NMIIX vs. DFSMX

Last updated Jun 24, 2026

NMIIX (Neuberger Berman Municipal Impact Fund) and DFSMX (DFA Short Term Municipal Bond Portfolio) are both Municipal Bonds funds. At a 0.36 correlation, their price movements are largely independent. NMIIX charges 0.43%/yr vs 0.20%/yr for DFSMX.

Performance

NMIIX vs. DFSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman Municipal Impact Fund (NMIIX) and DFA Short Term Municipal Bond Portfolio (DFSMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

NMIIX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

DFSMX

• 1D: 0.00%
• 1M: 0.40%
• YTD: 1.15%
• 6M: 1.15%
• 1Y: 2.38%
• 3Y*: 2.71%
• 5Y*: 1.74%
• 10Y*: 1.24%

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

NMIIX vs. DFSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NMIIX Neuberger Berman Municipal Impact Fund	0.12%	3.89%	1.22%	3.99%	-8.39%	0.88%	4.31%	6.51%	0.97%	3.30%
DFSMX DFA Short Term Municipal Bond Portfolio	1.15%	2.30%	2.84%	2.98%	-0.36%	-0.11%	0.83%	1.62%	1.22%	1.15%

Correlation

The correlation between NMIIX and DFSMX is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Mar 12, 2013	0.36

Over the past year, the correlation between NMIIX and DFSMX has dropped to 0.16 - well below their long-term average of 0.36, suggesting their price drivers have been diverging.

Return for Risk

NMIIX vs. DFSMX — Risk / Return Rank

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

NMIIX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

DFSMX

DFSMX Risk / Return Rank: 99
DFSMX Sharpe Ratio Rank: 99
DFSMX Sortino Ratio Rank: 99
DFSMX Omega Ratio Rank: 99
DFSMX Calmar Ratio Rank: 99
DFSMX Martin Ratio Rank: 100

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.

NMIIX vs. DFSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Municipal Impact Fund (NMIIX) and DFA Short Term Municipal Bond Portfolio (DFSMX). 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.

	NMIIX	DFSMX	Difference
Sharpe ratio: Return per unit of total volatility	—	4.16	—
Sortino ratio: Return per unit of downside risk	—	8.56	—
Omega ratio: Gain probability vs. loss probability	—	4.46	—
Calmar ratio: Return relative to maximum drawdown	—	12.85	—
Martin ratio: Return relative to average drawdown	—	76.73	—

Drawdowns

Drawdown Indicators

	NMIIX	DFSMX	Difference
Max Drawdown Largest peak-to-trough decline	—	-2.66%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-0.20%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-0.49%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-1.66%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-1.69%	—
Current Drawdown Current decline from peak	—	0.00%	—
Average Drawdown Average peak-to-trough decline	—	-0.23%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.03%	—

Volatility

Volatility by Period

	NMIIX	DFSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.18%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.38%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	0.61%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	0.79%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	0.77%	—

NMIIX vs. DFSMX - Expense Ratio Comparison

NMIIX has a 0.43% expense ratio, which is higher than DFSMX's 0.20% expense ratio.

Dividends

NMIIX vs. DFSMX - Dividend Comparison

NMIIX's dividend yield for the trailing twelve months is around 2.79%, more than DFSMX's 2.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFSMX DFA Short Term Municipal Bond Portfolio	2.35%	2.08%	2.80%	1.94%	0.63%	0.19%	0.83%	1.22%	1.11%	0.95%	0.94%	0.95%
NMIIX Neuberger Berman Municipal Impact Fund	2.79%	2.92%	2.69%	1.77%	1.33%	1.83%	2.23%	2.82%	2.47%	2.32%	3.41%	2.84%

Frequently Asked Questions

Can I hold both NMIIX and DFSMX in my portfolio?

NMIIX and DFSMX have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.