DMREX vs. DUALX
DMREX (DFA Municipal Real Return Portfolio) and DUALX (Dupree Alabama Tax Free Income Series Fund) are both Municipal Bonds funds. Over the past 10 years, DMREX returned 2.79%/yr vs 2.77%/yr for DUALX. At a 0.26 correlation, their price movements are largely independent. DMREX charges 0.24%/yr vs 0.70%/yr for DUALX.
Performance
DMREX vs. DUALX - Performance Comparison
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Returns By Period
In the year-to-date period, DMREX achieves a 2.05% return, which is significantly higher than DUALX's 1.85% return. Both investments have delivered pretty close results over the past 10 years, with DMREX having a 2.79% annualized return and DUALX not far behind at 2.77%.
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%
DUALX
- 1D
- 0.00%
- 1M
- 1.58%
- YTD
- 1.85%
- 6M
- 2.82%
- 1Y
- 8.35%
- 3Y*
- 4.00%
- 5Y*
- 1.41%
- 10Y*
- 2.77%
DMREX vs. DUALX - 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% |
DUALX Dupree Alabama Tax Free Income Series Fund | 1.85% | 4.52% | 1.88% | 5.58% | -7.77% | 2.26% | 6.13% | 8.36% | 2.44% | 5.69% |
Correlation
The correlation between DMREX and DUALX is 0.05, 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 | 0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015 | 0.26 |
Over the past year, the correlation between DMREX and DUALX has dropped to 0.05 - well below their long-term average of 0.26, suggesting their price drivers have been diverging.
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Return for Risk
DMREX vs. DUALX — Risk / Return Rank
DMREX
DUALX
DMREX vs. DUALX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DFA Municipal Real Return Portfolio (DMREX) and Dupree Alabama Tax Free Income Series Fund (DUALX). 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 | DUALX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.81 | ||
| Sortino ratioReturn per unit of downside risk | +1.31 | ||
| Omega ratioGain probability vs. loss probability | 1.95 | 1.78 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 6.34 | 2.71 | +3.63 |
| Martin ratioReturn relative to average drawdown | 14.56 | 10.62 | +3.95 |
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Drawdowns
DMREX vs. DUALX - Drawdown Comparison
The maximum DMREX drawdown since its inception was -13.22%, which is greater than DUALX's maximum drawdown of -12.15%. Use the drawdown chart below to compare losses from any high point for DMREX and DUALX.
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Drawdown Indicators
| DMREX | DUALX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.22% | -12.15% | -1.07% |
Max Drawdown (1Y)Largest decline over 1 year | -0.51% | -3.10% | +2.59% |
Max Drawdown (3Y)Largest decline over 3 years | -2.48% | -7.27% | +4.79% |
Max Drawdown (5Y)Largest decline over 5 years | -5.33% | -12.11% | +6.78% |
Max Drawdown (10Y)Largest decline over 10 years | -13.22% | -12.11% | -1.11% |
Current DrawdownCurrent decline from peak | -0.28% | 0.00% | -0.28% |
Average DrawdownAverage peak-to-trough decline | -0.87% | -1.58% | +0.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.22% | 0.79% | -0.57% |
Volatility
DMREX vs. DUALX - Volatility Comparison
The current volatility for DFA Municipal Real Return Portfolio (DMREX) is 0.27%, while Dupree Alabama Tax Free Income Series Fund (DUALX) has a volatility of 0.68%. This indicates that DMREX experiences smaller price fluctuations and is considered to be less risky than DUALX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DMREX | DUALX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.27% | 0.68% | -0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 0.77% | 2.58% | -1.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.99% | 3.43% | -2.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.45% | 4.88% | -2.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.14% | 4.29% | -1.15% |
DMREX vs. DUALX - Expense Ratio Comparison
DMREX has a 0.24% expense ratio, which is lower than DUALX's 0.70% expense ratio.
Dividends
DMREX vs. DUALX - Dividend Comparison
DMREX's dividend yield for the trailing twelve months is around 3.25%, more than DUALX's 3.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
DUALX Dupree Alabama Tax Free Income Series Fund | 3.04% | 3.79% | 4.33% | 3.08% | 3.49% | 3.09% | 3.24% | 3.75% | 4.87% | 4.44% | 3.13% | 3.20% |
Frequently Asked Questions
DMREX and DUALX have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DUALX has higher volatility (0.68%) compared to DMREX (0.27%). In terms of maximum drawdown, DMREX dropped -13.22% vs DUALX's -12.15%.
DMREX currently has the higher Sharpe Ratio (3.26 vs 2.45), 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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