NEARX vs. DCARX

Last updated Jun 3, 2026

NEARX (U.S. Global Investors Near-Term Tax Free Fund) and DCARX (DFA California Municipal Real Return Portfolio) are both Municipal Bonds funds. Over the past 5 years, NEARX returned 0.76%/yr vs 2.55%/yr for DCARX. At a 0.13 correlation, their price movements are largely independent. NEARX charges 0.45%/yr vs 0.26%/yr for DCARX.

Performance

NEARX vs. DCARX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in U.S. Global Investors Near-Term Tax Free Fund (NEARX) and DFA California Municipal Real Return Portfolio (DCARX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NEARX achieves a 0.56% return, which is significantly lower than DCARX's 2.03% return.

NEARX

• 1D: 0.00%
• 1M: 0.22%
• YTD: 0.56%
• 6M: 0.79%
• 1Y: 2.52%
• 3Y*: 2.98%
• 5Y*: 0.76%
• 10Y*: 1.06%

DCARX

• 1D: 0.09%
• 1M: 0.37%
• YTD: 2.03%
• 6M: 2.07%
• 1Y: 3.37%
• 3Y*: 3.27%
• 5Y*: 2.55%
• 10Y*: —

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

NEARX vs. DCARX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NEARX U.S. Global Investors Near-Term Tax Free Fund	0.56%	3.47%	2.19%	3.04%	-5.25%	-0.46%	2.94%	2.40%	1.58%	0.70%
DCARX DFA California Municipal Real Return Portfolio	2.03%	2.64%	3.16%	2.63%	-1.06%	6.21%	2.35%	5.08%	-0.46%	1.16%

Correlation

The correlation between NEARX and DCARX is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (All Time) Calculated using the full available price history since Nov 30, 2017	0.13

The correlation between NEARX and DCARX shifts across timeframes, from -0.06 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NEARX vs. DCARX — Risk / Return Rank

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

NEARX

NEARX Risk / Return Rank: 25
NEARX Sharpe Ratio Rank: 13
NEARX Sortino Ratio Rank: 14
NEARX Omega Ratio Rank: 57
NEARX Calmar Ratio Rank: 24
NEARX Martin Ratio Rank: 18

DCARX

DCARX Risk / Return Rank: 96
DCARX Sharpe Ratio Rank: 95
DCARX Sortino Ratio Rank: 97
DCARX Omega Ratio Rank: 97
DCARX Calmar Ratio Rank: 97
DCARX Martin Ratio Rank: 94

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.

NEARX vs. DCARX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for U.S. Global Investors Near-Term Tax Free Fund (NEARX) and DFA California Municipal Real Return Portfolio (DCARX). 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.

	NEARX	DCARX	Difference
Sharpe ratio Return per unit of total volatility	1.01	3.35	-2.34
Sortino ratio Return per unit of downside risk	1.57	5.60	-4.03
Omega ratio Gain probability vs. loss probability	1.42	1.98	-0.56
Calmar ratio Return relative to maximum drawdown	1.88	7.43	-5.55
Martin ratio Return relative to average drawdown	5.13	20.89	-15.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NEARX vs. DCARX - Sharpe Ratio Comparison

The current NEARX Sharpe Ratio is 1.01, which is lower than the DCARX Sharpe Ratio of 3.35. The chart below compares the historical Sharpe Ratios of NEARX and DCARX, 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

	NEARX	DCARX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.01	3.35	-2.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	1.14	-0.84
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.96	-0.88

Drawdowns

NEARX vs. DCARX - Drawdown Comparison

The maximum NEARX drawdown since its inception was -80.12%, which is greater than DCARX's maximum drawdown of -12.27%. Use the drawdown chart below to compare losses from any high point for NEARX and DCARX.

Drawdown Indicators

	NEARX	DCARX	Difference
Max Drawdown Largest peak-to-trough decline	-80.12%	-12.27%	-67.85%
Max Drawdown (1Y) Largest decline over 1 year	-1.45%	-0.47%	-0.98%
Max Drawdown (3Y) Largest decline over 3 years	-1.45%	-1.39%	-0.06%
Max Drawdown (5Y) Largest decline over 5 years	-6.91%	-4.79%	-2.12%
Max Drawdown (10Y) Largest decline over 10 years	-6.91%	—	—
Current Drawdown Current decline from peak	-0.77%	0.00%	-0.77%
Average Drawdown Average peak-to-trough decline	-20.84%	-0.74%	-20.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	0.17%	+0.36%

Volatility

NEARX vs. DCARX - Volatility Comparison

U.S. Global Investors Near-Term Tax Free Fund (NEARX) has a higher volatility of 0.72% compared to DFA California Municipal Real Return Portfolio (DCARX) at 0.44%. This indicates that NEARX's price experiences larger fluctuations and is considered to be riskier than DCARX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NEARX	DCARX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.72%	0.44%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	1.75%	0.86%	+0.89%
Volatility (1Y) Calculated over the trailing 1-year period	2.51%	1.04%	+1.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.50%	2.24%	+0.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.55%	2.91%	-0.36%

NEARX vs. DCARX - Expense Ratio Comparison

NEARX has a 0.45% expense ratio, which is higher than DCARX's 0.26% expense ratio.

Dividends

NEARX vs. DCARX - Dividend Comparison

NEARX's dividend yield for the trailing twelve months is around 2.50%, less than DCARX's 3.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DCARX DFA California Municipal Real Return Portfolio	3.22%	3.11%	3.52%	1.84%	0.90%	0.78%	1.12%	1.43%	1.27%	0.09%	0.00%	0.00%
NEARX U.S. Global Investors Near-Term Tax Free Fund	2.50%	2.45%	2.65%	2.50%	1.10%	0.88%	1.10%	1.46%	2.01%	1.47%	1.36%	1.83%

Frequently Asked Questions

Can I hold both NEARX and DCARX in my portfolio?

NEARX and DCARX have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NEARX or DCARX?

NEARX has higher volatility (0.72%) compared to DCARX (0.44%). In terms of maximum drawdown, NEARX dropped -80.12% vs DCARX's -12.27%.

Which has better risk-adjusted returns?

DCARX currently has the higher Sharpe Ratio (3.35 vs 1.01), 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.