HMOP vs. DSSMX

Last updated Jun 4, 2026

HMOP (Hartford Municipal Opportunities ETF) and DSSMX (DFA Selective State Municipal Bond Portfolio) are both Municipal Bonds funds. Over the past 5 years, HMOP returned 1.40%/yr vs 0.66%/yr for DSSMX. A 0.59 correlation means they provide meaningful diversification when combined. HMOP charges 0.29%/yr vs 0.23%/yr for DSSMX.

Performance

HMOP vs. DSSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hartford Municipal Opportunities ETF (HMOP) and DFA Selective State Municipal Bond Portfolio (DSSMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HMOP achieves a 1.60% return, which is significantly higher than DSSMX's 1.27% return.

HMOP

• 1D: 0.08%
• 1M: 0.76%
• YTD: 1.60%
• 6M: 1.88%
• 1Y: 6.92%
• 3Y*: 4.61%
• 5Y*: 1.40%
• 10Y*: —

DSSMX

• 1D: 0.10%
• 1M: 0.44%
• YTD: 1.27%
• 6M: 1.62%
• 1Y: 5.17%
• 3Y*: 3.11%
• 5Y*: 0.66%
• 10Y*: —

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

HMOP vs. DSSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HMOP Hartford Municipal Opportunities ETF	1.60%	4.70%	2.52%	6.83%	-8.37%	1.80%	2.34%
DSSMX DFA Selective State Municipal Bond Portfolio	1.27%	3.40%	2.08%	3.47%	-6.72%	0.10%	1.03%

Correlation

The correlation between HMOP and DSSMX is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (All Time) Calculated using the full available price history since Oct 20, 2020	0.59

The correlation between HMOP and DSSMX shifts across timeframes, from 0.49 (1 year) to 0.60 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

HMOP vs. DSSMX — Risk / Return Rank

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

HMOP

HMOP Risk / Return Rank: 70
HMOP Sharpe Ratio Rank: 79
HMOP Sortino Ratio Rank: 85
HMOP Omega Ratio Rank: 86
HMOP Calmar Ratio Rank: 52
HMOP Martin Ratio Rank: 50

DSSMX

DSSMX Risk / Return Rank: 86
DSSMX Sharpe Ratio Rank: 96
DSSMX Sortino Ratio Rank: 98
DSSMX Omega Ratio Rank: 98
DSSMX Calmar Ratio Rank: 73
DSSMX Martin Ratio Rank: 66

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.

HMOP vs. DSSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hartford Municipal Opportunities ETF (HMOP) and DFA Selective State Municipal Bond Portfolio (DSSMX). 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.

	HMOP	DSSMX	Difference
Sharpe ratio: Return per unit of total volatility	2.56	3.60	-1.04
Sortino ratio: Return per unit of downside risk	3.82	6.08	-2.25
Omega ratio: Gain probability vs. loss probability	1.53	2.21	-0.68
Calmar ratio: Return relative to maximum drawdown	2.57	3.33	-0.76
Martin ratio: Return relative to average drawdown	8.36	12.84	-4.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HMOP vs. DSSMX - Sharpe Ratio Comparison

The current HMOP Sharpe Ratio is 2.56, which is comparable to the DSSMX Sharpe Ratio of 3.60. The chart below compares the historical Sharpe Ratios of HMOP and DSSMX, 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

	HMOP	DSSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.56	3.60	-1.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.27	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.33	+0.32

Drawdowns

HMOP vs. DSSMX - Drawdown Comparison

The maximum HMOP drawdown since its inception was -13.12%, which is greater than DSSMX's maximum drawdown of -10.89%. Use the drawdown chart below to compare losses from any high point for HMOP and DSSMX.

Drawdown Indicators

	HMOP	DSSMX	Difference
Max Drawdown Largest peak-to-trough decline	-13.12%	-10.89%	-2.23%
Max Drawdown (1Y) Largest decline over 1 year	-2.70%	-1.56%	-1.14%
Max Drawdown (3Y) Largest decline over 3 years	-4.81%	-3.57%	-1.24%
Max Drawdown (5Y) Largest decline over 5 years	-13.12%	-10.89%	-2.23%
Current Drawdown Current decline from peak	-0.71%	-0.22%	-0.49%
Average Drawdown Average peak-to-trough decline	-2.47%	-3.27%	+0.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	0.40%	+0.43%

Volatility

HMOP vs. DSSMX - Volatility Comparison

Hartford Municipal Opportunities ETF (HMOP) has a higher volatility of 0.77% compared to DFA Selective State Municipal Bond Portfolio (DSSMX) at 0.52%. This indicates that HMOP's price experiences larger fluctuations and is considered to be riskier than DSSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMOP	DSSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	0.52%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	1.78%	1.08%	+0.70%
Volatility (1Y) Calculated over the trailing 1-year period	2.71%	1.45%	+1.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.86%	2.43%	+1.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.26%	2.33%	+1.93%

HMOP vs. DSSMX - Expense Ratio Comparison

HMOP has a 0.29% expense ratio, which is higher than DSSMX's 0.23% expense ratio.

Dividends

HMOP vs. DSSMX - Dividend Comparison

HMOP's dividend yield for the trailing twelve months is around 3.45%, more than DSSMX's 2.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DSSMX DFA Selective State Municipal Bond Portfolio	2.80%	2.37%	2.39%	1.47%	0.92%	0.60%	0.03%	0.00%	0.00%
HMOP Hartford Municipal Opportunities ETF	3.45%	3.40%	3.22%	2.92%	2.12%	1.67%	5.26%	2.87%	2.27%

Frequently Asked Questions

Can I hold both HMOP and DSSMX in my portfolio?

HMOP and DSSMX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HMOP or DSSMX?

HMOP has higher volatility (0.77%) compared to DSSMX (0.52%). In terms of maximum drawdown, HMOP dropped -13.12% vs DSSMX's -10.89%.

Which has better risk-adjusted returns?

DSSMX currently has the higher Sharpe Ratio (3.60 vs 2.56), 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.