DFCA vs. MMCA

Last updated Apr 1, 2026

Compare and contrast key facts about Dimensional California Municipal Bond ETF (DFCA) and IQ MacKay California Municipal Intermediate ETF (MMCA).

DFCA and MMCA 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. MMCA is an actively managed fund by IndexIQ. It was launched on Dec 21, 2021.

Performance

DFCA vs. MMCA - Performance Comparison

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

DFCA vs. MMCA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DFCA Dimensional California Municipal Bond ETF	0.07%	2.99%	1.49%	2.59%
MMCA IQ MacKay California Municipal Intermediate ETF	-0.43%	5.74%	1.70%	3.58%

Returns By Period

In the year-to-date period, DFCA achieves a 0.07% return, which is significantly higher than MMCA's -0.43% return.

DFCA

• 1D: 0.13%
• 1M: -1.50%
• YTD: 0.07%
• 6M: 1.46%
• 1Y: 3.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MMCA

• 1D: 0.19%
• 1M: -2.60%
• YTD: -0.43%
• 6M: 1.02%
• 1Y: 4.71%
• 3Y*: 3.45%
• 5Y*: —
• 10Y*: —

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

DFCA vs. MMCA - Expense Ratio Comparison

DFCA has a 0.19% expense ratio, which is lower than MMCA's 0.36% expense ratio.

MMCA

IQ MacKay California Municipal Intermediate ETF

DFCA

Dimensional California Municipal Bond ETF

Return for Risk

DFCA vs. MMCA — Risk / Return Rank

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

DFCA

DFCA Risk / Return Rank: 65
DFCA Sharpe Ratio Rank: 73
DFCA Sortino Ratio Rank: 67
DFCA Omega Ratio Rank: 78
DFCA Calmar Ratio Rank: 54
DFCA Martin Ratio Rank: 52

MMCA

MMCA Risk / Return Rank: 70
MMCA Sharpe Ratio Rank: 76
MMCA Sortino Ratio Rank: 71
MMCA Omega Ratio Rank: 79
MMCA Calmar Ratio Rank: 65
MMCA Martin Ratio Rank: 61

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. MMCA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional California Municipal Bond ETF (DFCA) and IQ MacKay California Municipal Intermediate ETF (MMCA). 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	MMCA	Difference
Sharpe ratio Return per unit of total volatility	1.32	1.39	-0.06
Sortino ratio Return per unit of downside risk	1.70	1.81	-0.11
Omega ratio Gain probability vs. loss probability	1.30	1.30	-0.01
Calmar ratio Return relative to maximum drawdown	1.39	1.67	-0.27
Martin ratio Return relative to average drawdown	5.09	6.09	-1.00
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. MMCA - Sharpe Ratio Comparison

The current DFCA Sharpe Ratio is 1.32, which is comparable to the MMCA Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of DFCA and MMCA, 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	MMCA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	1.39	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	1.03	-0.03	+1.06

Correlation

The correlation between DFCA and MMCA is 0.70, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

DFCA vs. MMCA - Dividend Comparison

DFCA's dividend yield for the trailing twelve months is around 2.83%, less than MMCA's 3.67% 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%
MMCA IQ MacKay California Municipal Intermediate ETF	3.67%	3.39%	3.66%	3.57%	2.90%	0.05%

Drawdowns

DFCA vs. MMCA - Drawdown Comparison

The maximum DFCA drawdown since its inception was -3.28%, smaller than the maximum MMCA drawdown of -15.97%. Use the drawdown chart below to compare losses from any high point for DFCA and MMCA.

Drawdown Indicators

	DFCA	MMCA	Difference
Max Drawdown Largest peak-to-trough decline	-3.28%	-15.97%	+12.69%
Max Drawdown (1Y) Largest decline over 1 year	-2.49%	-3.01%	+0.52%
Current Drawdown Current decline from peak	-1.50%	-2.60%	+1.10%
Average Drawdown Average peak-to-trough decline	-0.68%	-7.26%	+6.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	0.82%	-0.14%

Volatility

DFCA vs. MMCA - Volatility Comparison

The current volatility for Dimensional California Municipal Bond ETF (DFCA) is 0.84%, while IQ MacKay California Municipal Intermediate ETF (MMCA) has a volatility of 1.23%. This indicates that DFCA experiences smaller price fluctuations and is considered to be less risky than MMCA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFCA	MMCA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.84%	1.23%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	1.24%	1.78%	-0.54%
Volatility (1Y) Calculated over the trailing 1-year period	2.58%	3.43%	-0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.52%	3.64%	-1.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.52%	3.64%	-1.12%