XDIV vs. DFCA

Last updated Jun 24, 2026

XDIV (Roundhill S&P 500 No Dividend Target ETF) and DFCA (Dimensional California Municipal Bond ETF) are both exchange-traded funds - XDIV is a S&P 500 fund actively managed by Roundhill, while DFCA is a Municipal Bonds fund actively managed by Dimensional. Both are actively managed. At a 0.21 correlation, their price movements are largely independent. XDIV charges 0.08%/yr vs 0.19%/yr for DFCA.

Performance

XDIV vs. DFCA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill S&P 500 No Dividend Target ETF (XDIV) 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, XDIV achieves a 8.01% return, which is significantly higher than DFCA's 0.82% return.

XDIV

• 1D: -1.37%
• 1M: -1.30%
• YTD: 8.01%
• 6M: 7.28%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

DFCA

• 1D: -0.28%
• 1M: 0.56%
• YTD: 0.82%
• 6M: 0.98%
• 1Y: 4.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XDIV vs. DFCA - Yearly Performance Comparison

	2026 (YTD)	2025
XDIV Roundhill S&P 500 No Dividend Target ETF	8.01%	10.07%
DFCA Dimensional California Municipal Bond ETF	0.82%	3.17%

Correlation

The correlation between XDIV and DFCA is 0.21, 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 Jul 10, 2025	0.21

Return for Risk

XDIV vs. DFCA — Risk / Return Rank

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

XDIV

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

DFCA

DFCA Risk / Return Rank: 72
DFCA Sharpe Ratio Rank: 83
DFCA Sortino Ratio Rank: 86
DFCA Omega Ratio Rank: 88
DFCA Calmar Ratio Rank: 53
DFCA Martin Ratio Rank: 48

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.

XDIV vs. DFCA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill S&P 500 No Dividend Target ETF (XDIV) 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.

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.

	XDIV	DFCA	Difference
Sharpe ratio: Return per unit of total volatility	—	2.46	—
Sortino ratio: Return per unit of downside risk	—	3.59	—
Omega ratio: Gain probability vs. loss probability	—	1.51	—
Calmar ratio: Return relative to maximum drawdown	—	2.42	—
Martin ratio: Return relative to average drawdown	—	7.64	—

Drawdowns

XDIV vs. DFCA - Drawdown Comparison

The maximum XDIV drawdown since its inception was -9.16%, which is greater than DFCA's maximum drawdown of -3.28%. Use the drawdown chart below to compare losses from any high point for XDIV and DFCA.

Drawdown Indicators

	XDIV	DFCA	Difference
Max Drawdown Largest peak-to-trough decline	-9.16%	-3.28%	-5.88%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.77%	—
Current Drawdown Current decline from peak	-3.02%	-0.76%	-2.26%
Average Drawdown Average peak-to-trough decline	-1.25%	-0.70%	-0.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.56%	—

Volatility

Volatility by Period

	XDIV	DFCA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.56%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.32%	—
Volatility (1Y) Calculated over the trailing 1-year period	12.86%	1.75%	+11.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.86%	2.47%	+10.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.86%	2.47%	+10.39%

XDIV vs. DFCA - Expense Ratio Comparison

XDIV has a 0.08% expense ratio, which is lower than DFCA's 0.19% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XDIV vs. DFCA - Dividend Comparison

XDIV has not paid dividends to shareholders, while DFCA's dividend yield for the trailing twelve months is around 2.70%.

Position	TTM	2025	2024	2023
DFCA Dimensional California Municipal Bond ETF	2.70%	2.86%	2.86%	1.24%
XDIV Roundhill S&P 500 No Dividend Target ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XDIV and DFCA in my portfolio?

XDIV and DFCA have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XDIV or DFCA?

On fees, XDIV is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XDIV or DFCA?

XDIV is cheaper with a 0.08% expense ratio, compared with 0.19% for DFCA.

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

DFCA has the higher dividend yield at 2.70%, compared with 0.00% for XDIV.

What is the main difference between XDIV and DFCA?

XDIV is categorized as S&P 500, while DFCA is Municipal Bonds. They also come from different issuers: Roundhill and Dimensional. Their fees differ too: 0.08% for XDIV and 0.19% for DFCA.