DMNBX vs. LSMSX

Last updated Jun 5, 2026

DMNBX (DFA MN Municipal Bond Portfolio) and LSMSX (Western Asset SMASh Series TF Fund) are both Municipal Bonds funds. Over the past 5 years, DMNBX returned 1.16%/yr vs 1.17%/yr for LSMSX. A 0.50 correlation means they provide meaningful diversification when combined. DMNBX charges 0.32%/yr vs 0.01%/yr for LSMSX.

Performance

DMNBX vs. LSMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA MN Municipal Bond Portfolio (DMNBX) and Western Asset SMASh Series TF Fund (LSMSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DMNBX achieves a 0.79% return, which is significantly lower than LSMSX's 2.18% return.

DMNBX

• 1D: 0.00%
• 1M: 0.29%
• YTD: 0.79%
• 6M: 0.99%
• 1Y: 2.38%
• 3Y*: 2.55%
• 5Y*: 1.16%
• 10Y*: —

LSMSX

• 1D: 0.00%
• 1M: 0.97%
• YTD: 2.18%
• 6M: 2.48%
• 1Y: 8.19%
• 3Y*: 4.03%
• 5Y*: 1.17%
• 10Y*: —

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

DMNBX vs. LSMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DMNBX DFA MN Municipal Bond Portfolio	0.79%	2.50%	2.23%	2.65%	-2.03%	-0.31%	2.01%	3.30%	0.81%	-46.67%
LSMSX Western Asset SMASh Series TF Fund	2.18%	3.22%	2.22%	7.96%	-10.03%	4.11%	4.48%	8.16%	0.46%	2.62%

Correlation

The correlation between DMNBX and LSMSX is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (All Time) Calculated using the full available price history since Jul 11, 2017	0.50

Over the past year, the correlation between DMNBX and LSMSX has dropped to 0.30 - well below their long-term average of 0.50, suggesting their price drivers have been diverging.

Return for Risk

DMNBX vs. LSMSX — 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: 95
DMNBX Sortino Ratio Rank: 97
DMNBX Omega Ratio Rank: 99
DMNBX Calmar Ratio Rank: 92
DMNBX Martin Ratio Rank: 87

LSMSX

LSMSX Risk / Return Rank: 78
LSMSX Sharpe Ratio Rank: 90
LSMSX Sortino Ratio Rank: 93
LSMSX Omega Ratio Rank: 94
LSMSX Calmar Ratio Rank: 64
LSMSX Martin Ratio Rank: 50

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. LSMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA MN Municipal Bond Portfolio (DMNBX) and Western Asset SMASh Series TF Fund (LSMSX). 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.

	DMNBX	LSMSX	Difference
Sharpe ratio: Return per unit of total volatility	3.36	2.99	+0.37
Sortino ratio: Return per unit of downside risk	5.99	4.68	+1.30
Omega ratio: Gain probability vs. loss probability	2.55	1.74	+0.81
Calmar ratio: Return relative to maximum drawdown	4.93	3.04	+1.90
Martin ratio: Return relative to average drawdown	15.92	10.21	+5.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DMNBX vs. LSMSX - Sharpe Ratio Comparison

The current DMNBX Sharpe Ratio is 3.36, which is comparable to the LSMSX Sharpe Ratio of 2.99. The chart below compares the historical Sharpe Ratios of DMNBX and LSMSX, 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

	DMNBX	LSMSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.36	2.99	+0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.09	0.26	+0.83
Sharpe Ratio (All Time) Calculated using the full available price history	-0.36	0.63	-0.99

Drawdowns

DMNBX vs. LSMSX - Drawdown Comparison

The maximum DMNBX drawdown since its inception was -47.47%, which is greater than LSMSX's maximum drawdown of -15.00%. Use the drawdown chart below to compare losses from any high point for DMNBX and LSMSX.

Drawdown Indicators

	DMNBX	LSMSX	Difference
Max Drawdown Largest peak-to-trough decline	-47.47%	-15.00%	-32.47%
Max Drawdown (1Y) Largest decline over 1 year	-0.50%	-2.82%	+2.32%
Max Drawdown (3Y) Largest decline over 3 years	-0.91%	-7.49%	+6.58%
Max Drawdown (5Y) Largest decline over 5 years	-3.90%	-15.00%	+11.10%
Current Drawdown Current decline from peak	-40.25%	-0.23%	-40.02%
Average Drawdown Average peak-to-trough decline	-44.09%	-2.85%	-41.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.16%	0.84%	-0.68%

Volatility

DMNBX vs. LSMSX - Volatility Comparison

The current volatility for DFA MN Municipal Bond Portfolio (DMNBX) is 0.22%, while Western Asset SMASh Series TF Fund (LSMSX) has a volatility of 1.19%. This indicates that DMNBX experiences smaller price fluctuations and is considered to be less risky than LSMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DMNBX	LSMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.22%	1.19%	-0.97%
Volatility (6M) Calculated over the trailing 6-month period	0.59%	2.06%	-1.47%
Volatility (1Y) Calculated over the trailing 1-year period	0.74%	2.87%	-2.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.06%	4.49%	-3.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.67%	4.51%	+11.16%

DMNBX vs. LSMSX - Expense Ratio Comparison

DMNBX has a 0.32% expense ratio, which is higher than LSMSX's 0.01% expense ratio.

Dividends

DMNBX vs. LSMSX - Dividend Comparison

DMNBX's dividend yield for the trailing twelve months is around 2.35%, less than LSMSX's 3.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
LSMSX Western Asset SMASh Series TF Fund	3.86%	3.83%	4.30%	3.37%	2.38%	2.73%	2.33%	2.55%	2.34%	0.90%

Frequently Asked Questions

Can I hold both DMNBX and LSMSX in my portfolio?

DMNBX and LSMSX have a correlation of 0.30, 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 LSMSX?

LSMSX has higher volatility (1.19%) compared to DMNBX (0.22%). In terms of maximum drawdown, DMNBX dropped -47.47% vs LSMSX's -15.00%.

Which has better risk-adjusted returns?

DMNBX currently has the higher Sharpe Ratio (3.36 vs 2.99), 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.