Dimensional California Municipal Bond ETF (DFCA) Performance
DFCA total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −0.5% since Dec 31, 2025
- 1 year
- +0.1% total return
- 3 years
- +3.0% a year
- Since first price
- +2.0% a year since 2023
DFCA trailing returns vs AGG, TLT, SPY
| Period | DFCA total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | +1.5% | +1.2% | +0.9% | +1.5% | −1.0% |
| 3 months | −0.6% | −1.4% | −0.4% | −1.0% | +3.2% |
| 6 months | −1.3% | −2.8% | −1.5% | −3.8% | +7.8% |
| YTD | −0.5% | −2.7% | −1.0% | −3.4% | +12.3% |
| 1 year | +0.1% | −2.7% | −1.1% | −6.9% | +14.4% |
| 3 years | +9.4%+3.0%/yr | +0.1% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| Since inceptionJun 27, 2023 | +6.7%+2.0%/yr | −2.7% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: DFCA vs AGG
From Jun 27, 2023: DFCA grew to $10,666, AGG to $11,085.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
DFCA returns by calendar year
2 of 2 full years positive. Best 2025 (+3.0%), worst 2024 (+1.5%). 2026 is year to date.
DFCA annual returns table
| Year | DFCA | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | −0.5% | −5.0% | −1.0% | −3.4% | +12.3% |
| 2025 | +3.0% | −3.3% | +7.2% | +4.3% | +17.7% |
| 2024 | +1.5% | −1.3% | +1.3% | −8.1% | +24.9% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
DFCA largest drawdowns
Now 2.1% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 27, 2026 | −5.0% | Sep 29, 2026 | not yet | 7 months | 8 months so far |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
DFCA risk statistics
| Statistic | 3 years | Since 2023 |
|---|---|---|
| Annualized return | +2.0% | +1.2% |
| Volatility (annualized) | 3.6% | 3.6% |
| Sharpe ratio | -0.65 | -0.87 |
| Sortino ratio | -0.80 | -1.03 |
| Best month | +3.5% | +3.5% |
| Worst month | −2.9% | −2.9% |
| Best 12 months | +6.6% | +6.6% |
| Worst 12 months | −1.6% | −1.6% |
| Positive months | 64% | 62% |
| Beta vs S&P 500 | 0.17 | — |
| Correlation with S&P 500 | 0.58 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
DFCA rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 29 | −1.6% | +2.6% | +6.6% | 97% |
| 3-year (a year) | 5 | +2.0% | +2.5% | +3.1% | 100% |
Every holding period starting at a month-end since 2023. Returns for 3 years and longer are annualized.
DFCA performance overview
Dimensional California Municipal Bond ETF (DFCA) returned +0.1% over the past year, with distributions reinvested. Since its first recorded price in 2023 it has returned +2.0% a year, turning $10,000 into about $10,666. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −5.0%, from Feb 27, 2026 to Sep 29, 2026; the fund has not yet regained that high. Volatility has been 3.6% a year.
Related: DFCA chart, DFCA dividends, DFCA bond profile. See the DFCA overview for the latest quote and fund facts.
DFCA performance FAQ
What is the DFCA return over the past year?
DFCA returned +0.1% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 2.7%.
How much would $10,000 invested in DFCA be worth?
$10,000 invested in DFCA at its first recorded close on June 27, 2023 would be worth about $10,666 on October 23, 2026 with distributions reinvested.
What was the worst year for DFCA?
The worst calendar year was 2024, with a total return of +1.5%. The best was 2025 at +3.0%.
What is the biggest drawdown of DFCA?
The largest peak-to-trough decline was −5.0% between February 27, 2026 and September 29, 2026. It has not yet recovered to that high; it is 2.1% below its peak.
How volatile is DFCA?
Over the past 3 years DFCA had an annualized volatility of 3.6% and a Sharpe ratio of -0.65 (excess return over 1–3 month T-bills per unit of risk).