TXRIX vs. DFSMX

Last updated Jun 4, 2026

TXRIX (JPMorgan Tax Aware Real Return Fund) and DFSMX (DFA Short Term Municipal Bond Portfolio) are both Municipal Bonds funds. Over the past 5 years, TXRIX returned 2.15%/yr vs 1.70%/yr for DFSMX. At a 0.21 correlation, their price movements are largely independent. TXRIX charges 0.49%/yr vs 0.20%/yr for DFSMX.

Performance

TXRIX vs. DFSMX - Performance Comparison

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

Returns By Period

In the year-to-date period, TXRIX achieves a 1.91% return, which is significantly higher than DFSMX's 0.95% return.

TXRIX

• 1D: 0.11%
• 1M: 0.40%
• YTD: 1.91%
• 6M: 1.90%
• 1Y: 6.31%
• 3Y*: 3.84%
• 5Y*: 2.15%
• 10Y*: —

DFSMX

• 1D: 0.00%
• 1M: 0.20%
• YTD: 0.95%
• 6M: 1.17%
• 1Y: 2.48%
• 3Y*: 2.71%
• 5Y*: 1.70%
• 10Y*: 1.26%

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

TXRIX vs. DFSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TXRIX JPMorgan Tax Aware Real Return Fund	1.91%	3.71%	2.47%	4.93%	-5.77%	8.53%	2.54%	5.54%	-0.75%	13.02%
DFSMX DFA Short Term Municipal Bond Portfolio	0.95%	2.30%	2.84%	2.98%	-0.36%	-0.11%	0.83%	1.62%	1.22%	0.56%

Correlation

The correlation between TXRIX and DFSMX is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (All Time) Calculated using the full available price history since Feb 2, 2017	0.21

Return for Risk

TXRIX vs. DFSMX — Risk / Return Rank

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

TXRIX

TXRIX Risk / Return Rank: 78
TXRIX Sharpe Ratio Rank: 88
TXRIX Sortino Ratio Rank: 90
TXRIX Omega Ratio Rank: 94
TXRIX Calmar Ratio Rank: 54
TXRIX Martin Ratio Rank: 65

DFSMX

DFSMX Risk / Return Rank: 99
DFSMX Sharpe Ratio Rank: 99
DFSMX Sortino Ratio Rank: 99
DFSMX Omega Ratio Rank: 100
DFSMX Calmar Ratio Rank: 99
DFSMX Martin Ratio Rank: 100

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. DFSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Tax Aware Real Return Fund (TXRIX) and DFA Short Term Municipal Bond Portfolio (DFSMX). 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	DFSMX	Difference
Sharpe ratio: Return per unit of total volatility	2.92	4.16	-1.24
Sortino ratio: Return per unit of downside risk	4.40	8.56	-4.16
Omega ratio: Gain probability vs. loss probability	1.73	4.46	-2.73
Calmar ratio: Return relative to maximum drawdown	2.82	12.85	-10.03
Martin ratio: Return relative to average drawdown	12.63	76.74	-64.10
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. DFSMX - Sharpe Ratio Comparison

The current TXRIX Sharpe Ratio is 2.92, which is comparable to the DFSMX Sharpe Ratio of 4.16. The chart below compares the historical Sharpe Ratios of TXRIX and DFSMX, 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

	TXRIX	DFSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.92	4.16	-1.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	2.18	-1.58
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.64	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	1.79	-0.96

Drawdowns

TXRIX vs. DFSMX - Drawdown Comparison

The maximum TXRIX drawdown since its inception was -16.51%, which is greater than DFSMX's maximum drawdown of -2.66%. Use the drawdown chart below to compare losses from any high point for TXRIX and DFSMX.

Drawdown Indicators

	TXRIX	DFSMX	Difference
Max Drawdown Largest peak-to-trough decline	-16.51%	-2.66%	-13.85%
Max Drawdown (1Y) Largest decline over 1 year	-2.21%	-0.20%	-2.01%
Max Drawdown (3Y) Largest decline over 3 years	-4.12%	-0.49%	-3.63%
Max Drawdown (5Y) Largest decline over 5 years	-9.74%	-1.66%	-8.08%
Max Drawdown (10Y) Largest decline over 10 years	—	-1.69%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.76%	-0.23%	-1.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.49%	0.03%	+0.46%

Volatility

TXRIX vs. DFSMX - Volatility Comparison

JPMorgan Tax Aware Real Return Fund (TXRIX) has a higher volatility of 0.82% compared to DFA Short Term Municipal Bond Portfolio (DFSMX) at 0.14%. This indicates that TXRIX's price experiences larger fluctuations and is considered to be riskier than DFSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TXRIX	DFSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.82%	0.14%	+0.68%
Volatility (6M) Calculated over the trailing 6-month period	1.64%	0.37%	+1.27%
Volatility (1Y) Calculated over the trailing 1-year period	2.14%	0.61%	+1.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.60%	0.79%	+2.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.53%	0.77%	+3.76%

TXRIX vs. DFSMX - Expense Ratio Comparison

TXRIX has a 0.49% expense ratio, which is higher than DFSMX's 0.20% expense ratio.

Dividends

TXRIX vs. DFSMX - Dividend Comparison

TXRIX's dividend yield for the trailing twelve months is around 3.21%, more than DFSMX's 2.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFSMX DFA Short Term Municipal Bond Portfolio	2.36%	2.08%	2.80%	1.94%	0.63%	0.19%	0.83%	1.22%	1.11%	0.95%	0.94%	0.95%
TXRIX JPMorgan Tax Aware Real Return Fund	3.21%	3.20%	3.32%	3.17%	2.04%	1.47%	2.22%	2.56%	2.85%	12.76%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TXRIX and DFSMX in my portfolio?

TXRIX and DFSMX have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TXRIX or DFSMX?

TXRIX has higher volatility (0.82%) compared to DFSMX (0.14%). In terms of maximum drawdown, TXRIX dropped -16.51% vs DFSMX's -2.66%.

Which has better risk-adjusted returns?

DFSMX currently has the higher Sharpe Ratio (4.16 vs 2.92), 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.