DFNM vs. DFAS

Last updated Apr 1, 2026

Compare and contrast key facts about Dimensional National Municipal Bond ETF (DFNM) and Dimensional U.S. Small Cap ETF (DFAS).

DFNM and DFAS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DFNM is an actively managed fund by Dimensional. It was launched on Nov 15, 2021. DFAS is an actively managed fund by Dimensional. It was launched on Jun 14, 2021.

Performance

DFNM vs. DFAS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional National Municipal Bond ETF (DFNM) and Dimensional U.S. Small Cap ETF (DFAS). The values are adjusted to include any dividend payments, if applicable.

DFNM vs. DFAS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DFNM Dimensional National Municipal Bond ETF	0.08%	3.87%	1.19%	3.97%	-4.02%	0.47%
DFAS Dimensional U.S. Small Cap ETF	2.33%	8.17%	10.21%	17.83%	-13.84%	-3.50%

Returns By Period

In the year-to-date period, DFNM achieves a 0.08% return, which is significantly lower than DFAS's 2.33% return.

DFNM

• 1D: 0.17%
• 1M: -1.55%
• YTD: 0.08%
• 6M: 1.40%
• 1Y: 3.80%
• 3Y*: 2.47%
• 5Y*: —
• 10Y*: —

DFAS

• 1D: 2.80%
• 1M: -5.04%
• YTD: 2.33%
• 6M: 4.44%
• 1Y: 20.32%
• 3Y*: 11.67%
• 5Y*: —
• 10Y*: —

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

DFNM vs. DFAS - Expense Ratio Comparison

DFNM has a 0.17% expense ratio, which is lower than DFAS's 0.34% expense ratio.

DFAS

Dimensional U.S. Small Cap ETF

DFNM

Dimensional National Municipal Bond ETF

Return for Risk

DFNM vs. DFAS — Risk / Return Rank

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

DFNM

DFNM Risk / Return Rank: 73
DFNM Sharpe Ratio Rank: 78
DFNM Sortino Ratio Rank: 73
DFNM Omega Ratio Rank: 87
DFNM Calmar Ratio Rank: 68
DFNM Martin Ratio Rank: 61

DFAS

DFAS Risk / Return Rank: 58
DFAS Sharpe Ratio Rank: 55
DFAS Sortino Ratio Rank: 59
DFAS Omega Ratio Rank: 54
DFAS Calmar Ratio Rank: 61
DFAS Martin Ratio Rank: 62

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.

DFNM vs. DFAS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional National Municipal Bond ETF (DFNM) and Dimensional U.S. Small Cap ETF (DFAS). 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.

	DFNM	DFAS	Difference
Sharpe ratio Return per unit of total volatility	1.46	0.93	+0.53
Sortino ratio Return per unit of downside risk	1.85	1.45	+0.40
Omega ratio Gain probability vs. loss probability	1.35	1.19	+0.16
Calmar ratio Return relative to maximum drawdown	1.72	1.45	+0.27
Martin ratio Return relative to average drawdown	6.02	5.76	+0.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFNM vs. DFAS - Sharpe Ratio Comparison

The current DFNM Sharpe Ratio is 1.46, which is higher than the DFAS Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of DFNM and DFAS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DFNM	DFAS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	0.93	+0.53
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.27	+0.21

Correlation

The correlation between DFNM and DFAS is 0.11, 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

DFNM vs. DFAS - Dividend Comparison

DFNM's dividend yield for the trailing twelve months is around 2.97%, more than DFAS's 1.02% yield.

	TTM	2025	2024	2023	2022	2021
DFNM Dimensional National Municipal Bond ETF	2.97%	2.94%	2.74%	2.39%	1.16%	0.05%
DFAS Dimensional U.S. Small Cap ETF	1.02%	0.99%	0.93%	1.00%	1.03%	2.87%

Drawdowns

DFNM vs. DFAS - Drawdown Comparison

The maximum DFNM drawdown since its inception was -6.99%, smaller than the maximum DFAS drawdown of -26.13%. Use the drawdown chart below to compare losses from any high point for DFNM and DFAS.

Drawdown Indicators

	DFNM	DFAS	Difference
Max Drawdown Largest peak-to-trough decline	-6.99%	-26.13%	+19.14%
Max Drawdown (1Y) Largest decline over 1 year	-2.34%	-14.08%	+11.74%
Current Drawdown Current decline from peak	-1.55%	-6.67%	+5.12%
Average Drawdown Average peak-to-trough decline	-2.01%	-8.55%	+6.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	3.54%	-2.87%

Volatility

DFNM vs. DFAS - Volatility Comparison

The current volatility for Dimensional National Municipal Bond ETF (DFNM) is 0.86%, while Dimensional U.S. Small Cap ETF (DFAS) has a volatility of 6.21%. This indicates that DFNM experiences smaller price fluctuations and is considered to be less risky than DFAS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFNM	DFAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	6.21%	-5.35%
Volatility (6M) Calculated over the trailing 6-month period	1.22%	12.67%	-11.45%
Volatility (1Y) Calculated over the trailing 1-year period	2.62%	21.96%	-19.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.57%	21.03%	-18.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.57%	21.03%	-18.46%