ORSYX vs. DFSMX

Last updated Jun 23, 2026

ORSYX (Invesco Short Term Municipal Fund) and DFSMX (DFA Short Term Municipal Bond Portfolio) are both Municipal Bonds funds. Over the past 10 years, ORSYX returned 2.06%/yr vs 1.26%/yr for DFSMX. At a 0.17 correlation, their price movements are largely independent. ORSYX charges 0.50%/yr vs 0.20%/yr for DFSMX.

Performance

ORSYX vs. DFSMX - Performance Comparison

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

Returns By Period

In the year-to-date period, ORSYX achieves a 0.49% return, which is significantly lower than DFSMX's 1.15% return. Over the past 10 years, ORSYX has outperformed DFSMX with an annualized return of 2.06%, while DFSMX has yielded a comparatively lower 1.26% annualized return.

ORSYX

• 1D: 0.00%
• 1M: 0.52%
• YTD: 0.49%
• 6M: 0.75%
• 1Y: 2.42%
• 3Y*: 3.28%
• 5Y*: 2.04%
• 10Y*: 2.06%

DFSMX

• 1D: 0.10%
• 1M: 0.40%
• YTD: 1.15%
• 6M: 1.15%
• 1Y: 2.48%
• 3Y*: 2.71%
• 5Y*: 1.74%
• 10Y*: 1.26%

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

ORSYX vs. DFSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ORSYX Invesco Short Term Municipal Fund	0.49%	3.99%	3.36%	2.87%	-0.55%	0.52%	3.03%	2.95%	1.66%	2.61%
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 ORSYX and DFSMX is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.19
Correlation (All Time) Calculated using the full available price history since Jun 21, 2011	0.17

Return for Risk

ORSYX vs. DFSMX — Risk / Return Rank

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

ORSYX

ORSYX Risk / Return Rank: 76
ORSYX Sharpe Ratio Rank: 46
ORSYX Sortino Ratio Rank: 82
ORSYX Omega Ratio Rank: 98
ORSYX Calmar Ratio Rank: 78
ORSYX Martin Ratio Rank: 79

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.

ORSYX vs. DFSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Short Term Municipal Fund (ORSYX) 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.

	ORSYX	DFSMX	Difference
Sharpe ratio: Return per unit of total volatility	1.84	4.16	-2.32
Sortino ratio: Return per unit of downside risk	3.56	8.56	-5.00
Omega ratio: Gain probability vs. loss probability	2.28	4.46	-2.18
Calmar ratio: Return relative to maximum drawdown	3.35	12.85	-9.51
Martin ratio: Return relative to average drawdown	13.74	76.73	-62.99

ORSYX vs. DFSMX - Sharpe Ratio Comparison

The current ORSYX Sharpe Ratio is 1.84, which is lower than the DFSMX Sharpe Ratio of 4.16. The chart below compares the historical Sharpe Ratios of ORSYX and DFSMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ORSYX vs. DFSMX - Drawdown Comparison

The maximum ORSYX drawdown since its inception was -3.18%, which is greater than DFSMX's maximum drawdown of -2.66%. Use the drawdown chart below to compare losses from any high point for ORSYX and DFSMX.

Drawdown Indicators

	ORSYX	DFSMX	Difference
Max Drawdown Largest peak-to-trough decline	-3.18%	-2.66%	-0.52%
Max Drawdown (1Y) Largest decline over 1 year	-0.80%	-0.20%	-0.60%
Max Drawdown (3Y) Largest decline over 3 years	-1.08%	-0.49%	-0.59%
Max Drawdown (5Y) Largest decline over 5 years	-1.78%	-1.66%	-0.12%
Max Drawdown (10Y) Largest decline over 10 years	-3.18%	-1.69%	-1.49%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.21%	-0.23%	+0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.19%	0.03%	+0.16%

Volatility

ORSYX vs. DFSMX - Volatility Comparison

Invesco Short Term Municipal Fund (ORSYX) has a higher volatility of 0.36% compared to DFA Short Term Municipal Bond Portfolio (DFSMX) at 0.18%. This indicates that ORSYX's price experiences larger fluctuations and is considered to be riskier than DFSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ORSYX	DFSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.36%	0.18%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	0.96%	0.38%	+0.58%
Volatility (1Y) Calculated over the trailing 1-year period	1.46%	0.61%	+0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.72%	0.79%	+0.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.65%	0.77%	+0.88%

ORSYX vs. DFSMX - Expense Ratio Comparison

ORSYX has a 0.50% expense ratio, which is higher than DFSMX's 0.20% expense ratio.

Dividends

ORSYX vs. DFSMX - Dividend Comparison

ORSYX's dividend yield for the trailing twelve months is around 2.12%, less 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%
ORSYX Invesco Short Term Municipal Fund	2.12%	3.62%	4.12%	2.55%	1.05%	0.78%	1.65%	2.10%	2.18%	1.77%	1.98%	2.17%

Frequently Asked Questions

Can I hold both ORSYX and DFSMX in my portfolio?

ORSYX and DFSMX have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ORSYX or DFSMX?

ORSYX has higher volatility (0.36%) compared to DFSMX (0.18%). In terms of maximum drawdown, ORSYX dropped -3.18% vs DFSMX's -2.66%.

Which has better risk-adjusted returns?

DFSMX currently has the higher Sharpe Ratio (4.16 vs 1.84), 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.