PTXFX vs. DFSMX

Last updated Jun 4, 2026

PTXFX (Pacific Capital Tax Free Securities Fund) and DFSMX (DFA Short Term Municipal Bond Portfolio) are both Municipal Bonds funds. Over the past 10 years, PTXFX returned 1.67%/yr vs 1.26%/yr for DFSMX. At a 0.41 correlation, their price movements are largely independent. PTXFX charges 0.12%/yr vs 0.20%/yr for DFSMX.

Performance

PTXFX vs. DFSMX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with PTXFX having a 0.99% return and DFSMX slightly lower at 0.95%. Over the past 10 years, PTXFX has outperformed DFSMX with an annualized return of 1.67%, while DFSMX has yielded a comparatively lower 1.26% annualized return.

PTXFX

• 1D: 0.10%
• 1M: 0.51%
• YTD: 0.99%
• 6M: 1.40%
• 1Y: 5.52%
• 3Y*: 2.46%
• 5Y*: 0.25%
• 10Y*: 1.67%

DFSMX

• 1D: 0.00%
• 1M: 0.20%
• YTD: 0.95%
• 6M: 1.17%
• 1Y: 2.48%
• 3Y*: 2.71%
• 5Y*: 1.70%
• 10Y*: 1.26%

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

PTXFX vs. DFSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PTXFX Pacific Capital Tax Free Securities Fund	0.99%	3.82%	1.12%	2.74%	-7.31%	0.33%	4.78%	6.50%	2.41%	4.78%
DFSMX DFA Short Term Municipal Bond Portfolio	0.95%	2.30%	2.84%	2.98%	-0.36%	-0.11%	0.83%	1.62%	1.22%	1.15%

Correlation

The correlation between PTXFX and DFSMX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since Aug 23, 2002	0.41

Over the past year, the correlation between PTXFX and DFSMX has dropped to 0.20 - well below their long-term average of 0.41, suggesting their price drivers have been diverging.

Return for Risk

PTXFX vs. DFSMX — Risk / Return Rank

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

PTXFX

PTXFX Risk / Return Rank: 65
PTXFX Sharpe Ratio Rank: 70
PTXFX Sortino Ratio Rank: 83
PTXFX Omega Ratio Rank: 90
PTXFX Calmar Ratio Rank: 46
PTXFX Martin Ratio Rank: 38

DFSMX

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

PTXFX vs. DFSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacific Capital Tax Free Securities Fund (PTXFX) 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.

	PTXFX	DFSMX	Difference
Sharpe ratio Return per unit of total volatility	2.44	4.16	-1.72
Sortino ratio Return per unit of downside risk	3.94	8.56	-4.61
Omega ratio Gain probability vs. loss probability	1.66	4.46	-2.80
Calmar ratio Return relative to maximum drawdown	2.57	12.85	-10.28
Martin ratio Return relative to average drawdown	8.39	76.74	-68.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PTXFX vs. DFSMX - Sharpe Ratio Comparison

The current PTXFX Sharpe Ratio is 2.44, which is lower than the DFSMX Sharpe Ratio of 4.16. The chart below compares the historical Sharpe Ratios of PTXFX 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.

Sharpe Ratios by Period

	PTXFX	DFSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.44	4.16	-1.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.08	2.18	-2.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	1.64	-1.15
Sharpe Ratio (All Time) Calculated using the full available price history	1.20	1.79	-0.59

Drawdowns

PTXFX vs. DFSMX - Drawdown Comparison

The maximum PTXFX drawdown since its inception was -11.69%, which is greater than DFSMX's maximum drawdown of -2.66%. Use the drawdown chart below to compare losses from any high point for PTXFX and DFSMX.

Drawdown Indicators

	PTXFX	DFSMX	Difference
Max Drawdown Largest peak-to-trough decline	-11.69%	-2.66%	-9.03%
Max Drawdown (1Y) Largest decline over 1 year	-2.43%	-0.20%	-2.23%
Max Drawdown (3Y) Largest decline over 3 years	-5.79%	-0.49%	-5.30%
Max Drawdown (5Y) Largest decline over 5 years	-11.69%	-1.66%	-10.03%
Max Drawdown (10Y) Largest decline over 10 years	-11.69%	-1.69%	-10.00%
Current Drawdown Current decline from peak	-0.43%	0.00%	-0.43%
Average Drawdown Average peak-to-trough decline	-1.62%	-0.23%	-1.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	0.03%	+0.68%

Volatility

PTXFX vs. DFSMX - Volatility Comparison

Pacific Capital Tax Free Securities Fund (PTXFX) has a higher volatility of 1.03% compared to DFA Short Term Municipal Bond Portfolio (DFSMX) at 0.14%. This indicates that PTXFX'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

	PTXFX	DFSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	0.14%	+0.89%
Volatility (6M) Calculated over the trailing 6-month period	1.89%	0.37%	+1.52%
Volatility (1Y) Calculated over the trailing 1-year period	2.58%	0.61%	+1.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.36%	0.79%	+2.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.47%	0.77%	+2.70%

PTXFX vs. DFSMX - Expense Ratio Comparison

PTXFX has a 0.12% expense ratio, which is lower than DFSMX's 0.20% 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

PTXFX vs. DFSMX - Dividend Comparison

PTXFX's dividend yield for the trailing twelve months is around 2.33%, less than DFSMX's 2.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFSMX DFA Short Term Municipal Bond Portfolio	2.36%	2.08%	2.80%	1.94%	0.63%	0.19%	0.83%	1.22%	1.11%	0.95%	0.94%	0.95%
PTXFX Pacific Capital Tax Free Securities Fund	2.33%	2.16%	1.95%	1.76%	1.88%	1.75%	2.27%	2.46%	3.65%	3.08%	2.25%	3.05%

Frequently Asked Questions

Can I hold both PTXFX and DFSMX in my portfolio?

PTXFX and DFSMX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PTXFX or DFSMX?

PTXFX has higher volatility (1.03%) compared to DFSMX (0.14%). In terms of maximum drawdown, PTXFX dropped -11.69% vs DFSMX's -2.66%.

Which has better risk-adjusted returns?

DFSMX currently has the higher Sharpe Ratio (4.16 vs 2.44), 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.