XAGG vs. DFCA

Last updated Jun 4, 2026

XAGG (Eaton Vance Income Opportunities ETF) and DFCA (Dimensional California Municipal Bond ETF) are both exchange-traded funds - XAGG is a Multisector Bonds fund actively managed by Eaton Vance, while DFCA is a Municipal Bonds fund actively managed by Dimensional. Both are actively managed. At a 0.39 correlation, their price movements are largely independent. XAGG charges 0.50%/yr vs 0.19%/yr for DFCA.

Performance

XAGG vs. DFCA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Income Opportunities ETF (XAGG) and Dimensional California Municipal Bond ETF (DFCA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XAGG achieves a 1.93% return, which is significantly higher than DFCA's 1.07% return.

XAGG

• 1D: -0.15%
• 1M: 0.41%
• YTD: 1.93%
• 6M: 2.07%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

DFCA

• 1D: -0.03%
• 1M: 0.54%
• YTD: 1.07%
• 6M: 1.46%
• 1Y: 5.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XAGG vs. DFCA - Yearly Performance Comparison

	2026 (YTD)	2025
XAGG Eaton Vance Income Opportunities ETF	1.93%	1.61%
DFCA Dimensional California Municipal Bond ETF	1.07%	0.46%

Correlation

The correlation between XAGG and DFCA is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 11, 2025	0.39

Return for Risk

XAGG vs. DFCA — Risk / Return Rank

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

DFCA

DFCA Risk / Return Rank: 76
DFCA Sharpe Ratio Rank: 86
DFCA Sortino Ratio Rank: 90
DFCA Omega Ratio Rank: 91
DFCA Calmar Ratio Rank: 58
DFCA Martin Ratio Rank: 55

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.

XAGG vs. DFCA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Income Opportunities ETF (XAGG) and Dimensional California Municipal Bond ETF (DFCA). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	XAGG	DFCA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.88	1.13	+0.76

Drawdowns

XAGG vs. DFCA - Drawdown Comparison

The maximum XAGG drawdown since its inception was -2.88%, smaller than the maximum DFCA drawdown of -3.28%. Use the drawdown chart below to compare losses from any high point for XAGG and DFCA.

Drawdown Indicators

	XAGG	DFCA	Difference
Max Drawdown Largest peak-to-trough decline	-2.88%	-3.28%	+0.40%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.77%	—
Current Drawdown Current decline from peak	-0.49%	-0.52%	+0.03%
Average Drawdown Average peak-to-trough decline	-0.57%	-0.70%	+0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.55%	—

Volatility

Volatility by Period

	XAGG	DFCA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.55%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.30%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.48%	1.77%	+1.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.48%	2.48%	+1.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.48%	2.48%	+1.00%

XAGG vs. DFCA - Expense Ratio Comparison

XAGG has a 0.50% expense ratio, which is higher than DFCA's 0.19% expense ratio.

Dividends

XAGG vs. DFCA - Dividend Comparison

XAGG's dividend yield for the trailing twelve months is around 3.86%, more than DFCA's 2.69% yield.

Position	TTM	2025	2024	2023
DFCA Dimensional California Municipal Bond ETF	2.69%	2.86%	2.86%	1.24%
XAGG Eaton Vance Income Opportunities ETF	3.86%	1.02%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XAGG and DFCA in my portfolio?

XAGG and DFCA have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XAGG or DFCA?

On fees, DFCA is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XAGG or DFCA?

DFCA is cheaper with a 0.19% expense ratio, compared with 0.50% for XAGG.

Which ETF pays a higher dividend yield, XAGG or DFCA?

XAGG has the higher dividend yield at 3.86%, compared with 2.69% for DFCA.

What is the main difference between XAGG and DFCA?

XAGG is categorized as Multisector Bonds, while DFCA is Municipal Bonds. They also come from different issuers: Eaton Vance and Dimensional. Their fees differ too: 0.50% for XAGG and 0.19% for DFCA.