DSSMX vs. MUB
DSSMX (DFA Selective State Municipal Bond Portfolio) and MUB (iShares National AMT-Free Muni Bond ETF) are both Municipal Bonds funds. Over the past 5 years, DSSMX returned 0.72%/yr vs 0.93%/yr for MUB. A 0.64 correlation means they provide meaningful diversification when combined. DSSMX charges 0.23%/yr vs 0.07%/yr for MUB.
Performance
DSSMX vs. MUB - Performance Comparison
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Returns By Period
In the year-to-date period, DSSMX achieves a 1.62% return, which is significantly lower than MUB's 1.82% return.
DSSMX
- 1D
- 0.00%
- 1M
- 0.45%
- YTD
- 1.62%
- 6M
- 1.62%
- 1Y
- 4.75%
- 3Y*
- 3.11%
- 5Y*
- 0.72%
- 10Y*
- —
MUB
- 1D
- 0.01%
- 1M
- 0.64%
- YTD
- 1.82%
- 6M
- 1.82%
- 1Y
- 6.26%
- 3Y*
- 3.38%
- 5Y*
- 0.93%
- 10Y*
- 1.91%
DSSMX vs. MUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
DSSMX DFA Selective State Municipal Bond Portfolio | 1.62% | 3.40% | 2.08% | 3.47% | -6.72% | 0.10% | 1.03% |
MUB iShares National AMT-Free Muni Bond ETF | 1.82% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 2.14% |
Correlation
The correlation between DSSMX and MUB is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2020 | 0.64 |
The correlation between DSSMX and MUB has been stable across timeframes, ranging from 0.57 to 0.65 - a consistent structural relationship.
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Return for Risk
DSSMX vs. MUB — Risk / Return Rank
DSSMX
MUB
DSSMX vs. MUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DFA Selective State Municipal Bond Portfolio (DSSMX) and iShares National AMT-Free Muni Bond ETF (MUB). 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 | MUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.19 | ||
| Sortino ratioReturn per unit of downside risk | +2.46 | ||
| Omega ratioGain probability vs. loss probability | 2.09 | 1.45 | +0.63 |
| Calmar ratioReturn relative to maximum drawdown | 3.13 | 2.26 | +0.87 |
| Martin ratioReturn relative to average drawdown | 12.02 | 7.84 | +4.18 |
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Drawdowns
DSSMX vs. MUB - Drawdown Comparison
The maximum DSSMX drawdown since its inception was -10.89%, smaller than the maximum MUB drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for DSSMX and MUB.
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Drawdown Indicators
| DSSMX | MUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.89% | -13.68% | +2.79% |
Max Drawdown (1Y)Largest decline over 1 year | -1.56% | -2.79% | +1.23% |
Max Drawdown (3Y)Largest decline over 3 years | -3.57% | -5.34% | +1.77% |
Max Drawdown (5Y)Largest decline over 5 years | -10.89% | -11.88% | +0.99% |
Max Drawdown (10Y)Largest decline over 10 years | — | -13.68% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.13% | +0.13% |
Average DrawdownAverage peak-to-trough decline | -3.23% | -2.22% | -1.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 0.80% | -0.39% |
Volatility
DSSMX vs. MUB - Volatility Comparison
The current volatility for DFA Selective State Municipal Bond Portfolio (DSSMX) is 0.29%, while iShares National AMT-Free Muni Bond ETF (MUB) has a volatility of 0.65%. This indicates that DSSMX experiences smaller price fluctuations and is considered to be less risky than MUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DSSMX | MUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.29% | 0.65% | -0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 1.09% | 2.27% | -1.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.46% | 2.88% | -1.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.43% | 4.07% | -1.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.32% | 4.92% | -2.60% |
DSSMX vs. MUB - Expense Ratio Comparison
DSSMX has a 0.23% expense ratio, which is higher than MUB's 0.07% 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. MUB - Dividend Comparison
DSSMX's dividend yield for the trailing twelve months is around 2.83%, less than MUB's 3.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DSSMX DFA Selective State Municipal Bond Portfolio | 2.83% | 2.37% | 2.39% | 1.47% | 0.92% | 0.60% | 0.03% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MUB iShares National AMT-Free Muni Bond ETF | 3.17% | 3.14% | 3.01% | 2.65% | 2.11% | 1.81% | 2.11% | 2.42% | 2.46% | 2.26% | 2.21% | 2.51% |
Frequently Asked Questions
DSSMX and MUB have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUB has higher volatility (0.65%) compared to DSSMX (0.29%). In terms of maximum drawdown, DSSMX dropped -10.89% vs MUB's -13.68%.
DSSMX currently has the higher Sharpe Ratio (3.37 vs 2.18), 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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