DFAE vs. DFAI

Last updated Aug 2, 2026

DFAE (Dimensional Emerging Core Equity Market ETF) and DFAI (Dimensional International Core Equity Market ETF) are both exchange-traded funds - DFAE is a Emerging Markets Equities fund actively managed by Dimensional, while DFAI is a Foreign Large Cap Equities fund actively managed by Dimensional. Both are actively managed. Over the past 5 years, DFAE returned 8.62%/yr vs 10.32%/yr for DFAI. Their 0.76 correlation means they have sometimes moved together and sometimes differently. DFAE charges 0.29%/yr vs 0.18%/yr for DFAI.

Performance

DFAE vs. DFAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional Emerging Core Equity Market ETF (DFAE) and Dimensional International Core Equity Market ETF (DFAI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFAE achieves a 15.96% return, which is significantly higher than DFAI's 12.02% return.

DFAE

• 1D: 0.46%
• 1M: -3.40%
• 6M: 7.79%
• YTD: 15.96%
• 1Y: 31.89%
• 3Y*: 17.93%
• 5Y*: 8.62%
• 10Y*: —
• ALL TIME*: 9.51%

DFAI

• 1D: -0.64%
• 1M: 1.25%
• 6M: 6.62%
• YTD: 12.02%
• 1Y: 26.71%
• 3Y*: 17.83%
• 5Y*: 10.32%
• 10Y*: —
• ALL TIME*: 12.23%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DFAE Dimensional Emerging Core Equity Market ETF	$56.61M	$50.30M	$50.61M
DFAI Dimensional International Core Equity Market ETF	$73.27M	$69.05M	$61.26M

DFAE vs. DFAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
DFAE Dimensional Emerging Core Equity Market ETF	15.96%	31.48%	7.68%	12.63%	-17.52%	3.53%	5.93%
DFAI Dimensional International Core Equity Market ETF	12.02%	34.04%	4.68%	17.60%	-12.95%	13.86%	2.81%

Correlation

The correlation between DFAE and DFAI is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.75
Correlation (3Y) Balances recent behavior with more history.	0.74
Correlation (5Y) Shows whether the relationship held over a longer period.	0.77
Correlation (All Time) Calculated using the full available price history since Dec 2, 2020	0.76

The correlation between DFAE and DFAI has been stable across timeframes, ranging from 0.74 to 0.77 - a consistent structural relationship.

DFAE vs. DFAI - Sectors Allocation Comparison

Sectors	DFAE	DFAI
Technology	42.5%	11.1%
Financial Services	16.4%	23.1%
Industrials	8.9%	19.1%
Consumer Cyclical	7.5%	8.6%
Basic Materials	6.6%	8.4%
Communication Services	5.5%	3.6%
Energy	3.3%	5.8%
Healthcare	3.1%	8.8%
Consumer Defensive	2.8%	6.4%
Utilities	2.1%	3.8%
Real Estate	1.4%	1.4%

Return for Risk

DFAE vs. DFAI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DFAE

DFAE Risk / Return Rank: 59
DFAE Sharpe Ratio Rank: 57
DFAE Sortino Ratio Rank: 53
DFAE Omega Ratio Rank: 61
DFAE Calmar Ratio Rank: 65
DFAE Martin Ratio Rank: 59

DFAI

DFAI Risk / Return Rank: 77
DFAI Sharpe Ratio Rank: 80
DFAI Sortino Ratio Rank: 79
DFAI Omega Ratio Rank: 78
DFAI Calmar Ratio Rank: 71
DFAI Martin Ratio Rank: 77

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DFAE vs. DFAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Emerging Core Equity Market ETF (DFAE) and Dimensional International Core Equity Market ETF (DFAI). 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.

