DFCA vs. XAGG

Last updated Jun 4, 2026

DFCA (Dimensional California Municipal Bond ETF) and XAGG (Eaton Vance Income Opportunities ETF) are both exchange-traded funds - DFCA is a Municipal Bonds fund actively managed by Dimensional, while XAGG is a Multisector Bonds fund actively managed by Eaton Vance. Both are actively managed. At a 0.39 correlation, their price movements are largely independent. DFCA charges 0.19%/yr vs 0.50%/yr for XAGG.

Performance

DFCA vs. XAGG - Performance Comparison

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

Returns By Period

In the year-to-date period, DFCA achieves a 1.07% return, which is significantly lower than XAGG's 1.93% return.

DFCA

• 1D: -0.03%
• 1M: 0.54%
• YTD: 1.07%
• 6M: 1.46%
• 1Y: 5.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XAGG

• 1D: -0.15%
• 1M: 0.41%
• YTD: 1.93%
• 6M: 2.07%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFCA vs. XAGG - Yearly Performance Comparison

	2026 (YTD)	2025
DFCA Dimensional California Municipal Bond ETF	1.07%	0.46%
XAGG Eaton Vance Income Opportunities ETF	1.93%	1.61%

Correlation

The correlation between DFCA and XAGG is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 11, 2025	0.39

Return for Risk

DFCA vs. XAGG — Risk / Return Rank

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

DFCA

DFCA Risk / Return Rank: 76
DFCA Sharpe Ratio Rank: 86
DFCA Sortino Ratio Rank: 90
DFCA Omega Ratio Rank: 91
DFCA Calmar Ratio Rank: 58
DFCA Martin Ratio Rank: 55

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. XAGG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional California Municipal Bond ETF (DFCA) and Eaton Vance Income Opportunities ETF (XAGG). 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	XAGG	Difference
Sharpe ratio: Return per unit of total volatility	2.87	—	—
Sortino ratio: Return per unit of downside risk	4.24	—	—
Omega ratio: Gain probability vs. loss probability	1.61	—	—
Calmar ratio: Return relative to maximum drawdown	2.87	—	—
Martin ratio: Return relative to average drawdown	9.29	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	DFCA	XAGG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.87	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.13	1.88	-0.76

Drawdowns

DFCA vs. XAGG - Drawdown Comparison

The maximum DFCA drawdown since its inception was -3.28%, which is greater than XAGG's maximum drawdown of -2.88%. Use the drawdown chart below to compare losses from any high point for DFCA and XAGG.

Drawdown Indicators

	DFCA	XAGG	Difference
Max Drawdown Largest peak-to-trough decline	-3.28%	-2.88%	-0.40%
Max Drawdown (1Y) Largest decline over 1 year	-1.77%	—	—
Current Drawdown Current decline from peak	-0.52%	-0.49%	-0.03%
Average Drawdown Average peak-to-trough decline	-0.70%	-0.57%	-0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	—	—

Volatility

Volatility by Period

	DFCA	XAGG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.55%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.30%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.77%	3.48%	-1.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.48%	3.48%	-1.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.48%	3.48%	-1.00%

DFCA vs. XAGG - Expense Ratio Comparison

DFCA has a 0.19% expense ratio, which is lower than XAGG's 0.50% expense ratio.

Dividends

DFCA vs. XAGG - Dividend Comparison

DFCA's dividend yield for the trailing twelve months is around 2.69%, less than XAGG's 3.86% yield.

Position	TTM	2025	2024	2023
DFCA Dimensional California Municipal Bond ETF	2.69%	2.86%	2.86%	1.24%
XAGG Eaton Vance Income Opportunities ETF	3.86%	1.02%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFCA and XAGG in my portfolio?

DFCA and XAGG have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DFCA or XAGG?

On fees, DFCA is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DFCA or XAGG?

DFCA is cheaper with a 0.19% expense ratio, compared with 0.50% for XAGG.

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

XAGG has the higher dividend yield at 3.86%, compared with 2.69% for DFCA.

What is the main difference between DFCA and XAGG?

DFCA is categorized as Municipal Bonds, while XAGG is Multisector Bonds. They also come from different issuers: Dimensional and Eaton Vance. Their fees differ too: 0.19% for DFCA and 0.50% for XAGG.