DFNMvsTMNSETF Comparison
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Dimensional National Municipal Bond ETF (DFNM) and T. Rowe Price Short Municipal Income ETF (TMNS) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. Both DFNM and TMNS have the same Total Expense Ratio (TER) of 0.18%. DFNM is down -1.58% year-to-date (YTD) with +$395M in YTD flows. TMNS performs better with 0% YTD performance, and +$1M in YTD flows. Run a side-by-side ETF comparison of DFNM and TMNS below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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DFNM vs TMNS performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/13/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | DFNM TMNS | -0.76%-0.66% | -2.93%-1.44% | -1.58%+0.00% | -0.61%n/a | +8.48%n/a | n/an/a |
| Flows | DFNM TMNS | +$5M-$1M | +$88M+$1M | +$395M+$1M | +$612M- | +$1.32B- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | DFNM TMNS | +3.41%+2.61% | +2.14%n/a | +2.30%n/a | n/an/a |
| Max drawdown | DFNM TMNS | -4.30%-2.76% | -4.56%n/a | -4.56%n/a | n/an/a |
| Max drawdown duration | DFNM TMNS | 92d49d | 99dn/a | 99dn/a | n/an/a |
Trading data
DFNM | TMNS | |
Last sale 10/15/2026 at 1:30 PM | $46.71 | $49.08 |
| Previous close 10/14/2026 | $46.45 | $48.93 |
| Consolidated volume 10/14/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 10/15/2026 at 1:30 PM
Live
Closed
DFNM | TMNS | |
|---|---|---|
| Last price | $46.71 | $49.08 |
| 1D performance | +0.56% | +0.31% |
| AuM | $2.24 B | $22.00 M |
| E/R | 0.18% | 0.18% |
Characteristics
DFNM | TMNS | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | Dimensional | T. Rowe Price |
| Benchmark | - | - |
| N° of holdings | 259 | 58 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | November 15, 2021 | November 19, 2025 |
| ESG | No | No |
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Exposure
Countries
DFNM
USA
30.25%
Other
69.75%
TMNS
USA
29.18%
Other
70.82%
Sectors
DFNM
Municipal
30.25%
Other
69.75%
TMNS
Municipal
29.18%
Other
70.82%
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Diversification
DFNM
Total weight of top 15 holdings out of 15
8.59%
TMNS
Total weight of top 15 holdings out of 15
25.29%
Top 15 holdings
Data as of August 31, 2026
DFNM
County of Hudson, 4% 24feb2027, USD (2026)
0.80%
Revere, 4% 29jul2027, USD
0.72%
US692160VQ47
0.67%
City of Somerville (MA), 4% 28may2027, USD
0.67%
Hoboken, 4% 8mar2027, USD (2026)
0.67%
US562333SJ48
0.59%
US594712ZC81
0.58%
US609561SR73
0.51%
Maryland, 5% 1jun2037, USD (2025)
0.49%
US650028F992
0.49%
New Mexico, 5% 1mar2027, USD (2026)
0.49%
US686507NU45
0.48%
US30382AMM17
0.48%
US59333FR362
0.46%
Charleston School District, 5% 6may2027, USD (2026A)
0.46%
TMNS
US23503CFK80
2.22%
US735240L842
2.13%
New York Housing Finance Agency, FRN 1may2049, USD
2.11%
US09182TCG04
1.87%
California Community Choice Financing Authority, 5.5% 1oct2054, USD (2023F)
1.82%
US650116DJ25
1.78%
New York Mortgage Agency, 3.4% 1oct2030, USD
1.67%
US735389D620
1.67%
US546068AZ00
1.55%
Illinois Toll Highway Authority, 5% 1jan2031, USD
1.55%
US425507GL89
1.44%
US64988YQ831
1.40%
US04052FDU66
1.38%
Puerto Rico, 5.75% 1jul2031, USD
1.37%
US187145WS29
1.35%
Frequently asked questions about DFNM and TMNS
How have the DFNM and TMNS ETFs performed in 2026?
As of October 13, 2026, DFNM is down -1.58% year-to-date (YTD), while TMNS has returned 0%. That puts TMNS better performer ahead so far this year.
Which ETF is attracting more investor money: DFNM or TMNS?
Year-to-date, the DFNM ETF saw +$395M in flows, compared to +$1M for TMNS.
Which ETF is bigger: DFNM or TMNS?
As of October 13, 2026, DFNM holds $2.24 B in assets under management (AUM), while TMNS manages $22.00 M.
What sectors do the DFNM and TMNS ETFs invest in?
DFNM leans toward sectors like Municipal. Meanwhile, TMNS focuses on Municipal.
What are the top holdings of the DFNM ETF and TMNS ETF?
DFNM top holdings include County of Hudson, 4% 24feb2027, USD (2026), Revere, 4% 29jul2027, USD and US692160VQ47. TMNS holds in its top three: US23503CFK80, US735240L842 and New York Housing Finance Agency, FRN 1may2049, USD.
Which ETF is more diversified: DFNM or TMNS?
DFNM holds 1198 securities with 8.59% of its assets in the top 15. TMNS has 208 securities and a top 15 weight of 25.29%.
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