DFNM vs. VTEB
Compare and contrast key facts about Dimensional National Municipal Bond ETF (DFNM) and Vanguard Tax-Exempt Bond ETF (VTEB).
DFNM and VTEB 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. VTEB is a passively managed fund by Vanguard that tracks the performance of the S&P National AMT-Free Municipal Bond Index. It was launched on Aug 21, 2015.
Performance
DFNM vs. VTEB - Performance Comparison
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DFNM vs. VTEB - 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% |
VTEB Vanguard Tax-Exempt Bond ETF | -0.23% | 3.72% | 1.31% | 6.15% | -7.99% | 0.54% |
Returns By Period
In the year-to-date period, DFNM achieves a 0.08% return, which is significantly higher than VTEB's -0.23% return.
DFNM
- 1D
- 0.17%
- 1M
- -1.55%
- YTD
- 0.08%
- 6M
- 1.40%
- 1Y
- 3.80%
- 3Y*
- 2.47%
- 5Y*
- —
- 10Y*
- —
VTEB
- 1D
- 0.24%
- 1M
- -2.18%
- YTD
- -0.23%
- 6M
- 1.34%
- 1Y
- 3.99%
- 3Y*
- 2.67%
- 5Y*
- 0.82%
- 10Y*
- 2.06%
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DFNM vs. VTEB - Expense Ratio Comparison
DFNM has a 0.17% expense ratio, which is higher than VTEB's 0.05% 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%.
Return for Risk
DFNM vs. VTEB — Risk / Return Rank
DFNM
VTEB
DFNM vs. VTEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Dimensional National Municipal Bond ETF (DFNM) and Vanguard Tax-Exempt Bond ETF (VTEB). 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 | VTEB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.46 | 1.00 | +0.46 |
Sortino ratioReturn per unit of downside risk | 1.85 | 1.27 | +0.58 |
Omega ratioGain probability vs. loss probability | 1.35 | 1.23 | +0.12 |
Calmar ratioReturn relative to maximum drawdown | 1.72 | 1.20 | +0.51 |
Martin ratioReturn relative to average drawdown | 6.02 | 3.56 | +2.46 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DFNM | VTEB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.46 | 1.00 | +0.46 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.21 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.39 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.48 | 0.45 | +0.03 |
Correlation
The correlation between DFNM and VTEB is 0.79, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
DFNM vs. VTEB - Dividend Comparison
DFNM's dividend yield for the trailing twelve months is around 2.97%, less than VTEB's 3.36% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFNM Dimensional National Municipal Bond ETF | 2.97% | 2.94% | 2.74% | 2.39% | 1.16% | 0.05% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.36% | 3.29% | 3.14% | 2.79% | 2.09% | 1.64% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% |
Drawdowns
DFNM vs. VTEB - Drawdown Comparison
The maximum DFNM drawdown since its inception was -6.99%, smaller than the maximum VTEB drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for DFNM and VTEB.
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Drawdown Indicators
| DFNM | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.99% | -17.00% | +10.01% |
Max Drawdown (1Y)Largest decline over 1 year | -2.34% | -3.45% | +1.11% |
Max Drawdown (5Y)Largest decline over 5 years | — | -12.64% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.00% | — |
Current DrawdownCurrent decline from peak | -1.55% | -2.18% | +0.63% |
Average DrawdownAverage peak-to-trough decline | -2.01% | -2.35% | +0.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.67% | 1.17% | -0.50% |
Volatility
DFNM vs. VTEB - Volatility Comparison
The current volatility for Dimensional National Municipal Bond ETF (DFNM) is 0.86%, while Vanguard Tax-Exempt Bond ETF (VTEB) has a volatility of 1.39%. This indicates that DFNM experiences smaller price fluctuations and is considered to be less risky than VTEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DFNM | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 1.39% | -0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 1.22% | 1.85% | -0.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.62% | 4.00% | -1.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.57% | 3.87% | -1.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.57% | 5.25% | -2.68% |