FXIEX vs. DMNBX

Last updated Jun 23, 2026

FXIEX (PIMCO Fixed Income SHares: Series TE) and DMNBX (DFA MN Municipal Bond Portfolio) are both Municipal Bonds funds. Over the past 5 years, FXIEX returned 1.65%/yr vs 1.20%/yr for DMNBX. At a 0.46 correlation, their price movements are largely independent. FXIEX charges 0.07%/yr vs 0.32%/yr for DMNBX.

Performance

FXIEX vs. DMNBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Fixed Income SHares: Series TE (FXIEX) and DFA MN Municipal Bond Portfolio (DMNBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXIEX achieves a 1.92% return, which is significantly higher than DMNBX's 0.89% return.

FXIEX

• 1D: 0.10%
• 1M: 1.85%
• YTD: 1.92%
• 6M: 2.44%
• 1Y: 6.56%
• 3Y*: 5.16%
• 5Y*: 1.65%
• 10Y*: 2.83%

DMNBX

• 1D: 0.00%
• 1M: 0.29%
• YTD: 0.89%
• 6M: 0.99%
• 1Y: 2.27%
• 3Y*: 2.51%
• 5Y*: 1.20%
• 10Y*: —

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

FXIEX vs. DMNBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXIEX PIMCO Fixed Income SHares: Series TE	1.92%	3.37%	5.16%	8.92%	-10.89%	2.19%	7.22%	8.45%	1.00%	3.01%
DMNBX DFA MN Municipal Bond Portfolio	0.89%	2.50%	2.23%	2.65%	-2.03%	-0.31%	2.01%	3.30%	0.81%	-46.67%

Correlation

The correlation between FXIEX and DMNBX 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	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (All Time) Calculated using the full available price history since Jul 10, 2017	0.46

Over the past year, the correlation between FXIEX and DMNBX has dropped to 0.17 - well below their long-term average of 0.46, suggesting their price drivers have been diverging.

Return for Risk

FXIEX vs. DMNBX — Risk / Return Rank

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

FXIEX

FXIEX Risk / Return Rank: 79
FXIEX Sharpe Ratio Rank: 78
FXIEX Sortino Ratio Rank: 91
FXIEX Omega Ratio Rank: 88
FXIEX Calmar Ratio Rank: 79
FXIEX Martin Ratio Rank: 60

DMNBX

DMNBX Risk / Return Rank: 94
DMNBX Sharpe Ratio Rank: 97
DMNBX Sortino Ratio Rank: 97
DMNBX Omega Ratio Rank: 99
DMNBX Calmar Ratio Rank: 92
DMNBX Martin Ratio Rank: 87

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.

FXIEX vs. DMNBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Fixed Income SHares: Series TE (FXIEX) and DFA MN Municipal Bond Portfolio (DMNBX). 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.

	FXIEX	DMNBX	Difference
Sharpe ratio: Return per unit of total volatility	2.37	3.24	-0.87
Sortino ratio: Return per unit of downside risk	4.14	5.74	-1.59
Omega ratio: Gain probability vs. loss probability	1.58	2.49	-0.91
Calmar ratio: Return relative to maximum drawdown	3.40	4.73	-1.33
Martin ratio: Return relative to average drawdown	11.23	15.25	-4.02

FXIEX vs. DMNBX - Sharpe Ratio Comparison

The current FXIEX Sharpe Ratio is 2.37, which is comparable to the DMNBX Sharpe Ratio of 3.24. The chart below compares the historical Sharpe Ratios of FXIEX and DMNBX, 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

FXIEX vs. DMNBX - Drawdown Comparison

The maximum FXIEX drawdown since its inception was -15.25%, smaller than the maximum DMNBX drawdown of -47.47%. Use the drawdown chart below to compare losses from any high point for FXIEX and DMNBX.

Drawdown Indicators

	FXIEX	DMNBX	Difference
Max Drawdown Largest peak-to-trough decline	-15.25%	-47.47%	+32.22%
Max Drawdown (1Y) Largest decline over 1 year	-2.42%	-0.50%	-1.92%
Max Drawdown (3Y) Largest decline over 3 years	-5.56%	-0.91%	-4.65%
Max Drawdown (5Y) Largest decline over 5 years	-15.25%	-3.90%	-11.35%
Max Drawdown (10Y) Largest decline over 10 years	-15.25%	—	—
Current Drawdown Current decline from peak	0.00%	-40.18%	+40.18%
Average Drawdown Average peak-to-trough decline	-2.89%	-44.05%	+41.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.65%	0.16%	+1.49%

Volatility

FXIEX vs. DMNBX - Volatility Comparison

PIMCO Fixed Income SHares: Series TE (FXIEX) has a higher volatility of 0.92% compared to DFA MN Municipal Bond Portfolio (DMNBX) at 0.19%. This indicates that FXIEX's price experiences larger fluctuations and is considered to be riskier than DMNBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXIEX	DMNBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.92%	0.19%	+0.73%
Volatility (6M) Calculated over the trailing 6-month period	2.17%	0.59%	+1.58%
Volatility (1Y) Calculated over the trailing 1-year period	3.46%	0.74%	+2.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.37%	1.06%	+3.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.10%	15.63%	-11.53%

FXIEX vs. DMNBX - Expense Ratio Comparison

FXIEX has a 0.07% expense ratio, which is lower than DMNBX's 0.32% expense ratio.

Dividends

FXIEX vs. DMNBX - Dividend Comparison

FXIEX's dividend yield for the trailing twelve months is around 2.78%, more than DMNBX's 2.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DMNBX DFA MN Municipal Bond Portfolio	2.35%	2.06%	2.10%	1.48%	0.89%	0.79%	1.60%	1.14%	1.10%	0.34%
FXIEX PIMCO Fixed Income SHares: Series TE	2.78%	2.75%	4.53%	3.98%	3.25%	2.63%	3.37%	3.63%	3.79%	2.67%

Frequently Asked Questions

Can I hold both FXIEX and DMNBX in my portfolio?

FXIEX and DMNBX 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, FXIEX or DMNBX?

FXIEX has higher volatility (0.92%) compared to DMNBX (0.19%). In terms of maximum drawdown, FXIEX dropped -15.25% vs DMNBX's -47.47%.

Which has better risk-adjusted returns?

DMNBX currently has the higher Sharpe Ratio (3.24 vs 2.37), 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.