DFNM vs USTB

Comparison between DIMENSIONAL NATIONAL MUNICIPAL BOND ETF (DFNM, ETF) and VICTORYSHARES SHORT-TERM BOND ETF FORMERLY VICTORYSHARES USAA CORE SHORT-TERM BOND ETF VICTORYSHARES SHORT-TERM BOND ETF (USTB, ETF).

5-Year PerformanceUSTB has outperformed DFNM, delivering a return of +3.5% compared to +1.5%

DFNM vs USTB - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	DFNM(ETF)	USTB(ETF)
Net Assets	$2.10B	$2.20B
Expense Ratio	0.17%	0.34%
Max Drawdown	8.40%	7.56%
Sharpe Ratio	0.77	0.56
5Y Beta	0.01	0.01
5Y Dividends CAGR	N/A	16.52%

Net Assets

DFNM

$2.10B

Winner

USTB

$2.20B

Expense Ratio

Winner

DFNM

0.17%

USTB

0.34%

Max Drawdown

DFNM

8.40%

Winner

USTB

7.56%

Sharpe Ratio

Winner

DFNM

0.77

USTB

0.56

5Y Beta

Winner

DFNM

0.01

USTB

0.01

5Y Dividends CAGR

DFNM

N/A

USTB

16.52%

DFNM vs USTB - Historical Returns

Returns include dividend reinvestment.

Period	DFNM	USTB
1 month	+0.97%	+0.46%
3 months	+1.68%	+1.17%
6 months	+1.60%	+1.54%
1 year	+5.13%	+4.38%
5 years(CAGR)	+1.47%	+3.53%
10 years(CAGR)	N/A	+3.46%
Max(CAGR)	+1.47%	+3.46%

Winner

DFNM

+0.97%

USTB

+0.46%

Winner

DFNM

+1.68%

USTB

+1.17%

Winner

DFNM

+1.60%

USTB

+1.54%

Winner

DFNM

+5.13%

USTB

+4.38%

5Y(CAGR)

DFNM

+1.47%

Winner

USTB

+3.53%

10Y(CAGR)

DFNM

N/A

USTB

+3.46%

Max(CAGR)

DFNM

+1.47%

Winner

USTB

+3.46%

DFNM vs USTB - Annual Returns (2017 - 2026)

Returns include dividend reinvestment.

Year	DFNM	USTB
2026	+1.49%	+1.44%
2025	+3.78%	+6.13%
2024	+1.36%	+6.81%
2023	+3.88%	+6.57%
2022	-3.96%	-2.72%
2021	+0.47%	+0.89%
2020	N/A	+5.00%
2019	N/A	+4.99%
2018	N/A	+1.12%
2017	N/A	+0.35%

DFNM vs USTB Drawdown Comparison

The maximum drawdown for DFNM was -6.99%, occurring on Oct 31, 2022. Recovery took 637 trading sessions.

The maximum drawdown for USTB was -5.32%, occurring on Mar 24, 2020. Recovery took 65 trading sessions.

The current DFNM drawdown is -0.17%. The current USTB drawdown is -0.04%.

Rank	DFNM	USTB
#1	-6.99% Dec 30, 2021 - Jul 16, 2024	-5.32% Mar 4, 2020 - Jun 5, 2020
#2	-2.79% Mar 3, 2025 - Sep 4, 2025	-4.96% Sep 9, 2021 - Jul 13, 2023
#3	-1.84% Feb 27, 2026 - Mar 26, 2026	-1.02% Aug 30, 2023 - Nov 3, 2023
#4	-1.41% Oct 2, 2024 - Dec 2, 2024	-0.84% Feb 27, 2026 - May 1, 2026
#5	-1.33% Dec 6, 2024 - Feb 25, 2025	-0.81% Dec 29, 2017 - Aug 6, 2018
#6	-0.43% Aug 5, 2024 - Sep 3, 2024	-0.68% Sep 27, 2024 - Dec 3, 2024
#7	-0.24% Sep 22, 2025 - Oct 8, 2025	-0.67% Jul 13, 2023 - Aug 4, 2023
#8	-0.21% Nov 11, 2025 - Nov 20, 2025	-0.65% Apr 3, 2025 - Apr 28, 2025
#9	-0.20% Nov 30, 2021 - Dec 20, 2021	-0.62% Sep 4, 2019 - Oct 2, 2019
#10	-0.19% Oct 22, 2025 - Nov 11, 2025	-0.48% Apr 4, 2024 - May 2, 2024
#11	-0.18% Jan 16, 2026 - Jan 28, 2026	-0.46% Jan 31, 2024 - Mar 1, 2024
#12	-0.13% Jul 30, 2024 - Aug 1, 2024	-0.43% Aug 8, 2023 - Aug 25, 2023
#13	-0.13% Sep 17, 2024 - Sep 25, 2024	-0.40% Sep 21, 2018 - Nov 16, 2018
#14	-0.12% Jul 18, 2024 - Jul 30, 2024	-0.40% Oct 4, 2019 - Nov 22, 2019
#15	-0.12% Dec 1, 2025 - Dec 15, 2025	-0.38% Aug 2, 2024 - Aug 21, 2024