DFSMX vs. BATVX

Last updated Apr 1, 2026

Compare and contrast key facts about DFA Short Term Municipal Bond Portfolio (DFSMX) and BlackRock Allocation Target Shares (BATVX).

DFSMX is managed by Dimensional. It was launched on Aug 19, 2002. BATVX is managed by BlackRock. It was launched on May 20, 2021.

Performance

DFSMX vs. BATVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Short Term Municipal Bond Portfolio (DFSMX) and BlackRock Allocation Target Shares (BATVX). The values are adjusted to include any dividend payments, if applicable.

DFSMX vs. BATVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DFSMX DFA Short Term Municipal Bond Portfolio	0.55%	2.30%	2.84%	2.98%	-0.36%	-0.13%
BATVX BlackRock Allocation Target Shares	0.33%	2.80%	2.48%	1.41%	-0.10%	0.00%

Returns By Period

In the year-to-date period, DFSMX achieves a 0.55% return, which is significantly higher than BATVX's 0.33% return.

DFSMX

• 1D: 0.04%
• 1M: -0.05%
• YTD: 0.55%
• 6M: 1.10%
• 1Y: 2.45%
• 3Y*: 2.60%
• 5Y*: 1.63%
• 10Y*: 1.23%

BATVX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.33%
• 6M: 1.02%
• 1Y: 2.45%
• 3Y*: 2.34%
• 5Y*: —
• 10Y*: —

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

DFSMX vs. BATVX - Expense Ratio Comparison

DFSMX has a 0.20% expense ratio, which is higher than BATVX's 0.00% 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%.

DFSMX

DFA Short Term Municipal Bond Portfolio

BATVX

BlackRock Allocation Target Shares

Return for Risk

DFSMX vs. BATVX — Risk / Return Rank

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

DFSMX

DFSMX Risk / Return Rank: 99
DFSMX Sharpe Ratio Rank: 99
DFSMX Sortino Ratio Rank: 99
DFSMX Omega Ratio Rank: 99
DFSMX Calmar Ratio Rank: 98
DFSMX Martin Ratio Rank: 98

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.

DFSMX vs. BATVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Short Term Municipal Bond Portfolio (DFSMX) and BlackRock Allocation Target Shares (BATVX). 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.

	DFSMX	BATVX	Difference
Sharpe ratio Return per unit of total volatility	3.68	3.56	+0.12
Sortino ratio Return per unit of downside risk	6.50	—	—
Omega ratio Gain probability vs. loss probability	3.20	—	—
Calmar ratio Return relative to maximum drawdown	4.59	—	—
Martin ratio Return relative to average drawdown	21.83	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFSMX vs. BATVX - Sharpe Ratio Comparison

The current DFSMX Sharpe Ratio is 3.68, which is comparable to the BATVX Sharpe Ratio of 3.56. The chart below compares the historical Sharpe Ratios of DFSMX and BATVX, 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

	DFSMX	BATVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.68	3.56	+0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.11	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.60	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.78	2.29	-0.51

Correlation

The correlation between DFSMX and BATVX is -0.03. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

DFSMX vs. BATVX - Dividend Comparison

DFSMX's dividend yield for the trailing twelve months is around 2.43%, which matches BATVX's 2.42% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFSMX DFA Short Term Municipal Bond Portfolio	2.43%	2.08%	2.80%	1.94%	0.63%	0.19%	0.83%	1.22%	1.11%	0.95%	0.94%	0.95%
BATVX BlackRock Allocation Target Shares	2.42%	2.76%	2.44%	1.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

DFSMX vs. BATVX - Drawdown Comparison

The maximum DFSMX drawdown since its inception was -2.66%, which is greater than BATVX's maximum drawdown of -0.20%. Use the drawdown chart below to compare losses from any high point for DFSMX and BATVX.

Drawdown Indicators

	DFSMX	BATVX	Difference
Max Drawdown Largest peak-to-trough decline	-2.66%	-0.20%	-2.46%
Max Drawdown (1Y) Largest decline over 1 year	-0.39%	0.00%	-0.39%
Max Drawdown (5Y) Largest decline over 5 years	-1.67%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-1.69%	—	—
Current Drawdown Current decline from peak	-0.06%	0.00%	-0.06%
Average Drawdown Average peak-to-trough decline	-0.24%	-0.03%	-0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.10%	0.00%	+0.10%

Volatility

DFSMX vs. BATVX - Volatility Comparison

DFA Short Term Municipal Bond Portfolio (DFSMX) has a higher volatility of 0.11% compared to BlackRock Allocation Target Shares (BATVX) at 0.00%. This indicates that DFSMX's price experiences larger fluctuations and is considered to be riskier than BATVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFSMX	BATVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.11%	0.00%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	0.37%	0.51%	-0.14%
Volatility (1Y) Calculated over the trailing 1-year period	0.68%	0.76%	-0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.78%	0.62%	+0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.77%	0.62%	+0.15%