DFIVX vs. DFSMX

Last updated Jul 14, 2026

DFIVX (DFA International Value Portfolio Institutional Class) and DFSMX (DFA Short Term Municipal Bond Portfolio) are both mutual funds - DFIVX is a Foreign Large Cap Equities fund actively managed by Dimensional, while DFSMX is a Municipal Bonds fund managed by Dimensional. Over the past 10 years, DFIVX returned 11.92%/yr vs 1.24%/yr for DFSMX. At a correlation of -0.05, they often move in opposite directions. DFIVX charges 0.28%/yr vs 0.20%/yr for DFSMX.

Performance

DFIVX vs. DFSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA International Value Portfolio Institutional Class (DFIVX) 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, DFIVX achieves a 12.87% return, which is significantly higher than DFSMX's 1.26% return. Over the past 10 years, DFIVX has outperformed DFSMX with an annualized return of 11.92%, while DFSMX has yielded a comparatively lower 1.24% annualized return.

DFIVX

• 1D: 0.60%
• 1M: 0.34%
• 6M: 10.02%
• YTD: 12.87%
• 1Y: 31.99%
• 3Y*: 23.17%
• 5Y*: 15.16%
• 10Y*: 11.92%

DFSMX

• 1D: 0.00%
• 1M: 0.21%
• 6M: 1.06%
• YTD: 1.26%
• 1Y: 2.49%
• 3Y*: 2.70%
• 5Y*: 1.76%
• 10Y*: 1.24%

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

DFIVX vs. DFSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFIVX DFA International Value Portfolio Institutional Class	12.87%	45.24%	6.87%	17.83%	-3.51%	18.57%	-2.13%	15.68%	-17.49%	26.08%
DFSMX DFA Short Term Municipal Bond Portfolio	1.26%	2.30%	2.84%	2.98%	-0.36%	-0.11%	0.83%	1.62%	1.22%	1.15%

Correlation

The correlation between DFIVX and DFSMX is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.03
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 Aug 22, 2002	-0.05

The correlation between DFIVX and DFSMX shifts across timeframes, from -0.05 (all time) to 0.07 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DFIVX vs. DFSMX — Risk / Return Rank

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

DFIVX

DFIVX Risk / Return Rank: 83
DFIVX Sharpe Ratio Rank: 83
DFIVX Sortino Ratio Rank: 80
DFIVX Omega Ratio Rank: 78
DFIVX Calmar Ratio Rank: 85
DFIVX Martin Ratio Rank: 86

DFSMX

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

DFIVX vs. DFSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA International Value Portfolio Institutional Class (DFIVX) 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.

	DFIVX	DFSMX	Difference
Sharpe ratio: Return per unit of total volatility	2.19	4.55	-2.36
Sortino ratio: Return per unit of downside risk	2.99	11.68	-8.69
Omega ratio: Gain probability vs. loss probability	1.39	5.80	-4.41
Calmar ratio: Return relative to maximum drawdown	3.27	23.85	-20.58
Martin ratio: Return relative to average drawdown	12.52	91.10	-78.58

DFIVX vs. DFSMX - Sharpe Ratio Comparison

The current DFIVX Sharpe Ratio is 2.19, which is lower than the DFSMX Sharpe Ratio of 4.55. The chart below compares the historical Sharpe Ratios of DFIVX 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

DFIVX vs. DFSMX - Drawdown Comparison

The maximum DFIVX drawdown since its inception was -66.61%, which is greater than DFSMX's maximum drawdown of -2.66%. Use the drawdown chart below to compare losses from any high point for DFIVX and DFSMX.

Drawdown Indicators

	DFIVX	DFSMX	Difference
Max Drawdown Largest peak-to-trough decline	-66.61%	-2.66%	-63.95%
Max Drawdown (1Y) Largest decline over 1 year	-9.58%	-0.11%	-9.47%
Max Drawdown (3Y) Largest decline over 3 years	-14.39%	-0.49%	-13.90%
Max Drawdown (5Y) Largest decline over 5 years	-25.29%	-1.66%	-23.63%
Max Drawdown (10Y) Largest decline over 10 years	-48.11%	-1.69%	-46.42%
Current Drawdown Current decline from peak	-0.40%	0.00%	-0.40%
Average Drawdown Average peak-to-trough decline	-12.21%	-0.23%	-11.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.50%	0.03%	+2.47%

Volatility

DFIVX vs. DFSMX - Volatility Comparison

DFA International Value Portfolio Institutional Class (DFIVX) has a higher volatility of 4.33% compared to DFA Short Term Municipal Bond Portfolio (DFSMX) at 0.14%. This indicates that DFIVX'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

	DFIVX	DFSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.33%	0.14%	+4.19%
Volatility (6M) Calculated over the trailing 6-month period	11.63%	0.37%	+11.26%
Volatility (1Y) Calculated over the trailing 1-year period	14.31%	0.55%	+13.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.28%	0.79%	+15.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.67%	0.76%	+16.91%

DFIVX vs. DFSMX - Expense Ratio Comparison

DFIVX has a 0.28% expense ratio, which is higher than DFSMX's 0.20% expense ratio.

Dividends

DFIVX vs. DFSMX - Dividend Comparison

DFIVX's dividend yield for the trailing twelve months is around 3.76%, more than DFSMX's 2.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFIVX DFA International Value Portfolio Institutional Class	3.76%	4.21%	3.94%	4.40%	3.78%	4.37%	2.42%	3.70%	6.60%	2.85%	3.36%	3.45%
DFSMX DFA Short Term Municipal Bond Portfolio	2.56%	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 DFIVX and DFSMX in my portfolio?

DFIVX and DFSMX have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFIVX or DFSMX?

DFIVX has higher volatility (4.33%) compared to DFSMX (0.14%). In terms of maximum drawdown, DFIVX dropped -66.61% vs DFSMX's -2.66%.

Which has better risk-adjusted returns?

DFSMX currently has the higher Sharpe Ratio (4.55 vs 2.19), 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.