DFCA vs. LTCN

Last updated Jul 16, 2026

DFCA (Dimensional California Municipal Bond ETF) and LTCN (Grayscale Litecoin Trust) are both exchange-traded funds - DFCA is a Municipal Bonds fund actively managed by Dimensional, while LTCN is a Cryptocurrency fund tracking the CoinDesk Litecoin Price Index. DFCA is actively managed, while LTCN is passively managed. Over the past 3 years, DFCA returned 2.66%/yr vs -15.74%/yr for LTCN. At a correlation of -0.04, they often move in opposite directions. DFCA charges 0.19%/yr vs 2.50%/yr for LTCN.

Performance

DFCA vs. LTCN - Performance Comparison

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

Returns By Period

In the year-to-date period, DFCA achieves a 1.12% return, which is significantly higher than LTCN's -44.34% return.

DFCA

• 1D: -0.06%
• 1M: 0.09%
• 6M: 0.52%
• YTD: 1.12%
• 1Y: 4.60%
• 3Y*: 2.66%
• 5Y*: —
• 10Y*: —

LTCN

• 1D: 0.25%
• 1M: -4.52%
• 6M: -46.05%
• YTD: -44.34%
• 1Y: -59.04%
• 3Y*: -15.74%
• 5Y*: -45.62%
• 10Y*: —

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

DFCA vs. LTCN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DFCA Dimensional California Municipal Bond ETF	1.12%	2.99%	1.49%	2.68%
LTCN Grayscale Litecoin Trust	-44.34%	-54.37%	-18.79%	267.99%

Correlation

The correlation between DFCA and LTCN is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.07
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Jun 27, 2023	-0.04

Return for Risk

DFCA vs. LTCN — Risk / Return Rank

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

DFCA

DFCA Risk / Return Rank: 81
DFCA Sharpe Ratio Rank: 93
DFCA Sortino Ratio Rank: 94
DFCA Omega Ratio Rank: 94
DFCA Calmar Ratio Rank: 65
DFCA Martin Ratio Rank: 58

LTCN

LTCN Risk / Return Rank: 3
LTCN Sharpe Ratio Rank: 2
LTCN Sortino Ratio Rank: 2
LTCN Omega Ratio Rank: 2
LTCN Calmar Ratio Rank: 3
LTCN Martin Ratio Rank: 3

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. LTCN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional California Municipal Bond ETF (DFCA) and Grayscale Litecoin Trust (LTCN). 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	LTCN	Difference
Sharpe ratio: Return per unit of total volatility	2.68	-0.87	+3.55
Sortino ratio: Return per unit of downside risk	3.98	-1.36	+5.34
Omega ratio: Gain probability vs. loss probability	1.56	0.85	+0.71
Calmar ratio: Return relative to maximum drawdown	2.62	-0.81	+3.43
Martin ratio: Return relative to average drawdown	8.25	-1.21	+9.46

DFCA vs. LTCN - Sharpe Ratio Comparison

The current DFCA Sharpe Ratio is 2.68, which is higher than the LTCN Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of DFCA and LTCN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DFCA vs. LTCN - Drawdown Comparison

The maximum DFCA drawdown since its inception was -3.28%, smaller than the maximum LTCN drawdown of -99.58%. Use the drawdown chart below to compare losses from any high point for DFCA and LTCN.

Drawdown Indicators

	DFCA	LTCN	Difference
Max Drawdown Largest peak-to-trough decline	-3.28%	-99.58%	+96.30%
Max Drawdown (1Y) Largest decline over 1 year	-1.77%	-72.99%	+71.22%
Max Drawdown (3Y) Largest decline over 3 years	-3.28%	-93.68%	+90.40%
Max Drawdown (5Y) Largest decline over 5 years	—	-96.93%	—
Current Drawdown Current decline from peak	-0.47%	-99.35%	+98.88%
Average Drawdown Average peak-to-trough decline	-0.69%	-89.76%	+89.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	48.96%	-48.40%

Volatility

DFCA vs. LTCN - Volatility Comparison

The current volatility for Dimensional California Municipal Bond ETF (DFCA) is 0.45%, while Grayscale Litecoin Trust (LTCN) has a volatility of 14.66%. This indicates that DFCA experiences smaller price fluctuations and is considered to be less risky than LTCN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFCA	LTCN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.45%	14.66%	-14.21%
Volatility (6M) Calculated over the trailing 6-month period	1.31%	41.23%	-39.92%
Volatility (1Y) Calculated over the trailing 1-year period	1.74%	67.95%	-66.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.45%	104.29%	-101.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.45%	140.93%	-138.48%

DFCA vs. LTCN - Expense Ratio Comparison

DFCA has a 0.19% expense ratio, which is lower than LTCN's 2.50% expense ratio.

Dividends

DFCA vs. LTCN - Dividend Comparison

DFCA's dividend yield for the trailing twelve months is around 2.74%, while LTCN has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
DFCA Dimensional California Municipal Bond ETF	2.74%	2.86%	2.86%	1.24%
LTCN Grayscale Litecoin Trust	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFCA and LTCN in my portfolio?

DFCA and LTCN have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFCA or LTCN?

LTCN has higher volatility (14.66%) compared to DFCA (0.45%). In terms of maximum drawdown, DFCA dropped -3.28% vs LTCN's -99.58%.

Which ETF is better, DFCA or LTCN?

On 3-year performance, DFCA leads with 2.66% vs -15.74% for LTCN. On fees, DFCA is cheaper at 0.19% per year. On volatility, DFCA has been the lower-risk option at 0.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFCA or LTCN?

Over the 3-year period, DFCA has performed better with a 2.66% return vs -15.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFCA or LTCN?

DFCA is cheaper with a 0.19% expense ratio, compared with 2.50% for LTCN.

Which ETF pays a higher dividend yield, DFCA or LTCN?

DFCA has the higher dividend yield at 2.74%, compared with 0.00% for LTCN.

What is the main difference between DFCA and LTCN?

DFCA is categorized as Municipal Bonds, while LTCN is Cryptocurrency. They also come from different issuers: Dimensional and Grayscale. Their fees differ too: 0.19% for DFCA and 2.50% for LTCN.

Which has better risk-adjusted returns?

DFCA currently has the higher Sharpe Ratio (2.68 vs -0.87), 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.