DFNM vs. DFCF

Last updated Apr 1, 2026

Compare and contrast key facts about Dimensional National Municipal Bond ETF (DFNM) and Dimensional Core Fixed Income ETF (DFCF).

DFNM and DFCF 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. DFCF is an actively managed fund by Dimensional. It was launched on Nov 15, 2021.

Performance

DFNM vs. DFCF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional National Municipal Bond ETF (DFNM) and Dimensional Core Fixed Income ETF (DFCF). The values are adjusted to include any dividend payments, if applicable.

DFNM vs. DFCF - 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%
DFCF Dimensional Core Fixed Income ETF	-0.10%	7.89%	1.86%	6.94%	-14.48%	0.23%

Returns By Period

In the year-to-date period, DFNM achieves a 0.08% return, which is significantly higher than DFCF's -0.10% return.

DFNM

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

DFCF

• 1D: 0.33%
• 1M: -1.93%
• YTD: -0.10%
• 6M: 0.91%
• 1Y: 4.99%
• 3Y*: 4.41%
• 5Y*: —
• 10Y*: —

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

DFNM vs. DFCF - Expense Ratio Comparison

Both DFNM and DFCF have an expense ratio of 0.17%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

DFNM

Dimensional National Municipal Bond ETF

DFCF

Dimensional Core Fixed Income ETF

Return for Risk

DFNM vs. DFCF — 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

DFCF

DFCF Risk / Return Rank: 61
DFCF Sharpe Ratio Rank: 63
DFCF Sortino Ratio Rank: 60
DFCF Omega Ratio Rank: 53
DFCF Calmar Ratio Rank: 72
DFCF Martin Ratio Rank: 59

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. DFCF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional National Municipal Bond ETF (DFNM) and Dimensional Core Fixed Income ETF (DFCF). 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	DFCF	Difference
Sharpe ratio Return per unit of total volatility	1.46	1.07	+0.39
Sortino ratio Return per unit of downside risk	1.85	1.49	+0.36
Omega ratio Gain probability vs. loss probability	1.35	1.19	+0.16
Calmar ratio Return relative to maximum drawdown	1.72	1.77	-0.05
Martin ratio Return relative to average drawdown	6.02	5.55	+0.47
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. DFCF - Sharpe Ratio Comparison

The current DFNM Sharpe Ratio is 1.46, which is higher than the DFCF Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of DFNM and DFCF, 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	DFCF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	1.07	+0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.02	+0.46

Correlation

The correlation between DFNM and DFCF is 0.64, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

DFNM vs. DFCF - Dividend Comparison

DFNM's dividend yield for the trailing twelve months is around 2.97%, less than DFCF's 4.50% 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%
DFCF Dimensional Core Fixed Income ETF	4.50%	4.48%	4.61%	4.51%	3.27%	0.16%

Drawdowns

DFNM vs. DFCF - Drawdown Comparison

The maximum DFNM drawdown since its inception was -6.99%, smaller than the maximum DFCF drawdown of -19.56%. Use the drawdown chart below to compare losses from any high point for DFNM and DFCF.

Drawdown Indicators

	DFNM	DFCF	Difference
Max Drawdown Largest peak-to-trough decline	-6.99%	-19.56%	+12.57%
Max Drawdown (1Y) Largest decline over 1 year	-2.34%	-2.90%	+0.56%
Current Drawdown Current decline from peak	-1.55%	-1.93%	+0.38%
Average Drawdown Average peak-to-trough decline	-2.01%	-8.30%	+6.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	0.93%	-0.26%

Volatility

DFNM vs. DFCF - Volatility Comparison

The current volatility for Dimensional National Municipal Bond ETF (DFNM) is 0.86%, while Dimensional Core Fixed Income ETF (DFCF) has a volatility of 1.85%. This indicates that DFNM experiences smaller price fluctuations and is considered to be less risky than DFCF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFNM	DFCF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	1.85%	-0.99%
Volatility (6M) Calculated over the trailing 6-month period	1.22%	2.72%	-1.50%
Volatility (1Y) Calculated over the trailing 1-year period	2.62%	4.68%	-2.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.57%	6.54%	-3.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.57%	6.54%	-3.97%