DFSD vs. DFNM

Last updated Apr 1, 2026

Compare and contrast key facts about Dimensional Short-Duration Fixed Income ETF (DFSD) and Dimensional National Municipal Bond ETF (DFNM).

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

Performance

DFSD vs. DFNM - Performance Comparison

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

DFSD vs. DFNM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DFSD Dimensional Short-Duration Fixed Income ETF	0.17%	6.59%	4.60%	6.09%	-5.87%	-0.02%
DFNM Dimensional National Municipal Bond ETF	0.08%	3.87%	1.19%	3.97%	-4.02%	0.47%

Returns By Period

In the year-to-date period, DFSD achieves a 0.17% return, which is significantly higher than DFNM's 0.08% return.

DFSD

• 1D: 0.31%
• 1M: -0.89%
• YTD: 0.17%
• 6M: 1.29%
• 1Y: 4.79%
• 3Y*: 5.25%
• 5Y*: —
• 10Y*: —

DFNM

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

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

DFSD vs. DFNM - Expense Ratio Comparison

DFSD has a 0.16% expense ratio, which is lower than DFNM's 0.17% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

DFNM

Dimensional National Municipal Bond ETF

DFSD

Dimensional Short-Duration Fixed Income ETF

Return for Risk

DFSD vs. DFNM — Risk / Return Rank

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

DFSD

DFSD Risk / Return Rank: 93
DFSD Sharpe Ratio Rank: 92
DFSD Sortino Ratio Rank: 95
DFSD Omega Ratio Rank: 94
DFSD Calmar Ratio Rank: 92
DFSD Martin Ratio Rank: 93

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

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.

DFSD vs. DFNM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Short-Duration Fixed Income ETF (DFSD) and Dimensional National Municipal Bond ETF (DFNM). 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.

	DFSD	DFNM	Difference
Sharpe ratio Return per unit of total volatility	2.13	1.46	+0.67
Sortino ratio Return per unit of downside risk	3.12	1.85	+1.28
Omega ratio Gain probability vs. loss probability	1.45	1.35	+0.10
Calmar ratio Return relative to maximum drawdown	3.25	1.72	+1.53
Martin ratio Return relative to average drawdown	13.49	6.02	+7.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFSD vs. DFNM - Sharpe Ratio Comparison

The current DFSD Sharpe Ratio is 2.13, which is higher than the DFNM Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of DFSD and DFNM, 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

	DFSD	DFNM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	1.46	+0.67
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	0.48	+0.43

Correlation

The correlation between DFSD and DFNM is 0.51, 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

DFSD vs. DFNM - Dividend Comparison

DFSD's dividend yield for the trailing twelve months is around 3.94%, more than DFNM's 2.97% yield.

	TTM	2025	2024	2023	2022	2021
DFSD Dimensional Short-Duration Fixed Income ETF	3.94%	4.12%	4.81%	3.89%	2.12%	0.11%
DFNM Dimensional National Municipal Bond ETF	2.97%	2.94%	2.74%	2.39%	1.16%	0.05%

Drawdowns

DFSD vs. DFNM - Drawdown Comparison

The maximum DFSD drawdown since its inception was -8.45%, which is greater than DFNM's maximum drawdown of -6.99%. Use the drawdown chart below to compare losses from any high point for DFSD and DFNM.

Drawdown Indicators

	DFSD	DFNM	Difference
Max Drawdown Largest peak-to-trough decline	-8.45%	-6.99%	-1.46%
Max Drawdown (1Y) Largest decline over 1 year	-1.47%	-2.34%	+0.87%
Current Drawdown Current decline from peak	-0.89%	-1.55%	+0.66%
Average Drawdown Average peak-to-trough decline	-2.13%	-2.01%	-0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	0.67%	-0.32%

Volatility

DFSD vs. DFNM - Volatility Comparison

Dimensional Short-Duration Fixed Income ETF (DFSD) has a higher volatility of 0.94% compared to Dimensional National Municipal Bond ETF (DFNM) at 0.86%. This indicates that DFSD's price experiences larger fluctuations and is considered to be riskier than DFNM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFSD	DFNM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.94%	0.86%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	1.33%	1.22%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	2.26%	2.62%	-0.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.80%	2.57%	+0.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.80%	2.57%	+0.23%