FTOIX vs. DNYMX
FTOIX (Franklin Ohio Tax-Free Income Fund) and DNYMX (DFA NY Municipal Bond Portfolio) are both Municipal Bonds funds. Over the past 10 years, FTOIX returned 1.91%/yr vs 1.35%/yr for DNYMX. At a 0.44 correlation, their price movements are largely independent. FTOIX charges 0.66%/yr vs 0.25%/yr for DNYMX.
Performance
FTOIX vs. DNYMX - Performance Comparison
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Returns By Period
In the year-to-date period, FTOIX achieves a 1.93% return, which is significantly higher than DNYMX's 1.08% return. Over the past 10 years, FTOIX has outperformed DNYMX with an annualized return of 1.91%, while DNYMX has yielded a comparatively lower 1.35% annualized return.
FTOIX
- 1D
- 0.00%
- 1M
- 0.56%
- YTD
- 1.93%
- 6M
- 2.42%
- 1Y
- 7.83%
- 3Y*
- 4.35%
- 5Y*
- 0.67%
- 10Y*
- 1.91%
DNYMX
- 1D
- 0.10%
- 1M
- 0.30%
- YTD
- 1.08%
- 6M
- 1.31%
- 1Y
- 2.99%
- 3Y*
- 2.86%
- 5Y*
- 1.61%
- 10Y*
- 1.35%
FTOIX vs. DNYMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FTOIX Franklin Ohio Tax-Free Income Fund | 1.93% | 4.72% | 2.79% | 5.41% | -11.08% | 0.96% | 4.98% | 7.31% | 0.67% | 4.39% |
DNYMX DFA NY Municipal Bond Portfolio | 1.08% | 2.69% | 2.87% | 2.76% | -1.17% | -0.10% | 1.26% | 2.42% | 1.02% | 1.74% |
Correlation
The correlation between FTOIX and DNYMX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016 | 0.44 |
Over the past year, the correlation between FTOIX and DNYMX has dropped to 0.18 - well below their long-term average of 0.44, suggesting their price drivers have been diverging.
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Return for Risk
FTOIX vs. DNYMX — Risk / Return Rank
FTOIX
DNYMX
FTOIX vs. DNYMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Ohio Tax-Free Income Fund (FTOIX) and DFA NY Municipal Bond Portfolio (DNYMX). 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.
| FTOIX | DNYMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.13 | ||
| Sortino ratioReturn per unit of downside risk | -6.56 | ||
| Omega ratioGain probability vs. loss probability | 1.67 | 4.28 | -2.62 |
| Calmar ratioReturn relative to maximum drawdown | 2.85 | 12.98 | -10.13 |
| Martin ratioReturn relative to average drawdown | 10.02 | 58.32 | -48.30 |
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
| FTOIX | DNYMX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.62 | 4.75 | -2.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | 1.84 | -1.68 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.49 | 1.29 | -0.80 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.15 | 1.34 | -0.19 |
Drawdowns
FTOIX vs. DNYMX - Drawdown Comparison
The maximum FTOIX drawdown since its inception was -19.27%, which is greater than DNYMX's maximum drawdown of -3.19%. Use the drawdown chart below to compare losses from any high point for FTOIX and DNYMX.
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Drawdown Indicators
| FTOIX | DNYMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.27% | -3.19% | -16.08% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -0.24% | -2.52% |
Max Drawdown (3Y)Largest decline over 3 years | -6.61% | -0.98% | -5.63% |
Max Drawdown (5Y)Largest decline over 5 years | -16.40% | -2.53% | -13.87% |
Max Drawdown (10Y)Largest decline over 10 years | -16.40% | -3.19% | -13.21% |
Current DrawdownCurrent decline from peak | -0.05% | 0.00% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -2.25% | -0.42% | -1.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 0.05% | +0.73% |
Volatility
FTOIX vs. DNYMX - Volatility Comparison
Franklin Ohio Tax-Free Income Fund (FTOIX) has a higher volatility of 1.23% compared to DFA NY Municipal Bond Portfolio (DNYMX) at 0.22%. This indicates that FTOIX's price experiences larger fluctuations and is considered to be riskier than DNYMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FTOIX | DNYMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 0.22% | +1.01% |
Volatility (6M)Calculated over the trailing 6-month period | 2.23% | 0.50% | +1.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.01% | 0.66% | +2.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.28% | 0.88% | +3.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.93% | 1.05% | +2.88% |
FTOIX vs. DNYMX - Expense Ratio Comparison
FTOIX has a 0.66% expense ratio, which is higher than DNYMX's 0.25% expense ratio.
Dividends
FTOIX vs. DNYMX - Dividend Comparison
FTOIX's dividend yield for the trailing twelve months is around 3.48%, more than DNYMX's 2.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DNYMX DFA NY Municipal Bond Portfolio | 2.65% | 2.36% | 2.73% | 1.92% | 0.70% | 0.59% | 1.06% | 1.31% | 1.21% | 1.04% | 1.08% | 0.00% |
FTOIX Franklin Ohio Tax-Free Income Fund | 3.48% | 4.53% | 3.80% | 2.75% | 2.74% | 2.10% | 2.53% | 3.38% | 3.04% | 2.77% | 3.32% | 3.49% |
Frequently Asked Questions
FTOIX and DNYMX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FTOIX has higher volatility (1.23%) compared to DNYMX (0.22%). In terms of maximum drawdown, FTOIX dropped -19.27% vs DNYMX's -3.19%.
DNYMX currently has the higher Sharpe Ratio (4.75 vs 2.62), 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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