OSTAX vs. DMREX

Last updated Jun 4, 2026

OSTAX (JPMorgan Short-Intermediate Municipal Bond Fund) and DMREX (DFA Municipal Real Return Portfolio) are both Municipal Bonds funds. Over the past 10 years, OSTAX returned 1.15%/yr vs 2.88%/yr for DMREX. At a 0.31 correlation, their price movements are largely independent. OSTAX charges 0.87%/yr vs 0.24%/yr for DMREX.

Performance

OSTAX vs. DMREX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Short-Intermediate Municipal Bond Fund (OSTAX) and DFA Municipal Real Return Portfolio (DMREX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OSTAX achieves a 0.46% return, which is significantly lower than DMREX's 2.23% return. Over the past 10 years, OSTAX has underperformed DMREX with an annualized return of 1.15%, while DMREX has yielded a comparatively higher 2.88% annualized return.

OSTAX

• 1D: 0.10%
• 1M: 0.30%
• YTD: 0.46%
• 6M: 0.77%
• 1Y: 3.22%
• 3Y*: 2.81%
• 5Y*: 0.68%
• 10Y*: 1.15%

DMREX

• 1D: 0.09%
• 1M: 0.28%
• YTD: 2.23%
• 6M: 2.29%
• 1Y: 3.60%
• 3Y*: 3.40%
• 5Y*: 2.55%
• 10Y*: 2.88%

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

OSTAX vs. DMREX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OSTAX JPMorgan Short-Intermediate Municipal Bond Fund	0.46%	3.89%	1.64%	3.13%	-5.27%	-0.26%	3.02%	4.31%	0.80%	2.01%
DMREX DFA Municipal Real Return Portfolio	2.23%	2.77%	3.10%	2.56%	-1.42%	6.75%	4.11%	6.64%	-0.51%	2.57%

Correlation

The correlation between OSTAX and DMREX is 0.02, 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	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since Jan 5, 2015	0.31

Over the past year, the correlation between OSTAX and DMREX has dropped to 0.02 - well below their long-term average of 0.31, suggesting their price drivers have been diverging.

Return for Risk

OSTAX vs. DMREX — Risk / Return Rank

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

OSTAX

OSTAX Risk / Return Rank: 65
OSTAX Sharpe Ratio Rank: 85
OSTAX Sortino Ratio Rank: 84
OSTAX Omega Ratio Rank: 97
OSTAX Calmar Ratio Rank: 35
OSTAX Martin Ratio Rank: 24

DMREX

DMREX Risk / Return Rank: 95
DMREX Sharpe Ratio Rank: 97
DMREX Sortino Ratio Rank: 98
DMREX Omega Ratio Rank: 98
DMREX Calmar Ratio Rank: 97
DMREX Martin Ratio Rank: 86

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.

OSTAX vs. DMREX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Short-Intermediate Municipal Bond Fund (OSTAX) 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.

	OSTAX	DMREX	Difference
Sharpe ratio: Return per unit of total volatility	2.76	3.67	-0.91
Sortino ratio: Return per unit of downside risk	4.04	6.28	-2.24
Omega ratio: Gain probability vs. loss probability	1.92	2.12	-0.21
Calmar ratio: Return relative to maximum drawdown	2.22	7.10	-4.88
Martin ratio: Return relative to average drawdown	5.97	16.54	-10.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OSTAX vs. DMREX - Sharpe Ratio Comparison

The current OSTAX Sharpe Ratio is 2.76, which is comparable to the DMREX Sharpe Ratio of 3.67. The chart below compares the historical Sharpe Ratios of OSTAX and DMREX, 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

	OSTAX	DMREX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.76	3.67	-0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	1.04	-0.70
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.92	-0.43
Sharpe Ratio (All Time) Calculated using the full available price history	1.16	0.88	+0.28

Drawdowns

OSTAX vs. DMREX - Drawdown Comparison

The maximum OSTAX drawdown since its inception was -8.72%, smaller than the maximum DMREX drawdown of -13.22%. Use the drawdown chart below to compare losses from any high point for OSTAX and DMREX.

Drawdown Indicators

	OSTAX	DMREX	Difference
Max Drawdown Largest peak-to-trough decline	-8.72%	-13.22%	+4.50%
Max Drawdown (1Y) Largest decline over 1 year	-1.46%	-0.51%	-0.95%
Max Drawdown (3Y) Largest decline over 3 years	-2.39%	-2.48%	+0.09%
Max Drawdown (5Y) Largest decline over 5 years	-8.72%	-5.33%	-3.39%
Max Drawdown (10Y) Largest decline over 10 years	-8.72%	-13.22%	+4.50%
Current Drawdown Current decline from peak	-0.73%	0.00%	-0.73%
Average Drawdown Average peak-to-trough decline	-0.86%	-0.88%	+0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.54%	0.22%	+0.32%

Volatility

OSTAX vs. DMREX - Volatility Comparison

JPMorgan Short-Intermediate Municipal Bond Fund (OSTAX) has a higher volatility of 0.44% compared to DFA Municipal Real Return Portfolio (DMREX) at 0.39%. This indicates that OSTAX'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.

Volatility by Period

	OSTAX	DMREX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.44%	0.39%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	0.95%	0.79%	+0.16%
Volatility (1Y) Calculated over the trailing 1-year period	1.17%	0.99%	+0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.01%	2.45%	-0.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.34%	3.14%	-0.80%

OSTAX vs. DMREX - Expense Ratio Comparison

OSTAX has a 0.87% expense ratio, which is higher than DMREX's 0.24% expense ratio.

Dividends

OSTAX vs. DMREX - Dividend Comparison

OSTAX's dividend yield for the trailing twelve months is around 2.39%, less than DMREX's 3.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DMREX DFA Municipal Real Return Portfolio	3.24%	2.95%	3.55%	1.96%	1.16%	0.98%	1.44%	2.26%	1.54%	1.32%	1.15%	1.09%
OSTAX JPMorgan Short-Intermediate Municipal Bond Fund	2.39%	2.62%	2.52%	1.88%	1.33%	1.03%	1.20%	1.56%	1.56%	1.03%	1.45%	0.68%

Frequently Asked Questions

Can I hold both OSTAX and DMREX in my portfolio?

OSTAX and DMREX have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OSTAX or DMREX?

OSTAX has higher volatility (0.44%) compared to DMREX (0.39%). In terms of maximum drawdown, OSTAX dropped -8.72% vs DMREX's -13.22%.

Which has better risk-adjusted returns?

DMREX currently has the higher Sharpe Ratio (3.67 vs 2.76), 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.