FRALX vs. DFSMX
Compare and contrast key facts about Franklin Alabama Tax Free Income Fund (FRALX) and DFA Short Term Municipal Bond Portfolio (DFSMX).
FRALX is managed by Franklin Templeton. It was launched on Aug 31, 1987. DFSMX is managed by Dimensional. It was launched on Aug 19, 2002.
Performance
FRALX vs. DFSMX - Performance Comparison
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FRALX vs. DFSMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FRALX Franklin Alabama Tax Free Income Fund | -0.89% | 4.16% | 2.04% | 6.14% | -10.72% | 2.14% | 4.73% | 6.70% | 0.56% | 2.69% |
DFSMX DFA Short Term Municipal Bond Portfolio | 0.55% | 2.30% | 2.84% | 2.98% | -0.36% | -0.11% | 0.83% | 1.62% | 1.22% | 1.15% |
Returns By Period
In the year-to-date period, FRALX achieves a -0.89% return, which is significantly lower than DFSMX's 0.55% return. Over the past 10 years, FRALX has outperformed DFSMX with an annualized return of 1.68%, while DFSMX has yielded a comparatively lower 1.23% annualized return.
FRALX
- 1D
- 0.20%
- 1M
- -2.82%
- YTD
- -0.89%
- 6M
- 0.67%
- 1Y
- 3.42%
- 3Y*
- 2.79%
- 5Y*
- 0.49%
- 10Y*
- 1.68%
DFSMX
- 1D
- 0.04%
- 1M
- -0.05%
- YTD
- 0.55%
- 6M
- 1.10%
- 1Y
- 2.45%
- 3Y*
- 2.60%
- 5Y*
- 1.63%
- 10Y*
- 1.23%
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FRALX vs. DFSMX - Expense Ratio Comparison
FRALX has a 0.75% expense ratio, which is higher than DFSMX's 0.20% expense ratio.
Return for Risk
FRALX vs. DFSMX — Risk / Return Rank
FRALX
DFSMX
FRALX vs. DFSMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Alabama Tax Free Income Fund (FRALX) 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.
| FRALX | DFSMX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.83 | 3.68 | -2.85 |
Sortino ratioReturn per unit of downside risk | 1.11 | 6.50 | -5.39 |
Omega ratioGain probability vs. loss probability | 1.22 | 3.20 | -1.97 |
Calmar ratioReturn relative to maximum drawdown | 0.88 | 4.59 | -3.71 |
Martin ratioReturn relative to average drawdown | 2.58 | 21.83 | -19.25 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FRALX | DFSMX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.83 | 3.68 | -2.85 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.11 | 2.11 | -2.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.43 | 1.60 | -1.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.12 | 1.78 | -0.66 |
Correlation
The correlation between FRALX and DFSMX is 0.36, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
FRALX vs. DFSMX - Dividend Comparison
FRALX's dividend yield for the trailing twelve months is around 3.05%, more than DFSMX's 2.43% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FRALX Franklin Alabama Tax Free Income Fund | 3.05% | 3.91% | 3.21% | 2.32% | 2.48% | 2.12% | 2.64% | 3.26% | 3.13% | 3.02% | 3.47% | 3.79% |
DFSMX DFA Short Term Municipal Bond Portfolio | 2.43% | 2.08% | 2.80% | 1.94% | 0.63% | 0.19% | 0.83% | 1.22% | 1.11% | 0.95% | 0.94% | 0.95% |
Drawdowns
FRALX vs. DFSMX - Drawdown Comparison
The maximum FRALX drawdown since its inception was -15.97%, which is greater than DFSMX's maximum drawdown of -2.66%. Use the drawdown chart below to compare losses from any high point for FRALX and DFSMX.
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Drawdown Indicators
| FRALX | DFSMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.97% | -2.66% | -13.31% |
Max Drawdown (1Y)Largest decline over 1 year | -5.03% | -0.39% | -4.64% |
Max Drawdown (5Y)Largest decline over 5 years | -15.97% | -1.67% | -14.30% |
Max Drawdown (10Y)Largest decline over 10 years | -15.97% | -1.69% | -14.28% |
Current DrawdownCurrent decline from peak | -2.82% | -0.06% | -2.76% |
Average DrawdownAverage peak-to-trough decline | -1.85% | -0.24% | -1.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.71% | 0.10% | +1.61% |
Volatility
FRALX vs. DFSMX - Volatility Comparison
Franklin Alabama Tax Free Income Fund (FRALX) has a higher volatility of 1.09% compared to DFA Short Term Municipal Bond Portfolio (DFSMX) at 0.11%. This indicates that FRALX'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.
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Volatility by Period
| FRALX | DFSMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 0.11% | +0.98% |
Volatility (6M)Calculated over the trailing 6-month period | 1.77% | 0.37% | +1.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.00% | 0.68% | +4.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.45% | 0.78% | +3.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.93% | 0.77% | +3.16% |