DFAI vs. SPGM

Last updated Jun 5, 2026

DFAI (Dimensional International Core Equity Market ETF) and SPGM (SPDR Portfolio MSCI Global Stock Market ETF) are both Global Equities funds. DFAI is actively managed, while SPGM is passively managed. Over the past 5 years, DFAI returned 9.55%/yr vs 11.60%/yr for SPGM. Their correlation of 0.89 suggests significant overlap in exposure. DFAI charges 0.18%/yr vs 0.09%/yr for SPGM.

Performance

DFAI vs. SPGM - Performance Comparison

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

Returns By Period

In the year-to-date period, DFAI achieves a 10.08% return, which is significantly lower than SPGM's 13.52% return.

DFAI

• 1D: 0.84%
• 1M: 2.35%
• YTD: 10.08%
• 6M: 12.41%
• 1Y: 25.22%
• 3Y*: 18.70%
• 5Y*: 9.55%
• 10Y*: —

SPGM

• 1D: 0.57%
• 1M: 4.58%
• YTD: 13.52%
• 6M: 13.92%
• 1Y: 32.19%
• 3Y*: 21.80%
• 5Y*: 11.60%
• 10Y*: 12.97%

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

DFAI vs. SPGM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
DFAI Dimensional International Core Equity Market ETF	10.08%	34.04%	4.68%	17.60%	-12.95%	13.86%	6.13%
SPGM SPDR Portfolio MSCI Global Stock Market ETF	13.52%	23.62%	16.75%	21.34%	-17.53%	21.13%	5.46%

Correlation

The correlation between DFAI and SPGM is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Nov 19, 2020	0.89

The correlation between DFAI and SPGM has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.

DFAI vs. SPGM - Sectors Allocation Comparison

Sectors	DFAI	SPGM
Financial Services	22.5%	16.4%
Industrials	19.5%	13.1%
Technology	9.3%	27.4%
Basic Materials	8.8%	3.9%
Healthcare	8.8%	8.2%
Consumer Cyclical	8.6%	9.2%
Energy	6.8%	4.5%
Consumer Defensive	6.4%	4.8%
Utilities	4.0%	2.2%
Communication Services	3.7%	8.5%
Real Estate	1.5%	1.9%

Return for Risk

DFAI vs. SPGM — Risk / Return Rank

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

DFAI

DFAI Risk / Return Rank: 52
DFAI Sharpe Ratio Rank: 54
DFAI Sortino Ratio Rank: 53
DFAI Omega Ratio Rank: 53
DFAI Calmar Ratio Rank: 47
DFAI Martin Ratio Rank: 54

SPGM

SPGM Risk / Return Rank: 76
SPGM Sharpe Ratio Rank: 78
SPGM Sortino Ratio Rank: 78
SPGM Omega Ratio Rank: 77
SPGM Calmar Ratio Rank: 69
SPGM Martin Ratio Rank: 79

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.

DFAI vs. SPGM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional International Core Equity Market ETF (DFAI) and SPDR Portfolio MSCI Global Stock Market ETF (SPGM). 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.

	DFAI	SPGM	Difference
Sharpe ratio: Return per unit of total volatility	1.80	2.51	-0.71
Sortino ratio: Return per unit of downside risk	2.54	3.43	-0.89
Omega ratio: Gain probability vs. loss probability	1.32	1.45	-0.13
Calmar ratio: Return relative to maximum drawdown	2.31	3.40	-1.09
Martin ratio: Return relative to average drawdown	9.08	15.38	-6.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFAI vs. SPGM - Sharpe Ratio Comparison

The current DFAI Sharpe Ratio is 1.80, which is comparable to the SPGM Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of DFAI and SPGM, 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

	DFAI	SPGM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	2.51	-0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.73	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.74	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.66	+0.13

Drawdowns

DFAI vs. SPGM - Drawdown Comparison

The maximum DFAI drawdown since its inception was -27.44%, smaller than the maximum SPGM drawdown of -33.97%. Use the drawdown chart below to compare losses from any high point for DFAI and SPGM.

Drawdown Indicators

	DFAI	SPGM	Difference
Max Drawdown Largest peak-to-trough decline	-27.44%	-33.97%	+6.53%
Max Drawdown (1Y) Largest decline over 1 year	-10.95%	-9.50%	-1.45%
Max Drawdown (3Y) Largest decline over 3 years	-13.25%	-16.90%	+3.65%
Max Drawdown (5Y) Largest decline over 5 years	-27.44%	-25.93%	-1.51%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.97%	—
Current Drawdown Current decline from peak	-0.78%	-0.30%	-0.48%
Average Drawdown Average peak-to-trough decline	-5.12%	-4.81%	-0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	2.10%	+0.69%

Volatility

DFAI vs. SPGM - Volatility Comparison

Dimensional International Core Equity Market ETF (DFAI) has a higher volatility of 4.39% compared to SPDR Portfolio MSCI Global Stock Market ETF (SPGM) at 3.87%. This indicates that DFAI's price experiences larger fluctuations and is considered to be riskier than SPGM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFAI	SPGM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.39%	3.87%	+0.52%
Volatility (6M) Calculated over the trailing 6-month period	11.71%	10.36%	+1.35%
Volatility (1Y) Calculated over the trailing 1-year period	14.07%	12.88%	+1.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.92%	16.03%	-0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.70%	17.57%	-1.87%

DFAI vs. SPGM - Expense Ratio Comparison

DFAI has a 0.18% expense ratio, which is higher than SPGM's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

DFAI vs. SPGM - Dividend Comparison

DFAI's dividend yield for the trailing twelve months is around 2.24%, more than SPGM's 1.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFAI Dimensional International Core Equity Market ETF	2.24%	2.45%	2.72%	2.64%	2.72%	2.06%	0.09%	0.00%	0.00%	0.00%	0.00%	0.00%
SPGM SPDR Portfolio MSCI Global Stock Market ETF	1.78%	1.89%	1.98%	2.09%	2.37%	1.94%	1.45%	2.46%	1.89%	2.29%	1.87%	3.70%

Frequently Asked Questions

Can I hold both DFAI and SPGM in my portfolio?

DFAI and SPGM have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFAI or SPGM?

DFAI has higher volatility (4.39%) compared to SPGM (3.87%). In terms of maximum drawdown, DFAI dropped -27.44% vs SPGM's -33.97%.

Which ETF is better, DFAI or SPGM?

On 5-year performance, SPGM leads with 11.60% vs 9.55% for DFAI. On fees, SPGM is cheaper at 0.09% per year. On volatility, SPGM has been the lower-risk option at 3.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFAI or SPGM?

Over the 5-year period, SPGM has performed better with a 11.60% return vs 9.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFAI or SPGM?

SPGM is cheaper with a 0.09% expense ratio, compared with 0.18% for DFAI.

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

DFAI has the higher dividend yield at 2.24%, compared with 1.78% for SPGM.

What is the main difference between DFAI and SPGM?

They also come from different issuers: Dimensional and State Street. Their fees differ too: 0.18% for DFAI and 0.09% for SPGM.

Which has better risk-adjusted returns?

SPGM currently has the higher Sharpe Ratio (2.51 vs 1.80), 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.