DFCF vs. TAXE
DFCF (Dimensional Core Fixed Income ETF) and TAXE (T. Rowe Price Intermediate Municipal Income ETF) are both exchange-traded funds - DFCF is a Intermediate Core Bond fund actively managed by Dimensional, while TAXE is a Municipal Bonds fund actively managed by T. Rowe Price. Both are actively managed. Over the past year, DFCF returned 5.55% vs 7.45% for TAXE. A 0.73 correlation means they provide meaningful diversification when combined. DFCF charges 0.17%/yr vs 0.24%/yr for TAXE.
Performance
DFCF vs. TAXE - Performance Comparison
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Returns By Period
In the year-to-date period, DFCF achieves a -0.06% return, which is significantly lower than TAXE's 1.74% return.
DFCF
- 1D
- -0.07%
- 1M
- -0.75%
- YTD
- -0.06%
- 6M
- 0.27%
- 1Y
- 5.55%
- 3Y*
- 4.72%
- 5Y*
- —
- 10Y*
- —
TAXE
- 1D
- -0.01%
- 1M
- 0.34%
- YTD
- 1.74%
- 6M
- 2.10%
- 1Y
- 7.45%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DFCF vs. TAXE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
DFCF Dimensional Core Fixed Income ETF | -0.06% | 7.89% | 1.18% |
TAXE T. Rowe Price Intermediate Municipal Income ETF | 1.74% | 5.78% | 1.55% |
Correlation
The correlation between DFCF and TAXE is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Jul 11, 2024 | 0.73 |
The correlation between DFCF and TAXE has been stable across timeframes, ranging from 0.66 to 0.73 - a consistent structural relationship.
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Return for Risk
DFCF vs. TAXE — Risk / Return Rank
DFCF
TAXE
DFCF vs. TAXE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Dimensional Core Fixed Income ETF (DFCF) and T. Rowe Price Intermediate Municipal Income ETF (TAXE). 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.
| DFCF | TAXE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.93 | ||
| Sortino ratioReturn per unit of downside risk | -3.04 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.80 | -0.56 |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | 2.96 | -0.96 |
| Martin ratioReturn relative to average drawdown | 5.98 | 10.06 | -4.09 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DFCF | TAXE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.42 | 3.35 | -1.93 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.02 | 1.52 | -1.50 |
Drawdowns
DFCF vs. TAXE - Drawdown Comparison
The maximum DFCF drawdown since its inception was -19.56%, which is greater than TAXE's maximum drawdown of -3.72%. Use the drawdown chart below to compare losses from any high point for DFCF and TAXE.
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Drawdown Indicators
| DFCF | TAXE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.56% | -3.72% | -15.84% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | -2.53% | -0.26% |
Max Drawdown (3Y)Largest decline over 3 years | -5.05% | — | — |
Current DrawdownCurrent decline from peak | -1.88% | -0.63% | -1.25% |
Average DrawdownAverage peak-to-trough decline | -8.02% | -0.71% | -7.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.74% | +0.19% |
Volatility
DFCF vs. TAXE - Volatility Comparison
Dimensional Core Fixed Income ETF (DFCF) has a higher volatility of 1.34% compared to T. Rowe Price Intermediate Municipal Income ETF (TAXE) at 0.77%. This indicates that DFCF's price experiences larger fluctuations and is considered to be riskier than TAXE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DFCF | TAXE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.34% | 0.77% | +0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 2.94% | 1.66% | +1.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.94% | 2.24% | +1.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.46% | 3.15% | +3.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.46% | 3.15% | +3.31% |
DFCF vs. TAXE - Expense Ratio Comparison
DFCF has a 0.17% expense ratio, which is lower than TAXE's 0.24% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
DFCF vs. TAXE - Dividend Comparison
DFCF's dividend yield for the trailing twelve months is around 4.33%, more than TAXE's 3.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
DFCF Dimensional Core Fixed Income ETF | 4.33% | 4.48% | 4.61% | 4.51% | 3.27% | 0.16% |
TAXE T. Rowe Price Intermediate Municipal Income ETF | 3.56% | 3.46% | 1.74% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DFCF and TAXE have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DFCF has higher volatility (1.34%) compared to TAXE (0.77%). In terms of maximum drawdown, DFCF dropped -19.56% vs TAXE's -3.72%.
On 1-year performance, TAXE leads with 7.45% vs 5.55% for DFCF. On fees, DFCF is cheaper at 0.17% per year. On volatility, TAXE has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TAXE has performed better with a 7.45% return vs 5.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DFCF is cheaper with a 0.17% expense ratio, compared with 0.24% for TAXE.
DFCF has the higher dividend yield at 4.33%, compared with 3.56% for TAXE.
DFCF is categorized as Intermediate Core Bond, while TAXE is Municipal Bonds. They also come from different issuers: Dimensional and T. Rowe Price. Their fees differ too: 0.17% for DFCF and 0.24% for TAXE.
TAXE currently has the higher Sharpe Ratio (3.35 vs 1.42), 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.
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