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

In the year to Oct 28, 2026, with distributions reinvested, DFNM returned +0.6% and VSDM +1.9%.

Which is cheaper, DFNM or VSDM?

VSDM is cheaper, by 0.05 percentage points a year. That is about $5 on $10,000 held for a year. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Across categories

DFNM vs VSDM: Differences, Returns & Fees

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On Jul 31, 2026 DFNM's duration was 5.0 years and VSDM's 4.5; VSDM charges 0.12% to DFNM's 0.17%.

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Net assets: $2.2bn on Jul 31, 2026 for Dimensional National Municipal Bond ETF, and $1.2bn on Sep 30, 2026 for Vanguard Short Duration Tax-Exempt Bond ETF.

DFNM on its own →VSDM on its own →

At a glance

+0.6%

DFNM total return, 1 year

+1.9%

VSDM total return, 1 year

0.17%

DFNM expense ratio

0.12%

VSDM expense ratio

Pair scorecard

VSDM costs 0.05 points a year less; their one-year returns differ by 1.3 points.

DFNM vs VSDM: Differences, Returns & Fees
Measure	DFNM	VSDM
Return
Measure	DFNM	VSDM
Total return, 1 year	+0.6%	+1.9%
Benchmark
Measure	DFNM	VSDM
What it tracks	No index, actively managed	No index, actively managed
Cost and size
Measure	DFNM	VSDM
Expense ratio	0.17%	0.12%
Net assets, DFNM as of Jul 31, 2026 and VSDM as of Sep 30, 2026	$2.2bn	$1.2bn
Holdings
Measure	DFNM	VSDM
Holdings in common	1%

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

Risk and return

Nov 29, 2024 to Oct 23, 2026 · 99 weekly returns

DFNM VSDM

Return

Total return edge VSDM +2.9% +6.0%

Annualized edge VSDM +1.5% +3.1%

Price return edge VSDM −2.8% +0.1%

Risk

Volatility edge VSDM 3.1% 2.5%

Max drawdown edge VSDM −4.0% −2.2%

Risk-adjusted

Sharpe edge VSDM −0.80 −0.37

Sortino edge VSDM −0.95 −0.43

Calmar edge VSDM 0.38 1.40

Reading

VSDM returned more: +6.0% to +2.9%. VSDM swung less: 2.5% to 3.1%. VSDM fell less at its worst: −2.2% to −4.0%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: DFNM vs VSDM: Differences, Returns & Fees
Measure	DFNM	VSDM	Edge	How it is measured
Return
Total return	+2.9%	+6.0%	VSDM	Price change plus distributions, reinvested.
Annualized	+1.5%	+3.1%	VSDM	Total return as a yearly rate.
Price return	−2.8%	+0.1%	VSDM	Price change alone, distributions left out.
Risk
Volatility	3.1%	2.5%	VSDM	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	2.6%	2.1%	VSDM	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−4.0%	−2.2%	VSDM	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	−0.80	−0.37	VSDM	Return above Treasury bills per unit of volatility.
Sortino	−0.95	−0.43	VSDM	Return above Treasury bills per unit of downside deviation.
Calmar	0.38	1.40	VSDM	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 99 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, DFNM and VSDM 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 VSDM

CITY OF QUINCY MA, due Aug 13, 2027 0.12% 0.12%

METROPOLITAN GOVERNMENT NASHVILLE DAVIDSON COUNT, due Jul 1, 2029 0.23% 0.11%

CITY OF ROCHESTER NY, due Jul 29, 2027 0.23% 0.06%

CHICAGO TRANSIT AUTHORITY CAPITAL GRANT RECEIPTS R, due Jun 1, 2029 0.04% 0.06%

CITY OF NEW ORLEANS LA, due Dec 1, 2029 0.04% 0.04%

OREGON HEALTH SCIENCE UNIVERSITY, due Jul 1, 2033 0.06% 0.03%

STATE OF CALIFORNIA, due Oct 1, 2029 0.19% 0.03%

HARRIS COUNTY CULTURAL EDUCATION FACILITIES FINANC, due Dec 1, 2029 0.10% 0.03%

COLORADO HEALTH FACILITIES AUTHORITY, due Aug 1, 2034 0.05% 0.03%

STATE OF OHIO, due Jan 1, 2032 0.08% 0.03%

STATE OF WASHINGTON, due Jul 1, 2027 0.06% 0.03%

WASHINGTON HEALTH CARE FACILITIES AUTHORITY, due Aug 15, 2034 0.05% 0.03%

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 VSDM

SE ENERGY AUTH-C, due Oct 1, 2055 0.50%

NJ TRANSPRTN TRUST-A, due Dec 15, 2034 0.41%

FLORIDA ST MUNI PWR A, due Oct 1, 2030 0.38%

CALIFORNIA CMNTY CHOI, due Feb 1, 2052 0.38%

CA CMNTY CHOICE-D, due May 1, 2054 0.37%

S E ENERGY-B-REV, due Nov 1, 2033 0.36%

BLACK BELT ENERGY-B, due Oct 1, 2055 0.35%

TEXAS ST MUNI GAS ACQ, due Jan 1, 2054 0.35%

Check overlap with more funds →

Side by side

DFNM Dimensional National Municipal Bond ETF VSDM Vanguard Short Duration Tax-Exempt Bond ETF

Where it sits Bond ETF Bond ETF

Issuer Dimensional Vanguard

What it is Actively managed Actively managed

Total return, 1 year +0.6% +1.9%

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% 0.12%

Holdings 1198 3315

Net assets, DFNM as of Jul 31, 2026 and VSDM as of Sep 30, 2026 $2.2bn $1.2bn

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

Client brief · page 1 of 2 Report BR-E0CA3D8BDA

DFNM and VSDM 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).
What each follows (similar). Both follow No index, actively managed.
One-year total return (similar). Over 1 year to Oct 28, 2026 DFNM returned +0.6% and VSDM +1.9% with distributions reinvested, a gap of 1.3 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.

VSDM

VSDM is actively managed and tracks no index. Over the year to Oct 28, 2026 it returned +1.9% with distributions reinvested. The prospectus expense ratio is 0.12% a year.

Questions people ask

Which returned more over the last year, DFNM or VSDM?: In the year to Oct 28, 2026, with distributions reinvested, DFNM returned +0.6% and VSDM +1.9%.
Which is cheaper, DFNM or VSDM?: VSDM is cheaper, by 0.05 percentage points a year. That is about $5 on $10,000 held for a year. Fees come from each fund's prospectus.

Other comparisons

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

Where to next

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

Sources and dates

DFNM filings on SEC EDGAR ↗

DFNM prospectus with the expense ratio (SEC) ↗

Dimensional website ↗

VSDM filings on SEC EDGAR ↗

VSDM prospectus with the expense ratio (SEC) ↗

Vanguard page for VSDM ↗

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 VSDM, data as of Oct 28, 2026. https://etfiq.com/compare/any/dfnm-vs-vsdm

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