DFIEX vs. DFSMX
DFIEX (DFA International Core Equity 2 Portfolio Institutional Class) and DFSMX (DFA Short Term Municipal Bond Portfolio) are both mutual funds - DFIEX is a Foreign Large Cap Equities fund managed by Dimensional, while DFSMX is a Municipal Bonds fund managed by Dimensional. Over the past 10 years, DFIEX returned 10.21%/yr vs 1.23%/yr for DFSMX. Their -0.03 correlation means they have often moved in opposite directions in the past. DFIEX charges 0.24%/yr vs 0.20%/yr for DFSMX.
Performance
DFIEX vs. DFSMX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, DFIEX achieves a 13.00% return, which is significantly higher than DFSMX's 1.27% return. Over the past 10 years, DFIEX has outperformed DFSMX with an annualized return of 10.21%, while DFSMX has yielded a comparatively lower 1.23% annualized return.
DFIEX
- 1D
- 2.44%
- 1M
- 2.54%
- 6M
- 7.34%
- YTD
- 13.00%
- 1Y
- 27.94%
- 3Y*
- 18.16%
- 5Y*
- 10.39%
- 10Y*
- 10.21%
- ALL TIME*
- 7.07%
DFSMX
- 1D
- 0.01%
- 1M
- 0.11%
- 6M
- 0.95%
- YTD
- 1.27%
- 1Y
- 2.25%
- 3Y*
- 2.65%
- 5Y*
- 1.76%
- 10Y*
- 1.23%
- ALL TIME*
- 1.62%
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 |
DFIEX vs. DFSMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DFIEX DFA International Core Equity 2 Portfolio Institutional Class | 13.00% | 36.18% | 3.99% | 17.50% | -13.51% | 13.85% | 7.73% | 21.70% | -17.41% | 28.04% |
DFSMX DFA Short Term Municipal Bond Portfolio | 1.27% | 2.30% | 2.84% | 2.98% | -0.36% | -0.11% | 0.83% | 1.62% | 1.22% | 1.15% |
Correlation
The correlation between DFIEX and DFSMX is 0.09, 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. | 0.09 |
Correlation (3Y) Balances recent behavior with more history. | 0.05 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.06 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.04 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2005 | -0.03 |
The correlation between DFIEX and DFSMX shifts across timeframes, from -0.03 (all time) to 0.09 (1 year), reflecting how their relationship changes across market environments.
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
DFIEX vs. DFSMX — Risk / Return Rank
DFIEX
DFSMX
DFIEX vs. DFSMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DFA International Core Equity 2 Portfolio Institutional Class (DFIEX) 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.
| DFIEX | DFSMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.53 | ||
| Sortino ratioReturn per unit of downside risk | -8.64 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 5.99 | -4.65 |
| Calmar ratioReturn relative to maximum drawdown | 2.50 | 22.52 | -20.02 |
| Martin ratioReturn relative to average drawdown | 9.75 | 86.52 | -76.77 |
Loading charts...
Drawdowns
DFIEX vs. DFSMX - Drawdown Comparison
The maximum DFIEX drawdown since its inception was -62.22%, which is greater than DFSMX's maximum drawdown of -2.66%. Use the drawdown chart below to compare losses from any high point for DFIEX and DFSMX.
Loading charts...
Drawdown Indicators
| DFIEX | DFSMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.22% | -2.66% | -59.56% |
Max Drawdown (1Y)Largest decline over 1 year | -11.01% | -0.11% | -10.90% |
Max Drawdown (3Y)Largest decline over 3 years | -12.81% | -0.49% | -12.32% |
Max Drawdown (5Y)Largest decline over 5 years | -28.66% | -1.66% | -27.00% |
Max Drawdown (10Y)Largest decline over 10 years | -41.04% | -1.69% | -39.35% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -12.09% | -0.23% | -11.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.82% | 0.03% | +2.79% |
Volatility
DFIEX vs. DFSMX - Volatility Comparison
DFA International Core Equity 2 Portfolio Institutional Class (DFIEX) has a higher volatility of 4.28% compared to DFA Short Term Municipal Bond Portfolio (DFSMX) at 0.17%. This indicates that DFIEX'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.
Loading charts...
Volatility by Period
| DFIEX | DFSMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.28% | 0.17% | +4.11% |
Volatility (6M)Calculated over the trailing 6-month period | 12.23% | 0.38% | +11.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.50% | 0.54% | +13.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.82% | 0.79% | +15.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.12% | 0.76% | +15.36% |
DFIEX vs. DFSMX - Expense Ratio Comparison
DFIEX has a 0.24% expense ratio, which is higher than DFSMX's 0.20% 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
DFIEX vs. DFSMX - Dividend Comparison
DFIEX's dividend yield for the trailing twelve months is around 2.93%, more than DFSMX's 2.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFIEX DFA International Core Equity 2 Portfolio Institutional Class | 2.93% | 3.22% | 3.42% | 3.36% | 2.88% | 2.98% | 1.77% | 2.90% | 2.95% | 2.49% | 2.76% | 4.20% |
DFSMX DFA Short Term Municipal Bond Portfolio | 2.53% | 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
DFIEX and DFSMX have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DFIEX has higher volatility (4.28%) compared to DFSMX (0.17%). In terms of maximum drawdown, DFIEX dropped -62.22% vs DFSMX's -2.66%.
DFSMX currently has the higher Sharpe Ratio (4.43 vs 1.91), 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 DFIEX and DFSMX
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