SMARX vs. DFTEX
SMARX (Brandes Separately Managed Account Reserve Trust) and DFTEX (DFA Intermediate-Term Extended Quality Portfolio Fund) are both Corporate Bonds funds. Over the past 10 years, SMARX returned 3.02%/yr vs 2.39%/yr for DFTEX. A 0.74 correlation means they provide meaningful diversification when combined. SMARX charges 0.00%/yr vs 0.20%/yr for DFTEX.
Performance
SMARX vs. DFTEX - Performance Comparison
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Returns By Period
In the year-to-date period, SMARX achieves a 0.74% return, which is significantly lower than DFTEX's 0.97% return. Over the past 10 years, SMARX has outperformed DFTEX with an annualized return of 3.02%, while DFTEX has yielded a comparatively lower 2.39% annualized return.
SMARX
- 1D
- 0.13%
- 1M
- 0.69%
- YTD
- 0.74%
- 6M
- 0.67%
- 1Y
- 5.39%
- 3Y*
- 5.59%
- 5Y*
- 1.95%
- 10Y*
- 3.02%
DFTEX
- 1D
- 0.10%
- 1M
- 1.00%
- YTD
- 0.97%
- 6M
- 0.78%
- 1Y
- 6.66%
- 3Y*
- 5.95%
- 5Y*
- 0.84%
- 10Y*
- 2.39%
SMARX vs. DFTEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMARX Brandes Separately Managed Account Reserve Trust | 0.74% | 6.91% | 3.73% | 9.76% | -11.77% | 0.76% | 6.55% | 7.77% | -1.13% | 4.75% |
DFTEX DFA Intermediate-Term Extended Quality Portfolio Fund | 0.97% | 7.70% | 2.89% | 9.61% | -16.28% | -2.05% | 10.26% | 13.38% | -2.10% | 5.20% |
Correlation
The correlation between SMARX and DFTEX is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.87 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Aug 6, 2012 | 0.74 |
The correlation between SMARX and DFTEX shifts across timeframes, from 0.74 (all time) to 0.88 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SMARX vs. DFTEX — Risk / Return Rank
SMARX
DFTEX
SMARX vs. DFTEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Brandes Separately Managed Account Reserve Trust (SMARX) and DFA Intermediate-Term Extended Quality Portfolio Fund (DFTEX). 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.
| SMARX | DFTEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.30 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.08 | 2.14 | -0.07 |
| Martin ratioReturn relative to average drawdown | 7.20 | 7.07 | +0.13 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SMARX | DFTEX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.44 | 1.64 | -0.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.38 | 0.13 | +0.25 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.69 | 0.41 | +0.28 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.41 | 0.48 | -0.07 |
Drawdowns
SMARX vs. DFTEX - Drawdown Comparison
The maximum SMARX drawdown since its inception was -47.07%, which is greater than DFTEX's maximum drawdown of -22.83%. Use the drawdown chart below to compare losses from any high point for SMARX and DFTEX.
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Drawdown Indicators
| SMARX | DFTEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.07% | -22.83% | -24.24% |
Max Drawdown (1Y)Largest decline over 1 year | -2.61% | -3.22% | +0.61% |
Max Drawdown (3Y)Largest decline over 3 years | -5.19% | -5.38% | +0.19% |
Max Drawdown (5Y)Largest decline over 5 years | -16.20% | -22.83% | +6.63% |
Max Drawdown (10Y)Largest decline over 10 years | -16.20% | -22.83% | +6.63% |
Current DrawdownCurrent decline from peak | -0.57% | -0.84% | +0.27% |
Average DrawdownAverage peak-to-trough decline | -6.97% | -4.46% | -2.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.75% | 0.97% | -0.22% |
Volatility
SMARX vs. DFTEX - Volatility Comparison
Brandes Separately Managed Account Reserve Trust (SMARX) and DFA Intermediate-Term Extended Quality Portfolio Fund (DFTEX) have volatilities of 1.35% and 1.39%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMARX | DFTEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.35% | 1.39% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 2.84% | 3.08% | -0.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.75% | 4.20% | -0.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.16% | 6.71% | -1.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.39% | 5.89% | -1.50% |
SMARX vs. DFTEX - Expense Ratio Comparison
SMARX has a 0.00% expense ratio, which is lower than DFTEX'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
SMARX vs. DFTEX - Dividend Comparison
SMARX's dividend yield for the trailing twelve months is around 4.77%, less than DFTEX's 4.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFTEX DFA Intermediate-Term Extended Quality Portfolio Fund | 4.93% | 4.30% | 4.27% | 3.79% | 3.25% | 4.12% | 3.31% | 3.06% | 3.24% | 2.91% | 2.88% | 3.90% |
SMARX Brandes Separately Managed Account Reserve Trust | 4.77% | 5.02% | 4.07% | 3.85% | 3.53% | 2.57% | 3.35% | 4.19% | 4.55% | 4.20% | 4.87% | 5.24% |
Frequently Asked Questions
SMARX and DFTEX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DFTEX has higher volatility (1.39%) compared to SMARX (1.35%). In terms of maximum drawdown, SMARX dropped -47.07% vs DFTEX's -22.83%.
DFTEX currently has the higher Sharpe Ratio (1.64 vs 1.44), 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.
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