DFCMX vs. FSMUX
Compare and contrast key facts about DFA California Short Term Municipal Bond Portfolio (DFCMX) and Strategic Advisers Municipal Bond Fund (FSMUX).
DFCMX is managed by Dimensional. It was launched on Apr 1, 2007. FSMUX is managed by Fidelity. It was launched on Jun 24, 2021.
Performance
DFCMX vs. FSMUX - Performance Comparison
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DFCMX vs. FSMUX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
DFCMX DFA California Short Term Municipal Bond Portfolio | 0.44% | 2.55% | 2.84% | 2.53% | -0.76% | -0.16% |
FSMUX Strategic Advisers Municipal Bond Fund | -0.79% | 3.14% | 2.99% | 6.78% | -11.25% | 0.39% |
Returns By Period
In the year-to-date period, DFCMX achieves a 0.44% return, which is significantly higher than FSMUX's -0.79% return.
DFCMX
- 1D
- 0.00%
- 1M
- -0.15%
- YTD
- 0.44%
- 6M
- 0.96%
- 1Y
- 2.60%
- 3Y*
- 2.46%
- 5Y*
- 1.47%
- 10Y*
- 1.17%
FSMUX
- 1D
- 0.34%
- 1M
- -2.01%
- YTD
- -0.79%
- 6M
- 0.46%
- 1Y
- 2.39%
- 3Y*
- 3.05%
- 5Y*
- —
- 10Y*
- —
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DFCMX vs. FSMUX - Expense Ratio Comparison
DFCMX has a 0.19% expense ratio, which is higher than FSMUX's 0.06% 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%.
Return for Risk
DFCMX vs. FSMUX — Risk / Return Rank
DFCMX
FSMUX
DFCMX vs. FSMUX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DFA California Short Term Municipal Bond Portfolio (DFCMX) and Strategic Advisers Municipal Bond Fund (FSMUX). 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.
| DFCMX | FSMUX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 3.45 | 0.49 | +2.96 |
Sortino ratioReturn per unit of downside risk | 6.05 | 0.69 | +5.36 |
Omega ratioGain probability vs. loss probability | 2.84 | 1.15 | +1.69 |
Calmar ratioReturn relative to maximum drawdown | 4.25 | 0.28 | +3.97 |
Martin ratioReturn relative to average drawdown | 24.02 | 0.78 | +23.24 |
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
| DFCMX | FSMUX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.45 | 0.49 | +2.96 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.65 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.33 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.28 | 0.01 | +1.27 |
Correlation
The correlation between DFCMX and FSMUX is 0.38, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
DFCMX vs. FSMUX - Dividend Comparison
DFCMX's dividend yield for the trailing twelve months is around 2.57%, more than FSMUX's 2.34% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFCMX DFA California Short Term Municipal Bond Portfolio | 2.57% | 2.23% | 2.61% | 1.70% | 0.71% | 0.36% | 0.87% | 1.43% | 1.04% | 0.87% | 0.86% | 0.82% |
FSMUX Strategic Advisers Municipal Bond Fund | 2.34% | 3.26% | 3.74% | 3.18% | 2.14% | 0.99% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
DFCMX vs. FSMUX - Drawdown Comparison
The maximum DFCMX drawdown since its inception was -2.20%, smaller than the maximum FSMUX drawdown of -16.27%. Use the drawdown chart below to compare losses from any high point for DFCMX and FSMUX.
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Drawdown Indicators
| DFCMX | FSMUX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.20% | -16.27% | +14.07% |
Max Drawdown (1Y)Largest decline over 1 year | -0.59% | -5.30% | +4.71% |
Max Drawdown (5Y)Largest decline over 5 years | -2.20% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -2.20% | — | — |
Current DrawdownCurrent decline from peak | -0.16% | -2.23% | +2.07% |
Average DrawdownAverage peak-to-trough decline | -0.26% | -5.61% | +5.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.10% | 1.96% | -1.86% |
Volatility
DFCMX vs. FSMUX - Volatility Comparison
The current volatility for DFA California Short Term Municipal Bond Portfolio (DFCMX) is 0.20%, while Strategic Advisers Municipal Bond Fund (FSMUX) has a volatility of 1.09%. This indicates that DFCMX experiences smaller price fluctuations and is considered to be less risky than FSMUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DFCMX | FSMUX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.20% | 1.09% | -0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 0.41% | 2.14% | -1.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.79% | 6.65% | -5.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.90% | 4.67% | -3.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.88% | 4.67% | -3.79% |