DFTIX vs. MPA
DFTIX (DFA Intermediate-Term Municipal Bond Portfolio) and MPA (BlackRock MuniYield Pennsylvania Quality Fund) are both Municipal Bonds funds. Over the past 10 years, DFTIX returned 1.50%/yr vs 1.65%/yr for MPA. At a 0.30 correlation, their price movements are largely independent. DFTIX charges 0.20%/yr vs 2.28%/yr for MPA.
Performance
DFTIX vs. MPA - Performance Comparison
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Returns By Period
In the year-to-date period, DFTIX achieves a 1.38% return, which is significantly lower than MPA's 4.22% return. Over the past 10 years, DFTIX has underperformed MPA with an annualized return of 1.50%, while MPA has yielded a comparatively higher 1.65% annualized return.
DFTIX
- 1D
- -0.10%
- 1M
- 0.93%
- YTD
- 1.38%
- 6M
- 1.48%
- 1Y
- 4.89%
- 3Y*
- 3.16%
- 5Y*
- 1.30%
- 10Y*
- 1.50%
MPA
- 1D
- 0.09%
- 1M
- 1.14%
- YTD
- 4.22%
- 6M
- 4.60%
- 1Y
- 11.23%
- 3Y*
- 4.64%
- 5Y*
- -1.41%
- 10Y*
- 1.65%
DFTIX vs. MPA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DFTIX DFA Intermediate-Term Municipal Bond Portfolio | 1.38% | 3.70% | 1.12% | 4.29% | -3.69% | -0.50% | 3.66% | 4.59% | 1.34% | 2.14% |
MPA BlackRock MuniYield Pennsylvania Quality Fund | 4.22% | 1.82% | 6.23% | 9.67% | -31.00% | 17.06% | 9.14% | 18.87% | -8.00% | 7.22% |
Correlation
The correlation between DFTIX and MPA is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012 | 0.30 |
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Return for Risk
DFTIX vs. MPA — Risk / Return Rank
DFTIX
MPA
DFTIX vs. MPA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DFA Intermediate-Term Municipal Bond Portfolio (DFTIX) and BlackRock MuniYield Pennsylvania Quality Fund (MPA). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| DFTIX | MPA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.64 | ||
| Sortino ratioReturn per unit of downside risk | +2.66 | ||
| Omega ratioGain probability vs. loss probability | 1.93 | 1.25 | +0.68 |
| Calmar ratioReturn relative to maximum drawdown | 2.67 | 1.76 | +0.92 |
| Martin ratioReturn relative to average drawdown | 9.09 | 6.90 | +2.19 |
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Drawdowns
DFTIX vs. MPA - Drawdown Comparison
The maximum DFTIX drawdown since its inception was -8.02%, smaller than the maximum MPA drawdown of -44.78%. Use the drawdown chart below to compare losses from any high point for DFTIX and MPA.
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Drawdown Indicators
| DFTIX | MPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.02% | -44.78% | +36.76% |
Max Drawdown (1Y)Largest decline over 1 year | -1.85% | -6.42% | +4.57% |
Max Drawdown (3Y)Largest decline over 3 years | -3.08% | -14.77% | +11.69% |
Max Drawdown (5Y)Largest decline over 5 years | -7.09% | -38.10% | +31.01% |
Max Drawdown (10Y)Largest decline over 10 years | -8.02% | -38.10% | +30.08% |
Current DrawdownCurrent decline from peak | -0.34% | -17.06% | +16.72% |
Average DrawdownAverage peak-to-trough decline | -1.30% | -9.78% | +8.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 1.63% | -1.09% |
Volatility
DFTIX vs. MPA - Volatility Comparison
The current volatility for DFA Intermediate-Term Municipal Bond Portfolio (DFTIX) is 0.43%, while BlackRock MuniYield Pennsylvania Quality Fund (MPA) has a volatility of 1.85%. This indicates that DFTIX experiences smaller price fluctuations and is considered to be less risky than MPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DFTIX | MPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.43% | 1.85% | -1.42% |
Volatility (6M)Calculated over the trailing 6-month period | 1.26% | 6.10% | -4.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.63% | 8.09% | -6.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.22% | 12.12% | -9.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.44% | 12.33% | -9.89% |
DFTIX vs. MPA - Expense Ratio Comparison
DFTIX has a 0.20% expense ratio, which is lower than MPA's 2.28% expense ratio.
Dividends
DFTIX vs. MPA - Dividend Comparison
DFTIX's dividend yield for the trailing twelve months is around 2.78%, less than MPA's 5.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFTIX DFA Intermediate-Term Municipal Bond Portfolio | 2.78% | 2.32% | 2.22% | 1.76% | 1.47% | 1.31% | 1.49% | 1.55% | 1.52% | 1.33% | 1.36% | 1.47% |
MPA BlackRock MuniYield Pennsylvania Quality Fund | 5.90% | 6.98% | 6.02% | 3.63% | 5.60% | 3.94% | 4.12% | 4.16% | 5.40% | 5.22% | 5.56% | 5.94% |
Frequently Asked Questions
DFTIX and MPA have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MPA has higher volatility (1.85%) compared to DFTIX (0.43%). In terms of maximum drawdown, DFTIX dropped -8.02% vs MPA's -44.78%.
DFTIX currently has the higher Sharpe Ratio (3.03 vs 1.39), 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.
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