DFNM vs. FTGC
DFNM (Dimensional National Municipal Bond ETF) and FTGC (First Trust Global Tactical Commodity Strategy Fund) are both exchange-traded funds - DFNM is a Municipal Bonds fund actively managed by Dimensional, while FTGC is a Commodities fund actively managed by First Trust. Both are actively managed. Over the past 3 years, DFNM returned 3.10%/yr vs 14.26%/yr for FTGC. At a correlation of -0.01, they often move in opposite directions. DFNM charges 0.17%/yr vs 0.95%/yr for FTGC.
Performance
DFNM vs. FTGC - Performance Comparison
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Returns By Period
In the year-to-date period, DFNM achieves a 1.14% return, which is significantly lower than FTGC's 18.86% return.
DFNM
- 1D
- -0.29%
- 1M
- 0.63%
- YTD
- 1.14%
- 6M
- 1.27%
- 1Y
- 4.87%
- 3Y*
- 3.10%
- 5Y*
- —
- 10Y*
- —
FTGC
- 1D
- -1.14%
- 1M
- -7.37%
- YTD
- 18.86%
- 6M
- 17.54%
- 1Y
- 28.18%
- 3Y*
- 14.26%
- 5Y*
- 12.29%
- 10Y*
- 7.15%
DFNM vs. FTGC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
DFNM Dimensional National Municipal Bond ETF | 1.14% | 3.87% | 1.19% | 3.97% | -4.02% | 0.40% |
FTGC First Trust Global Tactical Commodity Strategy Fund | 18.86% | 14.61% | 9.96% | -5.36% | 17.36% | -1.82% |
Correlation
The correlation between DFNM and FTGC is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2021 | -0.01 |
The correlation between DFNM and FTGC shifts across timeframes, from -0.18 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DFNM vs. FTGC — Risk / Return Rank
DFNM
FTGC
DFNM vs. FTGC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Dimensional National Municipal Bond ETF (DFNM) and First Trust Global Tactical Commodity Strategy Fund (FTGC). 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.
| DFNM | FTGC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.98 | ||
| Sortino ratioReturn per unit of downside risk | +1.53 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 1.32 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 2.66 | 2.60 | +0.05 |
| Martin ratioReturn relative to average drawdown | 9.53 | 9.67 | -0.14 |
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Drawdowns
DFNM vs. FTGC - Drawdown Comparison
The maximum DFNM drawdown since its inception was -6.99%, smaller than the maximum FTGC drawdown of -59.47%. Use the drawdown chart below to compare losses from any high point for DFNM and FTGC.
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Drawdown Indicators
| DFNM | FTGC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.99% | -59.47% | +52.48% |
Max Drawdown (1Y)Largest decline over 1 year | -1.84% | -10.87% | +9.03% |
Max Drawdown (3Y)Largest decline over 3 years | -2.82% | -10.87% | +8.05% |
Max Drawdown (5Y)Largest decline over 5 years | — | -22.64% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.91% | — |
Current DrawdownCurrent decline from peak | -0.50% | -10.87% | +10.37% |
Average DrawdownAverage peak-to-trough decline | -1.94% | -27.34% | +25.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.51% | 2.94% | -2.43% |
Volatility
DFNM vs. FTGC - Volatility Comparison
The current volatility for Dimensional National Municipal Bond ETF (DFNM) is 0.51%, while First Trust Global Tactical Commodity Strategy Fund (FTGC) has a volatility of 3.07%. This indicates that DFNM experiences smaller price fluctuations and is considered to be less risky than FTGC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DFNM | FTGC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.51% | 3.07% | -2.56% |
Volatility (6M)Calculated over the trailing 6-month period | 1.33% | 13.21% | -11.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.74% | 15.70% | -13.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.53% | 15.87% | -13.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.53% | 14.71% | -12.18% |
DFNM vs. FTGC - Expense Ratio Comparison
DFNM has a 0.17% expense ratio, which is lower than FTGC's 0.95% expense ratio.
Dividends
DFNM vs. FTGC - Dividend Comparison
DFNM's dividend yield for the trailing twelve months is around 2.90%, less than FTGC's 16.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DFNM Dimensional National Municipal Bond ETF | 2.90% | 2.94% | 2.74% | 2.39% | 1.16% | 0.05% | 0.00% | 0.00% | 0.00% | 0.00% |
FTGC First Trust Global Tactical Commodity Strategy Fund | 16.13% | 17.74% | 3.05% | 3.34% | 10.35% | 7.21% | 0.00% | 0.81% | 0.80% | 1.21% |
Frequently Asked Questions
DFNM and FTGC have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FTGC has higher volatility (3.07%) compared to DFNM (0.51%). In terms of maximum drawdown, DFNM dropped -6.99% vs FTGC's -59.47%.
On 3-year performance, FTGC leads with 14.26% vs 3.10% for DFNM. On fees, DFNM is cheaper at 0.17% per year. On volatility, DFNM has been the lower-risk option at 0.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FTGC has performed better with a 14.26% return vs 3.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DFNM is cheaper with a 0.17% expense ratio, compared with 0.95% for FTGC.
FTGC has the higher dividend yield at 16.13%, compared with 2.90% for DFNM.
DFNM is categorized as Municipal Bonds, while FTGC is Commodities. They also come from different issuers: Dimensional and First Trust. Their fees differ too: 0.17% for DFNM and 0.95% for FTGC.
DFNM currently has the higher Sharpe Ratio (2.80 vs 1.82), 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.
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