DFCA vs. DFAI
DFCA (Dimensional California Municipal Bond ETF) and DFAI (Dimensional International Core Equity Market ETF) are both exchange-traded funds - DFCA is a Municipal Bonds fund actively managed by Dimensional, while DFAI is a Foreign Large Cap Equities fund actively managed by Dimensional. Both are actively managed. Over the past 3 years, DFCA returned 2.56%/yr vs 19.04%/yr for DFAI. Their 0.23 correlation means their historical movements had little consistent relationship. DFCA charges 0.19%/yr vs 0.18%/yr for DFAI.
Performance
DFCA vs. DFAI - 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 DFAI's 13.59% 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%
DFAI
- 1D
- 0.99%
- 1M
- 2.67%
- 6M
- 7.10%
- YTD
- 13.59%
- 1Y
- 26.92%
- 3Y*
- 19.04%
- 5Y*
- 10.35%
- 10Y*
- —
- ALL TIME*
- 12.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $85.30M | $74.68M | $63.96M | |
| $2.61M | $2.41M | $2.81M |
DFCA vs. DFAI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DFCA Dimensional California Municipal Bond ETF | 0.46% | 2.99% | 1.49% | 2.68% |
DFAI Dimensional International Core Equity Market ETF | 13.59% | 34.04% | 4.68% | 8.04% |
Correlation
The correlation between DFCA and DFAI is 0.30, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.30 |
Correlation (3Y) Balances recent behavior with more history. | 0.23 |
Correlation (All Time) Calculated using the full available price history since Jun 27, 2023 | 0.23 |
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Return for Risk
DFCA vs. DFAI — Risk / Return Rank
DFCA
DFAI
DFCA vs. DFAI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Dimensional California Municipal Bond ETF (DFCA) and Dimensional International Core Equity Market ETF (DFAI). 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 | DFAI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.33 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.96 | 2.47 | -0.51 |
| Martin ratioReturn relative to average drawdown | 5.62 | 9.72 | -4.10 |
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Drawdowns
DFCA vs. DFAI - Drawdown Comparison
The maximum DFCA drawdown since its inception was -3.28%, smaller than the maximum DFAI drawdown of -27.44%. Use the drawdown chart below to compare losses from any high point for DFCA and DFAI.
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Drawdown Indicators
| DFCA | DFAI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.28% | -27.44% | +24.16% |
Max Drawdown (1Y)Largest decline over 1 year | -1.77% | -10.95% | +9.18% |
Max Drawdown (3Y)Largest decline over 3 years | -3.28% | -13.25% | +9.97% |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.44% | — |
Current DrawdownCurrent decline from peak | -1.12% | 0.00% | -1.12% |
Average DrawdownAverage peak-to-trough decline | -0.69% | -5.01% | +4.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.61% | 2.78% | -2.17% |
Volatility
DFCA vs. DFAI - Volatility Comparison
The current volatility for Dimensional California Municipal Bond ETF (DFCA) is 0.71%, while Dimensional International Core Equity Market ETF (DFAI) has a volatility of 4.12%. This indicates that DFCA experiences smaller price fluctuations and is considered to be less risky than DFAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DFCA | DFAI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.71% | 4.12% | -3.41% |
Volatility (6M)Calculated over the trailing 6-month period | 1.45% | 12.61% | -11.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.82% | 14.65% | -12.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.46% | 16.01% | -13.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.46% | 15.69% | -13.23% |
DFCA vs. DFAI - Expense Ratio Comparison
DFCA has a 0.19% expense ratio, which is higher than DFAI'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. DFAI - Dividend Comparison
DFCA's dividend yield for the trailing twelve months is around 2.76%, more than DFAI's 2.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
DFAI Dimensional International Core Equity Market ETF | 2.27% | 2.45% | 2.72% | 2.64% | 2.72% | 2.06% | 0.09% |
DFCA Dimensional California Municipal Bond ETF | 2.76% | 2.86% | 2.86% | 1.24% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DFCA and DFAI have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DFAI has higher volatility (4.12%) compared to DFCA (0.71%). In terms of maximum drawdown, DFCA dropped -3.28% vs DFAI's -27.44%.
On 3-year performance, DFAI leads with 19.04% vs 2.56% for DFCA. On fees, DFAI is cheaper at 0.18% per year. On volatility, DFCA has been the lower-risk option at 0.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DFAI has performed better with a 19.04% return vs 2.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DFAI is cheaper with a 0.18% expense ratio, compared with 0.19% for DFCA.
DFCA has the higher dividend yield at 2.76%, compared with 2.27% for DFAI.
DFCA is categorized as Municipal Bonds, while DFAI is Foreign Large Cap Equities. Their fees differ too: 0.19% for DFCA and 0.18% for DFAI.
DFCA currently has the higher Sharpe Ratio (1.91 vs 1.85), 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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