DFAS vs. DFAI

Last updated Jul 14, 2026

DFAS (Dimensional U.S. Small Cap ETF) and DFAI (Dimensional International Core Equity Market ETF) are both exchange-traded funds - DFAS is a Small Cap Blend 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, DFAS returned 8.89%/yr vs 9.85%/yr for DFAI. A 0.75 correlation means they provide meaningful diversification when combined. DFAS charges 0.26%/yr vs 0.18%/yr for DFAI.

Performance

DFAS vs. DFAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional U.S. Small Cap ETF (DFAS) 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, DFAS achieves a 16.47% return, which is significantly higher than DFAI's 9.73% return.

DFAS

• 1D: -0.51%
• 1M: 0.55%
• 6M: 10.40%
• YTD: 16.47%
• 1Y: 24.76%
• 3Y*: 14.27%
• 5Y*: 8.89%
• 10Y*: —

DFAI

• 1D: -0.82%
• 1M: -0.29%
• 6M: 5.95%
• YTD: 9.73%
• 1Y: 22.50%
• 3Y*: 16.93%
• 5Y*: 9.85%
• 10Y*: —

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

DFAS vs. DFAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DFAS Dimensional U.S. Small Cap ETF	16.47%	8.17%	10.21%	17.83%	-13.84%	4.52%
DFAI Dimensional International Core Equity Market ETF	9.73%	34.04%	4.68%	17.60%	-12.95%	-0.60%

Correlation

The correlation between DFAS and DFAI is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jun 14, 2021	0.75

The correlation between DFAS and DFAI has been stable across timeframes, ranging from 0.71 to 0.75 - a consistent structural relationship.

DFAS vs. DFAI - Sectors Allocation Comparison

Sectors	DFAS	DFAI
Financial Services	19.2%	24.9%
Industrials	18.9%	18.9%
Technology	15.1%	8.3%
Consumer Cyclical	13.0%	9.7%
Healthcare	12.0%	8.7%
Energy	6.4%	6.1%
Basic Materials	5.2%	8.2%
Consumer Defensive	4.2%	6.8%
Utilities	2.8%	3.1%
Communication Services	2.6%	2.8%
Real Estate	0.7%	1.6%

Return for Risk

DFAS vs. DFAI — Risk / Return Rank

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

DFAS

DFAS Risk / Return Rank: 59
DFAS Sharpe Ratio Rank: 55
DFAS Sortino Ratio Rank: 59
DFAS Omega Ratio Rank: 51
DFAS Calmar Ratio Rank: 67
DFAS Martin Ratio Rank: 64

DFAI

DFAI Risk / Return Rank: 57
DFAI Sharpe Ratio Rank: 58
DFAI Sortino Ratio Rank: 58
DFAI Omega Ratio Rank: 57
DFAI Calmar Ratio Rank: 52
DFAI Martin Ratio Rank: 58

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.

DFAS vs. DFAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional U.S. Small Cap ETF (DFAS) 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.

	DFAS	DFAI	Difference
Sharpe ratio: Return per unit of total volatility	1.48	1.55	-0.07
Sortino ratio: Return per unit of downside risk	2.22	2.21	+0.02
Omega ratio: Gain probability vs. loss probability	1.26	1.28	-0.02
Calmar ratio: Return relative to maximum drawdown	2.66	2.06	+0.59
Martin ratio: Return relative to average drawdown	9.12	8.01	+1.11

DFAS vs. DFAI - Sharpe Ratio Comparison

The current DFAS Sharpe Ratio is 1.48, which is comparable to the DFAI Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of DFAS 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

DFAS vs. DFAI - Drawdown Comparison

The maximum DFAS drawdown since its inception was -26.13%, roughly equal to the maximum DFAI drawdown of -27.44%. Use the drawdown chart below to compare losses from any high point for DFAS and DFAI.

Drawdown Indicators

	DFAS	DFAI	Difference
Max Drawdown Largest peak-to-trough decline	-26.13%	-27.44%	+1.31%
Max Drawdown (1Y) Largest decline over 1 year	-9.36%	-10.95%	+1.59%
Max Drawdown (3Y) Largest decline over 3 years	-26.13%	-13.25%	-12.88%
Max Drawdown (5Y) Largest decline over 5 years	-26.13%	-27.44%	+1.31%
Current Drawdown Current decline from peak	-1.98%	-1.72%	-0.26%
Average Drawdown Average peak-to-trough decline	-8.16%	-5.05%	-3.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.72%	2.82%	-0.10%

Volatility

DFAS vs. DFAI - Volatility Comparison

Dimensional U.S. Small Cap ETF (DFAS) and Dimensional International Core Equity Market ETF (DFAI) have volatilities of 4.22% and 4.26%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFAS	DFAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.22%	4.26%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	11.85%	12.50%	-0.65%
Volatility (1Y) Calculated over the trailing 1-year period	16.86%	14.61%	+2.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.76%	15.99%	+4.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.74%	15.70%	+5.04%

DFAS vs. DFAI - Expense Ratio Comparison

DFAS has a 0.26% expense ratio, which is higher than DFAI's 0.18% 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

DFAS vs. DFAI - Dividend Comparison

DFAS's dividend yield for the trailing twelve months is around 0.98%, less than DFAI's 2.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
DFAI Dimensional International Core Equity Market ETF	2.35%	2.45%	2.72%	2.64%	2.72%	2.06%	0.09%
DFAS Dimensional U.S. Small Cap ETF	0.98%	0.99%	0.93%	1.00%	1.03%	2.87%	0.00%

Frequently Asked Questions

Can I hold both DFAS and DFAI in my portfolio?

DFAS and DFAI have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFAS or DFAI?

DFAI has higher volatility (4.26%) compared to DFAS (4.22%). In terms of maximum drawdown, DFAS dropped -26.13% vs DFAI's -27.44%.

Which ETF is better, DFAS or DFAI?

On 5-year performance, DFAI leads with 9.85% vs 8.89% for DFAS. On fees, DFAI is cheaper at 0.18% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFAS or DFAI?

Over the 5-year period, DFAI has performed better with a 9.85% return vs 8.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFAS or DFAI?

DFAI is cheaper with a 0.18% expense ratio, compared with 0.26% for DFAS.

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

DFAI has the higher dividend yield at 2.35%, compared with 0.98% for DFAS.

What is the main difference between DFAS and DFAI?

DFAS is categorized as Small Cap Blend Equities, while DFAI is Foreign Large Cap Equities. Their fees differ too: 0.26% for DFAS and 0.18% for DFAI.

Which has better risk-adjusted returns?

DFAI currently has the higher Sharpe Ratio (1.55 vs 1.48), 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.