DFCFX vs. MUB
DFCFX (DFA Two-Year Fixed Income Portfolio) and MUB (iShares National AMT-Free Muni Bond ETF) are both funds - DFCFX is a Short-Term Bond fund managed by Dimensional, while MUB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index. Over the past 10 years, DFCFX returned 2.49%/yr vs 1.90%/yr for MUB. At a 0.21 correlation, their price movements are largely independent. DFCFX charges 0.21%/yr vs 0.07%/yr for MUB.
Performance
DFCFX vs. MUB - Performance Comparison
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Returns By Period
In the year-to-date period, DFCFX achieves a 1.62% return, which is significantly higher than MUB's 1.53% return. Over the past 10 years, DFCFX has outperformed MUB with an annualized return of 2.49%, while MUB has yielded a comparatively lower 1.90% annualized return.
DFCFX
- 1D
- 0.10%
- 1M
- 0.21%
- YTD
- 1.62%
- 6M
- 1.73%
- 1Y
- 2.76%
- 3Y*
- 4.06%
- 5Y*
- 3.83%
- 10Y*
- 2.49%
MUB
- 1D
- -0.01%
- 1M
- 1.35%
- YTD
- 1.53%
- 6M
- 1.89%
- 1Y
- 6.58%
- 3Y*
- 3.21%
- 5Y*
- 0.96%
- 10Y*
- 1.90%
DFCFX vs. MUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DFCFX DFA Two-Year Fixed Income Portfolio | 1.62% | 2.28% | 5.33% | 4.92% | -3.28% | 8.60% | 0.57% | 2.65% | 1.78% | 0.92% |
MUB iShares National AMT-Free Muni Bond ETF | 1.53% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 5.12% | 7.06% | 0.93% | 4.72% |
Correlation
The correlation between DFCFX and MUB is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Sep 10, 2007 | 0.21 |
The correlation between DFCFX and MUB shifts across timeframes, from -0.00 (1 year) to 0.27 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
DFCFX vs. MUB — Risk / Return Rank
DFCFX
MUB
DFCFX vs. MUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DFA Two-Year Fixed Income Portfolio (DFCFX) and iShares National AMT-Free Muni Bond ETF (MUB). 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.
| DFCFX | MUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.62 | ||
| Omega ratioGain probability vs. loss probability | 3.03 | 1.48 | +1.56 |
| Calmar ratioReturn relative to maximum drawdown | 2.84 | 2.37 | +0.47 |
| Martin ratioReturn relative to average drawdown | 10.24 | 8.25 | +1.99 |
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Drawdowns
DFCFX vs. MUB - Drawdown Comparison
The maximum DFCFX drawdown since its inception was -4.27%, smaller than the maximum MUB drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for DFCFX and MUB.
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Drawdown Indicators
| DFCFX | MUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.27% | -13.68% | +9.41% |
Max Drawdown (1Y)Largest decline over 1 year | -1.03% | -2.79% | +1.76% |
Max Drawdown (3Y)Largest decline over 3 years | -1.33% | -5.34% | +4.01% |
Max Drawdown (5Y)Largest decline over 5 years | -4.27% | -11.88% | +7.61% |
Max Drawdown (10Y)Largest decline over 10 years | -4.27% | -13.68% | +9.41% |
Current DrawdownCurrent decline from peak | -0.10% | -0.41% | +0.31% |
Average DrawdownAverage peak-to-trough decline | -0.26% | -2.23% | +1.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.28% | 0.80% | -0.52% |
Volatility
DFCFX vs. MUB - Volatility Comparison
The current volatility for DFA Two-Year Fixed Income Portfolio (DFCFX) is 0.34%, while iShares National AMT-Free Muni Bond ETF (MUB) has a volatility of 0.76%. This indicates that DFCFX experiences smaller price fluctuations and is considered to be less risky than MUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DFCFX | MUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.34% | 0.76% | -0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 0.49% | 2.27% | -1.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.24% | 2.89% | -1.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.39% | 4.07% | +0.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.13% | 4.93% | -1.80% |
DFCFX vs. MUB - Expense Ratio Comparison
DFCFX has a 0.21% expense ratio, which is higher than MUB's 0.07% 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
DFCFX vs. MUB - Dividend Comparison
DFCFX's dividend yield for the trailing twelve months is around 2.92%, less than MUB's 3.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFCFX DFA Two-Year Fixed Income Portfolio | 2.92% | 2.16% | 4.90% | 3.43% | 1.32% | 8.29% | 0.67% | 2.22% | 1.87% | 1.22% | 0.79% | 0.53% |
MUB iShares National AMT-Free Muni Bond ETF | 3.17% | 3.14% | 3.01% | 2.65% | 2.11% | 1.81% | 2.11% | 2.42% | 2.46% | 2.26% | 2.21% | 2.51% |
Frequently Asked Questions
DFCFX and MUB have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUB has higher volatility (0.76%) compared to DFCFX (0.34%). In terms of maximum drawdown, DFCFX dropped -4.27% vs MUB's -13.68%.
DFCFX currently has the higher Sharpe Ratio (2.35 vs 2.29), 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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