DFAS vs. JPSE

Last updated Jul 14, 2026

DFAS (Dimensional U.S. Small Cap ETF) and JPSE (JPMorgan Diversified Return U.S. Small Cap Equity ETF) are both exchange-traded funds - DFAS is a Small Cap Blend Equities fund actively managed by Dimensional, while JPSE is a Small Cap Growth Equities fund tracking the JPMorgan Diversified Factor US Small Cap Equity Index. DFAS is actively managed, while JPSE is passively managed. Over the past 5 years, DFAS returned 8.89%/yr vs 8.49%/yr for JPSE. With a 0.97 correlation, they move nearly in lockstep. DFAS charges 0.26%/yr vs 0.29%/yr for JPSE.

Performance

DFAS vs. JPSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional U.S. Small Cap ETF (DFAS) and JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE). 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 lower than JPSE's 19.12% return.

DFAS

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

JPSE

• 1D: -0.29%
• 1M: 0.13%
• 6M: 12.72%
• YTD: 19.12%
• 1Y: 29.45%
• 3Y*: 14.42%
• 5Y*: 8.49%
• 10Y*: —

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

DFAS vs. JPSE - 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%
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF	19.12%	8.77%	8.07%	15.87%	-14.40%	3.23%

Correlation

The correlation between DFAS and JPSE is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jun 14, 2021	0.98

The correlation between DFAS and JPSE has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

DFAS vs. JPSE - Sectors Allocation Comparison

Sectors	DFAS	JPSE
Financial Services	19.2%	10.9%
Industrials	18.9%	10.4%
Technology	15.1%	11.8%
Consumer Cyclical	13.0%	8.1%
Healthcare	12.0%	10.3%
Energy	6.4%	8.0%
Basic Materials	5.2%	9.2%
Consumer Defensive	4.2%	7.9%
Utilities	2.8%	5.2%
Communication Services	2.6%	2.7%
Real Estate	0.7%	13.9%

Return for Risk

DFAS vs. JPSE — 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

JPSE

JPSE Risk / Return Rank: 77
JPSE Sharpe Ratio Rank: 73
JPSE Sortino Ratio Rank: 76
JPSE Omega Ratio Rank: 68
JPSE Calmar Ratio Rank: 85
JPSE Martin Ratio Rank: 84

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. JPSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional U.S. Small Cap ETF (DFAS) and JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE). 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	JPSE	Difference
Sharpe ratio: Return per unit of total volatility	1.48	1.86	-0.38
Sortino ratio: Return per unit of downside risk	2.22	2.71	-0.49
Omega ratio: Gain probability vs. loss probability	1.26	1.32	-0.06
Calmar ratio: Return relative to maximum drawdown	2.66	3.70	-1.04
Martin ratio: Return relative to average drawdown	9.12	13.20	-4.08

DFAS vs. JPSE - Sharpe Ratio Comparison

The current DFAS Sharpe Ratio is 1.48, which is comparable to the JPSE Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of DFAS and JPSE, 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. JPSE - Drawdown Comparison

The maximum DFAS drawdown since its inception was -26.13%, smaller than the maximum JPSE drawdown of -43.02%. Use the drawdown chart below to compare losses from any high point for DFAS and JPSE.

Drawdown Indicators

	DFAS	JPSE	Difference
Max Drawdown Largest peak-to-trough decline	-26.13%	-43.02%	+16.89%
Max Drawdown (1Y) Largest decline over 1 year	-9.36%	-8.00%	-1.36%
Max Drawdown (3Y) Largest decline over 3 years	-26.13%	-25.49%	-0.64%
Max Drawdown (5Y) Largest decline over 5 years	-26.13%	-25.56%	-0.57%
Current Drawdown Current decline from peak	-1.98%	-1.30%	-0.68%
Average Drawdown Average peak-to-trough decline	-8.16%	-7.35%	-0.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.72%	2.24%	+0.48%

Volatility

DFAS vs. JPSE - Volatility Comparison

Dimensional U.S. Small Cap ETF (DFAS) has a higher volatility of 4.22% compared to JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE) at 3.57%. This indicates that DFAS's price experiences larger fluctuations and is considered to be riskier than JPSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFAS	JPSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.22%	3.57%	+0.65%
Volatility (6M) Calculated over the trailing 6-month period	11.85%	11.07%	+0.78%
Volatility (1Y) Calculated over the trailing 1-year period	16.86%	15.95%	+0.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.76%	20.01%	+0.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.74%	21.74%	-1.00%

DFAS vs. JPSE - Expense Ratio Comparison

DFAS has a 0.26% expense ratio, which is lower than JPSE's 0.29% expense ratio.

Dividends

DFAS vs. JPSE - Dividend Comparison

DFAS's dividend yield for the trailing twelve months is around 0.98%, less than JPSE's 1.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DFAS Dimensional U.S. Small Cap ETF	0.98%	0.99%	0.93%	1.00%	1.03%	2.87%	0.00%	0.00%	0.00%	0.00%	0.00%
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF	1.33%	1.62%	1.66%	1.76%	1.55%	1.24%	1.32%	1.23%	1.18%	0.74%	0.14%

Frequently Asked Questions

Can I hold both DFAS and JPSE in my portfolio?

With a correlation of 0.95, DFAS and JPSE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DFAS or JPSE?

DFAS has higher volatility (4.22%) compared to JPSE (3.57%). In terms of maximum drawdown, DFAS dropped -26.13% vs JPSE's -43.02%.

Which ETF is better, DFAS or JPSE?

On 5-year performance, DFAS leads with 8.89% vs 8.49% for JPSE. On fees, DFAS is cheaper at 0.26% per year. On volatility, JPSE has been the lower-risk option at 3.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFAS or JPSE?

Over the 5-year period, DFAS has performed better with a 8.89% return vs 8.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFAS or JPSE?

DFAS is cheaper with a 0.26% expense ratio, compared with 0.29% for JPSE.

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

JPSE has the higher dividend yield at 1.33%, compared with 0.98% for DFAS.

What is the main difference between DFAS and JPSE?

DFAS is categorized as Small Cap Blend Equities, while JPSE is Small Cap Growth Equities. They also come from different issuers: Dimensional and JPMorgan. Their fees differ too: 0.26% for DFAS and 0.29% for JPSE.

Which has better risk-adjusted returns?

JPSE currently has the higher Sharpe Ratio (1.86 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.