DNYMX vs. NYF

Last updated Jun 3, 2026

DNYMX (DFA NY Municipal Bond Portfolio) and NYF (iShares New York Muni Bond ETF) are both Municipal Bonds funds. Over the past 10 years, DNYMX returned 1.34%/yr vs 1.81%/yr for NYF. At a 0.36 correlation, their price movements are largely independent. Both charge a 0.25% expense ratio.

Performance

DNYMX vs. NYF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA NY Municipal Bond Portfolio (DNYMX) and iShares New York Muni Bond ETF (NYF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DNYMX achieves a 0.98% return, which is significantly lower than NYF's 1.55% return. Over the past 10 years, DNYMX has underperformed NYF with an annualized return of 1.34%, while NYF has yielded a comparatively higher 1.81% annualized return.

DNYMX

• 1D: 0.00%
• 1M: 0.20%
• YTD: 0.98%
• 6M: 1.21%
• 1Y: 2.99%
• 3Y*: 2.82%
• 5Y*: 1.59%
• 10Y*: 1.34%

NYF

• 1D: 0.15%
• 1M: 0.57%
• YTD: 1.55%
• 6M: 2.00%
• 1Y: 6.85%
• 3Y*: 3.37%
• 5Y*: 0.85%
• 10Y*: 1.81%

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

DNYMX vs. NYF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DNYMX DFA NY Municipal Bond Portfolio	0.98%	2.69%	2.87%	2.76%	-1.17%	-0.10%	1.26%	2.42%	1.02%	1.74%
NYF iShares New York Muni Bond ETF	1.55%	3.64%	1.13%	5.76%	-7.75%	1.34%	4.18%	6.49%	0.66%	5.02%

Correlation

The correlation between DNYMX and NYF is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.36

Over the past year, the correlation between DNYMX and NYF has dropped to 0.15 - well below their long-term average of 0.36, suggesting their price drivers have been diverging.

Return for Risk

DNYMX vs. NYF — Risk / Return Rank

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

DNYMX

DNYMX Risk / Return Rank: 99
DNYMX Sharpe Ratio Rank: 99
DNYMX Sortino Ratio Rank: 99
DNYMX Omega Ratio Rank: 99
DNYMX Calmar Ratio Rank: 99
DNYMX Martin Ratio Rank: 99

NYF

NYF Risk / Return Rank: 67
NYF Sharpe Ratio Rank: 75
NYF Sortino Ratio Rank: 78
NYF Omega Ratio Rank: 86
NYF Calmar Ratio Rank: 48
NYF 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.

DNYMX vs. NYF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA NY Municipal Bond Portfolio (DNYMX) and iShares New York Muni Bond ETF (NYF). 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.

	DNYMX	NYF	Difference
Sharpe ratio Return per unit of total volatility	4.63	2.47	+2.16
Sortino ratio Return per unit of downside risk	10.39	3.54	+6.86
Omega ratio Gain probability vs. loss probability	4.18	1.54	+2.64
Calmar ratio Return relative to maximum drawdown	12.63	2.42	+10.21
Martin ratio Return relative to average drawdown	56.98	8.71	+48.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DNYMX vs. NYF - Sharpe Ratio Comparison

The current DNYMX Sharpe Ratio is 4.63, which is higher than the NYF Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of DNYMX and NYF, 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

	DNYMX	NYF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.63	2.47	+2.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.82	0.21	+1.60
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.28	0.41	+0.88
Sharpe Ratio (All Time) Calculated using the full available price history	1.33	0.47	+0.86

Drawdowns

DNYMX vs. NYF - Drawdown Comparison

The maximum DNYMX drawdown since its inception was -3.19%, smaller than the maximum NYF drawdown of -13.12%. Use the drawdown chart below to compare losses from any high point for DNYMX and NYF.

Drawdown Indicators

	DNYMX	NYF	Difference
Max Drawdown Largest peak-to-trough decline	-3.19%	-13.12%	+9.93%
Max Drawdown (1Y) Largest decline over 1 year	-0.24%	-2.76%	+2.52%
Max Drawdown (3Y) Largest decline over 3 years	-0.98%	-5.68%	+4.70%
Max Drawdown (5Y) Largest decline over 5 years	-2.53%	-12.71%	+10.18%
Max Drawdown (10Y) Largest decline over 10 years	-3.19%	-13.12%	+9.93%
Current Drawdown Current decline from peak	0.00%	-0.52%	+0.52%
Average Drawdown Average peak-to-trough decline	-0.42%	-2.31%	+1.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.05%	0.77%	-0.72%

Volatility

DNYMX vs. NYF - Volatility Comparison

The current volatility for DFA NY Municipal Bond Portfolio (DNYMX) is 0.22%, while iShares New York Muni Bond ETF (NYF) has a volatility of 0.95%. This indicates that DNYMX experiences smaller price fluctuations and is considered to be less risky than NYF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DNYMX	NYF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.22%	0.95%	-0.73%
Volatility (6M) Calculated over the trailing 6-month period	0.49%	2.08%	-1.59%
Volatility (1Y) Calculated over the trailing 1-year period	0.65%	2.79%	-2.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.88%	4.00%	-3.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.05%	4.48%	-3.43%

DNYMX vs. NYF - Expense Ratio Comparison

Both DNYMX and NYF have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

DNYMX vs. NYF - Dividend Comparison

DNYMX's dividend yield for the trailing twelve months is around 2.65%, less than NYF's 3.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DNYMX DFA NY Municipal Bond Portfolio	2.65%	2.36%	2.73%	1.92%	0.70%	0.59%	1.06%	1.31%	1.21%	1.04%	1.08%	0.00%
NYF iShares New York Muni Bond ETF	3.09%	2.99%	2.77%	2.36%	2.04%	1.85%	1.98%	2.19%	2.48%	2.46%	2.43%	2.60%

Frequently Asked Questions

Can I hold both DNYMX and NYF in my portfolio?

DNYMX and NYF have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DNYMX or NYF?

NYF has higher volatility (0.95%) compared to DNYMX (0.22%). In terms of maximum drawdown, DNYMX dropped -3.19% vs NYF's -13.12%.

Which has better risk-adjusted returns?

DNYMX currently has the higher Sharpe Ratio (4.63 vs 2.47), 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.