DFSMX vs. DFSVX

Last updated Jun 4, 2026

DFSMX (DFA Short Term Municipal Bond Portfolio) and DFSVX (DFA U.S. Small Cap Value Portfolio I) are both mutual funds - DFSMX is a Municipal Bonds fund managed by Dimensional, while DFSVX is a Small Cap Value Equities fund managed by Dimensional. Over the past 10 years, DFSMX returned 1.26%/yr vs 11.50%/yr for DFSVX. At a correlation of -0.06, they often move in opposite directions. DFSMX charges 0.20%/yr vs 0.30%/yr for DFSVX.

Performance

DFSMX vs. DFSVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Short Term Municipal Bond Portfolio (DFSMX) and DFA U.S. Small Cap Value Portfolio I (DFSVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFSMX achieves a 0.95% return, which is significantly lower than DFSVX's 16.32% return. Over the past 10 years, DFSMX has underperformed DFSVX with an annualized return of 1.26%, while DFSVX has yielded a comparatively higher 11.50% annualized return.

DFSMX

• 1D: 0.00%
• 1M: 0.20%
• YTD: 0.95%
• 6M: 1.17%
• 1Y: 2.48%
• 3Y*: 2.71%
• 5Y*: 1.70%
• 10Y*: 1.26%

DFSVX

• 1D: 0.96%
• 1M: 2.50%
• YTD: 16.32%
• 6M: 15.74%
• 1Y: 34.94%
• 3Y*: 18.16%
• 5Y*: 10.22%
• 10Y*: 11.50%

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

DFSMX vs. DFSVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFSMX DFA Short Term Municipal Bond Portfolio	0.95%	2.30%	2.84%	2.98%	-0.36%	-0.11%	0.83%	1.62%	1.22%	1.15%
DFSVX DFA U.S. Small Cap Value Portfolio I	16.32%	8.37%	9.58%	19.02%	-3.57%	39.97%	2.24%	18.15%	-15.13%	6.82%

Correlation

The correlation between DFSMX and DFSVX is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (10Y) Calculated over the trailing 10-year period	-0.00
Correlation (All Time) Calculated using the full available price history since Aug 23, 2002	-0.06

The correlation between DFSMX and DFSVX shifts across timeframes, from -0.06 (all time) to 0.14 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DFSMX vs. DFSVX — 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: 100
DFSMX Calmar Ratio Rank: 99
DFSMX Martin Ratio Rank: 100

DFSVX

DFSVX Risk / Return Rank: 61
DFSVX Sharpe Ratio Rank: 53
DFSVX Sortino Ratio Rank: 54
DFSVX Omega Ratio Rank: 48
DFSVX Calmar Ratio Rank: 84
DFSVX Martin Ratio Rank: 64

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. DFSVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Short Term Municipal Bond Portfolio (DFSMX) and DFA U.S. Small Cap Value Portfolio I (DFSVX). 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	DFSVX	Difference
Sharpe ratio: Return per unit of total volatility	4.16	2.15	+2.01
Sortino ratio: Return per unit of downside risk	8.56	3.11	+5.45
Omega ratio: Gain probability vs. loss probability	4.46	1.38	+3.08
Calmar ratio: Return relative to maximum drawdown	12.85	3.93	+8.93
Martin ratio: Return relative to average drawdown	76.74	12.54	+64.20
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. DFSVX - Sharpe Ratio Comparison

The current DFSMX Sharpe Ratio is 4.16, which is higher than the DFSVX Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of DFSMX and DFSVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DFSMX	DFSVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.16	2.15	+2.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.18	0.48	+1.70
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.64	0.48	+1.16
Sharpe Ratio (All Time) Calculated using the full available price history	1.79	0.53	+1.26

Drawdowns

DFSMX vs. DFSVX - Drawdown Comparison

The maximum DFSMX drawdown since its inception was -2.66%, smaller than the maximum DFSVX drawdown of -66.70%. Use the drawdown chart below to compare losses from any high point for DFSMX and DFSVX.

Drawdown Indicators

	DFSMX	DFSVX	Difference
Max Drawdown Largest peak-to-trough decline	-2.66%	-66.70%	+64.04%
Max Drawdown (1Y) Largest decline over 1 year	-0.20%	-9.59%	+9.39%
Max Drawdown (3Y) Largest decline over 3 years	-0.49%	-27.69%	+27.20%
Max Drawdown (5Y) Largest decline over 5 years	-1.66%	-27.69%	+26.03%
Max Drawdown (10Y) Largest decline over 10 years	-1.69%	-52.12%	+50.43%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.23%	-9.47%	+9.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	2.99%	-2.96%

Volatility

DFSMX vs. DFSVX - Volatility Comparison

The current volatility for DFA Short Term Municipal Bond Portfolio (DFSMX) is 0.14%, while DFA U.S. Small Cap Value Portfolio I (DFSVX) has a volatility of 4.26%. This indicates that DFSMX experiences smaller price fluctuations and is considered to be less risky than DFSVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFSMX	DFSVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.14%	4.26%	-4.12%
Volatility (6M) Calculated over the trailing 6-month period	0.37%	11.34%	-10.97%
Volatility (1Y) Calculated over the trailing 1-year period	0.61%	17.53%	-16.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.79%	21.49%	-20.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.77%	23.90%	-23.13%

DFSMX vs. DFSVX - Expense Ratio Comparison

DFSMX has a 0.20% expense ratio, which is lower than DFSVX's 0.30% expense ratio.

Dividends

DFSMX vs. DFSVX - Dividend Comparison

DFSMX's dividend yield for the trailing twelve months is around 2.36%, more than DFSVX's 1.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFSMX DFA Short Term Municipal Bond Portfolio	2.36%	2.08%	2.80%	1.94%	0.63%	0.19%	0.83%	1.22%	1.11%	0.95%	0.94%	0.95%
DFSVX DFA U.S. Small Cap Value Portfolio I	1.50%	1.69%	1.47%	3.67%	6.77%	10.40%	1.96%	2.83%	7.54%	5.18%	4.18%	5.29%

Frequently Asked Questions

Can I hold both DFSMX and DFSVX in my portfolio?

DFSMX and DFSVX have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFSMX or DFSVX?

DFSVX has higher volatility (4.26%) compared to DFSMX (0.14%). In terms of maximum drawdown, DFSMX dropped -2.66% vs DFSVX's -66.70%.

Which has better risk-adjusted returns?

DFSMX currently has the higher Sharpe Ratio (4.16 vs 2.15), 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.