DEMSX vs. DFIVX

Last updated Jun 5, 2026

DEMSX (DFA Emerging Markets Small Cap Portfolio) and DFIVX (DFA International Value Portfolio) are both mutual funds - DEMSX is a Emerging Markets Diversified fund managed by Dimensional, while DFIVX is a Foreign Large Cap Equities fund managed by Dimensional. Over the past 10 years, DEMSX returned 9.34%/yr vs 11.77%/yr for DFIVX. A 0.68 correlation means they provide meaningful diversification when combined. DEMSX charges 0.59%/yr vs 0.30%/yr for DFIVX.

Performance

DEMSX vs. DFIVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Emerging Markets Small Cap Portfolio (DEMSX) and DFA International Value Portfolio (DFIVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DEMSX achieves a 10.80% return, which is significantly lower than DFIVX's 12.49% return. Over the past 10 years, DEMSX has underperformed DFIVX with an annualized return of 9.34%, while DFIVX has yielded a comparatively higher 11.77% annualized return.

DEMSX

• 1D: -0.64%
• 1M: -0.81%
• YTD: 10.80%
• 6M: 11.82%
• 1Y: 22.40%
• 3Y*: 14.65%
• 5Y*: 6.78%
• 10Y*: 9.34%

DFIVX

• 1D: -0.71%
• 1M: 2.03%
• YTD: 12.49%
• 6M: 15.96%
• 1Y: 36.58%
• 3Y*: 24.29%
• 5Y*: 14.04%
• 10Y*: 11.77%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DEMSX vs. DFIVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DEMSX DFA Emerging Markets Small Cap Portfolio	10.80%	19.01%	4.92%	16.32%	-15.30%	19.54%	13.82%	14.89%	-17.55%	33.32%
DFIVX DFA International Value Portfolio	12.49%	45.24%	6.87%	17.83%	-3.51%	18.57%	-2.13%	15.68%	-17.49%	26.08%

Correlation

The correlation between DEMSX and DFIVX is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Mar 6, 1998	0.68

The correlation between DEMSX and DFIVX shifts across timeframes, from 0.55 (1 year) to 0.68 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DEMSX vs. DFIVX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DEMSX

DEMSX Risk / Return Rank: 38
DEMSX Sharpe Ratio Rank: 38
DEMSX Sortino Ratio Rank: 35
DEMSX Omega Ratio Rank: 40
DEMSX Calmar Ratio Rank: 37
DEMSX Martin Ratio Rank: 37

DFIVX

DFIVX Risk / Return Rank: 78
DFIVX Sharpe Ratio Rank: 81
DFIVX Sortino Ratio Rank: 72
DFIVX Omega Ratio Rank: 71
DFIVX Calmar Ratio Rank: 83
DFIVX Martin Ratio Rank: 81

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DEMSX vs. DFIVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Emerging Markets Small Cap Portfolio (DEMSX) and DFA International Value Portfolio (DFIVX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	DEMSX	DFIVX	Difference
Sharpe ratio: Return per unit of total volatility	1.78	2.66	-0.87
Sortino ratio: Return per unit of downside risk	2.48	3.56	-1.09
Omega ratio: Gain probability vs. loss probability	1.34	1.48	-0.13
Calmar ratio: Return relative to maximum drawdown	2.29	3.83	-1.54
Martin ratio: Return relative to average drawdown	8.13	15.08	-6.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DEMSX vs. DFIVX - Sharpe Ratio Comparison

The current DEMSX Sharpe Ratio is 1.78, which is lower than the DFIVX Sharpe Ratio of 2.66. The chart below compares the historical Sharpe Ratios of DEMSX and DFIVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DEMSX	DFIVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.78	2.66	-0.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.87	-0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.66	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.39	+0.22

Drawdowns

DEMSX vs. DFIVX - Drawdown Comparison

The maximum DEMSX drawdown since its inception was -66.70%, roughly equal to the maximum DFIVX drawdown of -66.61%. Use the drawdown chart below to compare losses from any high point for DEMSX and DFIVX.

Drawdown Indicators

	DEMSX	DFIVX	Difference
Max Drawdown Largest peak-to-trough decline	-66.70%	-66.61%	-0.09%
Max Drawdown (1Y) Largest decline over 1 year	-10.30%	-9.58%	-0.72%
Max Drawdown (3Y) Largest decline over 3 years	-17.21%	-14.39%	-2.82%
Max Drawdown (5Y) Largest decline over 5 years	-24.40%	-25.29%	+0.89%
Max Drawdown (10Y) Largest decline over 10 years	-47.28%	-48.11%	+0.83%
Current Drawdown Current decline from peak	-2.49%	-0.74%	-1.75%
Average Drawdown Average peak-to-trough decline	-13.60%	-12.24%	-1.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	2.43%	+0.46%

Volatility

DEMSX vs. DFIVX - Volatility Comparison

DFA Emerging Markets Small Cap Portfolio (DEMSX) has a higher volatility of 4.78% compared to DFA International Value Portfolio (DFIVX) at 3.75%. This indicates that DEMSX's price experiences larger fluctuations and is considered to be riskier than DFIVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DEMSX	DFIVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.78%	3.75%	+1.03%
Volatility (6M) Calculated over the trailing 6-month period	11.00%	10.92%	+0.08%
Volatility (1Y) Calculated over the trailing 1-year period	13.23%	13.84%	-0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.29%	16.29%	-3.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.79%	18.02%	-3.23%

DEMSX vs. DFIVX - Expense Ratio Comparison

DEMSX has a 0.59% expense ratio, which is higher than DFIVX's 0.30% expense ratio.

Dividends

DEMSX vs. DFIVX - Dividend Comparison

DEMSX's dividend yield for the trailing twelve months is around 3.45%, less than DFIVX's 3.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEMSX DFA Emerging Markets Small Cap Portfolio	3.45%	3.79%	3.27%	2.94%	4.47%	10.20%	2.25%	3.11%	5.02%	3.41%	3.74%	3.24%
DFIVX DFA International Value Portfolio	3.74%	4.21%	3.94%	4.40%	3.78%	4.37%	2.42%	3.70%	6.60%	2.85%	3.36%	3.45%

Frequently Asked Questions

Can I hold both DEMSX and DFIVX in my portfolio?

DEMSX and DFIVX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DEMSX or DFIVX?

DEMSX has higher volatility (4.78%) compared to DFIVX (3.75%). In terms of maximum drawdown, DEMSX dropped -66.70% vs DFIVX's -66.61%.

Which has better risk-adjusted returns?

DFIVX currently has the higher Sharpe Ratio (2.66 vs 1.78), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.