DMREX vs. LSMSX
Compare and contrast key facts about DFA Municipal Real Return Portfolio (DMREX) and Western Asset SMASh Series TF Fund (LSMSX).
DMREX is managed by Dimensional. It was launched on Nov 3, 2014. LSMSX is managed by Franklin Templeton. It was launched on Dec 22, 2015.
Performance
DMREX vs. LSMSX - Performance Comparison
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DMREX vs. LSMSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DMREX DFA Municipal Real Return Portfolio | 1.10% | 2.77% | 3.10% | 2.56% | -1.42% | 6.75% | 4.11% | 6.64% | -0.51% | 1.50% |
LSMSX Western Asset SMASh Series TF Fund | -0.27% | 3.22% | 2.22% | 7.96% | -10.03% | 4.11% | 4.48% | 8.16% | 0.46% | 4.92% |
Returns By Period
In the year-to-date period, DMREX achieves a 1.10% return, which is significantly higher than LSMSX's -0.27% return.
DMREX
- 1D
- -0.04%
- 1M
- 0.42%
- YTD
- 1.10%
- 6M
- 1.08%
- 1Y
- 2.58%
- 3Y*
- 2.54%
- 5Y*
- 2.70%
- 10Y*
- 2.77%
LSMSX
- 1D
- 0.21%
- 1M
- -2.62%
- YTD
- -0.27%
- 6M
- 1.22%
- 1Y
- 3.63%
- 3Y*
- 3.26%
- 5Y*
- 1.12%
- 10Y*
- —
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DMREX vs. LSMSX - Expense Ratio Comparison
DMREX has a 0.24% expense ratio, which is higher than LSMSX's 0.01% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Return for Risk
DMREX vs. LSMSX — Risk / Return Rank
DMREX
LSMSX
DMREX vs. LSMSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DFA Municipal Real Return Portfolio (DMREX) 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.
| DMREX | LSMSX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.31 | 0.67 | +1.64 |
Sortino ratioReturn per unit of downside risk | 3.35 | 0.89 | +2.47 |
Omega ratioGain probability vs. loss probability | 1.62 | 1.20 | +0.42 |
Calmar ratioReturn relative to maximum drawdown | 2.90 | 0.71 | +2.20 |
Martin ratioReturn relative to average drawdown | 9.38 | 1.98 | +7.39 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DMREX | LSMSX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.31 | 0.67 | +1.64 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.10 | 0.25 | +0.85 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.88 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.86 | 0.58 | +0.28 |
Correlation
The correlation between DMREX and LSMSX is 0.29, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
DMREX vs. LSMSX - Dividend Comparison
DMREX's dividend yield for the trailing twelve months is around 3.30%, less than LSMSX's 3.97% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DMREX DFA Municipal Real Return Portfolio | 3.30% | 2.95% | 3.55% | 1.96% | 1.16% | 0.98% | 1.44% | 2.26% | 1.54% | 1.32% | 1.15% | 1.09% |
LSMSX Western Asset SMASh Series TF Fund | 3.97% | 3.83% | 4.30% | 3.37% | 2.38% | 2.73% | 2.33% | 2.55% | 2.34% | 0.90% | 0.00% | 0.00% |
Drawdowns
DMREX vs. LSMSX - Drawdown Comparison
The maximum DMREX drawdown since its inception was -13.22%, smaller than the maximum LSMSX drawdown of -15.00%. Use the drawdown chart below to compare losses from any high point for DMREX and LSMSX.
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Drawdown Indicators
| DMREX | LSMSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.22% | -15.00% | +1.78% |
Max Drawdown (1Y)Largest decline over 1 year | -0.92% | -6.21% | +5.29% |
Max Drawdown (5Y)Largest decline over 5 years | -5.33% | -15.00% | +9.67% |
Max Drawdown (10Y)Largest decline over 10 years | -13.22% | — | — |
Current DrawdownCurrent decline from peak | -0.32% | -2.62% | +2.30% |
Average DrawdownAverage peak-to-trough decline | -0.89% | -2.88% | +1.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.29% | 2.21% | -1.92% |
Volatility
DMREX vs. LSMSX - Volatility Comparison
The current volatility for DFA Municipal Real Return Portfolio (DMREX) is 0.49%, while Western Asset SMASh Series TF Fund (LSMSX) has a volatility of 1.10%. This indicates that DMREX 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.
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Volatility by Period
| DMREX | LSMSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.49% | 1.10% | -0.61% |
Volatility (6M)Calculated over the trailing 6-month period | 0.71% | 1.60% | -0.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.17% | 5.78% | -4.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.47% | 4.44% | -1.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.14% | 4.52% | -1.38% |