	DFAE	DFAI	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.82	-0.48
Sortino ratio: Return per unit of downside risk	1.84	2.56	-0.72
Omega ratio: Gain probability vs. loss probability	1.26	1.33	-0.07
Calmar ratio: Return relative to maximum drawdown	2.26	2.44	-0.18
Martin ratio: Return relative to average drawdown	7.10	9.59	-2.49

DFAE vs. DFAI - Sharpe Ratio Comparison

The current DFAE Sharpe Ratio is 1.35, which is comparable to the DFAI Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of DFAE and DFAI, 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

DFAE vs. DFAI - Drawdown Comparison

The maximum DFAE drawdown since its inception was -32.21%, which is greater than DFAI's maximum drawdown of -27.44%. Use the drawdown chart below to compare losses from any high point for DFAE and DFAI.

Drawdown Indicators

	DFAE	DFAI	Difference
Max Drawdown Largest peak-to-trough decline	-32.21%	-27.44%	-4.77%
Max Drawdown (1Y) Largest decline over 1 year	-13.77%	-10.95%	-2.82%
Max Drawdown (3Y) Largest decline over 3 years	-18.12%	-13.25%	-4.87%
Max Drawdown (5Y) Largest decline over 5 years	-29.70%	-27.44%	-2.26%
Current Drawdown Current decline from peak	-10.11%	-0.64%	-9.47%
Average Drawdown Average peak-to-trough decline	-10.21%	-5.01%	-5.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.38%	2.78%	+1.60%

Volatility

DFAE vs. DFAI - Volatility Comparison

Dimensional Emerging Core Equity Market ETF (DFAE) has a higher volatility of 8.34% compared to Dimensional International Core Equity Market ETF (DFAI) at 4.24%. This indicates that DFAE's price experiences larger fluctuations and is considered to be riskier than DFAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFAE	DFAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.34%	4.24%	+4.10%
Volatility (6M) Calculated over the trailing 6-month period	21.21%	12.66%	+8.55%
Volatility (1Y) Calculated over the trailing 1-year period	23.11%	14.65%	+8.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.69%	16.00%	+2.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.53%	15.69%	+2.84%

DFAE vs. DFAI - Expense Ratio Comparison

DFAE has a 0.29% expense ratio, which is higher than DFAI's 0.18% expense ratio.

Dividends

DFAE vs. DFAI - Dividend Comparison

DFAE's dividend yield for the trailing twelve months is around 1.87%, less than DFAI's 2.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
DFAE Dimensional Emerging Core Equity Market ETF	1.87%	2.20%	2.35%	2.43%	2.85%	1.63%	0.01%
DFAI Dimensional International Core Equity Market ETF	2.30%	2.45%	2.72%	2.64%	2.72%	2.06%	0.09%

Frequently Asked Questions

Can I hold both DFAE and DFAI in my portfolio?

DFAE and DFAI have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFAE or DFAI?

DFAE has higher volatility (8.34%) compared to DFAI (4.24%). In terms of maximum drawdown, DFAE dropped -32.21% vs DFAI's -27.44%.

Which ETF is better, DFAE or DFAI?

On 5-year performance, DFAI leads with 10.32% vs 8.62% for DFAE. On fees, DFAI is cheaper at 0.18% per year. On volatility, DFAI has been the lower-risk option at 4.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFAE or DFAI?

Over the 5-year period, DFAI has performed better with a 10.32% return vs 8.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFAE or DFAI?

DFAI is cheaper with a 0.18% expense ratio, compared with 0.29% for DFAE.

Which ETF pays a higher dividend yield, DFAE or DFAI?

DFAI has the higher dividend yield at 2.30%, compared with 1.87% for DFAE.

What is the main difference between DFAE and DFAI?

DFAE is categorized as Emerging Markets Equities, while DFAI is Foreign Large Cap Equities. Their fees differ too: 0.29% for DFAE and 0.18% for DFAI.

Which has better risk-adjusted returns?

DFAI currently has the higher Sharpe Ratio (1.82 vs 1.35), 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.