USSTX vs. DCARX

Last updated Aug 4, 2026

USSTX (USAA Tax Exempt Short Term Fund) and DCARX (DFA California Municipal Real Return Portfolio) are both Municipal Bonds funds. Over the past 5 years, USSTX returned 1.71%/yr vs 2.21%/yr for DCARX. Their 0.20 correlation means their historical movements had little consistent relationship. USSTX charges 0.49%/yr vs 0.26%/yr for DCARX.

Performance

USSTX vs. DCARX - Performance Comparison

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

Returns By Period

In the year-to-date period, USSTX achieves a 0.67% return, which is significantly lower than DCARX's 1.76% return.

USSTX

• 1D: -0.10%
• 1M: -0.68%
• 6M: 0.06%
• YTD: 0.67%
• 1Y: 2.15%
• 3Y*: 3.75%
• 5Y*: 1.71%
• 10Y*: 1.73%
• ALL TIME*: 2.74%

DCARX

• 1D: -0.09%
• 1M: -0.08%
• 6M: 1.26%
• YTD: 1.76%
• 1Y: 2.28%
• 3Y*: 2.96%
• 5Y*: 2.21%
• 10Y*: —
• ALL TIME*: 2.69%

*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)
DCARX DFA California Municipal Real Return Portfolio	$0.00	$0.00	$0.00
USSTX USAA Tax Exempt Short Term Fund	$0.00	$0.00	$0.00

USSTX vs. DCARX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USSTX USAA Tax Exempt Short Term Fund	0.67%	4.73%	3.65%	4.11%	-4.15%	1.23%	2.38%	2.69%	1.60%	0.18%
DCARX DFA California Municipal Real Return Portfolio	1.76%	2.64%	3.16%	2.63%	-1.06%	6.21%	2.35%	5.08%	-0.46%	1.16%

Correlation

The correlation between USSTX and DCARX is 0.00, 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.	0.00
Correlation (3Y) Balances recent behavior with more history.	0.16
Correlation (5Y) Shows whether the relationship held over a longer period.	0.20
Correlation (All Time) Calculated using the full available price history since Nov 29, 2017	0.20

The correlation between USSTX and DCARX shifts across timeframes, from 0.00 (1 year) to 0.20 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

USSTX vs. DCARX — Risk / Return Rank

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

USSTX

USSTX Risk / Return Rank: 61
USSTX Sharpe Ratio Rank: 63
USSTX Sortino Ratio Rank: 77
USSTX Omega Ratio Rank: 89
USSTX Calmar Ratio Rank: 39
USSTX Martin Ratio Rank: 38

DCARX

DCARX Risk / Return Rank: 89
DCARX Sharpe Ratio Rank: 85
DCARX Sortino Ratio Rank: 89
DCARX Omega Ratio Rank: 93
DCARX Calmar Ratio Rank: 94
DCARX Martin Ratio Rank: 84

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.

USSTX vs. DCARX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Tax Exempt Short Term Fund (USSTX) 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.

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.

	USSTX	DCARX	Difference
Sharpe ratio: Return per unit of total volatility	1.65	2.10	-0.45
Sortino ratio: Return per unit of downside risk	2.72	3.31	-0.59
Omega ratio: Gain probability vs. loss probability	1.45	1.52	-0.07
Calmar ratio: Return relative to maximum drawdown	1.76	4.10	-2.34
Martin ratio: Return relative to average drawdown	5.98	11.08	-5.10

USSTX vs. DCARX - Sharpe Ratio Comparison

The current USSTX Sharpe Ratio is 1.65, which is comparable to the DCARX Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of USSTX and DCARX, 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

USSTX vs. DCARX - Drawdown Comparison

The maximum USSTX drawdown since its inception was -6.82%, smaller than the maximum DCARX drawdown of -12.27%. Use the drawdown chart below to compare losses from any high point for USSTX and DCARX.

Drawdown Indicators

	USSTX	DCARX	Difference
Max Drawdown Largest peak-to-trough decline	-6.82%	-12.27%	+5.45%
Max Drawdown (1Y) Largest decline over 1 year	-1.34%	-0.56%	-0.78%
Max Drawdown (3Y) Largest decline over 3 years	-1.95%	-1.39%	-0.56%
Max Drawdown (5Y) Largest decline over 5 years	-6.82%	-4.79%	-2.03%
Max Drawdown (10Y) Largest decline over 10 years	-6.82%	—	—
Current Drawdown Current decline from peak	-0.68%	-0.45%	-0.23%
Average Drawdown Average peak-to-trough decline	-0.66%	-0.73%	+0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.39%	0.21%	+0.18%

Volatility

USSTX vs. DCARX - Volatility Comparison

USAA Tax Exempt Short Term Fund (USSTX) and DFA California Municipal Real Return Portfolio (DCARX) have volatilities of 0.38% and 0.37%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USSTX	DCARX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.38%	0.37%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	1.10%	0.94%	+0.16%
Volatility (1Y) Calculated over the trailing 1-year period	1.47%	1.09%	+0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.00%	2.23%	-0.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.86%	2.89%	-1.03%

USSTX vs. DCARX - Expense Ratio Comparison

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

Dividends

USSTX vs. DCARX - Dividend Comparison

USSTX's dividend yield for the trailing twelve months is around 2.53%, less than DCARX's 3.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DCARX DFA California Municipal Real Return Portfolio	3.20%	3.11%	3.52%	1.84%	0.90%	0.78%	1.12%	1.43%	1.27%	0.09%	0.00%	0.00%
USSTX USAA Tax Exempt Short Term Fund	2.53%	3.04%	3.38%	2.50%	1.89%	1.13%	1.48%	1.79%	1.78%	1.50%	1.42%	1.52%

Frequently Asked Questions

Can I hold both USSTX and DCARX in my portfolio?

USSTX and DCARX have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USSTX or DCARX?

USSTX has higher volatility (0.38%) compared to DCARX (0.37%). In terms of maximum drawdown, USSTX dropped -6.82% vs DCARX's -12.27%.

Which has better risk-adjusted returns?

DCARX currently has the higher Sharpe Ratio (2.10 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.