DFAT vs. DFAI

Last updated Jun 4, 2026

DFAT (Dimensional U.S. Targeted Value ETF) and DFAI (Dimensional International Core Equity Market ETF) are both exchange-traded funds - DFAT is a Small Cap Value Equities fund actively managed by Dimensional, while DFAI is a Global Equities fund actively managed by Dimensional. Both are actively managed. Over the past 3 years, DFAT returned 16.49%/yr vs 18.12%/yr for DFAI. A 0.73 correlation means they provide meaningful diversification when combined. DFAT charges 0.28%/yr vs 0.18%/yr for DFAI.

Performance

DFAT vs. DFAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional U.S. Targeted Value ETF (DFAT) 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, DFAT achieves a 13.26% return, which is significantly higher than DFAI's 9.16% return.

DFAT

• 1D: -0.75%
• 1M: 1.45%
• YTD: 13.26%
• 6M: 13.13%
• 1Y: 30.02%
• 3Y*: 16.49%
• 5Y*: —
• 10Y*: —

DFAI

• 1D: -0.84%
• 1M: 2.67%
• YTD: 9.16%
• 6M: 11.79%
• 1Y: 24.65%
• 3Y*: 18.12%
• 5Y*: 9.36%
• 10Y*: —

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

DFAT vs. DFAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DFAT Dimensional U.S. Targeted Value ETF	13.26%	8.73%	7.80%	20.86%	-6.23%	5.08%
DFAI Dimensional International Core Equity Market ETF	9.16%	34.04%	4.68%	17.60%	-12.95%	-0.63%

Correlation

The correlation between DFAT and DFAI is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jun 15, 2021	0.73

The correlation between DFAT and DFAI has been stable across timeframes, ranging from 0.65 to 0.73 - a consistent structural relationship.

DFAT vs. DFAI - Sectors Allocation Comparison

Sectors	DFAT	DFAI
Financial Services	28.0%	22.5%
Industrials	15.9%	19.5%
Consumer Cyclical	14.4%	8.6%
Energy	11.5%	6.8%
Technology	9.2%	9.3%
Consumer Defensive	6.7%	6.4%
Healthcare	6.2%	8.8%
Basic Materials	5.1%	8.8%
Communication Services	1.8%	3.7%
Real Estate	0.9%	1.5%
Utilities	0.4%	4.0%

Return for Risk

DFAT vs. DFAI — Risk / Return Rank

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

DFAT

DFAT Risk / Return Rank: 55
DFAT Sharpe Ratio Rank: 52
DFAT Sortino Ratio Rank: 55
DFAT Omega Ratio Rank: 51
DFAT Calmar Ratio Rank: 63
DFAT Martin Ratio Rank: 57

DFAI

DFAI Risk / Return Rank: 49
DFAI Sharpe Ratio Rank: 50
DFAI Sortino Ratio Rank: 50
DFAI Omega Ratio Rank: 50
DFAI Calmar Ratio Rank: 45
DFAI Martin Ratio Rank: 52

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.

DFAT vs. DFAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional U.S. Targeted Value ETF (DFAT) 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.

	DFAT	DFAI	Difference
Sharpe ratio: Return per unit of total volatility	1.81	1.76	+0.05
Sortino ratio: Return per unit of downside risk	2.67	2.49	+0.19
Omega ratio: Gain probability vs. loss probability	1.32	1.32	+0.01
Calmar ratio: Return relative to maximum drawdown	3.16	2.26	+0.90
Martin ratio: Return relative to average drawdown	10.13	8.87	+1.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFAT vs. DFAI - Sharpe Ratio Comparison

The current DFAT Sharpe Ratio is 1.81, which is comparable to the DFAI Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of DFAT 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.

Sharpe Ratios by Period

	DFAT	DFAI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	1.76	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.59	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.78	-0.33

Drawdowns

DFAT vs. DFAI - Drawdown Comparison

The maximum DFAT drawdown since its inception was -26.12%, roughly equal to the maximum DFAI drawdown of -27.44%. Use the drawdown chart below to compare losses from any high point for DFAT and DFAI.

Drawdown Indicators

	DFAT	DFAI	Difference
Max Drawdown Largest peak-to-trough decline	-26.12%	-27.44%	+1.32%
Max Drawdown (1Y) Largest decline over 1 year	-9.55%	-10.95%	+1.40%
Max Drawdown (3Y) Largest decline over 3 years	-26.12%	-13.25%	-12.87%
Max Drawdown (5Y) Largest decline over 5 years	—	-27.44%	—
Current Drawdown Current decline from peak	-0.75%	-1.61%	+0.86%
Average Drawdown Average peak-to-trough decline	-6.24%	-5.12%	-1.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	2.79%	+0.18%

Volatility

DFAT vs. DFAI - Volatility Comparison

The current volatility for Dimensional U.S. Targeted Value ETF (DFAT) is 4.06%, while Dimensional International Core Equity Market ETF (DFAI) has a volatility of 4.45%. This indicates that DFAT experiences smaller price fluctuations and is considered to be less risky than DFAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFAT	DFAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.06%	4.45%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	10.88%	11.68%	-0.80%
Volatility (1Y) Calculated over the trailing 1-year period	16.75%	14.08%	+2.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.48%	15.92%	+5.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.48%	15.70%	+5.78%

DFAT vs. DFAI - Expense Ratio Comparison

DFAT has a 0.28% expense ratio, which is higher than DFAI's 0.18% expense ratio.

Dividends

DFAT vs. DFAI - Dividend Comparison

DFAT's dividend yield for the trailing twelve months is around 1.45%, less than DFAI's 2.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
DFAI Dimensional International Core Equity Market ETF	2.26%	2.45%	2.72%	2.64%	2.72%	2.06%	0.09%
DFAT Dimensional U.S. Targeted Value ETF	1.45%	1.55%	1.31%	1.34%	1.34%	1.13%	0.00%

Frequently Asked Questions

Can I hold both DFAT and DFAI in my portfolio?

DFAT and DFAI have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFAT or DFAI?

DFAI has higher volatility (4.45%) compared to DFAT (4.06%). In terms of maximum drawdown, DFAT dropped -26.12% vs DFAI's -27.44%.

Which ETF is better, DFAT or DFAI?

On 3-year performance, DFAI leads with 18.12% vs 16.49% for DFAT. On fees, DFAI is cheaper at 0.18% per year. On volatility, DFAT has been the lower-risk option at 4.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFAT or DFAI?

Over the 3-year period, DFAI has performed better with a 18.12% return vs 16.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFAT or DFAI?

DFAI is cheaper with a 0.18% expense ratio, compared with 0.28% for DFAT.

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

DFAI has the higher dividend yield at 2.26%, compared with 1.45% for DFAT.

What is the main difference between DFAT and DFAI?

DFAT is categorized as Small Cap Value Equities, while DFAI is Global Equities. Their fees differ too: 0.28% for DFAT and 0.18% for DFAI.

Which has better risk-adjusted returns?

DFAT currently has the higher Sharpe Ratio (1.81 vs 1.76), 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.