DFAAX vs. PQTSX

Last updated Jun 4, 2026

DFAAX (DFA Global Core Plus Real Return Portfolio) and PQTSX (PGIM TIPS Fund) are both Inflation-Protected Bonds funds. Over the past 5 years, DFAAX returned 5.25%/yr vs 0.94%/yr for PQTSX. A 0.76 correlation means they provide meaningful diversification when combined. DFAAX charges 0.29%/yr vs 0.39%/yr for PQTSX.

Performance

DFAAX vs. PQTSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Global Core Plus Real Return Portfolio (DFAAX) and PGIM TIPS Fund (PQTSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFAAX achieves a 3.06% return, which is significantly higher than PQTSX's 1.83% return.

DFAAX

• 1D: 0.10%
• 1M: 0.82%
• YTD: 3.06%
• 6M: 2.63%
• 1Y: 5.28%
• 3Y*: 6.24%
• 5Y*: 5.25%
• 10Y*: —

PQTSX

• 1D: 0.00%
• 1M: 0.31%
• YTD: 1.83%
• 6M: 1.39%
• 1Y: 5.27%
• 3Y*: 3.72%
• 5Y*: 0.94%
• 10Y*: —

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

DFAAX vs. PQTSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DFAAX DFA Global Core Plus Real Return Portfolio	3.06%	5.18%	4.41%	9.49%	-13.40%	20.47%
PQTSX PGIM TIPS Fund	1.83%	6.58%	1.74%	2.34%	-13.56%	7.23%

Correlation

The correlation between DFAAX and PQTSX is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since May 6, 2021	0.76

The correlation between DFAAX and PQTSX shifts across timeframes, from 0.58 (1 year) to 0.76 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DFAAX vs. PQTSX — Risk / Return Rank

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

DFAAX

DFAAX Risk / Return Rank: 34
DFAAX Sharpe Ratio Rank: 35
DFAAX Sortino Ratio Rank: 36
DFAAX Omega Ratio Rank: 40
DFAAX Calmar Ratio Rank: 30
DFAAX Martin Ratio Rank: 31

PQTSX

PQTSX Risk / Return Rank: 29
PQTSX Sharpe Ratio Rank: 22
PQTSX Sortino Ratio Rank: 27
PQTSX Omega Ratio Rank: 25
PQTSX Calmar Ratio Rank: 38
PQTSX Martin Ratio Rank: 34

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.

DFAAX vs. PQTSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Global Core Plus Real Return Portfolio (DFAAX) and PGIM TIPS Fund (PQTSX). 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.

	DFAAX	PQTSX	Difference
Sharpe ratio: Return per unit of total volatility	1.71	1.36	+0.35
Sortino ratio: Return per unit of downside risk	2.50	2.16	+0.34
Omega ratio: Gain probability vs. loss probability	1.34	1.26	+0.08
Calmar ratio: Return relative to maximum drawdown	2.06	2.31	-0.26
Martin ratio: Return relative to average drawdown	7.27	7.59	-0.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFAAX vs. PQTSX - Sharpe Ratio Comparison

The current DFAAX Sharpe Ratio is 1.71, which is comparable to the PQTSX Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of DFAAX and PQTSX, 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

	DFAAX	PQTSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.71	1.36	+0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.15	+0.48
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.42	+0.21

Drawdowns

DFAAX vs. PQTSX - Drawdown Comparison

The maximum DFAAX drawdown since its inception was -16.64%, roughly equal to the maximum PQTSX drawdown of -16.40%. Use the drawdown chart below to compare losses from any high point for DFAAX and PQTSX.

Drawdown Indicators

	DFAAX	PQTSX	Difference
Max Drawdown Largest peak-to-trough decline	-16.64%	-16.40%	-0.24%
Max Drawdown (1Y) Largest decline over 1 year	-2.55%	-2.23%	-0.32%
Max Drawdown (3Y) Largest decline over 3 years	-3.44%	-4.53%	+1.09%
Max Drawdown (5Y) Largest decline over 5 years	-16.64%	-16.40%	-0.24%
Current Drawdown Current decline from peak	0.00%	-2.67%	+2.67%
Average Drawdown Average peak-to-trough decline	-4.55%	-4.88%	+0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	0.68%	+0.04%

Volatility

DFAAX vs. PQTSX - Volatility Comparison

The current volatility for DFA Global Core Plus Real Return Portfolio (DFAAX) is 0.93%, while PGIM TIPS Fund (PQTSX) has a volatility of 1.57%. This indicates that DFAAX experiences smaller price fluctuations and is considered to be less risky than PQTSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFAAX	PQTSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	1.57%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	2.23%	2.79%	-0.56%
Volatility (1Y) Calculated over the trailing 1-year period	3.06%	3.82%	-0.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.37%	6.34%	+2.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.32%	5.68%	+2.64%

DFAAX vs. PQTSX - Expense Ratio Comparison

DFAAX has a 0.29% expense ratio, which is lower than PQTSX's 0.39% expense ratio.

Dividends

DFAAX vs. PQTSX - Dividend Comparison

DFAAX's dividend yield for the trailing twelve months is around 3.37%, less than PQTSX's 5.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFAAX DFA Global Core Plus Real Return Portfolio	3.37%	2.90%	4.09%	3.96%	2.06%	13.05%	0.00%	0.00%	0.00%	0.00%
PQTSX PGIM TIPS Fund	5.04%	4.95%	4.39%	3.25%	6.51%	9.54%	2.60%	2.48%	3.26%	1.11%

Frequently Asked Questions

Can I hold both DFAAX and PQTSX in my portfolio?

DFAAX and PQTSX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFAAX or PQTSX?

PQTSX has higher volatility (1.57%) compared to DFAAX (0.93%). In terms of maximum drawdown, DFAAX dropped -16.64% vs PQTSX's -16.40%.

Which has better risk-adjusted returns?

DFAAX currently has the higher Sharpe Ratio (1.71 vs 1.36), 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.