TXRIX vs. DCARX

Last updated Apr 2, 2026

Compare and contrast key facts about JPMorgan Tax Aware Real Return Fund (TXRIX) and DFA California Municipal Real Return Portfolio (DCARX).

TXRIX is managed by JPMorgan. It was launched on Aug 30, 2005. DCARX is managed by Dimensional. It was launched on Oct 31, 2017.

Performance

TXRIX vs. DCARX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Tax Aware Real Return Fund (TXRIX) and DFA California Municipal Real Return Portfolio (DCARX). The values are adjusted to include any dividend payments, if applicable.

TXRIX vs. DCARX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TXRIX JPMorgan Tax Aware Real Return Fund	-0.08%	3.71%	2.47%	4.93%	-5.77%	8.53%	2.54%	5.54%	-0.75%	1.23%
DCARX DFA California Municipal Real Return Portfolio	1.09%	2.64%	3.16%	2.63%	-1.06%	6.21%	2.35%	5.08%	-0.46%	1.16%

Returns By Period

In the year-to-date period, TXRIX achieves a -0.08% return, which is significantly lower than DCARX's 1.09% return.

TXRIX

• 1D: 0.21%
• 1M: -1.68%
• YTD: -0.08%
• 6M: 0.39%
• 1Y: 3.05%
• 3Y*: 2.83%
• 5Y*: 2.23%
• 10Y*: —

DCARX

• 1D: 0.00%
• 1M: 0.32%
• YTD: 1.09%
• 6M: 1.13%
• 1Y: 2.59%
• 3Y*: 2.55%
• 5Y*: 2.68%
• 10Y*: —

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

TXRIX vs. DCARX - Expense Ratio Comparison

TXRIX has a 0.49% expense ratio, which is higher than DCARX's 0.26% expense ratio.

TXRIX

JPMorgan Tax Aware Real Return Fund

DCARX

DFA California Municipal Real Return Portfolio

Return for Risk

TXRIX vs. DCARX — Risk / Return Rank

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

TXRIX

TXRIX Risk / Return Rank: 36
TXRIX Sharpe Ratio Rank: 38
TXRIX Sortino Ratio Rank: 28
TXRIX Omega Ratio Rank: 54
TXRIX Calmar Ratio Rank: 28
TXRIX Martin Ratio Rank: 30

DCARX

DCARX Risk / Return Rank: 93
DCARX Sharpe Ratio Rank: 92
DCARX Sortino Ratio Rank: 93
DCARX Omega Ratio Rank: 96
DCARX Calmar Ratio Rank: 92
DCARX Martin Ratio Rank: 93

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.

TXRIX vs. DCARX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Tax Aware Real Return Fund (TXRIX) and DFA California Municipal Real Return Portfolio (DCARX). 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.

	TXRIX	DCARX	Difference
Sharpe ratio Return per unit of total volatility	0.92	2.06	-1.13
Sortino ratio Return per unit of downside risk	1.19	2.97	-1.78
Omega ratio Gain probability vs. loss probability	1.24	1.57	-0.33
Calmar ratio Return relative to maximum drawdown	1.00	2.99	-2.00
Martin ratio Return relative to average drawdown	3.89	12.16	-8.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TXRIX vs. DCARX - Sharpe Ratio Comparison

The current TXRIX Sharpe Ratio is 0.92, which is lower than the DCARX Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of TXRIX and DCARX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TXRIX	DCARX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	2.06	-1.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	1.20	-0.58
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.93	-0.14

Correlation

The correlation between TXRIX and DCARX is 0.71, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

TXRIX vs. DCARX - Dividend Comparison

TXRIX's dividend yield for the trailing twelve months is around 3.23%, less than DCARX's 3.41% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
TXRIX JPMorgan Tax Aware Real Return Fund	3.23%	3.20%	3.32%	3.17%	2.04%	1.47%	2.22%	2.56%	2.85%	12.76%
DCARX DFA California Municipal Real Return Portfolio	3.41%	3.11%	3.52%	1.84%	0.90%	0.78%	1.12%	1.43%	1.27%	0.09%

Drawdowns

TXRIX vs. DCARX - Drawdown Comparison

The maximum TXRIX drawdown since its inception was -16.51%, which is greater than DCARX's maximum drawdown of -12.27%. Use the drawdown chart below to compare losses from any high point for TXRIX and DCARX.

Drawdown Indicators

	TXRIX	DCARX	Difference
Max Drawdown Largest peak-to-trough decline	-16.51%	-12.27%	-4.24%
Max Drawdown (1Y) Largest decline over 1 year	-3.51%	-0.93%	-2.58%
Max Drawdown (5Y) Largest decline over 5 years	-9.74%	-4.79%	-4.95%
Current Drawdown Current decline from peak	-1.79%	-0.24%	-1.55%
Average Drawdown Average peak-to-trough decline	-1.78%	-0.76%	-1.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	0.23%	+0.67%

Volatility

TXRIX vs. DCARX - Volatility Comparison

JPMorgan Tax Aware Real Return Fund (TXRIX) has a higher volatility of 1.06% compared to DFA California Municipal Real Return Portfolio (DCARX) at 0.51%. This indicates that TXRIX's price experiences larger fluctuations and is considered to be riskier than DCARX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TXRIX	DCARX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.06%	0.51%	+0.55%
Volatility (6M) Calculated over the trailing 6-month period	1.41%	0.71%	+0.70%
Volatility (1Y) Calculated over the trailing 1-year period	3.46%	1.28%	+2.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.60%	2.25%	+1.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.56%	2.93%	+1.63%