Which returned more over the last year, DFNM or ITM?

In the year to Oct 28, 2026, with distributions reinvested, DFNM returned +0.6% and ITM −0.5%.

Which is cheaper, DFNM or ITM?

DFNM is cheaper, by 0.01 percentage points a year. That is about $1 on $10,000 held for a year. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Across categories

DFNM vs ITM: Differences, Returns & Fees

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On Jul 31, 2026 DFNM's duration was 5.0 years and ITM's 5.6; DFNM charges 0.17% to ITM's 0.18%.

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Net assets: $2.2bn on Jul 31, 2026 for Dimensional National Municipal Bond ETF, and $2.3bn on Oct 27, 2026 for VanEck Intermediate Muni ETF.

DFNM on its own →ITM on its own →

At a glance

+0.6%

DFNM total return, 1 year

−0.5%

ITM total return, 1 year

0.17%

DFNM expense ratio

0.18%

ITM expense ratio

Pair scorecard

DFNM costs 0.01 points a year less; their one-year returns differ by 1.1 points.

DFNM vs ITM: Differences, Returns & Fees
Measure	DFNM	ITM
Return
Measure	DFNM	ITM
Total return, 1 year	+0.6%	−0.5%
Drawdown
Measure	DFNM	ITM
Below its high		3.0%, high on Feb 27, 2026
Benchmark
Measure	DFNM	ITM
What it tracks	No index, actively managed	ICE Intermediate AMT-Free Broad National Municipal Index
Cost and size
Measure	DFNM	ITM
Expense ratio	0.17%	0.18%
Net assets, DFNM as of Jul 31, 2026 and ITM as of Oct 27, 2026	$2.2bn	$2.3bn
Holdings
Measure	DFNM	ITM
Holdings in common	1%

Holdings in common uses holdings dated Jul 31, 2026. Method

Risk and return

Nov 26, 2021 to Oct 23, 2026 · 256 weekly returns

DFNM ITM

Return

Total return edge DFNM +4.7% +0.4%

Annualized edge DFNM +0.9% +0.1%

Price return edge DFNM −6.8% −11.4%

Risk

Volatility edge DFNM 3.2% 5.4%

Max drawdown edge DFNM −6.8% −14.1%

Risk-adjusted

Sharpe edge ITM −0.95 −0.70

Sortino edge ITM −1.17 −0.90

Calmar edge DFNM 0.14 0.01

Reading

DFNM returned more: +4.7% to +0.4%. DFNM swung less: 3.2% to 5.4%. DFNM fell less at its worst: −6.8% to −14.1%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: DFNM vs ITM: Differences, Returns & Fees
Measure	DFNM	ITM	Edge	How it is measured
Return
Total return	+4.7%	+0.4%	DFNM	Price change plus distributions, reinvested.
Annualized	+0.9%	+0.1%	DFNM	Total return as a yearly rate.
Price return	−6.8%	−11.4%	DFNM	Price change alone, distributions left out.
Risk
Volatility	3.2%	5.4%	DFNM	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	2.6%	4.2%	DFNM	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−6.8%	−14.1%	DFNM	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	−0.95	−0.70	ITM	Return above Treasury bills per unit of volatility.
Sortino	−1.17	−0.90	ITM	Return above Treasury bills per unit of downside deviation.
Calmar	0.14	0.01	DFNM	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 256 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, DFNM and ITM hold 1% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026.

