DEMSX vs. PSHZF

Last updated Jul 14, 2026

DEMSX (DFA Emerging Markets Small Cap Portfolio) is Emerging Markets Diversified fund managed by Dimensional, while PSHZF (Pershing Square Holdings, Ltd.) is a stock. Over the past 10 years, DEMSX returned 8.47%/yr vs 14.59%/yr for PSHZF. At a 0.35 correlation, their price movements are largely independent.

Performance

DEMSX vs. PSHZF - Performance Comparison

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

Returns By Period

In the year-to-date period, DEMSX achieves a 8.39% return, which is significantly higher than PSHZF's -20.10% return. Over the past 10 years, DEMSX has underperformed PSHZF with an annualized return of 8.47%, while PSHZF has yielded a comparatively higher 14.59% annualized return.

DEMSX

• 1D: 1.13%
• 1M: -1.81%
• 6M: 5.23%
• YTD: 8.39%
• 1Y: 13.89%
• 3Y*: 12.75%
• 5Y*: 6.41%
• 10Y*: 8.47%

PSHZF

• 1D: -0.43%
• 1M: 1.88%
• 6M: -17.82%
• YTD: -20.10%
• 1Y: -6.68%
• 3Y*: 12.57%
• 5Y*: 8.34%
• 10Y*: 14.59%

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

DEMSX vs. PSHZF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DEMSX DFA Emerging Markets Small Cap Portfolio	8.39%	19.01%	4.92%	16.32%	-15.30%	19.54%	13.82%	14.89%	-17.55%	33.32%
PSHZF Pershing Square Holdings, Ltd.	-20.10%	36.74%	4.57%	37.43%	-15.13%	17.80%	89.27%	53.54%	-8.09%	-5.08%

Correlation

The correlation between DEMSX and PSHZF is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Feb 10, 2015	0.35

Return for Risk

DEMSX vs. PSHZF — Risk / Return Rank

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

DEMSX

DEMSX Risk / Return Rank: 22
DEMSX Sharpe Ratio Rank: 20
DEMSX Sortino Ratio Rank: 19
DEMSX Omega Ratio Rank: 23
DEMSX Calmar Ratio Rank: 24
DEMSX Martin Ratio Rank: 24

PSHZF

PSHZF Risk / Return Rank: 32
PSHZF Sharpe Ratio Rank: 32
PSHZF Sortino Ratio Rank: 27
PSHZF Omega Ratio Rank: 28
PSHZF Calmar Ratio Rank: 37
PSHZF Martin Ratio Rank: 35

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. PSHZF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Emerging Markets Small Cap Portfolio (DEMSX) and Pershing Square Holdings, Ltd. (PSHZF). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DEMSX	PSHZF	Difference
Sharpe ratio: Return per unit of total volatility	0.95	-0.30	+1.25
Sortino ratio: Return per unit of downside risk	1.37	-0.27	+1.64
Omega ratio: Gain probability vs. loss probability	1.19	0.97	+0.22
Calmar ratio: Return relative to maximum drawdown	1.35	-0.25	+1.60
Martin ratio: Return relative to average drawdown	4.31	-0.53	+4.84

DEMSX vs. PSHZF - Sharpe Ratio Comparison

The current DEMSX Sharpe Ratio is 0.95, which is higher than the PSHZF Sharpe Ratio of -0.30. The chart below compares the historical Sharpe Ratios of DEMSX and PSHZF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DEMSX vs. PSHZF - Drawdown Comparison

The maximum DEMSX drawdown since its inception was -66.70%, which is greater than PSHZF's maximum drawdown of -56.97%. Use the drawdown chart below to compare losses from any high point for DEMSX and PSHZF.

Drawdown Indicators

	DEMSX	PSHZF	Difference
Max Drawdown Largest peak-to-trough decline	-66.70%	-56.97%	-9.73%
Max Drawdown (1Y) Largest decline over 1 year	-10.30%	-27.07%	+16.77%
Max Drawdown (3Y) Largest decline over 3 years	-17.21%	-27.07%	+9.86%
Max Drawdown (5Y) Largest decline over 5 years	-24.40%	-31.46%	+7.06%
Max Drawdown (10Y) Largest decline over 10 years	-47.28%	-32.96%	-14.32%
Current Drawdown Current decline from peak	-4.61%	-22.72%	+18.11%
Average Drawdown Average peak-to-trough decline	-13.56%	-23.15%	+9.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.21%	12.57%	-9.36%

Volatility

DEMSX vs. PSHZF - Volatility Comparison

The current volatility for DFA Emerging Markets Small Cap Portfolio (DEMSX) is 6.59%, while Pershing Square Holdings, Ltd. (PSHZF) has a volatility of 7.56%. This indicates that DEMSX experiences smaller price fluctuations and is considered to be less risky than PSHZF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DEMSX	PSHZF	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.59%	7.56%	-0.97%
Volatility (6M) Calculated over the trailing 6-month period	13.09%	18.46%	-5.37%
Volatility (1Y) Calculated over the trailing 1-year period	14.65%	22.63%	-7.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.65%	24.53%	-10.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.84%	25.03%	-10.19%

Dividends

DEMSX vs. PSHZF - Dividend Comparison

DEMSX's dividend yield for the trailing twelve months is around 3.75%, more than PSHZF's 1.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEMSX DFA Emerging Markets Small Cap Portfolio	3.75%	3.79%	3.27%	2.94%	4.47%	10.20%	2.25%	3.11%	5.02%	3.41%	3.74%	3.24%
PSHZF Pershing Square Holdings, Ltd.	1.35%	1.01%	1.21%	1.12%	1.38%	1.14%	1.35%	1.57%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DEMSX and PSHZF in my portfolio?

DEMSX and PSHZF have a correlation of 0.32, 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 PSHZF?

PSHZF has higher volatility (7.56%) compared to DEMSX (6.59%). In terms of maximum drawdown, DEMSX dropped -66.70% vs PSHZF's -56.97%.

Which has better risk-adjusted returns?

DEMSX currently has the higher Sharpe Ratio (0.95 vs -0.30), 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.