DFSMX vs. FMBIX

Last updated Apr 2, 2026

Compare and contrast key facts about DFA Short Term Municipal Bond Portfolio (DFSMX) and Fidelity Municipal Bond Index Fund (FMBIX).

DFSMX is managed by Dimensional. It was launched on Aug 19, 2002. FMBIX is managed by Fidelity. It was launched on Jul 11, 2019.

Performance

DFSMX vs. FMBIX - Performance Comparison

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

DFSMX vs. FMBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
DFSMX DFA Short Term Municipal Bond Portfolio	0.55%	2.30%	2.84%	2.98%	-0.36%	-0.11%	0.83%	0.46%
FMBIX Fidelity Municipal Bond Index Fund	0.00%	0.60%	1.32%	5.89%	-10.00%	1.14%	3.10%	1.48%

Returns By Period

DFSMX

• 1D: 0.00%
• 1M: -0.05%
• YTD: 0.55%
• 6M: 1.10%
• 1Y: 2.45%
• 3Y*: 2.60%
• 5Y*: 1.61%
• 10Y*: 1.23%

FMBIX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFSMX vs. FMBIX - Expense Ratio Comparison

DFSMX has a 0.20% expense ratio, which is higher than FMBIX's 0.07% 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

FMBIX

Fidelity Municipal Bond Index Fund

Return for Risk

DFSMX vs. FMBIX — 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. FMBIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Short Term Municipal Bond Portfolio (DFSMX) and Fidelity Municipal Bond Index Fund (FMBIX). 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	FMBIX	Difference
Sharpe ratio Return per unit of total volatility	3.68	—	—
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	21.82	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	DFSMX	FMBIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.68	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.08	—	—
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	—	—

Correlation

The correlation between DFSMX and FMBIX is 0.33, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

DFSMX vs. FMBIX - Dividend Comparison

DFSMX's dividend yield for the trailing twelve months is around 2.43%, while FMBIX has not paid dividends to shareholders.

	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%
FMBIX Fidelity Municipal Bond Index Fund	0.00%	0.70%	2.60%	2.29%	1.17%	1.28%	1.59%	0.77%	0.00%	0.00%	0.00%	0.00%

Drawdowns

Drawdown Indicators

	DFSMX	FMBIX	Difference
Max Drawdown Largest peak-to-trough decline	-2.66%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-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%	—	—
Average Drawdown Average peak-to-trough decline	-0.24%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.10%	—	—

Volatility

Volatility by Period

	DFSMX	FMBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.11%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.35%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.68%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.78%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.77%	—	—