MFSMX vs. DMREX
MFSMX (MFS Maryland Municipal Bond Fund) and DMREX (DFA Municipal Real Return Portfolio) are both Municipal Bonds funds. Over the past 10 years, MFSMX returned 1.68%/yr vs 2.81%/yr for DMREX. Their 0.27 correlation means their historical movements had little consistent relationship. MFSMX charges 0.83%/yr vs 0.24%/yr for DMREX.
Performance
MFSMX vs. DMREX - Performance Comparison
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Returns By Period
In the year-to-date period, MFSMX achieves a 0.22% return, which is significantly lower than DMREX's 2.07% return. Over the past 10 years, MFSMX has underperformed DMREX with an annualized return of 1.68%, while DMREX has yielded a comparatively higher 2.81% annualized return.
MFSMX
- 1D
- -0.30%
- 1M
- -2.27%
- 6M
- -0.16%
- YTD
- 0.22%
- 1Y
- 5.46%
- 3Y*
- 3.28%
- 5Y*
- 0.15%
- 10Y*
- 1.68%
- ALL TIME*
- 4.27%
DMREX
- 1D
- 0.02%
- 1M
- 0.02%
- 6M
- 1.56%
- YTD
- 2.07%
- 1Y
- 2.54%
- 3Y*
- 3.08%
- 5Y*
- 2.23%
- 10Y*
- 2.81%
- ALL TIME*
- 2.65%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
MFSMX vs. DMREX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MFSMX MFS Maryland Municipal Bond Fund | 0.22% | 4.70% | 1.68% | 5.96% | -10.48% | 2.55% | 3.98% | 6.65% | 1.29% | 4.40% |
DMREX DFA Municipal Real Return Portfolio | 2.07% | 2.77% | 3.10% | 2.56% | -1.42% | 6.75% | 4.11% | 6.64% | -0.51% | 2.57% |
Correlation
The correlation between MFSMX and DMREX is -0.00, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.00 |
Correlation (3Y) Balances recent behavior with more history. | 0.19 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.23 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.28 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015 | 0.27 |
The correlation between MFSMX and DMREX shifts across timeframes, from -0.00 (1 year) to 0.28 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
MFSMX vs. DMREX — Risk / Return Rank
MFSMX
DMREX
MFSMX vs. DMREX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MFS Maryland Municipal Bond Fund (MFSMX) and DFA Municipal Real Return Portfolio (DMREX). 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.
| MFSMX | DMREX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.55 | ||
| Sortino ratioReturn per unit of downside risk | -1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.71 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 2.12 | 5.01 | -2.89 |
| Martin ratioReturn relative to average drawdown | 7.39 | 10.76 | -3.38 |
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Drawdowns
MFSMX vs. DMREX - Drawdown Comparison
The maximum MFSMX drawdown since its inception was -15.71%, which is greater than DMREX's maximum drawdown of -13.22%. Use the drawdown chart below to compare losses from any high point for MFSMX and DMREX.
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Drawdown Indicators
| MFSMX | DMREX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.71% | -13.22% | -2.49% |
Max Drawdown (1Y)Largest decline over 1 year | -3.05% | -0.51% | -2.54% |
Max Drawdown (3Y)Largest decline over 3 years | -5.75% | -2.48% | -3.27% |
Max Drawdown (5Y)Largest decline over 5 years | -15.37% | -5.33% | -10.04% |
Max Drawdown (10Y)Largest decline over 10 years | -15.37% | -13.22% | -2.15% |
Current DrawdownCurrent decline from peak | -2.27% | -0.25% | -2.02% |
Average DrawdownAverage peak-to-trough decline | -2.19% | -0.87% | -1.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 0.24% | +0.63% |
Volatility
MFSMX vs. DMREX - Volatility Comparison
MFS Maryland Municipal Bond Fund (MFSMX) has a higher volatility of 1.06% compared to DFA Municipal Real Return Portfolio (DMREX) at 0.30%. This indicates that MFSMX's price experiences larger fluctuations and is considered to be riskier than DMREX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MFSMX | DMREX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 0.30% | +0.76% |
Volatility (6M)Calculated over the trailing 6-month period | 2.60% | 0.80% | +1.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.20% | 1.00% | +2.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.35% | 2.43% | +1.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.15% | 3.13% | +1.02% |
MFSMX vs. DMREX - Expense Ratio Comparison
MFSMX has a 0.83% expense ratio, which is higher than DMREX's 0.24% expense ratio.
Dividends
MFSMX vs. DMREX - Dividend Comparison
MFSMX's dividend yield for the trailing twelve months is around 3.00%, less than DMREX's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DMREX DFA Municipal Real Return Portfolio | 3.25% | 2.95% | 3.55% | 1.96% | 1.16% | 0.98% | 1.44% | 2.26% | 1.54% | 1.32% | 1.15% | 1.09% |
MFSMX MFS Maryland Municipal Bond Fund | 3.00% | 4.22% | 2.86% | 2.52% | 1.78% | 1.89% | 2.49% | 3.25% | 3.35% | 3.47% | 3.50% | 3.69% |
Frequently Asked Questions
MFSMX and DMREX have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MFSMX has higher volatility (1.06%) compared to DMREX (0.30%). In terms of maximum drawdown, MFSMX dropped -15.71% vs DMREX's -13.22%.
DMREX currently has the higher Sharpe Ratio (2.57 vs 2.02), 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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