TNGY vs. DFNM

Last updated Aug 1, 2026

TNGY (Tortoise Energy Fund) and DFNM (Dimensional National Municipal Bond ETF) are both exchange-traded funds - TNGY is a Energy Equities fund actively managed by Tortoise, while DFNM is a Municipal Bonds fund actively managed by Dimensional. Both are actively managed. Over the past year, TNGY returned 21.86% vs 3.46% for DFNM. Their -0.26 correlation means they have often moved in opposite directions in the past. TNGY charges 0.85%/yr vs 0.17%/yr for DFNM.

Performance

TNGY vs. DFNM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tortoise Energy Fund (TNGY) and Dimensional National Municipal Bond ETF (DFNM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TNGY achieves a 18.64% return, which is significantly higher than DFNM's 0.45% return.

TNGY

• 1D: 1.42%
• 1M: 8.49%
• 6M: 12.54%
• YTD: 18.64%
• 1Y: 21.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.98%

DFNM

• 1D: -0.04%
• 1M: -1.20%
• 6M: -0.36%
• YTD: 0.45%
• 1Y: 3.46%
• 3Y*: 2.90%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 1.20%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DFNM Dimensional National Municipal Bond ETF	$10.08M	$8.87M	$8.49M
TNGY Tortoise Energy Fund	$575.58K	$661.37K	$648.60K

TNGY vs. DFNM - Yearly Performance Comparison

	2026 (YTD)	2025
TNGY Tortoise Energy Fund	18.64%	-2.37%
DFNM Dimensional National Municipal Bond ETF	0.45%	3.86%

Correlation

The correlation between TNGY and DFNM is -0.28, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.28
Correlation (All Time) Calculated using the full available price history since Jun 16, 2025	-0.26

Return for Risk

TNGY vs. DFNM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TNGY

TNGY Risk / Return Rank: 49
TNGY Sharpe Ratio Rank: 49
TNGY Sortino Ratio Rank: 46
TNGY Omega Ratio Rank: 44
TNGY Calmar Ratio Rank: 58
TNGY Martin Ratio Rank: 47

DFNM

DFNM Risk / Return Rank: 77
DFNM Sharpe Ratio Rank: 88
DFNM Sortino Ratio Rank: 87
DFNM Omega Ratio Rank: 92
DFNM Calmar Ratio Rank: 58
DFNM Martin Ratio Rank: 57

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TNGY vs. DFNM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise Energy Fund (TNGY) and Dimensional National Municipal Bond ETF (DFNM). 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.

	TNGY	DFNM	Difference
Sharpe ratio: Return per unit of total volatility	1.20	2.12	-0.92
Sortino ratio: Return per unit of downside risk	1.67	2.95	-1.28
Omega ratio: Gain probability vs. loss probability	1.21	1.46	-0.25
Calmar ratio: Return relative to maximum drawdown	2.05	2.07	-0.02
Martin ratio: Return relative to average drawdown	5.39	6.89	-1.50

TNGY vs. DFNM - Sharpe Ratio Comparison

The current TNGY Sharpe Ratio is 1.20, which is lower than the DFNM Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of TNGY and DFNM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TNGY vs. DFNM - Drawdown Comparison

The maximum TNGY drawdown since its inception was -9.79%, which is greater than DFNM's maximum drawdown of -6.99%. Use the drawdown chart below to compare losses from any high point for TNGY and DFNM.

Drawdown Indicators

	TNGY	DFNM	Difference
Max Drawdown Largest peak-to-trough decline	-9.79%	-6.99%	-2.80%
Max Drawdown (1Y) Largest decline over 1 year	-9.79%	-1.84%	-7.95%
Max Drawdown (3Y) Largest decline over 3 years	—	-2.79%	—
Current Drawdown Current decline from peak	-1.50%	-1.20%	-0.30%
Average Drawdown Average peak-to-trough decline	-3.68%	-1.91%	-1.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.75%	0.55%	+3.20%

Volatility

TNGY vs. DFNM - Volatility Comparison

Tortoise Energy Fund (TNGY) has a higher volatility of 5.91% compared to Dimensional National Municipal Bond ETF (DFNM) at 0.67%. This indicates that TNGY's price experiences larger fluctuations and is considered to be riskier than DFNM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TNGY	DFNM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.91%	0.67%	+5.24%
Volatility (6M) Calculated over the trailing 6-month period	13.89%	1.43%	+12.46%
Volatility (1Y) Calculated over the trailing 1-year period	16.70%	1.80%	+14.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.74%	2.52%	+14.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.74%	2.52%	+14.22%

TNGY vs. DFNM - Expense Ratio Comparison

TNGY has a 0.85% expense ratio, which is higher than DFNM's 0.17% expense ratio.

Dividends

TNGY vs. DFNM - Dividend Comparison

TNGY's dividend yield for the trailing twelve months is around 4.47%, more than DFNM's 2.97% yield.

Position	TTM	2025	2024	2023	2022	2021
DFNM Dimensional National Municipal Bond ETF	2.97%	2.94%	2.74%	2.39%	1.16%	0.05%
TNGY Tortoise Energy Fund	4.47%	2.59%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TNGY and DFNM in my portfolio?

TNGY and DFNM 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.

Which is riskier, TNGY or DFNM?

TNGY has higher volatility (5.91%) compared to DFNM (0.67%). In terms of maximum drawdown, TNGY dropped -9.79% vs DFNM's -6.99%.

Which ETF is better, TNGY or DFNM?

On 1-year performance, TNGY leads with 21.86% vs 3.46% for DFNM. On fees, DFNM is cheaper at 0.17% per year. On volatility, DFNM has been the lower-risk option at 0.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TNGY or DFNM?

Over the 1-year period, TNGY has performed better with a 21.86% return vs 3.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TNGY or DFNM?

DFNM is cheaper with a 0.17% expense ratio, compared with 0.85% for TNGY.

Which ETF pays a higher dividend yield, TNGY or DFNM?

TNGY has the higher dividend yield at 4.47%, compared with 2.97% for DFNM.

What is the main difference between TNGY and DFNM?

TNGY is categorized as Energy Equities, while DFNM is Municipal Bonds. They also come from different issuers: Tortoise and Dimensional. Their fees differ too: 0.85% for TNGY and 0.17% for DFNM.

Which has better risk-adjusted returns?

DFNM currently has the higher Sharpe Ratio (2.12 vs 1.20), 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.