DFCA vs. XDIV

Last updated Jul 16, 2026

DFCA (Dimensional California Municipal Bond ETF) and XDIV (Roundhill S&P 500 No Dividend Target ETF) are both exchange-traded funds - DFCA is a Municipal Bonds fund actively managed by Dimensional, while XDIV is a S&P 500 fund actively managed by Roundhill. Both are actively managed. Over the past year, DFCA returned 4.60% vs 22.28% for XDIV. At a 0.21 correlation, their price movements are largely independent. DFCA charges 0.19%/yr vs 0.08%/yr for XDIV.

Performance

DFCA vs. XDIV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional California Municipal Bond ETF (DFCA) and Roundhill S&P 500 No Dividend Target ETF (XDIV). 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 lower than XDIV's 10.79% return.

DFCA

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

XDIV

• 1D: 0.40%
• 1M: 0.01%
• 6M: 9.60%
• YTD: 10.79%
• 1Y: 22.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFCA vs. XDIV - Yearly Performance Comparison

	2026 (YTD)	2025
DFCA Dimensional California Municipal Bond ETF	1.12%	3.17%
XDIV Roundhill S&P 500 No Dividend Target ETF	10.79%	10.07%

Correlation

The correlation between DFCA and XDIV is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (All Time) Calculated using the full available price history since Jul 10, 2025	0.21

Return for Risk

DFCA vs. XDIV — 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

XDIV

XDIV Risk / Return Rank: 67
XDIV Sharpe Ratio Rank: 68
XDIV Sortino Ratio Rank: 67
XDIV Omega Ratio Rank: 67
XDIV Calmar Ratio Rank: 61
XDIV Martin Ratio Rank: 73

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. XDIV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional California Municipal Bond ETF (DFCA) and Roundhill S&P 500 No Dividend Target ETF (XDIV). 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	XDIV	Difference
Sharpe ratio: Return per unit of total volatility	2.68	1.76	+0.92
Sortino ratio: Return per unit of downside risk	3.98	2.45	+1.53
Omega ratio: Gain probability vs. loss probability	1.56	1.32	+0.24
Calmar ratio: Return relative to maximum drawdown	2.62	2.44	+0.17
Martin ratio: Return relative to average drawdown	8.25	10.75	-2.50

DFCA vs. XDIV - Sharpe Ratio Comparison

The current DFCA Sharpe Ratio is 2.68, which is higher than the XDIV Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of DFCA and XDIV, 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. XDIV - Drawdown Comparison

The maximum DFCA drawdown since its inception was -3.28%, smaller than the maximum XDIV drawdown of -9.16%. Use the drawdown chart below to compare losses from any high point for DFCA and XDIV.

Drawdown Indicators

	DFCA	XDIV	Difference
Max Drawdown Largest peak-to-trough decline	-3.28%	-9.16%	+5.88%
Max Drawdown (1Y) Largest decline over 1 year	-1.77%	-9.16%	+7.39%
Max Drawdown (3Y) Largest decline over 3 years	-3.28%	—	—
Current Drawdown Current decline from peak	-0.47%	-0.53%	+0.06%
Average Drawdown Average peak-to-trough decline	-0.69%	-1.27%	+0.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	2.08%	-1.52%

Volatility

DFCA vs. XDIV - Volatility Comparison

The current volatility for Dimensional California Municipal Bond ETF (DFCA) is 0.45%, while Roundhill S&P 500 No Dividend Target ETF (XDIV) has a volatility of 3.63%. This indicates that DFCA experiences smaller price fluctuations and is considered to be less risky than XDIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFCA	XDIV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.45%	3.63%	-3.18%
Volatility (6M) Calculated over the trailing 6-month period	1.31%	10.19%	-8.88%
Volatility (1Y) Calculated over the trailing 1-year period	1.74%	12.69%	-10.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.45%	12.62%	-10.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.45%	12.62%	-10.17%

DFCA vs. XDIV - Expense Ratio Comparison

DFCA has a 0.19% expense ratio, which is higher than XDIV's 0.08% 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%.

Dividends

DFCA vs. XDIV - Dividend Comparison

DFCA's dividend yield for the trailing twelve months is around 2.74%, while XDIV 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%
XDIV Roundhill S&P 500 No Dividend Target ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFCA and XDIV in my portfolio?

DFCA and XDIV have a correlation of 0.21, 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 XDIV?

XDIV has higher volatility (3.63%) compared to DFCA (0.45%). In terms of maximum drawdown, DFCA dropped -3.28% vs XDIV's -9.16%.

Which ETF is better, DFCA or XDIV?

On 1-year performance, XDIV leads with 22.28% vs 4.60% for DFCA. On fees, XDIV is cheaper at 0.08% 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 XDIV?

Over the 1-year period, XDIV has performed better with a 22.28% return vs 4.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFCA or XDIV?

XDIV is cheaper with a 0.08% expense ratio, compared with 0.19% for DFCA.

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

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

What is the main difference between DFCA and XDIV?

DFCA is categorized as Municipal Bonds, while XDIV is S&P 500. They also come from different issuers: Dimensional and Roundhill. Their fees differ too: 0.19% for DFCA and 0.08% for XDIV.

Which has better risk-adjusted returns?

DFCA currently has the higher Sharpe Ratio (2.68 vs 1.76), 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.