ROBNX vs. DMREX

Last updated Jun 3, 2026

ROBNX (Robinson Tax Advantaged Income Fund) and DMREX (DFA Municipal Real Return Portfolio) are both Municipal Bonds funds. Over the past 10 years, ROBNX returned 2.49%/yr vs 2.87%/yr for DMREX. At a 0.24 correlation, their price movements are largely independent. ROBNX charges 1.33%/yr vs 0.24%/yr for DMREX.

Performance

ROBNX vs. DMREX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Robinson Tax Advantaged Income Fund (ROBNX) 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, ROBNX achieves a 3.45% return, which is significantly higher than DMREX's 2.14% return. Over the past 10 years, ROBNX has underperformed DMREX with an annualized return of 2.49%, while DMREX has yielded a comparatively higher 2.87% annualized return.

ROBNX

• 1D: -0.34%
• 1M: 1.05%
• YTD: 3.45%
• 6M: 4.52%
• 1Y: 8.93%
• 3Y*: 6.95%
• 5Y*: 1.89%
• 10Y*: 2.49%

DMREX

• 1D: 0.00%
• 1M: 0.28%
• YTD: 2.14%
• 6M: 2.29%
• 1Y: 3.50%
• 3Y*: 3.37%
• 5Y*: 2.55%
• 10Y*: 2.87%

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

ROBNX vs. DMREX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ROBNX Robinson Tax Advantaged Income Fund	3.45%	2.89%	8.89%	3.06%	-8.79%	9.27%	0.71%	15.11%	-6.19%	4.99%
DMREX DFA Municipal Real Return Portfolio	2.14%	2.77%	3.10%	2.56%	-1.42%	6.75%	4.11%	6.64%	-0.51%	2.57%

Correlation

The correlation between ROBNX and DMREX is 0.03, 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	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (10Y) Calculated over the trailing 10-year period	0.24
Correlation (All Time) Calculated using the full available price history since Jan 5, 2015	0.24

Over the past year, the correlation between ROBNX and DMREX has dropped to 0.03 - well below their long-term average of 0.24, suggesting their price drivers have been diverging.

Return for Risk

ROBNX vs. DMREX — Risk / Return Rank

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

ROBNX

ROBNX Risk / Return Rank: 40
ROBNX Sharpe Ratio Rank: 38
ROBNX Sortino Ratio Rank: 48
ROBNX Omega Ratio Rank: 48
ROBNX Calmar Ratio Rank: 24
ROBNX Martin Ratio Rank: 41

DMREX

DMREX Risk / Return Rank: 95
DMREX Sharpe Ratio Rank: 97
DMREX Sortino Ratio Rank: 97
DMREX Omega Ratio Rank: 98
DMREX Calmar Ratio Rank: 97
DMREX Martin Ratio Rank: 85

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.

ROBNX vs. DMREX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Robinson Tax Advantaged Income Fund (ROBNX) 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.

	ROBNX	DMREX	Difference
Sharpe ratio Return per unit of total volatility	1.81	3.58	-1.78
Sortino ratio Return per unit of downside risk	2.92	6.11	-3.19
Omega ratio Gain probability vs. loss probability	1.38	2.10	-0.72
Calmar ratio Return relative to maximum drawdown	1.88	6.88	-5.01
Martin ratio Return relative to average drawdown	8.84	16.11	-7.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ROBNX vs. DMREX - Sharpe Ratio Comparison

The current ROBNX Sharpe Ratio is 1.81, which is lower than the DMREX Sharpe Ratio of 3.58. The chart below compares the historical Sharpe Ratios of ROBNX 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

	ROBNX	DMREX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	3.58	-1.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	1.04	-0.76
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	0.92	-0.65
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.88	-0.52

Drawdowns

ROBNX vs. DMREX - Drawdown Comparison

The maximum ROBNX drawdown since its inception was -27.51%, which is greater than DMREX's maximum drawdown of -13.22%. Use the drawdown chart below to compare losses from any high point for ROBNX and DMREX.

Drawdown Indicators

	ROBNX	DMREX	Difference
Max Drawdown Largest peak-to-trough decline	-27.51%	-13.22%	-14.29%
Max Drawdown (1Y) Largest decline over 1 year	-4.89%	-0.51%	-4.38%
Max Drawdown (3Y) Largest decline over 3 years	-10.21%	-2.48%	-7.73%
Max Drawdown (5Y) Largest decline over 5 years	-17.50%	-5.33%	-12.17%
Max Drawdown (10Y) Largest decline over 10 years	-27.51%	-13.22%	-14.29%
Current Drawdown Current decline from peak	-0.34%	0.00%	-0.34%
Average Drawdown Average peak-to-trough decline	-4.63%	-0.88%	-3.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	0.22%	+0.82%

Volatility

ROBNX vs. DMREX - Volatility Comparison

Robinson Tax Advantaged Income Fund (ROBNX) has a higher volatility of 1.75% compared to DFA Municipal Real Return Portfolio (DMREX) at 0.39%. This indicates that ROBNX'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

	ROBNX	DMREX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.75%	0.39%	+1.36%
Volatility (6M) Calculated over the trailing 6-month period	4.20%	0.79%	+3.41%
Volatility (1Y) Calculated over the trailing 1-year period	4.97%	0.99%	+3.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.80%	2.45%	+4.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.21%	3.14%	+6.07%

ROBNX vs. DMREX - Expense Ratio Comparison

ROBNX has a 1.33% expense ratio, which is higher than DMREX's 0.24% expense ratio.

Dividends

ROBNX vs. DMREX - Dividend Comparison

ROBNX's dividend yield for the trailing twelve months is around 4.30%, more than DMREX's 3.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DMREX DFA Municipal Real Return Portfolio	3.25%	2.95%	3.55%	1.96%	1.16%	0.98%	1.44%	2.26%	1.54%	1.32%	1.15%	1.09%
ROBNX Robinson Tax Advantaged Income Fund	4.30%	3.66%	4.13%	2.01%	3.52%	7.91%	3.13%	3.24%	4.26%	5.15%	5.22%	4.72%

Frequently Asked Questions

Can I hold both ROBNX and DMREX in my portfolio?

ROBNX and DMREX have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ROBNX or DMREX?

ROBNX has higher volatility (1.75%) compared to DMREX (0.39%). In terms of maximum drawdown, ROBNX dropped -27.51% vs DMREX's -13.22%.

Which has better risk-adjusted returns?

DMREX currently has the higher Sharpe Ratio (3.58 vs 1.81), 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.