DFAT vs. DFAS

Last updated Jun 5, 2026

DFAT (Dimensional U.S. Targeted Value ETF) and DFAS (Dimensional U.S. Small Cap ETF) are both exchange-traded funds - DFAT is a Small Cap Value Equities fund actively managed by Dimensional, while DFAS is a Small Cap Blend Equities fund actively managed by Dimensional. Both are actively managed. Over the past 3 years, DFAT returned 17.55%/yr vs 16.22%/yr for DFAS. With a 0.98 correlation, they move nearly in lockstep. DFAT charges 0.28%/yr vs 0.34%/yr for DFAS.

Performance

DFAT vs. DFAS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional U.S. Targeted Value ETF (DFAT) and Dimensional U.S. Small Cap ETF (DFAS). 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 DFAT having a 14.41% return and DFAS slightly lower at 14.00%.

DFAT

• 1D: 1.01%
• 1M: 1.12%
• YTD: 14.41%
• 6M: 14.52%
• 1Y: 32.14%
• 3Y*: 17.55%
• 5Y*: —
• 10Y*: —

DFAS

• 1D: 1.06%
• 1M: 1.89%
• YTD: 14.00%
• 6M: 13.01%
• 1Y: 29.38%
• 3Y*: 16.22%
• 5Y*: —
• 10Y*: —

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

DFAT vs. DFAS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DFAT Dimensional U.S. Targeted Value ETF	14.41%	8.73%	7.80%	20.86%	-6.23%	5.08%
DFAS Dimensional U.S. Small Cap ETF	14.00%	8.17%	10.21%	17.83%	-13.84%	4.94%

Correlation

The correlation between DFAT and DFAS is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jun 15, 2021	0.98

The correlation between DFAT and DFAS has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

DFAT vs. DFAS - Sectors Allocation Comparison

Sectors	DFAT	DFAS
Financial Services	28.0%	19.5%
Industrials	15.9%	18.6%
Consumer Cyclical	14.4%	11.9%
Energy	11.5%	6.7%
Technology	9.2%	15.0%
Consumer Defensive	6.7%	4.3%
Healthcare	6.2%	11.0%
Basic Materials	5.1%	5.6%
Communication Services	1.8%	2.8%
Real Estate	0.9%	0.2%
Utilities	0.4%	3.8%

Return for Risk

DFAT vs. DFAS — Risk / Return Rank

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

DFAT

DFAT Risk / Return Rank: 61
DFAT Sharpe Ratio Rank: 58
DFAT Sortino Ratio Rank: 61
DFAT Omega Ratio Rank: 57
DFAT Calmar Ratio Rank: 69
DFAT Martin Ratio Rank: 61

DFAS

DFAS Risk / Return Rank: 56
DFAS Sharpe Ratio Rank: 52
DFAS Sortino Ratio Rank: 55
DFAS Omega Ratio Rank: 49
DFAS Calmar Ratio Rank: 64
DFAS Martin Ratio Rank: 61

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. DFAS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional U.S. Targeted Value ETF (DFAT) and Dimensional U.S. Small Cap ETF (DFAS). 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	DFAS	Difference
Sharpe ratio: Return per unit of total volatility	1.93	1.76	+0.17
Sortino ratio: Return per unit of downside risk	2.84	2.58	+0.25
Omega ratio: Gain probability vs. loss probability	1.35	1.31	+0.04
Calmar ratio: Return relative to maximum drawdown	3.38	3.15	+0.23
Martin ratio: Return relative to average drawdown	10.84	10.80	+0.04
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. DFAS - Sharpe Ratio Comparison

The current DFAT Sharpe Ratio is 1.93, which is comparable to the DFAS Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of DFAT and DFAS, 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	DFAS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.93	1.76	+0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.37	+0.09

Drawdowns

DFAT vs. DFAS - Drawdown Comparison

The maximum DFAT drawdown since its inception was -26.12%, roughly equal to the maximum DFAS drawdown of -26.13%. Use the drawdown chart below to compare losses from any high point for DFAT and DFAS.

Drawdown Indicators

	DFAT	DFAS	Difference
Max Drawdown Largest peak-to-trough decline	-26.12%	-26.13%	+0.01%
Max Drawdown (1Y) Largest decline over 1 year	-9.55%	-9.36%	-0.19%
Max Drawdown (3Y) Largest decline over 3 years	-26.12%	-26.13%	+0.01%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.24%	-8.30%	+2.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	2.73%	+0.24%

Volatility

DFAT vs. DFAS - Volatility Comparison

The current volatility for Dimensional U.S. Targeted Value ETF (DFAT) is 3.96%, while Dimensional U.S. Small Cap ETF (DFAS) has a volatility of 4.23%. This indicates that DFAT experiences smaller price fluctuations and is considered to be less risky than DFAS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFAT	DFAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.96%	4.23%	-0.27%
Volatility (6M) Calculated over the trailing 6-month period	10.91%	11.61%	-0.70%
Volatility (1Y) Calculated over the trailing 1-year period	16.70%	16.74%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.48%	20.84%	+0.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.48%	20.84%	+0.64%

DFAT vs. DFAS - Expense Ratio Comparison

DFAT has a 0.28% expense ratio, which is lower than DFAS's 0.34% expense ratio.

Dividends

DFAT vs. DFAS - Dividend Comparison

DFAT's dividend yield for the trailing twelve months is around 1.43%, more than DFAS's 0.91% yield.

Position	TTM	2025	2024	2023	2022	2021
DFAS Dimensional U.S. Small Cap ETF	0.91%	0.99%	0.93%	1.00%	1.03%	2.87%
DFAT Dimensional U.S. Targeted Value ETF	1.43%	1.55%	1.31%	1.34%	1.34%	1.13%

Frequently Asked Questions

Can I hold both DFAT and DFAS in my portfolio?

With a correlation of 0.96, DFAT and DFAS 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, DFAT or DFAS?

DFAS has higher volatility (4.23%) compared to DFAT (3.96%). In terms of maximum drawdown, DFAT dropped -26.12% vs DFAS's -26.13%.

Which ETF is better, DFAT or DFAS?

On 3-year performance, DFAT leads with 17.55% vs 16.22% for DFAS. On fees, DFAT is cheaper at 0.28% per year. On volatility, DFAT has been the lower-risk option at 3.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFAT or DFAS?

Over the 3-year period, DFAT has performed better with a 17.55% return vs 16.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFAT or DFAS?

DFAT is cheaper with a 0.28% expense ratio, compared with 0.34% for DFAS.

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

DFAT has the higher dividend yield at 1.43%, compared with 0.91% for DFAS.

What is the main difference between DFAT and DFAS?

DFAT is categorized as Small Cap Value Equities, while DFAS is Small Cap Blend Equities. Their fees differ too: 0.28% for DFAT and 0.34% for DFAS.

Which has better risk-adjusted returns?

DFAT currently has the higher Sharpe Ratio (1.93 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.