investment Grade Portfolio) and SBI (Western Asset Intermediate Muni Fund Inc.) are both Intermediate Core Bond funds. Over the past 10 years, DFAPX returned 2.03%/yr vs 1.44%/yr for SBI. At a 0.27 correlation, their price movements are largely independent.

Performance

DFAPX vs. SBI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Investment Grade Portfolio (DFAPX) and Western Asset Intermediate Muni Fund Inc. (SBI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFAPX achieves a 0.65% return, which is significantly lower than SBI's 3.94% return. Over the past 10 years, DFAPX has outperformed SBI with an annualized return of 2.03%, while SBI has yielded a comparatively lower 1.44% annualized return.

DFAPX

• 1D: 0.10%
• 1M: 0.69%
• YTD: 0.65%
• 6M: 0.43%
• 1Y: 5.47%
• 3Y*: 4.56%
• 5Y*: 0.63%
• 10Y*: 2.03%

SBI

• 1D: -0.26%
• 1M: 2.93%
• YTD: 3.94%
• 6M: 3.03%
• 1Y: 11.76%
• 3Y*: 6.83%
• 5Y*: 0.66%
• 10Y*: 1.44%

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

DFAPX vs. SBI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFAPX DFA Investment Grade Portfolio	0.65%	7.22%	1.81%	6.84%	-12.92%	-1.57%	9.19%	9.97%	-0.24%	3.37%
SBI Western Asset Intermediate Muni Fund Inc.	3.94%	5.95%	6.83%	5.37%	-18.45%	7.91%	4.62%	12.78%	-6.59%	2.42%

Correlation

The correlation between DFAPX and SBI is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since Aug 6, 2012	0.27

The correlation between DFAPX and SBI shifts across timeframes, from 0.27 (all time) to 0.42 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

DFAPX vs. SBI — Risk / Return Rank

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

DFAPX

DFAPX Risk / Return Rank: 27
DFAPX Sharpe Ratio Rank: 26
DFAPX Sortino Ratio Rank: 28
DFAPX Omega Ratio Rank: 25
DFAPX Calmar Ratio Rank: 32
DFAPX Martin Ratio Rank: 24

SBI

SBI Risk / Return Rank: 40
SBI Sharpe Ratio Rank: 36
SBI Sortino Ratio Rank: 44
SBI Omega Ratio Rank: 37
SBI Calmar Ratio Rank: 42
SBI Martin Ratio Rank: 41

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.

DFAPX vs. SBI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Investment Grade Portfolio (DFAPX) and Western Asset Intermediate Muni Fund Inc. (SBI). 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.

	DFAPX	SBI	Difference
Sharpe ratio: Return per unit of total volatility	1.45	1.74	-0.30
Sortino ratio: Return per unit of downside risk	2.19	2.80	-0.61
Omega ratio: Gain probability vs. loss probability	1.26	1.33	-0.06
Calmar ratio: Return relative to maximum drawdown	2.12	2.47	-0.36
Martin ratio: Return relative to average drawdown	6.04	8.78	-2.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFAPX vs. SBI - Sharpe Ratio Comparison

The current DFAPX Sharpe Ratio is 1.45, which is comparable to the SBI Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of DFAPX and SBI, 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

	DFAPX	SBI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.45	1.74	-0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	0.07	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.15	+0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.21	+0.28

Drawdowns

DFAPX vs. SBI - Drawdown Comparison

The maximum DFAPX drawdown since its inception was -18.30%, smaller than the maximum SBI drawdown of -33.70%. Use the drawdown chart below to compare losses from any high point for DFAPX and SBI.

Drawdown Indicators

	DFAPX	SBI	Difference
Max Drawdown Largest peak-to-trough decline	-18.30%	-33.70%	+15.40%
Max Drawdown (1Y) Largest decline over 1 year	-2.66%	-4.77%	+2.11%
Max Drawdown (3Y) Largest decline over 3 years	-4.74%	-8.90%	+4.16%
Max Drawdown (5Y) Largest decline over 5 years	-18.22%	-25.21%	+6.99%
Max Drawdown (10Y) Largest decline over 10 years	-18.30%	-25.21%	+6.91%
Current Drawdown Current decline from peak	-1.20%	-1.11%	-0.09%
Average Drawdown Average peak-to-trough decline	-3.47%	-7.68%	+4.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	1.34%	-0.41%

Volatility

DFAPX vs. SBI - Volatility Comparison

The current volatility for DFA Investment Grade Portfolio (DFAPX) is 1.32%, while Western Asset Intermediate Muni Fund Inc. (SBI) has a volatility of 2.15%. This indicates that DFAPX experiences smaller price fluctuations and is considered to be less risky than SBI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFAPX	SBI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.32%	2.15%	-0.83%
Volatility (6M) Calculated over the trailing 6-month period	2.72%	5.19%	-2.47%
Volatility (1Y) Calculated over the trailing 1-year period	3.90%	6.79%	-2.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.82%	8.94%	-3.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.88%	9.74%	-4.86%

Dividends

DFAPX vs. SBI - Dividend Comparison

DFAPX's dividend yield for the trailing twelve months is around 3.74%, less than SBI's 6.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFAPX DFA Investment Grade Portfolio	3.74%	3.78%	3.79%	3.31%	2.62%	3.31%	2.14%	2.59%	2.67%	2.21%	2.12%	2.45%
SBI Western Asset Intermediate Muni Fund Inc.	6.49%	6.56%	6.23%	3.76%	3.72%	2.93%	3.07%	3.59%	4.32%	4.58%	5.01%	4.70%

Frequently Asked Questions

Can I hold both DFAPX and SBI in my portfolio?

DFAPX and SBI have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFAPX or SBI?

SBI has higher volatility (2.15%) compared to DFAPX (1.32%). In terms of maximum drawdown, DFAPX dropped -18.30% vs SBI's -33.70%.

Which has better risk-adjusted returns?

SBI currently has the higher Sharpe Ratio (1.74 vs 1.45), 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.