DUSB vs. DFNM

Last updated Jun 23, 2026

DUSB (Dimensional Ultrashort Fixed Income ETF) and DFNM (Dimensional National Municipal Bond ETF) are both exchange-traded funds - DUSB is a Ultrashort Bond fund actively managed by Dimensional, while DFNM is a Municipal Bonds fund actively managed by Dimensional. Both are actively managed. Over the past year, DUSB returned 4.18% vs 5.19% for DFNM. At a 0.07 correlation, their price movements are largely independent. DUSB charges 0.15%/yr vs 0.17%/yr for DFNM.

Performance

DUSB vs. DFNM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional Ultrashort Fixed Income ETF (DUSB) and Dimensional National Municipal Bond ETF (DFNM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DUSB achieves a 1.78% return, which is significantly higher than DFNM's 1.44% return.

DUSB

• 1D: 0.04%
• 1M: 0.18%
• YTD: 1.78%
• 6M: 1.84%
• 1Y: 4.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DFNM

• 1D: -0.01%
• 1M: 0.92%
• YTD: 1.44%
• 6M: 1.52%
• 1Y: 5.19%
• 3Y*: 3.20%
• 5Y*: —
• 10Y*: —

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

DUSB vs. DFNM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DUSB Dimensional Ultrashort Fixed Income ETF	1.78%	4.53%	5.60%	1.79%
DFNM Dimensional National Municipal Bond ETF	1.44%	3.87%	1.19%	5.03%

Correlation

The correlation between DUSB and DFNM is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (All Time) Calculated using the full available price history since Sep 27, 2023	0.07

Return for Risk

DUSB vs. DFNM — Risk / Return Rank

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

DUSB

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

DFNM

DFNM Risk / Return Rank: 80
DFNM Sharpe Ratio Rank: 91
DFNM Sortino Ratio Rank: 93
DFNM Omega Ratio Rank: 95
DFNM Calmar Ratio Rank: 59
DFNM Martin Ratio Rank: 59

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.

DUSB vs. DFNM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Ultrashort Fixed Income ETF (DUSB) and Dimensional National Municipal Bond ETF (DFNM). 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.

	DUSB	DFNM	Difference
Sharpe ratio: Return per unit of total volatility	9.36	3.04	+6.33
Sortino ratio: Return per unit of downside risk	21.28	4.39	+16.89
Omega ratio: Gain probability vs. loss probability	4.58	1.70	+2.88
Calmar ratio: Return relative to maximum drawdown	42.69	2.84	+39.86
Martin ratio: Return relative to average drawdown	253.29	10.19	+243.10

DUSB vs. DFNM - Sharpe Ratio Comparison

The current DUSB Sharpe Ratio is 9.36, which is higher than the DFNM Sharpe Ratio of 3.04. The chart below compares the historical Sharpe Ratios of DUSB and DFNM, 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

DUSB vs. DFNM - Drawdown Comparison

The maximum DUSB drawdown since its inception was -0.29%, smaller than the maximum DFNM drawdown of -6.99%. Use the drawdown chart below to compare losses from any high point for DUSB and DFNM.

Drawdown Indicators

	DUSB	DFNM	Difference
Max Drawdown Largest peak-to-trough decline	-0.29%	-6.99%	+6.70%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-1.84%	+1.74%
Max Drawdown (3Y) Largest decline over 3 years	—	-2.82%	—
Current Drawdown Current decline from peak	-0.06%	-0.22%	+0.16%
Average Drawdown Average peak-to-trough decline	-0.01%	-1.94%	+1.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.02%	0.51%	-0.49%

Volatility

DUSB vs. DFNM - Volatility Comparison

The current volatility for Dimensional Ultrashort Fixed Income ETF (DUSB) is 0.19%, while Dimensional National Municipal Bond ETF (DFNM) has a volatility of 0.38%. This indicates that DUSB experiences smaller price fluctuations and is considered to be less risky than DFNM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DUSB	DFNM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.19%	0.38%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	0.33%	1.29%	-0.96%
Volatility (1Y) Calculated over the trailing 1-year period	0.45%	1.72%	-1.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.52%	2.53%	-2.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.52%	2.53%	-2.01%

DUSB vs. DFNM - Expense Ratio Comparison

DUSB has a 0.15% expense ratio, which is lower than DFNM's 0.17% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

DUSB vs. DFNM - Dividend Comparison

DUSB's dividend yield for the trailing twelve months is around 4.05%, more than DFNM's 2.89% yield.

Position	TTM	2025	2024	2023	2022	2021
DFNM Dimensional National Municipal Bond ETF	2.89%	2.94%	2.74%	2.39%	1.16%	0.05%
DUSB Dimensional Ultrashort Fixed Income ETF	4.05%	4.32%	4.92%	1.23%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DUSB and DFNM in my portfolio?

DUSB and DFNM have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DUSB or DFNM?

DFNM has higher volatility (0.38%) compared to DUSB (0.19%). In terms of maximum drawdown, DUSB dropped -0.29% vs DFNM's -6.99%.

Which ETF is better, DUSB or DFNM?

On 1-year performance, DFNM leads with 5.19% vs 4.18% for DUSB. On fees, DUSB is cheaper at 0.15% per year. On volatility, DUSB has been the lower-risk option at 0.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DUSB or DFNM?

Over the 1-year period, DFNM has performed better with a 5.19% return vs 4.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DUSB or DFNM?

DUSB is cheaper with a 0.15% expense ratio, compared with 0.17% for DFNM.

Which ETF pays a higher dividend yield, DUSB or DFNM?

DUSB has the higher dividend yield at 4.05%, compared with 2.89% for DFNM.

What is the main difference between DUSB and DFNM?

DUSB is categorized as Ultrashort Bond, while DFNM is Municipal Bonds. Their fees differ too: 0.15% for DUSB and 0.17% for DFNM.

Which has better risk-adjusted returns?

DUSB currently has the higher Sharpe Ratio (9.36 vs 3.04), 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.