FWIAX vs. DFSMX
FWIAX (Nuveen Wisconsin Municipal Bond Fund) and DFSMX (DFA Short Term Municipal Bond Portfolio) are both Municipal Bonds funds. Over the past 10 years, FWIAX returned 2.02%/yr vs 1.26%/yr for DFSMX. At a 0.37 correlation, their price movements are largely independent. FWIAX charges 0.84%/yr vs 0.20%/yr for DFSMX.
Performance
FWIAX vs. DFSMX - Performance Comparison
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Returns By Period
In the year-to-date period, FWIAX achieves a 1.77% return, which is significantly higher than DFSMX's 1.15% return. Over the past 10 years, FWIAX has outperformed DFSMX with an annualized return of 2.02%, while DFSMX has yielded a comparatively lower 1.26% annualized return.
FWIAX
- 1D
- 0.00%
- 1M
- 1.76%
- YTD
- 1.77%
- 6M
- 1.98%
- 1Y
- 7.30%
- 3Y*
- 3.87%
- 5Y*
- 0.87%
- 10Y*
- 2.02%
DFSMX
- 1D
- 0.10%
- 1M
- 0.40%
- YTD
- 1.15%
- 6M
- 1.15%
- 1Y
- 2.48%
- 3Y*
- 2.71%
- 5Y*
- 1.74%
- 10Y*
- 1.26%
FWIAX vs. DFSMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FWIAX Nuveen Wisconsin Municipal Bond Fund | 1.77% | 4.11% | 1.72% | 5.26% | -9.59% | 4.28% | 3.63% | 7.75% | 1.82% | 5.13% |
DFSMX DFA Short Term Municipal Bond Portfolio | 1.15% | 2.30% | 2.84% | 2.98% | -0.36% | -0.11% | 0.83% | 1.62% | 1.22% | 1.15% |
Correlation
The correlation between FWIAX and DFSMX is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2002 | 0.37 |
The correlation between FWIAX and DFSMX shifts across timeframes, from 0.19 (1 year) to 0.37 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FWIAX vs. DFSMX — Risk / Return Rank
FWIAX
DFSMX
FWIAX vs. DFSMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Wisconsin Municipal Bond Fund (FWIAX) 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.
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.
| FWIAX | DFSMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.71 | ||
| Sortino ratioReturn per unit of downside risk | -4.45 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 4.46 | -2.83 |
| Calmar ratioReturn relative to maximum drawdown | 2.92 | 12.85 | -9.93 |
| Martin ratioReturn relative to average drawdown | 9.13 | 76.73 | -67.60 |
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Drawdowns
FWIAX vs. DFSMX - Drawdown Comparison
The maximum FWIAX drawdown since its inception was -15.05%, which is greater than DFSMX's maximum drawdown of -2.66%. Use the drawdown chart below to compare losses from any high point for FWIAX and DFSMX.
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Drawdown Indicators
| FWIAX | DFSMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.05% | -2.66% | -12.39% |
Max Drawdown (1Y)Largest decline over 1 year | -2.52% | -0.20% | -2.32% |
Max Drawdown (3Y)Largest decline over 3 years | -10.67% | -0.49% | -10.18% |
Max Drawdown (5Y)Largest decline over 5 years | -15.05% | -1.66% | -13.39% |
Max Drawdown (10Y)Largest decline over 10 years | -15.05% | -1.69% | -13.36% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.27% | -0.23% | -2.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 0.03% | +0.77% |
Volatility
FWIAX vs. DFSMX - Volatility Comparison
Nuveen Wisconsin Municipal Bond Fund (FWIAX) has a higher volatility of 0.77% compared to DFA Short Term Municipal Bond Portfolio (DFSMX) at 0.18%. This indicates that FWIAX'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
| FWIAX | DFSMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | 0.18% | +0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 1.99% | 0.38% | +1.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.01% | 0.61% | +2.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.37% | 0.79% | +4.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.82% | 0.77% | +4.05% |
FWIAX vs. DFSMX - Expense Ratio Comparison
FWIAX has a 0.84% expense ratio, which is higher than DFSMX's 0.20% expense ratio.
Dividends
FWIAX vs. DFSMX - Dividend Comparison
FWIAX's dividend yield for the trailing twelve months is around 3.38%, more than DFSMX's 2.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFSMX DFA Short Term Municipal Bond Portfolio | 2.35% | 2.08% | 2.80% | 1.94% | 0.63% | 0.19% | 0.83% | 1.22% | 1.11% | 0.95% | 0.94% | 0.95% |
FWIAX Nuveen Wisconsin Municipal Bond Fund | 3.38% | 3.66% | 3.28% | 3.30% | 3.32% | 2.91% | 2.79% | 3.03% | 3.21% | 3.17% | 3.50% | 3.59% |
Frequently Asked Questions
FWIAX and DFSMX have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FWIAX has higher volatility (0.77%) compared to DFSMX (0.18%). In terms of maximum drawdown, FWIAX dropped -15.05% vs DFSMX's -2.66%.
DFSMX currently has the higher Sharpe Ratio (4.16 vs 2.45), 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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