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

In the year to Oct 28, 2026, with distributions reinvested, DFNM returned +0.6% and MUNI +0.1%.

Which is cheaper, DFNM or MUNI?

DFNM is cheaper, by 0.18 percentage points a year. That is about $18 on $10,000 held for a year. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Across categories

DFNM vs MUNI: Differences, Returns & Fees

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DFNM's duration was 5.0 years on Jul 31, 2026 and MUNI's 4.5 on Jun 30, 2026; DFNM charges 0.17% to MUNI's 0.35%.

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Net assets: $2.2bn on Jul 31, 2026 for Dimensional National Municipal Bond ETF, and $3.1bn on Jun 30, 2026 for PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund.

DFNM on its own →MUNI on its own →

At a glance

+0.6%

DFNM total return, 1 year

+0.1%

MUNI total return, 1 year

0.17%

DFNM expense ratio

0.35%

MUNI expense ratio

Pair scorecard

DFNM costs 0.18 points a year less; their one-year returns differ by 0.5 points.

DFNM vs MUNI: Differences, Returns & Fees
Measure	DFNM	MUNI
Return
Measure	DFNM	MUNI
Total return, 1 year	+0.6%	+0.1%
Benchmark
Measure	DFNM	MUNI
What it tracks	No index, actively managed	No index, actively managed
Cost and size
Measure	DFNM	MUNI
Expense ratio	0.17%	0.35%
Net assets, DFNM as of Jul 31, 2026 and MUNI as of Jun 30, 2026	$2.2bn	$3.1bn
Holdings
Measure	DFNM	MUNI
Holdings in common	1%

Holdings in common uses holdings dated Jun 30, 2026 and Jul 31, 2026. Method

Risk and return

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

DFNM MUNI

Return

Total return edge Tie +4.7% +4.8%

Annualized edge Tie +0.9% +1.0%

Price return edge DFNM −6.8% −9.6%

Risk

Volatility edge DFNM 3.2% 4.1%

Max drawdown edge DFNM −6.8% −10.3%

Risk-adjusted

Sharpe edge MUNI −0.95 −0.71

Sortino edge MUNI −1.17 −0.91

Calmar edge DFNM 0.14 0.09

Reading

DFNM and MUNI returned about the same: +4.7% and +4.8%. DFNM swung less: 3.2% to 4.1%. DFNM fell less at its worst: −6.8% to −10.3%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: DFNM vs MUNI: Differences, Returns & Fees
Measure	DFNM	MUNI	Edge	How it is measured
Return
Total return	+4.7%	+4.8%	Tie	Price change plus distributions, reinvested.
Annualized	+0.9%	+1.0%	Tie	Total return as a yearly rate.
Price return	−6.8%	−9.6%	DFNM	Price change alone, distributions left out.
Risk
Volatility	3.2%	4.1%	DFNM	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	2.6%	3.3%	DFNM	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−6.8%	−10.3%	DFNM	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	−0.95	−0.71	MUNI	Return above Treasury bills per unit of volatility.
Sortino	−1.17	−0.91	MUNI	Return above Treasury bills per unit of downside deviation.
Calmar	0.14	0.09	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 MUNI hold 1% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Jul 31, 2026.

50%

0 half 100%

half

1% in common

Positions both hold · largest shared weight first DFNM MUNI

BOARD OF REGENTS OF THE UNIVERSITY OF TEXAS SYSTEM, due Aug 15, 2039 0.26% 0.37%

CITY OF NEW YORK NY, due Dec 1, 2047 0.11% 0.32%

CHARLOTTE MECKLENBURG HOSPITAL AUTHORITY THE, due Jan 15, 2037 0.08% 0.58%

GREAT LAKES WATER AUTHORITY SEWAGE DISPOSAL SYSTEM, due Jul 1, 2037 0.06% 0.18%

DISTRICT OF COLUMBIA INCOME TAX REVENUE, due Jun 1, 2041 0.04% 0.20%

ENERGY NORTHWEST, due Jul 1, 2041 0.02% 0.13%

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 MUNI

U.S. Treasury Notes, due Feb 29, 2028 2.20%

U.S. Treasury Notes, due Feb 28, 2031 1.78%

U.S. Treasury Notes, due Apr 30, 2031 1.16%

U.S. Treasury Notes, due Feb 28, 2031 0.86%

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, due Jul 1, 2046 0.81%

Connecticut State Health & Educational Facilities Authority, due Jul 1, 2057 0.81%

Black Belt Energy Gas District, due Jan 1, 2034 0.81%

Texas Municipal Gas Acquisition & Supply Corp. V, due Apr 1, 2036 0.80%

Check overlap with more funds →

Side by side

DFNM Dimensional National Municipal Bond ETF MUNI PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

Where it sits Bond ETF Bond ETF

Issuer Dimensional PIMCO

What it is Actively managed Actively managed

Total return, 1 year +0.6% +0.1%

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% 0.35%

Holdings 1198 647

Net assets, DFNM as of Jul 31, 2026 and MUNI as of Jun 30, 2026 $2.2bn $3.1bn

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

Client brief · page 1 of 2 Report BR-9E1948BA6D

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

Holdings in common. 1% of the weight is in the same securities (holdings dated Jul 31, 2026 and Jun 30, 2026).
Cost. DFNM charges 0.17% of assets a year and MUNI 0.35%, a gap of 0.18 points.
What each follows (similar). Both follow No index, actively managed.

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.

MUNI

MUNI is actively managed and tracks no index. Over the year to Oct 28, 2026 it returned +0.1% with distributions reinvested. The prospectus expense ratio is 0.35% a year.

Questions people ask

Which returned more over the last year, DFNM or MUNI?: In the year to Oct 28, 2026, with distributions reinvested, DFNM returned +0.6% and MUNI +0.1%.
Which is cheaper, DFNM or MUNI?: DFNM is cheaper, by 0.18 percentage points a year. That is about $18 on $10,000 held for a year. Fees come from each fund's prospectus.

Other comparisons

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

Where to next

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

Sources and dates

DFNM filings on SEC EDGAR ↗

DFNM prospectus with the expense ratio (SEC) ↗

Dimensional website ↗

MUNI filings on SEC EDGAR ↗

MUNI prospectus with the expense ratio (SEC) ↗

PIMCO 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 MUNI, data as of Oct 28, 2026. https://etfiq.com/compare/any/dfnm-vs-muni

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