DMREX vs. SCHP
DMREX (DFA Municipal Real Return Portfolio) and SCHP (Schwab U.S. TIPS ETF) are both funds - DMREX is a Municipal Bonds fund managed by Dimensional, while SCHP is a Inflation-Protected Bonds fund tracking the Bloomberg US Treasury Inflation-Linked Bond Index (Series-L). Over the past 10 years, DMREX returned 2.82%/yr vs 2.52%/yr for SCHP. At a 0.29 correlation, their price movements are largely independent. DMREX charges 0.24%/yr vs 0.03%/yr for SCHP.
Performance
DMREX vs. SCHP - 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 SCHP's 0.81% return. Over the past 10 years, DMREX has outperformed SCHP with an annualized return of 2.82%, while SCHP has yielded a comparatively lower 2.52% annualized return.
DMREX
- 1D
- 0.00%
- 1M
- 0.10%
- YTD
- 2.05%
- 6M
- 2.14%
- 1Y
- 3.21%
- 3Y*
- 3.24%
- 5Y*
- 2.59%
- 10Y*
- 2.82%
SCHP
- 1D
- -0.42%
- 1M
- -0.18%
- YTD
- 0.81%
- 6M
- 0.92%
- 1Y
- 3.57%
- 3Y*
- 3.67%
- 5Y*
- 0.94%
- 10Y*
- 2.52%
DMREX vs. SCHP - 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% |
SCHP Schwab U.S. TIPS ETF | 0.81% | 6.76% | 1.95% | 3.91% | -12.02% | 5.87% | 10.86% | 8.52% | -1.78% | 3.02% |
Correlation
The correlation between DMREX and SCHP is 0.09, 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 | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015 | 0.29 |
The correlation between DMREX and SCHP shifts across timeframes, from 0.09 (1 year) to 0.29 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DMREX vs. SCHP — Risk / Return Rank
DMREX
SCHP
DMREX vs. SCHP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DFA Municipal Real Return Portfolio (DMREX) and Schwab U.S. TIPS ETF (SCHP). 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 | SCHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.19 | ||
| Sortino ratioReturn per unit of downside risk | +3.90 | ||
| Omega ratioGain probability vs. loss probability | 1.95 | 1.19 | +0.76 |
| Calmar ratioReturn relative to maximum drawdown | 6.34 | 1.86 | +4.48 |
| Martin ratioReturn relative to average drawdown | 14.61 | 5.54 | +9.07 |
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Drawdowns
DMREX vs. SCHP - Drawdown Comparison
The maximum DMREX drawdown since its inception was -13.22%, smaller than the maximum SCHP drawdown of -14.26%. Use the drawdown chart below to compare losses from any high point for DMREX and SCHP.
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Drawdown Indicators
| DMREX | SCHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.22% | -14.26% | +1.04% |
Max Drawdown (1Y)Largest decline over 1 year | -0.51% | -1.93% | +1.42% |
Max Drawdown (3Y)Largest decline over 3 years | -2.48% | -4.48% | +2.00% |
Max Drawdown (5Y)Largest decline over 5 years | -5.33% | -14.26% | +8.93% |
Max Drawdown (10Y)Largest decline over 10 years | -13.22% | -14.26% | +1.04% |
Current DrawdownCurrent decline from peak | -0.28% | -1.04% | +0.76% |
Average DrawdownAverage peak-to-trough decline | -0.88% | -3.93% | +3.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.22% | 0.65% | -0.43% |
Volatility
DMREX vs. SCHP - Volatility Comparison
The current volatility for DFA Municipal Real Return Portfolio (DMREX) is 0.27%, while Schwab U.S. TIPS ETF (SCHP) has a volatility of 1.20%. This indicates that DMREX experiences smaller price fluctuations and is considered to be less risky than SCHP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DMREX | SCHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.27% | 1.20% | -0.93% |
Volatility (6M)Calculated over the trailing 6-month period | 0.78% | 2.39% | -1.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.00% | 3.35% | -2.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.45% | 6.11% | -3.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.14% | 5.60% | -2.46% |
DMREX vs. SCHP - Expense Ratio Comparison
DMREX has a 0.24% expense ratio, which is higher than SCHP's 0.03% 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%.
Dividends
DMREX vs. SCHP - Dividend Comparison
DMREX's dividend yield for the trailing twelve months is around 3.25%, less than SCHP's 4.02% 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% |
SCHP Schwab U.S. TIPS ETF | 4.02% | 4.06% | 2.99% | 3.02% | 7.19% | 4.39% | 1.11% | 2.02% | 2.26% | 1.90% | 1.38% | 0.28% |
Frequently Asked Questions
DMREX and SCHP have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCHP has higher volatility (1.20%) compared to DMREX (0.27%). In terms of maximum drawdown, DMREX dropped -13.22% vs SCHP's -14.26%.
DMREX currently has the higher Sharpe Ratio (3.26 vs 1.07), 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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