DSM vs TAFL
BNY Mellon Strategic Municipal Bond Fund Inc vs AB Tax-Aware Long Municipal ETF
Which is better, DSM or TAFL?
Each has led over a different period.
TAFL has a lower expense ratio. DSM led over the full window, TAFL over 1Y.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | DSM | TAFL |
|---|---|---|
| Expense Ratio | 1.09% | 0.28%Best |
| AUM | $335M | $60M |
| Dividend Yield | 5.50% | 4.37% |
| Holdings | 233 | 326 |
| YTD Return | -13.99% | -4.38%Best |
| 1Y Return | -10.44% | -3.64%Best |
| 3Y Return (annualized) | +5.32% | - |
| 5Y Return (annualized) | -4.62% | - |
| Volatility (annualized) | 11.1% | 5.5%Best |
| Max Drawdown | -19.8% | -8.1%Best |
| $10,000 over 2.8 years | $10,311Best | $10,291 |
| Fund Family | BNY Mellon Investment Management | AllianceBernstein L.P. |
| Category | Tax Preferred | Tax Preferred |
| Style | Municipal Bond | Municipal Bond |
| Inception | Nov 22, 1989 | Dec 13, 2023 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 2.8 years row, are measured over the window both funds cover: Dec 13, 2023 to Oct 14, 2026 (2.8 years).
DSM vs TAFL growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 2.8 years both funds cover.
DSM vs TAFL Performance
BNY Mellon Strategic Municipal Bond Fund Inc (DSM) is an ETF from BNY Mellon Investment Management and AB Tax-Aware Long Municipal ETF (TAFL) is an ETF from AllianceBernstein L.P.. Over the past year DSM returned -10.44% while TAFL returned -3.64%. Year to date, DSM is down 13.99% versus a loss of 4.38% for TAFL.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DSM has been the more volatile fund, with annualized monthly volatility of 11.1% compared with 5.5% for TAFL. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -19.8% for DSM and -8.1% for TAFL. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.84. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
DSM charges 1.09% per year while TAFL charges 0.28%. On a $10,000 position that is $109 vs $28 annually, a gap of $81 per year that compounds over a long holding period. On income, DSM currently yields 5.50% against 4.37% for TAFL.
Holdings Overlap
We hold position weights for 101 holdings in DSM and 68 in TAFL, totalling 41.1% and 50.6% of the two funds. Neither is a share of a fund we can divide by, so no overlap percentage is shown here. Within what we can see, 7 positions appear in both.
7 positions in common, counted across the 101 positions we hold weights for in DSM and 68 in TAFL, against full books of 233 and 326.
Top Shared Holdings
| Stock | Weight in DSM | Weight in TAFL | Difference |
|---|---|---|---|
| OH BUCGEN 5 06/01/20Buckeye Tobacco Settlement Financing Auth Oh Ref-Senior-Class 2-Ser B-2 5.000 Jun 01 55 | 1.69% | 0.57% | 1.12% |
| AL JEFUTL 5.5 10/01/Jefferson Cnty Al Swr Revenue 5.5 10-01-2053 | 0.72% | 0.50% | 0.22% |
| IN INPGEN 5.25 03/01Indianapolis In Local Public I Inpgen 03/67 Fixed Oid 5.25 | 0.36% | 0.76% | 0.40% |
| TX HOUAPT 5.5 07/15/City Of Houston, Series 2024 B 5.5 07/15/2038 | 0.74% | 0.16% | 0.58% |
| FL FLSDEV 5.25 07/01Florida Development Finance Corp 5.25% 07/01/2053 | 0.48% | 0.14% | 0.34% |
| IL CHIEDU 5 12/01/20Chicago Board Of Education Series 2023-A 5.00%, 12/01/34 | 0.35% | 0.22% | 0.13% |
| TX PTBTRN 5.25 01/01Port Of Beaumont Navigation District | 0.25% | 0.13% | 0.12% |
You are not choosing between two funds in isolation.
Whichever of DSM and TAFL you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, DSM or TAFL?
DSM has an expense ratio of 1.09% while TAFL charges 0.28%. TAFL is the cheaper option, by $81 a year on a $10,000 investment.
Which performed better, DSM or TAFL?
Over the past year DSM returned -10.44% vs -3.64% for TAFL, so TAFL leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DSM or TAFL?
DSM has been the more volatile fund at 11.1% annualized versus 5.5% for TAFL. Worst drawdown: DSM -19.8% vs TAFL -8.1%.
Should I hold both DSM and TAFL?
DSM and TAFL have a monthly-return correlation of 0.84, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, DSM or TAFL?
DSM yields 5.50% while TAFL yields 4.37%, so DSM currently pays the higher dividend yield.
Is TAFL better than DSM?
TAFL has a lower expense ratio. DSM led over the full window, TAFL over 1Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.