DFCA vs. BSMQ
DFCA (Dimensional California Municipal Bond ETF) and BSMQ (Invesco BulletShares 2026 Municipal Bond ETF) are both Municipal Bonds funds. DFCA is actively managed, while BSMQ is passively managed. Over the past 3 years, DFCA returned 2.56%/yr vs 3.06%/yr for BSMQ. Their 0.44 correlation means their historical movements had little consistent relationship. DFCA charges 0.19%/yr vs 0.18%/yr for BSMQ.
Performance
DFCA vs. BSMQ - Performance Comparison
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Returns By Period
In the year-to-date period, DFCA achieves a 0.46% return, which is significantly lower than BSMQ's 1.23% return.
DFCA
- 1D
- 0.14%
- 1M
- -0.98%
- 6M
- -0.37%
- YTD
- 0.46%
- 1Y
- 3.44%
- 3Y*
- 2.56%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.45%
BSMQ
- 1D
- 0.06%
- 1M
- 0.22%
- 6M
- 0.94%
- YTD
- 1.23%
- 1Y
- 2.89%
- 3Y*
- 3.06%
- 5Y*
- 0.26%
- 10Y*
- —
- ALL TIME*
- 1.22%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $744.65K | $1.42M | $1.51M | |
| $2.61M | $2.41M | $2.81M |
DFCA vs. BSMQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DFCA Dimensional California Municipal Bond ETF | 0.46% | 2.99% | 1.49% | 2.68% |
BSMQ Invesco BulletShares 2026 Municipal Bond ETF | 1.23% | 3.12% | 1.99% | 2.42% |
Correlation
The correlation between DFCA and BSMQ is 0.12, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.12 |
Correlation (3Y) Balances recent behavior with more history. | 0.44 |
Correlation (All Time) Calculated using the full available price history since Jun 27, 2023 | 0.44 |
Over the past year, the correlation between DFCA and BSMQ has dropped to 0.12 - well below their long-term average of 0.44, suggesting their price drivers have been diverging.
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Return for Risk
DFCA vs. BSMQ — Risk / Return Rank
DFCA
BSMQ
DFCA vs. BSMQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Dimensional California Municipal Bond ETF (DFCA) and Invesco BulletShares 2026 Municipal Bond ETF (BSMQ). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| DFCA | BSMQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.34 | ||
| Sortino ratioReturn per unit of downside risk | -0.97 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.46 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.96 | 9.81 | -7.85 |
| Martin ratioReturn relative to average drawdown | 5.62 | 26.08 | -20.46 |
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Drawdowns
DFCA vs. BSMQ - Drawdown Comparison
The maximum DFCA drawdown since its inception was -3.28%, smaller than the maximum BSMQ drawdown of -13.18%. Use the drawdown chart below to compare losses from any high point for DFCA and BSMQ.
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Drawdown Indicators
| DFCA | BSMQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.28% | -13.18% | +9.90% |
Max Drawdown (1Y)Largest decline over 1 year | -1.77% | -0.30% | -1.47% |
Max Drawdown (3Y)Largest decline over 3 years | -3.28% | -2.05% | -1.23% |
Max Drawdown (5Y)Largest decline over 5 years | — | -11.50% | — |
Current DrawdownCurrent decline from peak | -1.12% | 0.00% | -1.12% |
Average DrawdownAverage peak-to-trough decline | -0.69% | -3.39% | +2.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.61% | 0.11% | +0.50% |
Volatility
DFCA vs. BSMQ - Volatility Comparison
Dimensional California Municipal Bond ETF (DFCA) has a higher volatility of 0.71% compared to Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) at 0.26%. This indicates that DFCA's price experiences larger fluctuations and is considered to be riskier than BSMQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DFCA | BSMQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.71% | 0.26% | +0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 1.45% | 0.86% | +0.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.82% | 1.30% | +0.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.46% | 2.65% | -0.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.46% | 4.73% | -2.27% |
DFCA vs. BSMQ - Expense Ratio Comparison
DFCA has a 0.19% expense ratio, which is higher than BSMQ's 0.18% 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
DFCA vs. BSMQ - Dividend Comparison
DFCA's dividend yield for the trailing twelve months is around 2.76%, which matches BSMQ's 2.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BSMQ Invesco BulletShares 2026 Municipal Bond ETF | 2.75% | 2.74% | 2.75% | 2.47% | 1.60% | 1.14% | 1.57% | 0.44% |
DFCA Dimensional California Municipal Bond ETF | 2.76% | 2.86% | 2.86% | 1.24% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DFCA and BSMQ have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DFCA has higher volatility (0.71%) compared to BSMQ (0.26%). In terms of maximum drawdown, DFCA dropped -3.28% vs BSMQ's -13.18%.
On 3-year performance, BSMQ leads with 3.06% vs 2.56% for DFCA. On fees, BSMQ is cheaper at 0.18% per year. On volatility, BSMQ has been the lower-risk option at 0.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BSMQ has performed better with a 3.06% return vs 2.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BSMQ is cheaper with a 0.18% expense ratio, compared with 0.19% for DFCA.
DFCA and BSMQ have nearly identical dividend yields, around 2.76%.
They also come from different issuers: Dimensional and Invesco. Their fees differ too: 0.19% for DFCA and 0.18% for BSMQ.
BSMQ currently has the higher Sharpe Ratio (2.24 vs 1.91), 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.
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