TMUUX vs. DFCMX
TMUUX (Morgan Stanley Pathway Funds Municipal Bond Fund) and DFCMX (DFA California Short Term Municipal Bond Portfolio) are both Municipal Bonds funds. Over the past 10 years, TMUUX returned 1.55%/yr vs 1.19%/yr for DFCMX. At a 0.38 correlation, their price movements are largely independent. TMUUX charges 0.71%/yr vs 0.19%/yr for DFCMX.
Performance
TMUUX vs. DFCMX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TMUUX achieves a 1.62% return, which is significantly higher than DFCMX's 1.03% return. Over the past 10 years, TMUUX has outperformed DFCMX with an annualized return of 1.55%, while DFCMX has yielded a comparatively lower 1.19% annualized return.
TMUUX
- 1D
- 0.12%
- 1M
- 1.44%
- YTD
- 1.62%
- 6M
- 1.76%
- 1Y
- 5.57%
- 3Y*
- 3.04%
- 5Y*
- 0.45%
- 10Y*
- 1.55%
DFCMX
- 1D
- 0.00%
- 1M
- 0.39%
- YTD
- 1.03%
- 6M
- 1.03%
- 1Y
- 2.60%
- 3Y*
- 2.64%
- 5Y*
- 1.60%
- 10Y*
- 1.19%
TMUUX vs. DFCMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMUUX Morgan Stanley Pathway Funds Municipal Bond Fund | 1.62% | 2.42% | 1.73% | 6.04% | -9.03% | 1.21% | 3.57% | 7.44% | 0.54% | 4.84% |
DFCMX DFA California Short Term Municipal Bond Portfolio | 1.03% | 2.55% | 2.84% | 2.53% | -0.76% | -0.13% | 0.67% | 1.84% | 1.24% | 1.07% |
Correlation
The correlation between TMUUX and DFCMX is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012 | 0.38 |
The correlation between TMUUX and DFCMX shifts across timeframes, from 0.28 (1 year) to 0.43 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TMUUX vs. DFCMX — Risk / Return Rank
TMUUX
DFCMX
TMUUX vs. DFCMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Pathway Funds Municipal Bond Fund (TMUUX) and DFA California Short Term Municipal Bond Portfolio (DFCMX). 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.
| TMUUX | DFCMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.24 | ||
| Sortino ratioReturn per unit of downside risk | -6.98 | ||
| Omega ratioGain probability vs. loss probability | 1.58 | 4.85 | -3.27 |
| Calmar ratioReturn relative to maximum drawdown | 2.47 | 12.81 | -10.35 |
| Martin ratioReturn relative to average drawdown | 7.87 | 43.93 | -36.07 |
Loading charts...
Drawdowns
TMUUX vs. DFCMX - Drawdown Comparison
The maximum TMUUX drawdown since its inception was -16.76%, which is greater than DFCMX's maximum drawdown of -2.20%. Use the drawdown chart below to compare losses from any high point for TMUUX and DFCMX.
Loading charts...
Drawdown Indicators
| TMUUX | DFCMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.76% | -2.20% | -14.56% |
Max Drawdown (1Y)Largest decline over 1 year | -2.54% | -0.20% | -2.34% |
Max Drawdown (3Y)Largest decline over 3 years | -5.96% | -0.68% | -5.28% |
Max Drawdown (5Y)Largest decline over 5 years | -14.47% | -2.20% | -12.27% |
Max Drawdown (10Y)Largest decline over 10 years | -14.47% | -2.20% | -12.27% |
Current DrawdownCurrent decline from peak | -0.25% | 0.00% | -0.25% |
Average DrawdownAverage peak-to-trough decline | -2.17% | -0.25% | -1.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 0.06% | +0.73% |
Volatility
TMUUX vs. DFCMX - Volatility Comparison
Morgan Stanley Pathway Funds Municipal Bond Fund (TMUUX) has a higher volatility of 0.63% compared to DFA California Short Term Municipal Bond Portfolio (DFCMX) at 0.18%. This indicates that TMUUX's price experiences larger fluctuations and is considered to be riskier than DFCMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TMUUX | DFCMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.63% | 0.18% | +0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 1.84% | 0.39% | +1.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.82% | 0.59% | +2.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.40% | 0.89% | +3.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.96% | 0.88% | +3.08% |
TMUUX vs. DFCMX - Expense Ratio Comparison
TMUUX has a 0.71% expense ratio, which is higher than DFCMX's 0.19% expense ratio.
Dividends
TMUUX vs. DFCMX - Dividend Comparison
TMUUX's dividend yield for the trailing twelve months is around 2.31%, less than DFCMX's 2.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFCMX DFA California Short Term Municipal Bond Portfolio | 2.47% | 2.23% | 2.61% | 1.70% | 0.71% | 0.36% | 0.87% | 1.43% | 1.04% | 0.87% | 0.86% | 0.82% |
TMUUX Morgan Stanley Pathway Funds Municipal Bond Fund | 2.31% | 2.13% | 3.37% | 3.11% | 2.41% | 1.95% | 2.54% | 3.30% | 2.92% | 2.77% | 5.74% | 3.07% |
Frequently Asked Questions
TMUUX and DFCMX have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMUUX has higher volatility (0.63%) compared to DFCMX (0.18%). In terms of maximum drawdown, TMUUX dropped -16.76% vs DFCMX's -2.20%.
DFCMX currently has the higher Sharpe Ratio (4.46 vs 2.22), 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.
Find the right allocation for TMUUX and DFCMX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer