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DFAE vs. ECNS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DFAE vs. ECNS

Last updated Jun 23, 2026

DFAE (Dimensional Emerging Core Equity Market ETF) and ECNS (iShares MSCI China Small-Cap ETF) are both exchange-traded funds - DFAE is a Emerging Markets Equities fund actively managed by Dimensional, while ECNS is a Asia Pacific Equities fund tracking the MSCI China Small Cap Index. DFAE is actively managed, while ECNS is passively managed. Over the past 5 years, DFAE returned 9.93%/yr vs -7.59%/yr for ECNS. A 0.72 correlation means they provide meaningful diversification when combined. DFAE charges 0.35%/yr vs 0.59%/yr for ECNS.

Performance

DFAE vs. ECNS - Performance Comparison

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

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Returns By Period

In the year-to-date period, DFAE achieves a 29.00% return, which is significantly higher than ECNS's -8.11% return.

DFAE

1D
0.53%
1M
7.40%
YTD
29.00%
6M
30.44%
1Y
53.34%
3Y*
24.55%
5Y*
9.93%
10Y*
—

ECNS

1D
0.38%
1M
-4.88%
YTD
-8.11%
6M
-9.36%
1Y
5.33%
3Y*
7.60%
5Y*
-7.59%
10Y*
1.74%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DFAE vs. ECNS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
DFAE
Dimensional Emerging Core Equity Market ETF		29.00%31.48%7.68%12.63%-17.52%3.53%5.93%
ECNS
iShares MSCI China Small-Cap ETF		-8.11%36.49%5.64%-23.05%-24.58%2.11%4.48%

Correlation

The correlation between DFAE and ECNS is 0.66, 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

0.66

Correlation (3Y)
Calculated over the trailing 3-year period

0.69

Correlation (5Y)
Calculated over the trailing 5-year period

0.73

Correlation (All Time)
Calculated using the full available price history since Dec 2, 2020

0.72

The correlation between DFAE and ECNS has been stable across timeframes, ranging from 0.66 to 0.73 - a consistent structural relationship.

DFAE vs. ECNS - Sectors Allocation Comparison

Sectors
DFAE
ECNS

Technology

41.6%
12.6%

Financial Services

15.8%
4.6%

Industrials

9.1%
18.0%

Consumer Cyclical

8.1%
9.3%

Basic Materials

7.0%
8.4%

Communication Services

5.4%
6.5%

Energy

3.5%
3.2%

Healthcare

3.1%
19.9%

Consumer Defensive

2.9%
4.2%

Utilities

2.1%
2.4%

Real Estate

1.4%
8.7%

Technology

DFAE
41.6%
ECNS
12.6%

Financial Services

DFAE
15.8%
ECNS
4.6%

Industrials

DFAE
9.1%
ECNS
18.0%

Consumer Cyclical

DFAE
8.1%
ECNS
9.3%

Basic Materials

DFAE
7.0%
ECNS
8.4%

Communication Services

DFAE
5.4%
ECNS
6.5%

Energy

DFAE
3.5%
ECNS
3.2%

Healthcare

DFAE
3.1%
ECNS
19.9%

Consumer Defensive

DFAE
2.9%
ECNS
4.2%

Utilities

DFAE
2.1%
ECNS
2.4%

Real Estate

DFAE
1.4%
ECNS
8.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Dimensional Emerging Core Equity Market ETF

iShares MSCI China Small-Cap ETF

Often compared with DFAE:
DFAE vs. DFEMDFAE vs. DFAIDFAE vs. AVEMDFAE vs. VWODFAE vs. DFEMXDFAE vs. VXUSDFAE vs. XSOE
Often compared with ECNS:
ECNS vs. ASHSECNS vs. MCHIECNS vs. CNXTECNS vs. CQQQECNS vs. FLCHECNS vs. EWTECNS vs. SCHF

Return for Risk

DFAE vs. ECNS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DFAE
DFAE Risk / Return Rank: 8181
Overall Rank
DFAE Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
DFAE Sortino Ratio Rank: 7676
Sortino Ratio Rank
DFAE Omega Ratio Rank: 8484
Omega Ratio Rank
DFAE Calmar Ratio Rank: 8282
Calmar Ratio Rank
DFAE Martin Ratio Rank: 8181
Martin Ratio Rank
ECNS
ECNS Risk / Return Rank: 1111
Overall Rank
ECNS Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
ECNS Sortino Ratio Rank: 1111
Sortino Ratio Rank
ECNS Omega Ratio Rank: 1212
Omega Ratio Rank
ECNS Calmar Ratio Rank: 1111
Calmar Ratio Rank
ECNS Martin Ratio Rank: 1111
Martin Ratio Rank
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.

