FKNIX vs. DFSMX

Last updated Jun 5, 2026

FKNIX (Franklin New York Intermediate Tax-Free Income Fund) and DFSMX (DFA Short Term Municipal Bond Portfolio) are both Municipal Bonds funds. Over the past 10 years, FKNIX returned 1.67%/yr vs 1.26%/yr for DFSMX. At a 0.42 correlation, their price movements are largely independent. FKNIX charges 0.70%/yr vs 0.20%/yr for DFSMX.

Performance

FKNIX vs. DFSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin New York Intermediate Tax-Free Income Fund (FKNIX) and DFA Short Term Municipal Bond Portfolio (DFSMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FKNIX achieves a 1.25% return, which is significantly higher than DFSMX's 0.95% return. Over the past 10 years, FKNIX has outperformed DFSMX with an annualized return of 1.67%, while DFSMX has yielded a comparatively lower 1.26% annualized return.

FKNIX

• 1D: 0.00%
• 1M: 0.52%
• YTD: 1.25%
• 6M: 1.69%
• 1Y: 5.95%
• 3Y*: 3.83%
• 5Y*: 0.97%
• 10Y*: 1.67%

DFSMX

• 1D: 0.00%
• 1M: 0.20%
• YTD: 0.95%
• 6M: 1.17%
• 1Y: 2.38%
• 3Y*: 2.71%
• 5Y*: 1.70%
• 10Y*: 1.26%

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

FKNIX vs. DFSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FKNIX Franklin New York Intermediate Tax-Free Income Fund	1.25%	5.32%	1.49%	5.07%	-7.83%	0.80%	3.90%	6.48%	0.37%	3.20%
DFSMX DFA Short Term Municipal Bond Portfolio	0.95%	2.30%	2.84%	2.98%	-0.36%	-0.11%	0.83%	1.62%	1.22%	1.15%

Correlation

The correlation between FKNIX and DFSMX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Aug 23, 2002	0.42

Over the past year, the correlation between FKNIX and DFSMX has dropped to 0.17 - well below their long-term average of 0.42, suggesting their price drivers have been diverging.

Return for Risk

FKNIX vs. DFSMX — Risk / Return Rank

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

FKNIX

FKNIX Risk / Return Rank: 73
FKNIX Sharpe Ratio Rank: 90
FKNIX Sortino Ratio Rank: 93
FKNIX Omega Ratio Rank: 95
FKNIX Calmar Ratio Rank: 48
FKNIX Martin Ratio Rank: 42

DFSMX

DFSMX Risk / Return Rank: 99
DFSMX Sharpe Ratio Rank: 99
DFSMX Sortino Ratio Rank: 99
DFSMX Omega Ratio Rank: 100
DFSMX Calmar Ratio Rank: 99
DFSMX Martin Ratio Rank: 100

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.

FKNIX vs. DFSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin New York Intermediate Tax-Free Income Fund (FKNIX) and DFA Short Term Municipal Bond Portfolio (DFSMX). 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.

	FKNIX	DFSMX	Difference
Sharpe ratio: Return per unit of total volatility	2.92	4.16	-1.24
Sortino ratio: Return per unit of downside risk	4.69	8.56	-3.87
Omega ratio: Gain probability vs. loss probability	1.79	4.46	-2.67
Calmar ratio: Return relative to maximum drawdown	2.57	12.85	-10.29
Martin ratio: Return relative to average drawdown	8.74	76.74	-68.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FKNIX vs. DFSMX - Sharpe Ratio Comparison

The current FKNIX Sharpe Ratio is 2.92, which is comparable to the DFSMX Sharpe Ratio of 4.16. The chart below compares the historical Sharpe Ratios of FKNIX and DFSMX, 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

	FKNIX	DFSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.92	4.16	-1.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	2.18	-1.88
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	1.64	-1.17
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	1.79	-0.61

Drawdowns

FKNIX vs. DFSMX - Drawdown Comparison

The maximum FKNIX drawdown since its inception was -12.69%, which is greater than DFSMX's maximum drawdown of -2.66%. Use the drawdown chart below to compare losses from any high point for FKNIX and DFSMX.

Drawdown Indicators

	FKNIX	DFSMX	Difference
Max Drawdown Largest peak-to-trough decline	-12.69%	-2.66%	-10.03%
Max Drawdown (1Y) Largest decline over 1 year	-2.44%	-0.20%	-2.24%
Max Drawdown (3Y) Largest decline over 3 years	-4.65%	-0.49%	-4.16%
Max Drawdown (5Y) Largest decline over 5 years	-12.69%	-1.66%	-11.03%
Max Drawdown (10Y) Largest decline over 10 years	-12.69%	-1.69%	-11.00%
Current Drawdown Current decline from peak	-0.66%	0.00%	-0.66%
Average Drawdown Average peak-to-trough decline	-1.76%	-0.23%	-1.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	0.03%	+0.69%

Volatility

FKNIX vs. DFSMX - Volatility Comparison

Franklin New York Intermediate Tax-Free Income Fund (FKNIX) has a higher volatility of 0.80% compared to DFA Short Term Municipal Bond Portfolio (DFSMX) at 0.14%. This indicates that FKNIX's price experiences larger fluctuations and is considered to be riskier than DFSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FKNIX	DFSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.80%	0.14%	+0.66%
Volatility (6M) Calculated over the trailing 6-month period	1.64%	0.37%	+1.27%
Volatility (1Y) Calculated over the trailing 1-year period	2.15%	0.61%	+1.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.16%	0.79%	+2.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.53%	0.77%	+2.76%

FKNIX vs. DFSMX - Expense Ratio Comparison

FKNIX has a 0.70% expense ratio, which is higher than DFSMX's 0.20% expense ratio.

Dividends

FKNIX vs. DFSMX - Dividend Comparison

FKNIX's dividend yield for the trailing twelve months is around 2.77%, more than DFSMX's 2.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFSMX DFA Short Term Municipal Bond Portfolio	2.36%	2.08%	2.80%	1.94%	0.63%	0.19%	0.83%	1.22%	1.11%	0.95%	0.94%	0.95%
FKNIX Franklin New York Intermediate Tax-Free Income Fund	2.77%	3.55%	2.97%	2.10%	2.11%	1.91%	2.26%	2.95%	2.64%	2.38%	2.59%	2.67%

Frequently Asked Questions

Can I hold both FKNIX and DFSMX in my portfolio?

FKNIX and DFSMX have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FKNIX or DFSMX?

FKNIX has higher volatility (0.80%) compared to DFSMX (0.14%). In terms of maximum drawdown, FKNIX dropped -12.69% vs DFSMX's -2.66%.

Which has better risk-adjusted returns?

DFSMX currently has the higher Sharpe Ratio (4.16 vs 2.92), 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.