MSSM vs DFCA
Comparison between MORGAN STANLEY PATHWAY SMALL-MID CAP EQUITY ETF (MSSM, ETF) and DIMENSIONAL CALIFORNIA MUNICIPAL BOND ETF (DFCA, ETF).
MSSM vs DFCA - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Net Assets
Winner
MSSM
$707M
DFCA
$707M
Expense Ratio
MSSM
0.62%
Winner
DFCA
0.19%
Max Drawdown
MSSM
24.18%
Winner
DFCA
4.35%
Sharpe Ratio
Winner
MSSM
1.31
DFCA
-0.25
5Y Beta
MSSM
1.04
Winner
DFCA
0.02
P/E Ratio
MSSM
159.74
DFCA
N/A
Forward P/E
MSSM
15.65
DFCA
N/A
5Y EPS CAGR
MSSM
14.92%
DFCA
N/A
Debt to Equity
MSSM
55.79%
DFCA
N/A
P/S Ratio
MSSM
1.31
DFCA
N/A
P/B Ratio
MSSM
2.49
DFCA
N/A
MSSM vs DFCA - Historical Returns
Returns include dividend reinvestment.
1M
Winner
MSSM
+1.80%
DFCA
+0.26%
3M
Winner
MSSM
+3.28%
DFCA
+0.21%
6M
Winner
MSSM
+10.15%
DFCA
-0.99%
1Y
Winner
MSSM
+25.79%
DFCA
+3.27%
Max(CAGR)
Winner
MSSM
+14.01%
DFCA
+2.39%
MSSM vs DFCA - Annual Returns (2023 - 2026)
Returns include dividend reinvestment.
| Year | MSSM | DFCA |
|---|---|---|
| 2026 | +17.73% | +0.42% |
| 2025 | +11.21% | +2.96% |
| 2024 | -5.83% | +1.71% |
| 2023 | N/A | +2.59% |
MSSM vs DFCA Drawdown Comparison
The maximum drawdown for MSSM was -24.18%, occurring on Apr 8, 2025. Recovery took 175 trading sessions.
The maximum drawdown for DFCA was -3.28%, occurring on Apr 11, 2025. Recovery took 131 trading sessions.
The current MSSM drawdown is -2.52%. The current DFCA drawdown is -1.10%.
| Rank | MSSM | DFCA |
|---|---|---|
| #1 | -24.18% Dec 9, 2024 - Aug 22, 2025 | -3.28% Feb 28, 2025 - Sep 8, 2025 |
| #2 | -9.50% Feb 10, 2026 - Apr 14, 2026 | -3.07% Jul 26, 2023 - Nov 29, 2023 |
| #3 | -7.11% Oct 27, 2025 - Dec 4, 2025 | -1.77% Feb 27, 2026 - Mar 27, 2026 |
| #4 | -5.34% Jun 30, 2026 - Jul 29, 2026 | -1.63% Dec 6, 2024 - Feb 28, 2025 |
| #5 | -4.35% May 6, 2026 - May 26, 2026 | -1.27% Mar 7, 2024 - Jul 5, 2024 |
| #6 | -3.84% Oct 6, 2025 - Oct 24, 2025 | -1.13% Oct 1, 2024 - Nov 27, 2024 |
| #7 | -3.71% Dec 11, 2025 - Jan 6, 2026 | -0.60% Jan 8, 2024 - Jan 31, 2024 |
| #8 | -3.26% Jan 22, 2026 - Feb 9, 2026 | -0.57% Feb 1, 2024 - Mar 5, 2024 |
| #9 | -3.16% Jun 4, 2026 - Jun 12, 2026 | -0.42% Aug 5, 2024 - Sep 4, 2024 |
| #10 | -2.47% Sep 18, 2025 - Oct 3, 2025 | -0.37% Nov 28, 2025 - Dec 19, 2025 |
| #11 | -2.28% Apr 20, 2026 - Apr 30, 2026 | -0.37% Sep 22, 2025 - Oct 13, 2025 |
| #12 | -1.74% Jun 15, 2026 - Jun 22, 2026 | -0.28% Jul 19, 2024 - Jul 26, 2024 |
| #13 | -1.63% Jan 15, 2026 - Jan 21, 2026 | -0.22% Dec 29, 2023 - Jan 8, 2024 |
| #14 | -1.52% Aug 28, 2025 - Sep 5, 2025 | -0.22% Nov 11, 2025 - Nov 19, 2025 |
| #15 | -1.37% Jun 22, 2026 - Jun 25, 2026 | -0.20% Oct 24, 2025 - Nov 10, 2025 |
Correlation
Correlation between MSSM and DFCA is 0.90 which considered as a strong positive correlation - the stocks tend to move together.
0.90
-101
Dividend Comparison (2023 - 2026)
MSSM vs DFCA dividend yield comparison.
| Year | MSSM | DFCA |
|---|---|---|
| 2026 | 0.00% | 1.65% |
| 2025 | 3.15% | 2.86% |
| 2024 | 0.00% | 2.86% |
| 2023 | 0.00% | 1.24% |
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