DFAS vs. SCHD

Last updated Jun 4, 2026

DFAS (Dimensional U.S. Small Cap ETF) and SCHD (Schwab U.S. Dividend Equity ETF) are both exchange-traded funds - DFAS is a Small Cap Blend Equities fund actively managed by Dimensional, while SCHD is a Dividend fund tracking the Dow Jones U.S. Dividend 100 Index. DFAS is actively managed, while SCHD is passively managed. Over the past 3 years, DFAS returned 15.22%/yr vs 15.09%/yr for SCHD. A 0.79 correlation means they provide meaningful diversification when combined. DFAS charges 0.34%/yr vs 0.06%/yr for SCHD.

Performance

DFAS vs. SCHD - Performance Comparison

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

Returns By Period

In the year-to-date period, DFAS achieves a 12.81% return, which is significantly lower than SCHD's 19.01% return.

DFAS

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

SCHD

• 1D: 0.00%
• 1M: 2.70%
• YTD: 19.01%
• 6M: 18.63%
• 1Y: 27.16%
• 3Y*: 15.09%
• 5Y*: 8.36%
• 10Y*: 12.77%

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

DFAS vs. SCHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DFAS Dimensional U.S. Small Cap ETF	12.81%	8.17%	10.21%	17.83%	-13.84%	4.94%
SCHD Schwab U.S. Dividend Equity ETF	19.01%	4.34%	11.66%	4.54%	-3.26%	7.49%

Correlation

The correlation between DFAS and SCHD is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jun 15, 2021	0.79

The correlation between DFAS and SCHD shifts across timeframes, from 0.63 (1 year) to 0.79 (all time), reflecting how their relationship changes across market environments.

DFAS vs. SCHD - Sectors Allocation Comparison

Sectors	DFAS	SCHD
Financial Services	19.5%	9.3%
Industrials	18.6%	7.5%
Technology	15.0%	16.4%
Consumer Cyclical	11.9%	6.3%
Healthcare	11.0%	18.8%
Energy	6.7%	16.2%
Basic Materials	5.6%	1.2%
Consumer Defensive	4.3%	19.2%
Utilities	3.8%	0.0%
Communication Services	2.8%	6.3%
Real Estate	0.2%	-

Return for Risk

DFAS vs. SCHD — 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

SCHD

SCHD Risk / Return Rank: 80
SCHD Sharpe Ratio Rank: 75
SCHD Sortino Ratio Rank: 84
SCHD Omega Ratio Rank: 73
SCHD Calmar Ratio Rank: 91
SCHD Martin Ratio Rank: 75

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. SCHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional U.S. Small Cap ETF (DFAS) and Schwab U.S. Dividend Equity ETF (SCHD). 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	SCHD	Difference
Sharpe ratio: Return per unit of total volatility	1.66	2.49	-0.83
Sortino ratio: Return per unit of downside risk	2.46	3.87	-1.41
Omega ratio: Gain probability vs. loss probability	1.29	1.45	-0.16
Calmar ratio: Return relative to maximum drawdown	2.97	5.91	-2.95
Martin ratio: Return relative to average drawdown	10.17	14.53	-4.36
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. SCHD - Sharpe Ratio Comparison

The current DFAS Sharpe Ratio is 1.66, which is lower than the SCHD Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of DFAS and SCHD, 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	SCHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.66	2.49	-0.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.58	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.77	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.86	-0.50

Drawdowns

DFAS vs. SCHD - Drawdown Comparison

The maximum DFAS drawdown since its inception was -26.13%, smaller than the maximum SCHD drawdown of -33.37%. Use the drawdown chart below to compare losses from any high point for DFAS and SCHD.

Drawdown Indicators

	DFAS	SCHD	Difference
Max Drawdown Largest peak-to-trough decline	-26.13%	-33.37%	+7.24%
Max Drawdown (1Y) Largest decline over 1 year	-9.36%	-4.61%	-4.75%
Max Drawdown (3Y) Largest decline over 3 years	-26.13%	-16.13%	-10.00%
Max Drawdown (5Y) Largest decline over 5 years	—	-16.85%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.37%	—
Current Drawdown Current decline from peak	-0.81%	-1.40%	+0.59%
Average Drawdown Average peak-to-trough decline	-8.31%	-3.32%	-4.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.73%	1.88%	+0.85%

Volatility

DFAS vs. SCHD - Volatility Comparison

Dimensional U.S. Small Cap ETF (DFAS) has a higher volatility of 4.31% compared to Schwab U.S. Dividend Equity ETF (SCHD) at 2.66%. This indicates that DFAS's price experiences larger fluctuations and is considered to be riskier than SCHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFAS	SCHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.31%	2.66%	+1.65%
Volatility (6M) Calculated over the trailing 6-month period	11.58%	7.66%	+3.92%
Volatility (1Y) Calculated over the trailing 1-year period	16.77%	10.96%	+5.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.84%	14.38%	+6.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.84%	16.72%	+4.12%

DFAS vs. SCHD - Expense Ratio Comparison

DFAS has a 0.34% expense ratio, which is higher than SCHD's 0.06% expense ratio.

Dividends

DFAS vs. SCHD - Dividend Comparison

DFAS's dividend yield for the trailing twelve months is around 0.92%, less than SCHD's 3.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFAS Dimensional U.S. Small Cap ETF	0.92%	0.99%	0.93%	1.00%	1.03%	2.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SCHD Schwab U.S. Dividend Equity ETF	3.26%	3.82%	3.64%	3.49%	3.39%	2.78%	3.16%	2.98%	3.06%	2.63%	2.89%	2.97%

Frequently Asked Questions

Can I hold both DFAS and SCHD in my portfolio?

DFAS and SCHD have a correlation of 0.63, 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 SCHD?

DFAS has higher volatility (4.31%) compared to SCHD (2.66%). In terms of maximum drawdown, DFAS dropped -26.13% vs SCHD's -33.37%.

Which ETF is better, DFAS or SCHD?

On 3-year performance, DFAS leads with 15.22% vs 15.09% for SCHD. On fees, SCHD is cheaper at 0.06% per year. On volatility, SCHD has been the lower-risk option at 2.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFAS or SCHD?

Over the 3-year period, DFAS has performed better with a 15.22% return vs 15.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFAS or SCHD?

SCHD is cheaper with a 0.06% expense ratio, compared with 0.34% for DFAS.

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

SCHD has the higher dividend yield at 3.26%, compared with 0.92% for DFAS.

What is the main difference between DFAS and SCHD?

DFAS is categorized as Small Cap Blend Equities, while SCHD is Dividend. They also come from different issuers: Dimensional and Charles Schwab. Their fees differ too: 0.34% for DFAS and 0.06% for SCHD.

Which has better risk-adjusted returns?

SCHD currently has the higher Sharpe Ratio (2.49 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.