DFAS vs. DFAW

Last updated Jun 4, 2026

DFAS (Dimensional U.S. Small Cap ETF) and DFAW (Dimensional World Equity ETF) are both exchange-traded funds - DFAS is a Small Cap Blend Equities fund actively managed by Dimensional, while DFAW is a Global Equities fund actively managed by Dimensional. Both are actively managed. Over the past year, DFAS returned 27.65% vs 30.13% for DFAW. Their correlation of 0.88 suggests significant overlap in exposure. DFAS charges 0.34%/yr vs 0.25%/yr for DFAW.

Performance

DFAS vs. DFAW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional U.S. Small Cap ETF (DFAS) and Dimensional World Equity ETF (DFAW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with DFAS having a 12.81% return and DFAW slightly lower at 12.61%.

DFAS

• 1D: -0.81%
• 1M: 2.19%
• YTD: 12.81%
• 6M: 12.10%
• 1Y: 27.65%
• 3Y*: 15.22%
• 5Y*: —
• 10Y*: —

DFAW

• 1D: -0.70%
• 1M: 4.36%
• YTD: 12.61%
• 6M: 13.91%
• 1Y: 30.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFAS vs. DFAW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DFAS Dimensional U.S. Small Cap ETF	12.81%	8.17%	10.21%	14.41%
DFAW Dimensional World Equity ETF	12.61%	20.62%	15.49%	11.57%

Correlation

The correlation between DFAS and DFAW is 0.86, 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	0.86
Correlation (All Time) Calculated using the full available price history since Sep 28, 2023	0.88

The correlation between DFAS and DFAW has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.

DFAS vs. DFAW - Sectors Allocation Comparison

Sectors	DFAS	DFAW
Financial Services	19.5%	15.5%
Industrials	18.6%	13.6%
Technology	15.0%	24.8%
Consumer Cyclical	11.9%	10.2%
Healthcare	11.0%	7.9%
Energy	6.7%	6.0%
Basic Materials	5.6%	5.0%
Consumer Defensive	4.3%	5.0%
Utilities	3.8%	2.3%
Communication Services	2.8%	7.3%
Real Estate	0.2%	2.4%

Return for Risk

DFAS vs. DFAW — Risk / Return Rank

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

DFAS

DFAS Risk / Return Rank: 51
DFAS Sharpe Ratio Rank: 47
DFAS Sortino Ratio Rank: 49
DFAS Omega Ratio Rank: 45
DFAS Calmar Ratio Rank: 59
DFAS Martin Ratio Rank: 57

DFAW

DFAW Risk / Return Rank: 74
DFAW Sharpe Ratio Rank: 76
DFAW Sortino Ratio Rank: 76
DFAW Omega Ratio Rank: 75
DFAW Calmar Ratio Rank: 67
DFAW Martin Ratio Rank: 77

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. DFAW - Risk-Adjusted Trends Comparison

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

	DFAS	DFAW	Difference
Sharpe ratio: Return per unit of total volatility	1.66	2.52	-0.85
Sortino ratio: Return per unit of downside risk	2.46	3.49	-1.04
Omega ratio: Gain probability vs. loss probability	1.29	1.46	-0.17
Calmar ratio: Return relative to maximum drawdown	2.97	3.41	-0.44
Martin ratio: Return relative to average drawdown	10.17	15.09	-4.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFAS vs. DFAW - Sharpe Ratio Comparison

The current DFAS Sharpe Ratio is 1.66, which is lower than the DFAW Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of DFAS and DFAW, 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

	DFAS	DFAW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.66	2.52	-0.85
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	1.62	-1.26

Drawdowns

DFAS vs. DFAW - Drawdown Comparison

The maximum DFAS drawdown since its inception was -26.13%, which is greater than DFAW's maximum drawdown of -16.93%. Use the drawdown chart below to compare losses from any high point for DFAS and DFAW.

Drawdown Indicators

	DFAS	DFAW	Difference
Max Drawdown Largest peak-to-trough decline	-26.13%	-16.93%	-9.20%
Max Drawdown (1Y) Largest decline over 1 year	-9.36%	-8.88%	-0.48%
Max Drawdown (3Y) Largest decline over 3 years	-26.13%	—	—
Current Drawdown Current decline from peak	-0.81%	-0.70%	-0.11%
Average Drawdown Average peak-to-trough decline	-8.31%	-1.70%	-6.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.73%	2.00%	+0.73%

Volatility

DFAS vs. DFAW - Volatility Comparison

Dimensional U.S. Small Cap ETF (DFAS) has a higher volatility of 4.31% compared to Dimensional World Equity ETF (DFAW) at 3.35%. This indicates that DFAS's price experiences larger fluctuations and is considered to be riskier than DFAW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFAS	DFAW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.31%	3.35%	+0.96%
Volatility (6M) Calculated over the trailing 6-month period	11.58%	9.39%	+2.19%
Volatility (1Y) Calculated over the trailing 1-year period	16.77%	12.03%	+4.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.84%	14.46%	+6.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.84%	14.46%	+6.38%

DFAS vs. DFAW - Expense Ratio Comparison

DFAS has a 0.34% expense ratio, which is higher than DFAW's 0.25% expense ratio.

Dividends

DFAS vs. DFAW - Dividend Comparison

DFAS's dividend yield for the trailing twelve months is around 0.92%, less than DFAW's 1.55% yield.

Position	TTM	2025	2024	2023	2022	2021
DFAS Dimensional U.S. Small Cap ETF	0.92%	0.99%	0.93%	1.00%	1.03%	2.87%
DFAW Dimensional World Equity ETF	1.55%	1.71%	1.47%	0.42%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFAS and DFAW in my portfolio?

DFAS and DFAW have a correlation of 0.86, 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 DFAW?

DFAS has higher volatility (4.31%) compared to DFAW (3.35%). In terms of maximum drawdown, DFAS dropped -26.13% vs DFAW's -16.93%.

Which ETF is better, DFAS or DFAW?

On 1-year performance, DFAW leads with 30.13% vs 27.65% for DFAS. On fees, DFAW is cheaper at 0.25% per year. On volatility, DFAW has been the lower-risk option at 3.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFAS or DFAW?

Over the 1-year period, DFAW has performed better with a 30.13% return vs 27.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFAS or DFAW?

DFAW is cheaper with a 0.25% expense ratio, compared with 0.34% for DFAS.

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

DFAW has the higher dividend yield at 1.55%, compared with 0.92% for DFAS.

What is the main difference between DFAS and DFAW?

DFAS is categorized as Small Cap Blend Equities, while DFAW is Global Equities. Their fees differ too: 0.34% for DFAS and 0.25% for DFAW.

Which has better risk-adjusted returns?

DFAW currently has the higher Sharpe Ratio (2.52 vs 1.66), 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.