DFCMX vs. DFFVX
DFCMX (DFA California Short Term Municipal Bond Portfolio) and DFFVX (DFA U.S. Targeted Value Portfolio Institutional Class) are both mutual funds - DFCMX is a Municipal Bonds fund managed by Dimensional, while DFFVX is a Small Cap Value Equities fund actively managed by Dimensional. Over the past 10 years, DFCMX returned 1.16%/yr vs 11.27%/yr for DFFVX. Their -0.03 correlation means they have often moved in opposite directions in the past. DFCMX charges 0.19%/yr vs 0.29%/yr for DFFVX.
Performance
DFCMX vs. DFFVX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, DFCMX achieves a 1.14% return, which is significantly lower than DFFVX's 21.45% return. Over the past 10 years, DFCMX has underperformed DFFVX with an annualized return of 1.16%, while DFFVX has yielded a comparatively higher 11.27% annualized return.
DFCMX
- 1D
- 0.00%
- 1M
- 0.01%
- 6M
- 0.72%
- YTD
- 1.14%
- 1Y
- 2.07%
- 3Y*
- 2.62%
- 5Y*
- 1.61%
- 10Y*
- 1.16%
- ALL TIME*
- 1.11%
DFFVX
- 1D
- 1.23%
- 1M
- 2.89%
- 6M
- 11.75%
- YTD
- 21.45%
- 1Y
- 35.08%
- 3Y*
- 15.75%
- 5Y*
- 11.57%
- 10Y*
- 11.27%
- ALL TIME*
- 11.27%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
DFCMX vs. DFFVX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DFCMX DFA California Short Term Municipal Bond Portfolio | 1.14% | 2.55% | 2.84% | 2.53% | -0.76% | -0.13% | 0.67% | 1.84% | 1.24% | 1.07% |
DFFVX DFA U.S. Targeted Value Portfolio Institutional Class | 21.45% | 9.53% | 9.34% | 19.37% | -4.66% | 31.53% | 3.78% | 21.51% | -15.79% | 9.20% |
Correlation
The correlation between DFCMX and DFFVX is -0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.06 |
Correlation (3Y) Balances recent behavior with more history. | -0.01 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.04 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.01 |
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012 | -0.03 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
DFCMX vs. DFFVX — Risk / Return Rank
DFCMX
DFFVX
DFCMX vs. DFFVX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DFA California Short Term Municipal Bond Portfolio (DFCMX) and DFA U.S. Targeted Value Portfolio Institutional Class (DFFVX). 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.
| DFCMX | DFFVX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.26 | ||
| Sortino ratioReturn per unit of downside risk | +3.87 | ||
| Omega ratioGain probability vs. loss probability | 3.37 | 1.41 | +1.96 |
| Calmar ratioReturn relative to maximum drawdown | 10.17 | 3.84 | +6.34 |
| Martin ratioReturn relative to average drawdown | 31.86 | 13.03 | +18.83 |
Loading charts...
Drawdowns
DFCMX vs. DFFVX - Drawdown Comparison
The maximum DFCMX drawdown since its inception was -2.20%, smaller than the maximum DFFVX drawdown of -64.21%. Use the drawdown chart below to compare losses from any high point for DFCMX and DFFVX.
Loading charts...
Drawdown Indicators
| DFCMX | DFFVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.20% | -64.21% | +62.01% |
Max Drawdown (1Y)Largest decline over 1 year | -0.20% | -9.70% | +9.50% |
Max Drawdown (3Y)Largest decline over 3 years | -0.68% | -26.09% | +25.41% |
Max Drawdown (5Y)Largest decline over 5 years | -2.13% | -26.09% | +23.96% |
Max Drawdown (10Y)Largest decline over 10 years | -2.20% | -50.75% | +48.55% |
Current DrawdownCurrent decline from peak | -0.09% | 0.00% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -0.25% | -9.65% | +9.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.07% | 2.85% | -2.78% |
Volatility
DFCMX vs. DFFVX - Volatility Comparison
The current volatility for DFA California Short Term Municipal Bond Portfolio (DFCMX) is 0.20%, while DFA U.S. Targeted Value Portfolio Institutional Class (DFFVX) has a volatility of 3.53%. This indicates that DFCMX experiences smaller price fluctuations and is considered to be less risky than DFFVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| DFCMX | DFFVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.20% | 3.53% | -3.33% |
Volatility (6M)Calculated over the trailing 6-month period | 0.40% | 10.53% | -10.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.59% | 16.27% | -15.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.89% | 21.27% | -20.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.87% | 23.56% | -22.69% |
DFCMX vs. DFFVX - Expense Ratio Comparison
DFCMX has a 0.19% expense ratio, which is lower than DFFVX's 0.29% expense ratio.
Dividends
DFCMX vs. DFFVX - Dividend Comparison
DFCMX's dividend yield for the trailing twelve months is around 2.44%, more than DFFVX's 1.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFCMX DFA California Short Term Municipal Bond Portfolio | 2.44% | 2.23% | 2.61% | 1.70% | 0.71% | 0.36% | 0.87% | 1.43% | 1.04% | 0.87% | 0.86% | 0.82% |
DFFVX DFA U.S. Targeted Value Portfolio Institutional Class | 1.47% | 1.69% | 1.40% | 2.26% | 5.17% | 2.74% | 1.52% | 3.82% | 5.95% | 5.16% | 3.95% | 5.84% |
Frequently Asked Questions
DFCMX and DFFVX have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DFFVX has higher volatility (3.53%) compared to DFCMX (0.20%). In terms of maximum drawdown, DFCMX dropped -2.20% vs DFFVX's -64.21%.
DFCMX currently has the higher Sharpe Ratio (3.56 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.
Find the right allocation for DFCMX and DFFVX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer