SPMFX vs. DMREX
SPMFX (Symmetry Panoramic Municipal Fixed Income Fund) and DMREX (DFA Municipal Real Return Portfolio) are both Municipal Bonds funds. Over the past 5 years, SPMFX returned 1.06%/yr vs 2.23%/yr for DMREX. Their 0.17 correlation means their historical movements had little consistent relationship. SPMFX charges 0.41%/yr vs 0.24%/yr for DMREX.
Performance
SPMFX vs. DMREX - Performance Comparison
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Returns By Period
In the year-to-date period, SPMFX achieves a 0.46% return, which is significantly lower than DMREX's 2.07% return.
SPMFX
- 1D
- -0.10%
- 1M
- -1.29%
- 6M
- -0.21%
- YTD
- 0.46%
- 1Y
- 3.24%
- 3Y*
- 2.52%
- 5Y*
- 1.06%
- 10Y*
- —
- ALL TIME*
- 1.31%
DMREX
- 1D
- 0.02%
- 1M
- 0.02%
- 6M
- 1.56%
- YTD
- 2.07%
- 1Y
- 2.54%
- 3Y*
- 3.08%
- 5Y*
- 2.23%
- 10Y*
- 2.81%
- ALL TIME*
- 2.65%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
SPMFX vs. DMREX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SPMFX Symmetry Panoramic Municipal Fixed Income Fund | 0.46% | 3.23% | 1.81% | 3.41% | -3.04% | -0.31% | 1.47% | 2.31% | 0.88% |
DMREX DFA Municipal Real Return Portfolio | 2.07% | 2.77% | 3.10% | 2.56% | -1.42% | 6.75% | 4.11% | 6.64% | 0.33% |
Correlation
The correlation between SPMFX and DMREX is -0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.07 |
Correlation (3Y) Balances recent behavior with more history. | 0.14 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.19 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2018 | 0.17 |
The correlation between SPMFX and DMREX shifts across timeframes, from -0.07 (1 year) to 0.19 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPMFX vs. DMREX — Risk / Return Rank
SPMFX
DMREX
SPMFX vs. DMREX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Symmetry Panoramic Municipal Fixed Income Fund (SPMFX) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SPMFX | DMREX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.92 | ||
| Sortino ratioReturn per unit of downside risk | -1.86 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.71 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | 1.68 | 5.01 | -3.32 |
| Martin ratioReturn relative to average drawdown | 5.71 | 10.76 | -5.06 |
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Drawdowns
SPMFX vs. DMREX - Drawdown Comparison
The maximum SPMFX drawdown since its inception was -5.39%, smaller than the maximum DMREX drawdown of -13.22%. Use the drawdown chart below to compare losses from any high point for SPMFX and DMREX.
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Drawdown Indicators
| SPMFX | DMREX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.39% | -13.22% | +7.83% |
Max Drawdown (1Y)Largest decline over 1 year | -2.26% | -0.51% | -1.75% |
Max Drawdown (3Y)Largest decline over 3 years | -2.86% | -2.48% | -0.38% |
Max Drawdown (5Y)Largest decline over 5 years | -5.39% | -5.33% | -0.06% |
Max Drawdown (10Y)Largest decline over 10 years | — | -13.22% | — |
Current DrawdownCurrent decline from peak | -1.29% | -0.25% | -1.04% |
Average DrawdownAverage peak-to-trough decline | -1.00% | -0.87% | -0.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 0.24% | +0.42% |
Volatility
SPMFX vs. DMREX - Volatility Comparison
Symmetry Panoramic Municipal Fixed Income Fund (SPMFX) has a higher volatility of 0.76% compared to DFA Municipal Real Return Portfolio (DMREX) at 0.30%. This indicates that SPMFX'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.
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Volatility by Period
| SPMFX | DMREX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.76% | 0.30% | +0.46% |
Volatility (6M)Calculated over the trailing 6-month period | 1.95% | 0.80% | +1.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.31% | 1.00% | +1.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.99% | 2.43% | -0.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.93% | 3.13% | -1.20% |
SPMFX vs. DMREX - Expense Ratio Comparison
SPMFX has a 0.41% expense ratio, which is higher than DMREX's 0.24% expense ratio.
Dividends
SPMFX vs. DMREX - Dividend Comparison
SPMFX's dividend yield for the trailing twelve months is around 2.50%, less 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% |
SPMFX Symmetry Panoramic Municipal Fixed Income Fund | 2.50% | 2.05% | 2.50% | 1.52% | 0.59% | 0.27% | 0.68% | 1.00% | 0.08% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPMFX and DMREX have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMFX has higher volatility (0.76%) compared to DMREX (0.30%). In terms of maximum drawdown, SPMFX dropped -5.39% vs DMREX's -13.22%.
DMREX currently has the higher Sharpe Ratio (2.57 vs 1.65), 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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