DFAS vs. XSMO

Last updated Jun 23, 2026

DFAS (Dimensional U.S. Small Cap ETF) and XSMO (Invesco S&P SmallCap Momentum ETF) are both exchange-traded funds - DFAS is a Small Cap Blend Equities fund actively managed by Dimensional, while XSMO is a Momentum fund tracking the S&P SmallCap 600 Momentum Index. DFAS is actively managed, while XSMO is passively managed. Over the past 5 years, DFAS returned 8.37%/yr vs 11.94%/yr for XSMO. Their correlation of 0.93 suggests significant overlap in exposure. DFAS charges 0.26%/yr vs 0.36%/yr for XSMO.

Performance

DFAS vs. XSMO - Performance Comparison

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

Returns By Period

In the year-to-date period, DFAS achieves a 15.74% return, which is significantly lower than XSMO's 25.55% return.

DFAS

• 1D: 0.12%
• 1M: 3.77%
• YTD: 15.74%
• 6M: 12.99%
• 1Y: 31.21%
• 3Y*: 16.27%
• 5Y*: 8.37%
• 10Y*: —

XSMO

• 1D: 0.32%
• 1M: 4.89%
• YTD: 25.55%
• 6M: 21.13%
• 1Y: 37.28%
• 3Y*: 25.72%
• 5Y*: 11.94%
• 10Y*: 15.36%

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

DFAS vs. XSMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DFAS Dimensional U.S. Small Cap ETF	15.74%	8.17%	10.21%	17.83%	-13.84%	4.52%
XSMO Invesco S&P SmallCap Momentum ETF	25.55%	9.80%	17.45%	21.55%	-15.44%	4.90%

Correlation

The correlation between DFAS and XSMO is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jun 14, 2021	0.93

The correlation between DFAS and XSMO has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

DFAS vs. XSMO - Sectors Allocation Comparison

Sectors	DFAS	XSMO
Financial Services	19.2%	12.2%
Industrials	18.9%	18.7%
Technology	15.1%	22.1%
Consumer Cyclical	13.0%	8.6%
Healthcare	12.0%	14.3%
Energy	6.4%	2.9%
Basic Materials	5.2%	6.0%
Consumer Defensive	4.2%	2.4%
Utilities	2.8%	3.5%
Communication Services	2.6%	4.5%
Real Estate	0.7%	4.9%

Return for Risk

DFAS vs. XSMO — Risk / Return Rank

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

DFAS

DFAS Risk / Return Rank: 60
DFAS Sharpe Ratio Rank: 57
DFAS Sortino Ratio Rank: 59
DFAS Omega Ratio Rank: 52
DFAS Calmar Ratio Rank: 69
DFAS Martin Ratio Rank: 65

XSMO

XSMO Risk / Return Rank: 67
XSMO Sharpe Ratio Rank: 60
XSMO Sortino Ratio Rank: 61
XSMO Omega Ratio Rank: 54
XSMO Calmar Ratio Rank: 82
XSMO 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. XSMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional U.S. Small Cap ETF (DFAS) and Invesco S&P SmallCap Momentum ETF (XSMO). 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	XSMO	Difference
Sharpe ratio: Return per unit of total volatility	1.85	1.93	-0.09
Sortino ratio: Return per unit of downside risk	2.70	2.77	-0.07
Omega ratio: Gain probability vs. loss probability	1.32	1.33	-0.01
Calmar ratio: Return relative to maximum drawdown	3.35	4.21	-0.86
Martin ratio: Return relative to average drawdown	11.51	14.23	-2.72

DFAS vs. XSMO - Sharpe Ratio Comparison

The current DFAS Sharpe Ratio is 1.85, which is comparable to the XSMO Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of DFAS and XSMO, 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. XSMO - Drawdown Comparison

The maximum DFAS drawdown since its inception was -26.13%, smaller than the maximum XSMO drawdown of -58.06%. Use the drawdown chart below to compare losses from any high point for DFAS and XSMO.

Drawdown Indicators

	DFAS	XSMO	Difference
Max Drawdown Largest peak-to-trough decline	-26.13%	-58.06%	+31.93%
Max Drawdown (1Y) Largest decline over 1 year	-9.36%	-8.89%	-0.47%
Max Drawdown (3Y) Largest decline over 3 years	-26.13%	-24.76%	-1.37%
Max Drawdown (5Y) Largest decline over 5 years	-26.13%	-29.62%	+3.49%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.39%	—
Current Drawdown Current decline from peak	-0.12%	0.00%	-0.12%
Average Drawdown Average peak-to-trough decline	-8.24%	-11.11%	+2.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.72%	2.63%	+0.09%

Volatility

DFAS vs. XSMO - Volatility Comparison

The current volatility for Dimensional U.S. Small Cap ETF (DFAS) is 4.70%, while Invesco S&P SmallCap Momentum ETF (XSMO) has a volatility of 7.19%. This indicates that DFAS experiences smaller price fluctuations and is considered to be less risky than XSMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFAS	XSMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.70%	7.19%	-2.49%
Volatility (6M) Calculated over the trailing 6-month period	11.92%	14.89%	-2.97%
Volatility (1Y) Calculated over the trailing 1-year period	17.00%	19.41%	-2.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.81%	22.64%	-1.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.82%	24.15%	-3.33%

DFAS vs. XSMO - Expense Ratio Comparison

DFAS has a 0.26% expense ratio, which is lower than XSMO's 0.36% expense ratio.

Dividends

DFAS vs. XSMO - Dividend Comparison

DFAS's dividend yield for the trailing twelve months is around 0.90%, more than XSMO's 0.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFAS Dimensional U.S. Small Cap ETF	0.90%	0.99%	0.93%	1.00%	1.03%	2.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XSMO Invesco S&P SmallCap Momentum ETF	0.66%	0.75%	0.63%	0.96%	1.19%	0.30%	0.82%	0.69%	0.66%	0.27%	0.30%	0.35%

Frequently Asked Questions

Can I hold both DFAS and XSMO in my portfolio?

DFAS and XSMO have a correlation of 0.90, 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 XSMO?

XSMO has higher volatility (7.19%) compared to DFAS (4.70%). In terms of maximum drawdown, DFAS dropped -26.13% vs XSMO's -58.06%.

Which ETF is better, DFAS or XSMO?

On 5-year performance, XSMO leads with 11.94% vs 8.37% for DFAS. On fees, DFAS is cheaper at 0.26% per year. On volatility, DFAS has been the lower-risk option at 4.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFAS or XSMO?

Over the 5-year period, XSMO has performed better with a 11.94% return vs 8.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFAS or XSMO?

DFAS is cheaper with a 0.26% expense ratio, compared with 0.36% for XSMO.

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

DFAS has the higher dividend yield at 0.90%, compared with 0.66% for XSMO.

What is the main difference between DFAS and XSMO?

DFAS is categorized as Small Cap Blend Equities, while XSMO is Momentum. They also come from different issuers: Dimensional and Invesco. Their fees differ too: 0.26% for DFAS and 0.36% for XSMO.

Which has better risk-adjusted returns?

XSMO currently has the higher Sharpe Ratio (1.93 vs 1.85), 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.