SMRSX vs. DFEQX

Last updated Jun 4, 2026

SMRSX (ALPS/Smith Short Duration Bond Fund) and DFEQX (DFA Short-Term Extended Quality Portfolio) are both Short-Term Bond funds. Over the past 5 years, SMRSX returned 2.19%/yr vs 2.06%/yr for DFEQX. A 0.52 correlation means they provide meaningful diversification when combined. SMRSX charges 0.93%/yr vs 0.19%/yr for DFEQX.

Performance

SMRSX vs. DFEQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ALPS/Smith Short Duration Bond Fund (SMRSX) and DFA Short-Term Extended Quality Portfolio (DFEQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMRSX achieves a 0.65% return, which is significantly lower than DFEQX's 1.40% return.

SMRSX

• 1D: 0.00%
• 1M: 0.32%
• YTD: 0.65%
• 6M: 0.90%
• 1Y: 3.72%
• 3Y*: 4.72%
• 5Y*: 2.19%
• 10Y*: —

DFEQX

• 1D: 0.10%
• 1M: 0.52%
• YTD: 1.40%
• 6M: 1.63%
• 1Y: 3.80%
• 3Y*: 4.87%
• 5Y*: 2.06%
• 10Y*: 1.94%

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

SMRSX vs. DFEQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SMRSX ALPS/Smith Short Duration Bond Fund	0.65%	5.38%	4.50%	4.73%	-3.47%	-0.39%	6.27%	4.13%	0.87%
DFEQX DFA Short-Term Extended Quality Portfolio	1.40%	4.27%	5.50%	5.44%	-5.18%	-0.60%	2.24%	4.51%	1.48%

Correlation

The correlation between SMRSX and DFEQX is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jul 3, 2018	0.52

The correlation between SMRSX and DFEQX shifts across timeframes, from 0.40 (3 years) to 0.57 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

SMRSX vs. DFEQX — Risk / Return Rank

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

SMRSX

SMRSX Risk / Return Rank: 87
SMRSX Sharpe Ratio Rank: 84
SMRSX Sortino Ratio Rank: 89
SMRSX Omega Ratio Rank: 90
SMRSX Calmar Ratio Rank: 84
SMRSX Martin Ratio Rank: 86

DFEQX

DFEQX Risk / Return Rank: 96
DFEQX Sharpe Ratio Rank: 97
DFEQX Sortino Ratio Rank: 97
DFEQX Omega Ratio Rank: 98
DFEQX Calmar Ratio Rank: 92
DFEQX Martin Ratio Rank: 94

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.

SMRSX vs. DFEQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ALPS/Smith Short Duration Bond Fund (SMRSX) and DFA Short-Term Extended Quality Portfolio (DFEQX). 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.

	SMRSX	DFEQX	Difference
Sharpe ratio: Return per unit of total volatility	2.74	3.61	-0.88
Sortino ratio: Return per unit of downside risk	4.36	5.76	-1.40
Omega ratio: Gain probability vs. loss probability	1.67	2.15	-0.48
Calmar ratio: Return relative to maximum drawdown	3.94	5.07	-1.13
Martin ratio: Return relative to average drawdown	16.35	21.22	-4.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMRSX vs. DFEQX - Sharpe Ratio Comparison

The current SMRSX Sharpe Ratio is 2.74, which is comparable to the DFEQX Sharpe Ratio of 3.61. The chart below compares the historical Sharpe Ratios of SMRSX and DFEQX, 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

	SMRSX	DFEQX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.74	3.61	-0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.30	1.00	+0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.15	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.78	1.14	+0.64

Drawdowns

SMRSX vs. DFEQX - Drawdown Comparison

The maximum SMRSX drawdown since its inception was -5.62%, smaller than the maximum DFEQX drawdown of -8.40%. Use the drawdown chart below to compare losses from any high point for SMRSX and DFEQX.

Drawdown Indicators

	SMRSX	DFEQX	Difference
Max Drawdown Largest peak-to-trough decline	-5.62%	-8.40%	+2.78%
Max Drawdown (1Y) Largest decline over 1 year	-0.95%	-0.76%	-0.19%
Max Drawdown (3Y) Largest decline over 3 years	-0.95%	-1.16%	+0.21%
Max Drawdown (5Y) Largest decline over 5 years	-5.62%	-8.40%	+2.78%
Max Drawdown (10Y) Largest decline over 10 years	—	-8.40%	—
Current Drawdown Current decline from peak	-0.03%	0.00%	-0.03%
Average Drawdown Average peak-to-trough decline	-0.86%	-0.95%	+0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.23%	0.18%	+0.05%

Volatility

SMRSX vs. DFEQX - Volatility Comparison

ALPS/Smith Short Duration Bond Fund (SMRSX) and DFA Short-Term Extended Quality Portfolio (DFEQX) have volatilities of 0.45% and 0.45%, 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.

Volatility by Period

	SMRSX	DFEQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.45%	0.45%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	1.01%	0.88%	+0.13%
Volatility (1Y) Calculated over the trailing 1-year period	1.36%	1.07%	+0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.69%	2.08%	-0.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.59%	1.69%	-0.10%

SMRSX vs. DFEQX - Expense Ratio Comparison

SMRSX has a 0.93% expense ratio, which is higher than DFEQX's 0.19% expense ratio.

Dividends

SMRSX vs. DFEQX - Dividend Comparison

SMRSX's dividend yield for the trailing twelve months is around 3.87%, less than DFEQX's 4.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFEQX DFA Short-Term Extended Quality Portfolio	4.13%	3.62%	4.40%	3.34%	1.78%	1.05%	0.47%	2.18%	3.14%	1.51%	1.59%	1.72%
SMRSX ALPS/Smith Short Duration Bond Fund	3.87%	3.95%	4.11%	3.50%	0.84%	0.56%	1.92%	2.86%	0.87%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMRSX and DFEQX in my portfolio?

SMRSX and DFEQX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMRSX or DFEQX?

DFEQX has higher volatility (0.45%) compared to SMRSX (0.45%). In terms of maximum drawdown, SMRSX dropped -5.62% vs DFEQX's -8.40%.

Which has better risk-adjusted returns?

DFEQX currently has the higher Sharpe Ratio (3.61 vs 2.74), 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.