DFCA vs. OVM

Last updated Apr 1, 2026

Compare and contrast key facts about Dimensional California Municipal Bond ETF (DFCA) and Overlay Shares Municipal Bond ETF (OVM).

DFCA and OVM 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. OVM is an actively managed fund by Liquid Strategies. It was launched on Sep 30, 2019.

Performance

DFCA vs. OVM - Performance Comparison

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

DFCA vs. OVM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DFCA Dimensional California Municipal Bond ETF	0.07%	2.99%	1.49%	2.59%
OVM Overlay Shares Municipal Bond ETF	1.20%	4.14%	3.42%	3.44%

Returns By Period

In the year-to-date period, DFCA achieves a 0.07% return, which is significantly lower than OVM's 1.20% return.

DFCA

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

OVM

• 1D: 0.57%
• 1M: -1.86%
• YTD: 1.20%
• 6M: 3.29%
• 1Y: 7.50%
• 3Y*: 4.29%
• 5Y*: 1.47%
• 10Y*: —

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

DFCA vs. OVM - Expense Ratio Comparison

DFCA has a 0.19% expense ratio, which is lower than OVM's 0.82% expense ratio.

OVM

Overlay Shares Municipal Bond ETF

DFCA

Dimensional California Municipal Bond ETF

Return for Risk

DFCA vs. OVM — 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

OVM

OVM Risk / Return Rank: 75
OVM Sharpe Ratio Rank: 74
OVM Sortino Ratio Rank: 74
OVM Omega Ratio Rank: 75
OVM Calmar Ratio Rank: 77
OVM Martin Ratio Rank: 76

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. OVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional California Municipal Bond ETF (DFCA) and Overlay Shares Municipal Bond ETF (OVM). 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	OVM	Difference
Sharpe ratio Return per unit of total volatility	1.32	1.33	-0.01
Sortino ratio Return per unit of downside risk	1.70	1.86	-0.16
Omega ratio Gain probability vs. loss probability	1.30	1.29	+0.01
Calmar ratio Return relative to maximum drawdown	1.39	2.05	-0.66
Martin ratio Return relative to average drawdown	5.09	8.19	-3.09
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. OVM - Sharpe Ratio Comparison

The current DFCA Sharpe Ratio is 1.32, which is comparable to the OVM Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of DFCA and OVM, 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	OVM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	1.33	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.27	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.03	0.37	+0.66

Correlation

The correlation between DFCA and OVM is 0.58, 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. OVM - Dividend Comparison

DFCA's dividend yield for the trailing twelve months is around 2.83%, less than OVM's 6.76% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
DFCA Dimensional California Municipal Bond ETF	2.83%	2.86%	2.86%	1.24%	0.00%	0.00%	0.00%	0.00%
OVM Overlay Shares Municipal Bond ETF	6.76%	5.45%	4.91%	4.66%	4.21%	6.10%	3.97%	0.58%

Drawdowns

DFCA vs. OVM - Drawdown Comparison

The maximum DFCA drawdown since its inception was -3.28%, smaller than the maximum OVM drawdown of -15.58%. Use the drawdown chart below to compare losses from any high point for DFCA and OVM.

Drawdown Indicators

	DFCA	OVM	Difference
Max Drawdown Largest peak-to-trough decline	-3.28%	-15.58%	+12.30%
Max Drawdown (1Y) Largest decline over 1 year	-2.49%	-3.89%	+1.40%
Max Drawdown (5Y) Largest decline over 5 years	—	-15.58%	—
Current Drawdown Current decline from peak	-1.50%	-1.86%	+0.36%
Average Drawdown Average peak-to-trough decline	-0.68%	-4.11%	+3.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	0.97%	-0.29%

Volatility

DFCA vs. OVM - Volatility Comparison

The current volatility for Dimensional California Municipal Bond ETF (DFCA) is 0.84%, while Overlay Shares Municipal Bond ETF (OVM) has a volatility of 1.98%. This indicates that DFCA experiences smaller price fluctuations and is considered to be less risky than OVM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFCA	OVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.84%	1.98%	-1.14%
Volatility (6M) Calculated over the trailing 6-month period	1.24%	3.35%	-2.11%
Volatility (1Y) Calculated over the trailing 1-year period	2.58%	5.68%	-3.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.52%	5.37%	-2.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.52%	6.60%	-4.08%