DFEOX vs. DFSMX

Last updated Jun 24, 2026

DFEOX (DFA US Core Equity 1 Portfolio I) and DFSMX (DFA Short Term Municipal Bond Portfolio) are both mutual funds - DFEOX is a Large Cap Blend Equities fund managed by Dimensional, while DFSMX is a Municipal Bonds fund managed by Dimensional. Over the past 10 years, DFEOX returned 14.82%/yr vs 1.24%/yr for DFSMX. At a correlation of -0.05, they often move in opposite directions. DFEOX charges 0.14%/yr vs 0.20%/yr for DFSMX.

Performance

DFEOX vs. DFSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA US Core Equity 1 Portfolio I (DFEOX) and DFA Short Term Municipal Bond Portfolio (DFSMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFEOX achieves a 11.47% return, which is significantly higher than DFSMX's 1.15% return. Over the past 10 years, DFEOX has outperformed DFSMX with an annualized return of 14.82%, while DFSMX has yielded a comparatively lower 1.24% annualized return.

DFEOX

• 1D: -0.11%
• 1M: 0.95%
• YTD: 11.47%
• 6M: 10.31%
• 1Y: 26.47%
• 3Y*: 20.52%
• 5Y*: 12.65%
• 10Y*: 14.82%

DFSMX

• 1D: 0.00%
• 1M: 0.40%
• YTD: 1.15%
• 6M: 1.15%
• 1Y: 2.38%
• 3Y*: 2.71%
• 5Y*: 1.74%
• 10Y*: 1.24%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DFEOX vs. DFSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFEOX DFA US Core Equity 1 Portfolio I	11.47%	16.00%	21.35%	22.97%	-14.99%	27.51%	16.44%	30.20%	-7.81%	20.26%
DFSMX DFA Short Term Municipal Bond Portfolio	1.15%	2.30%	2.84%	2.98%	-0.36%	-0.11%	0.83%	1.62%	1.22%	1.15%

Correlation

The correlation between DFEOX and DFSMX is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (10Y) Calculated over the trailing 10-year period	0.01
Correlation (All Time) Calculated using the full available price history since Sep 16, 2005	-0.05

The correlation between DFEOX and DFSMX shifts across timeframes, from -0.05 (all time) to 0.11 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DFEOX vs. DFSMX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DFEOX

DFEOX Risk / Return Rank: 77
DFEOX Sharpe Ratio Rank: 77
DFEOX Sortino Ratio Rank: 74
DFEOX Omega Ratio Rank: 69
DFEOX Calmar Ratio Rank: 78
DFEOX Martin Ratio Rank: 86

DFSMX

DFSMX Risk / Return Rank: 99
DFSMX Sharpe Ratio Rank: 99
DFSMX Sortino Ratio Rank: 99
DFSMX Omega Ratio Rank: 99
DFSMX Calmar Ratio Rank: 99
DFSMX Martin Ratio Rank: 100

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DFEOX vs. DFSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA US Core Equity 1 Portfolio I (DFEOX) and DFA Short Term Municipal Bond Portfolio (DFSMX). 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.

	DFEOX	DFSMX	Difference
Sharpe ratio: Return per unit of total volatility	2.35	4.16	-1.81
Sortino ratio: Return per unit of downside risk	3.27	8.56	-5.29
Omega ratio: Gain probability vs. loss probability	1.42	4.46	-3.04
Calmar ratio: Return relative to maximum drawdown	3.38	12.85	-9.47
Martin ratio: Return relative to average drawdown	15.05	76.73	-61.69

DFEOX vs. DFSMX - Sharpe Ratio Comparison

The current DFEOX Sharpe Ratio is 2.35, which is lower than the DFSMX Sharpe Ratio of 4.16. The chart below compares the historical Sharpe Ratios of DFEOX and DFSMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DFEOX vs. DFSMX - Drawdown Comparison

The maximum DFEOX drawdown since its inception was -56.77%, which is greater than DFSMX's maximum drawdown of -2.66%. Use the drawdown chart below to compare losses from any high point for DFEOX and DFSMX.

Drawdown Indicators

	DFEOX	DFSMX	Difference
Max Drawdown Largest peak-to-trough decline	-56.77%	-2.66%	-54.11%
Max Drawdown (1Y) Largest decline over 1 year	-8.28%	-0.20%	-8.08%
Max Drawdown (3Y) Largest decline over 3 years	-19.24%	-0.49%	-18.75%
Max Drawdown (5Y) Largest decline over 5 years	-22.86%	-1.66%	-21.20%
Max Drawdown (10Y) Largest decline over 10 years	-36.55%	-1.69%	-34.86%
Current Drawdown Current decline from peak	-0.79%	0.00%	-0.79%
Average Drawdown Average peak-to-trough decline	-7.18%	-0.23%	-6.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	0.03%	+1.82%

Volatility

DFEOX vs. DFSMX - Volatility Comparison

DFA US Core Equity 1 Portfolio I (DFEOX) has a higher volatility of 4.16% compared to DFA Short Term Municipal Bond Portfolio (DFSMX) at 0.18%. This indicates that DFEOX's price experiences larger fluctuations and is considered to be riskier than DFSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFEOX	DFSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.16%	0.18%	+3.98%
Volatility (6M) Calculated over the trailing 6-month period	9.41%	0.38%	+9.03%
Volatility (1Y) Calculated over the trailing 1-year period	11.91%	0.61%	+11.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.94%	0.79%	+16.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.04%	0.77%	+17.27%

DFEOX vs. DFSMX - Expense Ratio Comparison

DFEOX has a 0.14% expense ratio, which is lower than DFSMX's 0.20% 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

DFEOX vs. DFSMX - Dividend Comparison

DFEOX's dividend yield for the trailing twelve months is around 0.96%, less than DFSMX's 2.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFEOX DFA US Core Equity 1 Portfolio I	0.96%	1.06%	1.13%	1.43%	4.08%	3.69%	1.36%	3.02%	2.37%	1.61%	1.61%	2.98%
DFSMX DFA Short Term Municipal Bond Portfolio	2.35%	2.08%	2.80%	1.94%	0.63%	0.19%	0.83%	1.22%	1.11%	0.95%	0.94%	0.95%

Frequently Asked Questions

Can I hold both DFEOX and DFSMX in my portfolio?

DFEOX and DFSMX have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFEOX or DFSMX?

DFEOX has higher volatility (4.16%) compared to DFSMX (0.18%). In terms of maximum drawdown, DFEOX dropped -56.77% vs DFSMX's -2.66%.

Which has better risk-adjusted returns?

DFSMX currently has the higher Sharpe Ratio (4.16 vs 2.35), 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.