MUB vs. DFEQX
MUB (iShares National AMT-Free Muni Bond ETF) and DFEQX (DFA Short-Term Extended Quality Portfolio) are both funds - MUB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index, while DFEQX is a Short-Term Bond fund managed by Dimensional. Over the past 10 years, MUB returned 1.92%/yr vs 1.93%/yr for DFEQX. At a 0.48 correlation, their price movements are largely independent. MUB charges 0.07%/yr vs 0.19%/yr for DFEQX.
Performance
MUB vs. DFEQX - Performance Comparison
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Returns By Period
In the year-to-date period, MUB achieves a 1.28% return, which is significantly lower than DFEQX's 1.50% return. Both investments have delivered pretty close results over the past 10 years, with MUB having a 1.92% annualized return and DFEQX not far ahead at 1.93%.
MUB
- 1D
- -0.01%
- 1M
- 0.63%
- YTD
- 1.28%
- 6M
- 1.80%
- 1Y
- 6.40%
- 3Y*
- 3.35%
- 5Y*
- 0.80%
- 10Y*
- 1.92%
DFEQX
- 1D
- 0.19%
- 1M
- 0.62%
- YTD
- 1.50%
- 6M
- 1.79%
- 1Y
- 3.70%
- 3Y*
- 4.87%
- 5Y*
- 2.03%
- 10Y*
- 1.93%
MUB vs. DFEQX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | 1.28% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 5.12% | 7.06% | 0.93% | 4.72% |
DFEQX DFA Short-Term Extended Quality Portfolio | 1.50% | 4.27% | 5.50% | 5.44% | -5.18% | -0.60% | 2.24% | 4.51% | 1.34% | 1.51% |
Correlation
The correlation between MUB and DFEQX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012 | 0.48 |
The correlation between MUB and DFEQX shifts across timeframes, from 0.29 (3 years) to 0.48 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MUB vs. DFEQX — Risk / Return Rank
MUB
DFEQX
MUB vs. DFEQX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares National AMT-Free Muni Bond ETF (MUB) and DFA Short-Term Extended Quality Portfolio (DFEQX). 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.
| MUB | DFEQX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.37 | ||
| Sortino ratioReturn per unit of downside risk | -2.52 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 2.08 | -0.64 |
| Calmar ratioReturn relative to maximum drawdown | 2.22 | 5.07 | -2.85 |
| Martin ratioReturn relative to average drawdown | 7.77 | 21.16 | -13.39 |
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Drawdowns
MUB vs. DFEQX - Drawdown Comparison
The maximum MUB drawdown since its inception was -13.68%, which is greater than DFEQX's maximum drawdown of -8.40%. Use the drawdown chart below to compare losses from any high point for MUB and DFEQX.
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Drawdown Indicators
| MUB | DFEQX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.68% | -8.40% | -5.28% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | -0.76% | -2.03% |
Max Drawdown (3Y)Largest decline over 3 years | -5.34% | -1.16% | -4.18% |
Max Drawdown (5Y)Largest decline over 5 years | -11.88% | -8.40% | -3.48% |
Max Drawdown (10Y)Largest decline over 10 years | -13.68% | -8.40% | -5.28% |
Current DrawdownCurrent decline from peak | -0.66% | 0.00% | -0.66% |
Average DrawdownAverage peak-to-trough decline | -2.23% | -0.95% | -1.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 0.18% | +0.62% |
Volatility
MUB vs. DFEQX - Volatility Comparison
iShares National AMT-Free Muni Bond ETF (MUB) has a higher volatility of 1.01% compared to DFA Short-Term Extended Quality Portfolio (DFEQX) at 0.46%. This indicates that MUB's price experiences larger fluctuations and is considered to be riskier than DFEQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUB | DFEQX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.01% | 0.46% | +0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 2.25% | 0.91% | +1.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.90% | 1.10% | +1.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.06% | 2.08% | +1.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.92% | 1.69% | +3.23% |
MUB vs. DFEQX - Expense Ratio Comparison
MUB has a 0.07% expense ratio, which is lower than DFEQX's 0.19% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
MUB vs. DFEQX - Dividend Comparison
MUB's dividend yield for the trailing twelve months is around 3.17%, less than DFEQX's 4.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFEQX DFA Short-Term Extended Quality Portfolio | 4.12% | 3.62% | 4.40% | 3.34% | 1.78% | 1.05% | 0.47% | 2.18% | 3.14% | 1.51% | 1.59% | 1.72% |
MUB iShares National AMT-Free Muni Bond ETF | 3.17% | 3.14% | 3.01% | 2.65% | 2.11% | 1.81% | 2.11% | 2.42% | 2.46% | 2.26% | 2.21% | 2.51% |
Frequently Asked Questions
MUB and DFEQX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUB has higher volatility (1.01%) compared to DFEQX (0.46%). In terms of maximum drawdown, MUB dropped -13.68% vs DFEQX's -8.40%.
DFEQX currently has the higher Sharpe Ratio (3.53 vs 2.16), 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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