DMREX vs. DFSVX

Last updated Jun 24, 2026

DMREX (DFA Municipal Real Return Portfolio) and DFSVX (DFA U.S. Small Cap Value Portfolio I) are both mutual funds - DMREX is a Municipal Bonds fund managed by Dimensional, while DFSVX is a Small Cap Value Equities fund actively managed by Dimensional. Over the past 10 years, DMREX returned 2.79%/yr vs 11.91%/yr for DFSVX. At a 0.20 correlation, their price movements are largely independent. DMREX charges 0.24%/yr vs 0.30%/yr for DFSVX.

Performance

DMREX vs. DFSVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Municipal Real Return Portfolio (DMREX) 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, DMREX achieves a 2.05% return, which is significantly lower than DFSVX's 16.82% return. Over the past 10 years, DMREX has underperformed DFSVX with an annualized return of 2.79%, while DFSVX has yielded a comparatively higher 11.91% annualized return.

DMREX

• 1D: 0.00%
• 1M: 0.10%
• YTD: 2.05%
• 6M: 2.14%
• 1Y: 3.21%
• 3Y*: 3.21%
• 5Y*: 2.53%
• 10Y*: 2.79%

DFSVX

• 1D: 0.22%
• 1M: 2.14%
• YTD: 16.82%
• 6M: 15.24%
• 1Y: 33.31%
• 3Y*: 18.13%
• 5Y*: 11.12%
• 10Y*: 11.91%

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

DMREX vs. DFSVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DMREX DFA Municipal Real Return Portfolio	2.05%	2.77%	3.10%	2.56%	-1.42%	6.75%	4.11%	6.64%	-0.51%	2.57%
DFSVX DFA U.S. Small Cap Value Portfolio I	16.82%	8.37%	9.58%	19.02%	-3.57%	39.97%	2.24%	18.15%	-15.13%	6.82%

Correlation

The correlation between DMREX and DFSVX is 0.01, 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	0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (10Y) Calculated over the trailing 10-year period	0.20
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.20

The correlation between DMREX and DFSVX shifts across timeframes, from 0.01 (1 year) to 0.20 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

DMREX vs. DFSVX — Risk / Return Rank

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

DMREX

DMREX Risk / Return Rank: 94
DMREX Sharpe Ratio Rank: 96
DMREX Sortino Ratio Rank: 97
DMREX Omega Ratio Rank: 97
DMREX Calmar Ratio Rank: 97
DMREX Martin Ratio Rank: 84

DFSVX

DFSVX Risk / Return Rank: 61
DFSVX Sharpe Ratio Rank: 53
DFSVX Sortino Ratio Rank: 57
DFSVX Omega Ratio Rank: 49
DFSVX Calmar Ratio Rank: 83
DFSVX Martin Ratio Rank: 63

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.

DMREX vs. DFSVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Municipal Real Return Portfolio (DMREX) 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.

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.

	DMREX	DFSVX	Difference
Sharpe ratio: Return per unit of total volatility	3.26	1.99	+1.27
Sortino ratio: Return per unit of downside risk	5.48	2.90	+2.58
Omega ratio: Gain probability vs. loss probability	1.95	1.35	+0.60
Calmar ratio: Return relative to maximum drawdown	6.34	3.65	+2.70
Martin ratio: Return relative to average drawdown	14.56	11.64	+2.92

DMREX vs. DFSVX - Sharpe Ratio Comparison

The current DMREX Sharpe Ratio is 3.26, which is higher than the DFSVX Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of DMREX 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.

Drawdowns

DMREX vs. DFSVX - Drawdown Comparison

The maximum DMREX drawdown since its inception was -13.22%, smaller than the maximum DFSVX drawdown of -66.70%. Use the drawdown chart below to compare losses from any high point for DMREX and DFSVX.

Drawdown Indicators

	DMREX	DFSVX	Difference
Max Drawdown Largest peak-to-trough decline	-13.22%	-66.70%	+53.48%
Max Drawdown (1Y) Largest decline over 1 year	-0.51%	-9.59%	+9.08%
Max Drawdown (3Y) Largest decline over 3 years	-2.48%	-27.69%	+25.21%
Max Drawdown (5Y) Largest decline over 5 years	-5.33%	-27.69%	+22.36%
Max Drawdown (10Y) Largest decline over 10 years	-13.22%	-52.12%	+38.90%
Current Drawdown Current decline from peak	-0.28%	-1.86%	+1.58%
Average Drawdown Average peak-to-trough decline	-0.87%	-9.46%	+8.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.22%	2.99%	-2.77%

Volatility

DMREX vs. DFSVX - Volatility Comparison

The current volatility for DFA Municipal Real Return Portfolio (DMREX) is 0.27%, while DFA U.S. Small Cap Value Portfolio I (DFSVX) has a volatility of 4.09%. This indicates that DMREX 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

	DMREX	DFSVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.27%	4.09%	-3.82%
Volatility (6M) Calculated over the trailing 6-month period	0.77%	11.40%	-10.63%
Volatility (1Y) Calculated over the trailing 1-year period	0.99%	17.58%	-16.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.45%	21.41%	-18.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.14%	23.90%	-20.76%

DMREX vs. DFSVX - Expense Ratio Comparison

DMREX has a 0.24% expense ratio, which is lower than DFSVX's 0.30% expense ratio.

Dividends

DMREX vs. DFSVX - Dividend Comparison

DMREX's dividend yield for the trailing twelve months is around 3.25%, more than DFSVX's 1.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFSVX DFA U.S. Small Cap Value Portfolio I	1.49%	1.69%	1.47%	3.67%	6.77%	10.40%	1.96%	2.83%	7.54%	5.18%	4.18%	5.29%
DMREX DFA Municipal Real Return Portfolio	3.25%	2.95%	3.55%	1.96%	1.16%	0.98%	1.44%	2.26%	1.54%	1.32%	1.15%	1.09%

Frequently Asked Questions

Can I hold both DMREX and DFSVX in my portfolio?

DMREX and DFSVX have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DMREX or DFSVX?

DFSVX has higher volatility (4.09%) compared to DMREX (0.27%). In terms of maximum drawdown, DMREX dropped -13.22% vs DFSVX's -66.70%.

Which has better risk-adjusted returns?

DMREX currently has the higher Sharpe Ratio (3.26 vs 1.99), 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.