50%

0 half 100%

half

1% in common

Positions both hold · largest shared weight first DFNM ITM

STATE OF CALIFORNIA, due Mar 1, 2036 0.12% 0.45%

STATE OF WASHINGTON, due Aug 1, 2038 0.16% 0.10%

NORTH TEXAS TOLLWAY AUTHORITY, due Jan 1, 2040 0.19% 0.09%

STATE OF ILLINOIS, due Oct 1, 2033 0.09% 0.12%

STATE OF MARYLAND, due Mar 15, 2032 0.09% 0.15%

STATE OF TEXAS, due Oct 1, 2035 0.08% 0.09%

COUNTY OF BROWARD FL TOURIST DEVELOPMENT TAX REVEN, due Sep 1, 2036 0.07% 0.10%

GREAT LAKES WATER AUTHORITY SEWAGE DISPOSAL SYSTEM, due Jul 1, 2037 0.06% 0.15%

STATE OF WASHINGTON, due Feb 1, 2039 0.07% 0.05%

HURST EULESS BEDFORD INDEPENDENT SCHOOL DISTRICT, due Aug 15, 2043 0.16% 0.05%

ENERGY NORTHWEST, due Jul 1, 2036 0.07% 0.05%

STATE OF WASHINGTON, due Aug 1, 2042 0.06% 0.05%

Only in one fund ↓

Only in DFNM

COUNTY OF HUDSON NJ, due Feb 24, 2027 0.81%

CITY OF REVERE MA, due Jul 29, 2027 0.73%

CITY OF SOMERVILLE MA, due May 28, 2027 0.68%

CITY OF HOBOKEN NJ, due Mar 8, 2027 0.68%

CITY OF MANCHESTER NH, due Nov 12, 2026 0.60%

MICHIGAN STATE UNIVERSITY, due Aug 15, 2042 0.59%

STATE OF MARYLAND, due Jun 1, 2037 0.50%

NEW YORK STATE THRUWAY AUTHORITY, due Sep 15, 2037 0.50%

Only in ITM

NEW JERSEY ST EDUCTNL FACS AUTH REVENUE, due Jul 1, 2064 0.53%

CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE, due Aug 1, 2055 0.50%

CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE, due Feb 1, 2055 0.44%

CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE, due Jul 1, 2064 0.39%

CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE, due Jan 1, 2056 0.37%

CALIFORNIA ST, due Aug 1, 2032 0.30%

KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE, due Jan 1, 2055 0.29%

NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE, due Jun 15, 2034 0.28%

Check overlap with more funds →

Side by side

DFNM Dimensional National Municipal Bond ETF ITM VanEck Intermediate Muni ETF

Where it sits Bond ETF Bond ETF

Issuer Dimensional VanEck

What it is Actively managed Tracks an index

Total return, 1 year +0.6% −0.5%

Its benchmark over the same days 0.0% (VTEI) not measured

Gap to its benchmark +0.6 pts vs VTEI not measured

Expense ratio 0.17% 0.18%

Holdings 1198 1410

Net assets, DFNM as of Jul 31, 2026 and ITM as of Oct 27, 2026 $2.2bn $2.3bn

DFNM and ITM on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Client brief · page 1 of 2 Report BR-786E59722C

DFNM and ITM are built for the same job. How do they differ in cost, holdings and results?

What each follows. DFNM follows No index, actively managed and ITM follows ICE Intermediate AMT-Free Broad National Municipal Index.
Holdings in common. 1% of the weight is in the same securities (holdings dated Jul 31, 2026).
One-year total return (similar). Over 1 year to Oct 28, 2026 DFNM returned +0.6% and ITM −0.5% with distributions reinvested, a gap of 1.1 points.

Data as of Oct 28, 2026.

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About each fund

DFNM

DFNM is actively managed and tracks no index. Over the year to Oct 28, 2026 it returned +0.6% with distributions reinvested, against 0.0% for its benchmark, the S&P Intermediate Term National AMT-Free Municipal Bond Index. The prospectus expense ratio is 0.17% a year.

ITM

ITM tracks an index. Over the year to Oct 28, 2026 it returned −0.5% with distributions reinvested. The prospectus expense ratio is 0.18% a year. It sat 3.0% below its high of Feb 27, 2026 on Oct 28, 2026.

Questions people ask

Which returned more over the last year, DFNM or ITM?: In the year to Oct 28, 2026, with distributions reinvested, DFNM returned +0.6% and ITM −0.5%.
Which is cheaper, DFNM or ITM?: DFNM is cheaper, by 0.01 percentage points a year. That is about $1 on $10,000 held for a year. Fees come from each fund's prospectus.

Other comparisons

DFNM vs MMIT DFNM vs VSDM DFNM vs VTEI DFNM vs MUNI ITM vs VTEI ITM vs MUNI ITM vs MMIT ITM vs VSDM

Where to next

DFNM on its own →ITM on its own →Hold both: look the portfolio through →Rankings →DFNM dividend history →DFNM holdings →ITM dividend history →ITM holdings →Standards and sources →

Sources and dates

DFNM filings on SEC EDGAR ↗

DFNM prospectus with the expense ratio (SEC) ↗

Dimensional website ↗

ITM filings on SEC EDGAR ↗

ITM prospectus with the expense ratio (SEC) ↗

VanEck website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, DFNM against ITM, data as of Oct 28, 2026. https://etfiq.com/compare/any/dfnm-vs-itm

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.