DSSMX vs. BATVX

Last updated Jun 23, 2026

DSSMX (DFA Selective State Municipal Bond Portfolio) and BATVX (BlackRock Allocation Target Shares) are both Municipal Bonds funds. Over the past 5 years, DSSMX returned 0.68%/yr vs 1.51%/yr for BATVX. At a 0.03 correlation, their price movements are largely independent. DSSMX charges 0.23%/yr vs 0.00%/yr for BATVX.

Performance

DSSMX vs. BATVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Selective State Municipal Bond Portfolio (DSSMX) and BlackRock Allocation Target Shares (BATVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DSSMX achieves a 1.48% return, which is significantly higher than BATVX's 0.97% return.

DSSMX

• 1D: 0.10%
• 1M: 0.86%
• YTD: 1.48%
• 6M: 1.59%
• 1Y: 5.05%
• 3Y*: 3.11%
• 5Y*: 0.68%
• 10Y*: —

BATVX

• 1D: 0.00%
• 1M: 0.20%
• YTD: 0.97%
• 6M: 1.22%
• 1Y: 2.58%
• 3Y*: 2.47%
• 5Y*: 1.51%
• 10Y*: —

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

DSSMX vs. BATVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DSSMX DFA Selective State Municipal Bond Portfolio	1.48%	3.40%	2.08%	3.47%	-6.72%	0.29%
BATVX BlackRock Allocation Target Shares	0.97%	2.80%	2.48%	1.41%	-0.10%	0.00%

Correlation

The correlation between DSSMX and BATVX 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	0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (All Time) Calculated using the full available price history since May 25, 2021	0.03

Return for Risk

DSSMX vs. BATVX — Risk / Return Rank

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

DSSMX

DSSMX Risk / Return Rank: 88
DSSMX Sharpe Ratio Rank: 98
DSSMX Sortino Ratio Rank: 98
DSSMX Omega Ratio Rank: 98
DSSMX Calmar Ratio Rank: 76
DSSMX Martin Ratio Rank: 69

BATVX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

DSSMX vs. BATVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Selective State Municipal Bond Portfolio (DSSMX) and BlackRock Allocation Target Shares (BATVX). 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.

	DSSMX	BATVX	Difference
Sharpe ratio: Return per unit of total volatility	3.49	3.57	-0.08
Sortino ratio: Return per unit of downside risk	5.85	—	—
Omega ratio: Gain probability vs. loss probability	2.13	—	—
Calmar ratio: Return relative to maximum drawdown	3.26	—	—
Martin ratio: Return relative to average drawdown	12.50	—	—

DSSMX vs. BATVX - Sharpe Ratio Comparison

The current DSSMX Sharpe Ratio is 3.49, which is comparable to the BATVX Sharpe Ratio of 3.57. The chart below compares the historical Sharpe Ratios of DSSMX and BATVX, 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

DSSMX vs. BATVX - Drawdown Comparison

The maximum DSSMX drawdown since its inception was -10.89%, which is greater than BATVX's maximum drawdown of -0.20%. Use the drawdown chart below to compare losses from any high point for DSSMX and BATVX.

Drawdown Indicators

	DSSMX	BATVX	Difference
Max Drawdown Largest peak-to-trough decline	-10.89%	-0.20%	-10.69%
Max Drawdown (1Y) Largest decline over 1 year	-1.56%	0.00%	-1.56%
Max Drawdown (3Y) Largest decline over 3 years	-3.57%	-0.10%	-3.47%
Max Drawdown (5Y) Largest decline over 5 years	-10.89%	-0.20%	-10.69%
Current Drawdown Current decline from peak	-0.01%	0.00%	-0.01%
Average Drawdown Average peak-to-trough decline	-3.24%	-0.03%	-3.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.41%	0.00%	+0.41%

Volatility

DSSMX vs. BATVX - Volatility Comparison

DFA Selective State Municipal Bond Portfolio (DSSMX) has a higher volatility of 0.36% compared to BlackRock Allocation Target Shares (BATVX) at 0.20%. This indicates that DSSMX's price experiences larger fluctuations and is considered to be riskier than BATVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DSSMX	BATVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.36%	0.20%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	1.10%	0.49%	+0.61%
Volatility (1Y) Calculated over the trailing 1-year period	1.46%	0.73%	+0.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.43%	0.64%	+1.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.33%	0.63%	+1.70%

DSSMX vs. BATVX - Expense Ratio Comparison

DSSMX has a 0.23% expense ratio, which is higher than BATVX's 0.00% 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

DSSMX vs. BATVX - Dividend Comparison

DSSMX's dividend yield for the trailing twelve months is around 2.79%, more than BATVX's 2.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
BATVX BlackRock Allocation Target Shares	2.55%	2.76%	2.44%	1.40%	0.00%	0.00%	0.00%
DSSMX DFA Selective State Municipal Bond Portfolio	2.79%	2.37%	2.39%	1.47%	0.92%	0.60%	0.03%

Frequently Asked Questions

Can I hold both DSSMX and BATVX in my portfolio?

DSSMX and BATVX 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.

Which is riskier, DSSMX or BATVX?

DSSMX has higher volatility (0.36%) compared to BATVX (0.20%). In terms of maximum drawdown, DSSMX dropped -10.89% vs BATVX's -0.20%.

Which has better risk-adjusted returns?

BATVX currently has the higher Sharpe Ratio (3.57 vs 3.49), 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.