DFAE vs. ECNS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Emerging Core Equity Market ETF (DFAE) and iShares MSCI China Small-Cap ETF (ECNS). 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.

DFAEECNSDifference
Sharpe ratioReturn per unit of total volatility
2.56
0.26

+2.30

Sortino ratioReturn per unit of downside risk
3.25
0.48

+2.76

Omega ratioGain probability vs. loss probability

1.48

1.06

+0.42

Calmar ratioReturn relative to maximum drawdown

4.19

0.25

+3.94

Martin ratioReturn relative to average drawdown

15.52

0.53

+15.00

DFAE vs. ECNS - Sharpe Ratio Comparison

The current DFAE Sharpe Ratio is 2.56, which is higher than the ECNS Sharpe Ratio of 0.26. The chart below compares the historical Sharpe Ratios of DFAE and ECNS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

DFAE vs. ECNS - Drawdown Comparison

The maximum DFAE drawdown since its inception was -32.21%, smaller than the maximum ECNS drawdown of -63.43%. Use the drawdown chart below to compare losses from any high point for DFAE and ECNS.

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Drawdown Indicators

DFAEECNSDifference

Max Drawdown

Largest peak-to-trough decline

-32.21%

-63.43%

+31.22%

Max Drawdown (1Y)

Largest decline over 1 year

-12.80%

-21.48%

+8.68%

Max Drawdown (3Y)

Largest decline over 3 years

-18.12%

-31.72%

+13.60%

Max Drawdown (5Y)

Largest decline over 5 years

-31.73%

-59.61%

+27.88%

Max Drawdown (10Y)

Largest decline over 10 years

—

-63.43%

—

Current Drawdown

Current decline from peak

0.00%

-40.85%

+40.85%

Average Drawdown

Average peak-to-trough decline

-10.26%

-29.41%

+19.15%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.45%

10.14%

-6.69%

Volatility

DFAE vs. ECNS - Volatility Comparison

Dimensional Emerging Core Equity Market ETF (DFAE) has a higher volatility of 10.49% compared to iShares MSCI China Small-Cap ETF (ECNS) at 5.50%. This indicates that DFAE's price experiences larger fluctuations and is considered to be riskier than ECNS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DFAEECNSDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.49%

5.50%

+4.99%

Volatility (6M)

Calculated over the trailing 6-month period

18.89%

13.46%

+5.43%

Volatility (1Y)

Calculated over the trailing 1-year period

20.97%

20.63%

+0.34%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.27%

29.43%

-11.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.20%

25.91%

-7.71%

DFAE vs. ECNS - Expense Ratio Comparison

DFAE has a 0.35% expense ratio, which is lower than ECNS's 0.59% expense ratio.

Dividends

DFAE vs. ECNS - Dividend Comparison

DFAE's dividend yield for the trailing twelve months is around 1.70%, less than ECNS's 6.40% yield.

PositionTTM20252024202320222021202020192018201720162015
DFAE
Dimensional Emerging Core Equity Market ETF		1.70%2.20%2.35%2.43%2.85%1.63%0.01%0.00%0.00%0.00%0.00%0.00%
ECNS
iShares MSCI China Small-Cap ETF		6.40%6.20%5.98%4.89%3.54%4.87%3.59%3.23%6.16%3.18%4.29%3.58%

Frequently Asked Questions

DFAE and ECNS have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DFAE has higher volatility (10.49%) compared to ECNS (5.50%). In terms of maximum drawdown, DFAE dropped -32.21% vs ECNS's -63.43%.

On 5-year performance, DFAE leads with 9.93% vs -7.59% for ECNS. On fees, DFAE is cheaper at 0.35% per year. On volatility, ECNS has been the lower-risk option at 5.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, DFAE has performed better with a 9.93% return vs -7.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

DFAE is cheaper with a 0.35% expense ratio, compared with 0.59% for ECNS.

ECNS has the higher dividend yield at 6.40%, compared with 1.70% for DFAE.

DFAE is categorized as Emerging Markets Equities, while ECNS is Asia Pacific Equities. They also come from different issuers: Dimensional and iShares. Their fees differ too: 0.35% for DFAE and 0.59% for ECNS.

DFAE currently has the higher Sharpe Ratio (2.56 vs 0.26), 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.

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