Dimensional California Municipal Bond ETF (DFCA) — Stock Correlations & Overview
Over the past year, DFCA has moved most closely with DFNM, FMB, FMHI. Explore the stocks most correlated and inversely correlated with DFCA below, along with its price, financials, and company profile.
Stocks correlated with DFCA
Correlation of daily returns. Higher positive values move with DFCA; negative values move opposite it. Informational only, not investment advice.
Most correlated with DFCA
| Symbol | Company | Correlation |
|---|---|---|
| DFNM | Dimensional National Municipal Bond ETF | 0.87 |
| FMB | First Trust Managed Municipal ETF | 0.80 |
| FMHI | First Trust Municipal High Income ETF | 0.78 |
| FCAL | First Trust California Municipal High income ETF | 0.74 |
| TAXI | Northern Trust Intermediate Tax-Exempt Bond ETF | 0.73 |
Most inversely correlated with DFCA
| Symbol | Company | Correlation |
|---|---|---|
| PST | ProShares Trust UltraShort Lehman 7-10 Year Treasury | -0.48 |
| TBX | ProShares Short 7-10 Year Treasury | -0.47 |
| TYO | Direxion Daily 7-10 Year Treasury Bear 3X ETF | -0.45 |
| TBF | ProShares Short 20+ Year Treasury ETF | -0.44 |
| TBT | ProShares Trust UltraShort Lehman 20+ Year Treasury | -0.42 |
Frequently asked questions about DFCA correlations
- Which stocks are most correlated with DFCA?
- Based on one year of daily returns, the stocks most correlated with Dimensional California Municipal Bond ETF (DFCA) are DFNM (0.87), FMB (0.80) and FMHI (0.78). A correlation near 1.00 means the two stocks' daily moves have tracked each other closely over the period.
- Which stocks are inversely correlated with DFCA?
- Over the past year, the stocks most inversely correlated with Dimensional California Municipal Bond ETF (DFCA) are PST (-0.48), TBX (-0.47) and TYO (-0.45). A negative correlation means the two stocks have tended to move in opposite directions.
- What does a correlation of 0.8 mean for a stock?
- Correlation measures how closely two stocks' daily returns move together, on a scale from -1 to 1. At 0.8, the two stocks have moved in the same direction on most days — though not by identical amounts. A value near 0 means their moves have been unrelated, and a negative value means they have tended to move in opposite directions. Correlation reflects past behavior and can change over time.
- How are these DFCA correlations calculated?
- We compute the correlation of daily returns between DFCA and roughly 9,000 other US-listed stocks and ETFs over the trailing one-year window, then rank the strongest positive and negative relationships. The data is refreshed monthly. It is informational and educational only — not investment advice.
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