DMNBX vs. DFSMX

Last updated Jun 23, 2026

DMNBX (DFA MN Municipal Bond Portfolio) and DFSMX (DFA Short Term Municipal Bond Portfolio) are both Municipal Bonds funds from Dimensional. Over the past 5 years, DMNBX returned 1.20%/yr vs 1.74%/yr for DFSMX. At a 0.38 correlation, their price movements are largely independent. DMNBX charges 0.32%/yr vs 0.20%/yr for DFSMX.

Performance

DMNBX vs. DFSMX - Performance Comparison

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

Returns By Period

In the year-to-date period, DMNBX achieves a 0.89% return, which is significantly lower than DFSMX's 1.15% return.

DMNBX

• 1D: 0.00%
• 1M: 0.29%
• YTD: 0.89%
• 6M: 0.99%
• 1Y: 2.27%
• 3Y*: 2.51%
• 5Y*: 1.20%
• 10Y*: —

DFSMX

• 1D: 0.10%
• 1M: 0.40%
• YTD: 1.15%
• 6M: 1.15%
• 1Y: 2.48%
• 3Y*: 2.71%
• 5Y*: 1.74%
• 10Y*: 1.26%

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

DMNBX vs. DFSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DMNBX DFA MN Municipal Bond Portfolio	0.89%	2.50%	2.23%	2.65%	-2.03%	-0.31%	2.01%	3.30%	0.81%	-46.67%
DFSMX DFA Short Term Municipal Bond Portfolio	1.15%	2.30%	2.84%	2.98%	-0.36%	-0.11%	0.83%	1.62%	1.22%	-0.15%

Correlation

The correlation between DMNBX and DFSMX is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (All Time) Calculated using the full available price history since Jul 10, 2017	0.38

Over the past year, the correlation between DMNBX and DFSMX has dropped to 0.08 - well below their long-term average of 0.38, suggesting their price drivers have been diverging.

Return for Risk

DMNBX vs. DFSMX — Risk / Return Rank

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

DMNBX

DMNBX Risk / Return Rank: 94
DMNBX Sharpe Ratio Rank: 97
DMNBX Sortino Ratio Rank: 97
DMNBX Omega Ratio Rank: 99
DMNBX Calmar Ratio Rank: 92
DMNBX Martin Ratio Rank: 87

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: 99
DFSMX Martin Ratio Rank: 100

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.

DMNBX vs. DFSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA MN Municipal Bond Portfolio (DMNBX) and DFA Short Term Municipal Bond Portfolio (DFSMX). 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.

	DMNBX	DFSMX	Difference
Sharpe ratio: Return per unit of total volatility	3.24	4.16	-0.92
Sortino ratio: Return per unit of downside risk	5.74	8.56	-2.82
Omega ratio: Gain probability vs. loss probability	2.49	4.46	-1.97
Calmar ratio: Return relative to maximum drawdown	4.73	12.85	-8.13
Martin ratio: Return relative to average drawdown	15.25	76.73	-61.48

DMNBX vs. DFSMX - Sharpe Ratio Comparison

The current DMNBX Sharpe Ratio is 3.24, which is comparable to the DFSMX Sharpe Ratio of 4.16. The chart below compares the historical Sharpe Ratios of DMNBX and DFSMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DMNBX vs. DFSMX - Drawdown Comparison

The maximum DMNBX drawdown since its inception was -47.47%, which is greater than DFSMX's maximum drawdown of -2.66%. Use the drawdown chart below to compare losses from any high point for DMNBX and DFSMX.

Drawdown Indicators

	DMNBX	DFSMX	Difference
Max Drawdown Largest peak-to-trough decline	-47.47%	-2.66%	-44.81%
Max Drawdown (1Y) Largest decline over 1 year	-0.50%	-0.20%	-0.30%
Max Drawdown (3Y) Largest decline over 3 years	-0.91%	-0.49%	-0.42%
Max Drawdown (5Y) Largest decline over 5 years	-3.90%	-1.66%	-2.24%
Max Drawdown (10Y) Largest decline over 10 years	—	-1.69%	—
Current Drawdown Current decline from peak	-40.18%	0.00%	-40.18%
Average Drawdown Average peak-to-trough decline	-44.05%	-0.23%	-43.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.16%	0.03%	+0.13%

Volatility

DMNBX vs. DFSMX - Volatility Comparison

DFA MN Municipal Bond Portfolio (DMNBX) has a higher volatility of 0.19% compared to DFA Short Term Municipal Bond Portfolio (DFSMX) at 0.18%. This indicates that DMNBX's price experiences larger fluctuations and is considered to be riskier than DFSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DMNBX	DFSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.19%	0.18%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	0.59%	0.38%	+0.21%
Volatility (1Y) Calculated over the trailing 1-year period	0.74%	0.61%	+0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.06%	0.79%	+0.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.63%	0.77%	+14.86%

DMNBX vs. DFSMX - Expense Ratio Comparison

DMNBX has a 0.32% expense ratio, which is higher than DFSMX's 0.20% expense ratio.

Dividends

DMNBX vs. DFSMX - Dividend Comparison

DMNBX's dividend yield for the trailing twelve months is around 2.35%, which matches DFSMX's 2.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFSMX DFA Short Term Municipal Bond Portfolio	2.35%	2.08%	2.80%	1.94%	0.63%	0.19%	0.83%	1.22%	1.11%	0.95%	0.94%	0.95%
DMNBX DFA MN Municipal Bond Portfolio	2.35%	2.06%	2.10%	1.48%	0.89%	0.79%	1.60%	1.14%	1.10%	0.34%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DMNBX and DFSMX in my portfolio?

DMNBX and DFSMX have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DMNBX or DFSMX?

DMNBX has higher volatility (0.19%) compared to DFSMX (0.18%). In terms of maximum drawdown, DMNBX dropped -47.47% vs DFSMX's -2.66%.

Which has better risk-adjusted returns?

DFSMX currently has the higher Sharpe Ratio (4.16 vs 3.24), 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.