DFALX vs. SPEM

Last updated Jun 13, 2026

DFALX (DFA Large Cap International Portfolio) and SPEM (SPDR Portfolio Emerging Markets ETF) are both funds - DFALX is a Foreign Large Cap Equities fund managed by Dimensional, while SPEM is a Emerging Markets Equities fund tracking the S&P Emerging Markets BMI. Over the past 10 years, DFALX returned 10.35%/yr vs 9.63%/yr for SPEM. A 0.80 correlation means they provide meaningful diversification when combined. DFALX charges 0.18%/yr vs 0.11%/yr for SPEM.

Performance

DFALX vs. SPEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Large Cap International Portfolio (DFALX) and SPDR Portfolio Emerging Markets ETF (SPEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFALX achieves a 10.02% return, which is significantly lower than SPEM's 11.32% return. Over the past 10 years, DFALX has outperformed SPEM with an annualized return of 10.35%, while SPEM has yielded a comparatively lower 9.63% annualized return.

DFALX

• 1D: 2.73%
• 1M: 0.45%
• YTD: 10.02%
• 6M: 11.54%
• 1Y: 25.05%
• 3Y*: 18.07%
• 5Y*: 9.39%
• 10Y*: 10.35%

SPEM

• 1D: 0.87%
• 1M: -0.13%
• YTD: 11.32%
• 6M: 13.11%
• 1Y: 27.73%
• 3Y*: 17.37%
• 5Y*: 5.60%
• 10Y*: 9.63%

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

DFALX vs. SPEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFALX DFA Large Cap International Portfolio	10.02%	33.60%	4.55%	17.88%	-13.04%	12.79%	8.13%	22.05%	-14.15%	25.35%
SPEM SPDR Portfolio Emerging Markets ETF	11.32%	25.63%	11.40%	10.51%	-17.90%	1.51%	14.55%	19.69%	-13.26%	34.82%

Correlation

The correlation between DFALX and SPEM is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Mar 23, 2007	0.80

The correlation between DFALX and SPEM has been stable across timeframes, ranging from 0.76 to 0.80 - a consistent structural relationship.

Return for Risk

DFALX vs. SPEM — Risk / Return Rank

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

DFALX

DFALX Risk / Return Rank: 53
DFALX Sharpe Ratio Rank: 53
DFALX Sortino Ratio Rank: 53
DFALX Omega Ratio Rank: 51
DFALX Calmar Ratio Rank: 54
DFALX Martin Ratio Rank: 54

SPEM

SPEM Risk / Return Rank: 52
SPEM Sharpe Ratio Rank: 52
SPEM Sortino Ratio Rank: 49
SPEM Omega Ratio Rank: 53
SPEM Calmar Ratio Rank: 52
SPEM Martin Ratio Rank: 54

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.

DFALX vs. SPEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Large Cap International Portfolio (DFALX) and SPDR Portfolio Emerging Markets ETF (SPEM). 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.

	DFALX	SPEM	Difference
Sharpe ratio: Return per unit of total volatility	1.70	1.55	+0.15
Sortino ratio: Return per unit of downside risk	2.39	2.16	+0.23
Omega ratio: Gain probability vs. loss probability	1.30	1.29	+0.01
Calmar ratio: Return relative to maximum drawdown	2.32	2.28	+0.04
Martin ratio: Return relative to average drawdown	8.96	8.16	+0.80

DFALX vs. SPEM - Sharpe Ratio Comparison

The current DFALX Sharpe Ratio is 1.70, which is comparable to the SPEM Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of DFALX and SPEM, 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

DFALX vs. SPEM - Drawdown Comparison

The maximum DFALX drawdown since its inception was -59.76%, smaller than the maximum SPEM drawdown of -64.41%. Use the drawdown chart below to compare losses from any high point for DFALX and SPEM.

Drawdown Indicators

	DFALX	SPEM	Difference
Max Drawdown Largest peak-to-trough decline	-59.76%	-64.41%	+4.65%
Max Drawdown (1Y) Largest decline over 1 year	-10.70%	-11.36%	+0.66%
Max Drawdown (3Y) Largest decline over 3 years	-13.11%	-17.62%	+4.51%
Max Drawdown (5Y) Largest decline over 5 years	-27.52%	-31.75%	+4.23%
Max Drawdown (10Y) Largest decline over 10 years	-35.58%	-36.06%	+0.48%
Current Drawdown Current decline from peak	-0.81%	-2.40%	+1.59%
Average Drawdown Average peak-to-trough decline	-12.00%	-14.73%	+2.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.76%	3.17%	-0.41%

Volatility

DFALX vs. SPEM - Volatility Comparison

The current volatility for DFA Large Cap International Portfolio (DFALX) is 4.92%, while SPDR Portfolio Emerging Markets ETF (SPEM) has a volatility of 6.87%. This indicates that DFALX experiences smaller price fluctuations and is considered to be less risky than SPEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFALX	SPEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.92%	6.87%	-1.95%
Volatility (6M) Calculated over the trailing 6-month period	12.05%	14.21%	-2.16%
Volatility (1Y) Calculated over the trailing 1-year period	14.60%	16.67%	-2.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.77%	17.26%	-1.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.19%	18.83%	-2.64%

DFALX vs. SPEM - Expense Ratio Comparison

DFALX has a 0.18% expense ratio, which is higher than SPEM's 0.11% 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

DFALX vs. SPEM - Dividend Comparison

DFALX's dividend yield for the trailing twelve months is around 2.75%, more than SPEM's 2.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFALX DFA Large Cap International Portfolio	2.75%	2.89%	3.18%	3.24%	2.86%	3.00%	1.88%	2.88%	3.07%	2.55%	2.89%	2.94%
SPEM SPDR Portfolio Emerging Markets ETF	2.49%	2.77%	2.78%	2.80%	3.38%	3.14%	1.92%	2.94%	2.34%	1.12%	1.51%	2.40%

Frequently Asked Questions

Can I hold both DFALX and SPEM in my portfolio?

DFALX and SPEM have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFALX or SPEM?

SPEM has higher volatility (6.87%) compared to DFALX (4.92%). In terms of maximum drawdown, DFALX dropped -59.76% vs SPEM's -64.41%.

Which has better risk-adjusted returns?

DFALX currently has the higher Sharpe Ratio (1.70 vs 1.55), 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.