Dimensional National Municipal Bond ETF (DFNM) Performance
DFNM total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −0.2% since Dec 31, 2025
- 1 year
- +0.3% total return
- 3 years
- +3.4% a year
- Since first price
- +1.0% a year since 2021
DFNM trailing returns vs AGG, TLT, SPY
| Period | DFNM total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | +1.6% | +1.3% | +0.9% | +1.5% | −1.0% |
| 3 months | −0.5% | −1.3% | −0.4% | −1.0% | +3.2% |
| 6 months | −1.3% | −2.8% | −1.5% | −3.8% | +7.8% |
| YTD | −0.2% | −2.5% | −1.0% | −3.4% | +12.3% |
| 1 year | +0.3% | −2.7% | −1.1% | −6.9% | +14.4% |
| 3 years | +10.7%+3.4%/yr | +1.4% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| Since inceptionNov 16, 2021 | +5.1%+1.0%/yr | −6.4% | — | — | — |
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: DFNM vs AGG
From Nov 16, 2021: DFNM grew to $10,514, AGG to $9,927.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
DFNM returns by calendar year
3 of 4 full years positive. Best 2023 (+4.0%), worst 2022 (−4.0%). 2026 is year to date.
DFNM annual returns table
| Year | DFNM | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | −0.2% | −4.6% | −1.0% | −3.4% | +12.3% |
| 2025 | +3.9% | −2.8% | +7.2% | +4.3% | +17.7% |
| 2024 | +1.2% | −1.4% | +1.3% | −8.1% | +24.9% |
| 2023 | +4.0% | −3.8% | +5.7% | +2.8% | +26.2% |
| 2022 | −4.0% | −6.9% | −13.0% | −31.2% | −18.2% |
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.
DFNM largest drawdowns
Now 1.9% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Dec 30, 2021 | −7.0% | Oct 31, 2022 | Jul 16, 2024 | 10 months | 2.5 years |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
DFNM risk statistics
| Statistic | 3 years | Since 2021 |
|---|---|---|
| Annualized return | +2.6% | +0.5% |
| Volatility (annualized) | 3.7% | 4.3% |
| Sharpe ratio | -0.49 | -0.75 |
| Sortino ratio | -0.63 | -0.92 |
| Best month | +3.6% | +3.6% |
| Worst month | −2.8% | −2.8% |
| Best 12 months | +7.2% | +7.2% |
| Worst 12 months | −1.2% | −4.2% |
| Positive months | 58% | 52% |
| Beta vs S&P 500 | 0.18 | — |
| Correlation with S&P 500 | 0.60 | — |
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.
DFNM rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 48 | −4.2% | +2.2% | +7.2% | 88% |
| 3-year (a year) | 24 | +0.3% | +2.6% | +3.9% | 100% |
Every holding period starting at a month-end since 2021. Returns for 3 years and longer are annualized.
DFNM performance overview
Dimensional National Municipal Bond ETF (DFNM) returned +0.3% over the past year, with distributions reinvested. Since its first recorded price in 2021 it has returned +1.0% a year, turning $10,000 into about $10,514. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −7.0%, from Dec 30, 2021 to Oct 31, 2022, and it took 1.7 years to get back to the old high. DFNM finished 3 of its 4 full calendar years with a gain; the best year was 2023 (+4.0%) and the worst 2022 (−4.0%). Volatility has been 4.3% a year.
Related: DFNM chart, DFNM dividends, DFNM bond profile. See the DFNM overview for the latest quote and fund facts.
DFNM performance FAQ
What is the DFNM return over the past year?
DFNM returned +0.3% 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 DFNM be worth?
$10,000 invested in DFNM at its first recorded close on November 16, 2021 would be worth about $10,514 on October 23, 2026 with distributions reinvested.
What was the worst year for DFNM?
The worst calendar year was 2022, with a total return of −4.0%. The best was 2023 at +4.0%.
What is the biggest drawdown of DFNM?
The largest peak-to-trough decline was −7.0% between December 30, 2021 and October 31, 2022. It recovered to the old high on July 16, 2024, 1.7 years after the bottom.
How volatile is DFNM?
Over the past 3 years DFNM had an annualized volatility of 3.7% and a Sharpe ratio of -0.49 (excess return over 1–3 month T-bills per unit of risk).