DFCA vs. DFNM

Last updated Apr 2, 2026

Compare and contrast key facts about Dimensional California Municipal Bond ETF (DFCA) and Dimensional National Municipal Bond ETF (DFNM).

DFCA and DFNM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DFCA is an actively managed fund by Dimensional. It was launched on Jun 26, 2023. DFNM is an actively managed fund by Dimensional. It was launched on Nov 15, 2021.

Performance

DFCA vs. DFNM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional California Municipal Bond ETF (DFCA) and Dimensional National Municipal Bond ETF (DFNM). The values are adjusted to include any dividend payments, if applicable.

DFCA vs. DFNM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DFCA Dimensional California Municipal Bond ETF	0.20%	2.99%	1.49%	2.59%
DFNM Dimensional National Municipal Bond ETF	0.29%	3.87%	1.19%	3.20%

Returns By Period

In the year-to-date period, DFCA achieves a 0.20% return, which is significantly lower than DFNM's 0.29% return.

DFCA

• 1D: 0.13%
• 1M: -1.24%
• YTD: 0.20%
• 6M: 1.48%
• 1Y: 3.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DFNM

• 1D: 0.21%
• 1M: -1.16%
• YTD: 0.29%
• 6M: 1.51%
• 1Y: 3.78%
• 3Y*: 2.54%
• 5Y*: —
• 10Y*: —

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

DFCA vs. DFNM - Expense Ratio Comparison

DFCA has a 0.19% expense ratio, which is higher than DFNM's 0.17% 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%.

DFCA

Dimensional California Municipal Bond ETF

DFNM

Dimensional National Municipal Bond ETF

Return for Risk

DFCA vs. DFNM — Risk / Return Rank

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

DFCA

DFCA Risk / Return Rank: 61
DFCA Sharpe Ratio Rank: 70
DFCA Sortino Ratio Rank: 62
DFCA Omega Ratio Rank: 74
DFCA Calmar Ratio Rank: 50
DFCA Martin Ratio Rank: 49

DFNM

DFNM Risk / Return Rank: 70
DFNM Sharpe Ratio Rank: 76
DFNM Sortino Ratio Rank: 69
DFNM Omega Ratio Rank: 85
DFNM Calmar Ratio Rank: 62
DFNM Martin Ratio Rank: 56

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.

DFCA vs. DFNM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional California Municipal Bond ETF (DFCA) and Dimensional National Municipal Bond ETF (DFNM). 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.

	DFCA	DFNM	Difference
Sharpe ratio Return per unit of total volatility	1.30	1.46	-0.16
Sortino ratio Return per unit of downside risk	1.66	1.83	-0.17
Omega ratio Gain probability vs. loss probability	1.29	1.35	-0.06
Calmar ratio Return relative to maximum drawdown	1.42	1.72	-0.30
Martin ratio Return relative to average drawdown	5.16	5.97	-0.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFCA vs. DFNM - Sharpe Ratio Comparison

The current DFCA Sharpe Ratio is 1.30, which is comparable to the DFNM Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of DFCA and DFNM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DFCA	DFNM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.30	1.46	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	1.05	0.50	+0.55

Correlation

The correlation between DFCA and DFNM is 0.72, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

DFCA vs. DFNM - Dividend Comparison

DFCA's dividend yield for the trailing twelve months is around 2.83%, less than DFNM's 2.96% yield.

	TTM	2025	2024	2023	2022	2021
DFCA Dimensional California Municipal Bond ETF	2.83%	2.86%	2.86%	1.24%	0.00%	0.00%
DFNM Dimensional National Municipal Bond ETF	2.96%	2.94%	2.74%	2.39%	1.16%	0.05%

Drawdowns

DFCA vs. DFNM - Drawdown Comparison

The maximum DFCA drawdown since its inception was -3.28%, smaller than the maximum DFNM drawdown of -6.99%. Use the drawdown chart below to compare losses from any high point for DFCA and DFNM.

Drawdown Indicators

	DFCA	DFNM	Difference
Max Drawdown Largest peak-to-trough decline	-3.28%	-6.99%	+3.71%
Max Drawdown (1Y) Largest decline over 1 year	-2.49%	-2.34%	-0.15%
Current Drawdown Current decline from peak	-1.37%	-1.35%	-0.02%
Average Drawdown Average peak-to-trough decline	-0.68%	-2.01%	+1.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.69%	0.67%	+0.02%

Volatility

DFCA vs. DFNM - Volatility Comparison

The current volatility for Dimensional California Municipal Bond ETF (DFCA) is 0.79%, while Dimensional National Municipal Bond ETF (DFNM) has a volatility of 0.87%. This indicates that DFCA experiences smaller price fluctuations and is considered to be less risky than DFNM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFCA	DFNM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.79%	0.87%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	1.25%	1.23%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	2.58%	2.62%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.52%	2.57%	-0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.52%	2.57%	-0.05%