DFCMX vs. FUENX
DFCMX (DFA California Short Term Municipal Bond Portfolio) and FUENX (Fidelity Flex Municipal Income Fund) are both Municipal Bonds funds. Over the past 5 years, DFCMX returned 1.61%/yr vs 0.84%/yr for FUENX. Their 0.37 correlation means their historical movements had little consistent relationship. DFCMX charges 0.19%/yr vs 0.00%/yr for FUENX.
Performance
DFCMX vs. FUENX - Performance Comparison
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Returns By Period
In the year-to-date period, DFCMX achieves a 1.14% return, which is significantly higher than FUENX's 0.44% 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%
FUENX
- 1D
- 0.00%
- 1M
- -1.90%
- 6M
- -0.43%
- YTD
- 0.44%
- 1Y
- 4.91%
- 3Y*
- 4.06%
- 5Y*
- 0.84%
- 10Y*
- —
- ALL TIME*
- 2.21%
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. FUENX - 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% | -0.47% |
FUENX Fidelity Flex Municipal Income Fund | 0.44% | 4.63% | 2.32% | 7.27% | -9.29% | 1.99% | 3.07% | 8.27% | 0.72% | 1.02% |
Correlation
The correlation between DFCMX and FUENX is 0.32, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.32 |
Correlation (3Y) Balances recent behavior with more history. | 0.34 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.44 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017 | 0.37 |
The correlation between DFCMX and FUENX shifts across timeframes, from 0.32 (1 year) to 0.44 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
DFCMX vs. FUENX — Risk / Return Rank
DFCMX
FUENX
DFCMX vs. FUENX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DFA California Short Term Municipal Bond Portfolio (DFCMX) and Fidelity Flex Municipal Income Fund (FUENX). 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 | FUENX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.65 | ||
| Sortino ratioReturn per unit of downside risk | +4.45 | ||
| Omega ratioGain probability vs. loss probability | 3.37 | 1.46 | +1.91 |
| Calmar ratioReturn relative to maximum drawdown | 10.17 | 1.82 | +8.35 |
| Martin ratioReturn relative to average drawdown | 31.86 | 6.04 | +25.82 |
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Drawdowns
DFCMX vs. FUENX - Drawdown Comparison
The maximum DFCMX drawdown since its inception was -2.20%, smaller than the maximum FUENX drawdown of -14.32%. Use the drawdown chart below to compare losses from any high point for DFCMX and FUENX.
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Drawdown Indicators
| DFCMX | FUENX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.20% | -14.32% | +12.12% |
Max Drawdown (1Y)Largest decline over 1 year | -0.20% | -2.77% | +2.57% |
Max Drawdown (3Y)Largest decline over 3 years | -0.68% | -4.77% | +4.09% |
Max Drawdown (5Y)Largest decline over 5 years | -2.13% | -14.19% | +12.06% |
Max Drawdown (10Y)Largest decline over 10 years | -2.20% | — | — |
Current DrawdownCurrent decline from peak | -0.09% | -1.90% | +1.81% |
Average DrawdownAverage peak-to-trough decline | -0.25% | -2.87% | +2.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.07% | 0.83% | -0.76% |
Volatility
DFCMX vs. FUENX - Volatility Comparison
The current volatility for DFA California Short Term Municipal Bond Portfolio (DFCMX) is 0.20%, while Fidelity Flex Municipal Income Fund (FUENX) has a volatility of 0.96%. This indicates that DFCMX experiences smaller price fluctuations and is considered to be less risky than FUENX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DFCMX | FUENX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.20% | 0.96% | -0.76% |
Volatility (6M)Calculated over the trailing 6-month period | 0.40% | 2.15% | -1.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.59% | 2.66% | -2.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.89% | 3.81% | -2.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.87% | 4.18% | -3.31% |
DFCMX vs. FUENX - Expense Ratio Comparison
DFCMX has a 0.19% expense ratio, which is higher than FUENX's 0.00% 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
DFCMX vs. FUENX - Dividend Comparison
DFCMX's dividend yield for the trailing twelve months is around 2.44%, less than FUENX's 3.07% 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% |
FUENX Fidelity Flex Municipal Income Fund | 3.07% | 3.14% | 2.90% | 2.58% | 1.38% | 1.40% | 1.54% | 2.95% | 2.61% | 0.41% | 0.00% | 0.00% |
Frequently Asked Questions
DFCMX and FUENX have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FUENX has higher volatility (0.96%) compared to DFCMX (0.20%). In terms of maximum drawdown, DFCMX dropped -2.20% vs FUENX's -14.32%.
DFCMX currently has the higher Sharpe Ratio (3.56 vs 1.90), 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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