DFAT vs. DFAW

Last updated Jun 4, 2026

DFAT (Dimensional U.S. Targeted Value ETF) and DFAW (Dimensional World Equity ETF) are both exchange-traded funds - DFAT is a Small Cap Value Equities fund actively managed by Dimensional, while DFAW is a Global Equities fund actively managed by Dimensional. Both are actively managed. Over the past year, DFAT returned 30.02% vs 30.13% for DFAW. Their correlation of 0.83 suggests significant overlap in exposure. DFAT charges 0.28%/yr vs 0.25%/yr for DFAW.

Performance

DFAT vs. DFAW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional U.S. Targeted Value ETF (DFAT) and Dimensional World Equity ETF (DFAW). 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 13.26% return and DFAW slightly lower at 12.61%.

DFAT

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

DFAW

• 1D: -0.70%
• 1M: 4.36%
• YTD: 12.61%
• 6M: 13.91%
• 1Y: 30.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFAT vs. DFAW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DFAT Dimensional U.S. Targeted Value ETF	13.26%	8.73%	7.80%	15.54%
DFAW Dimensional World Equity ETF	12.61%	20.62%	15.49%	11.57%

Correlation

The correlation between DFAT and DFAW is 0.78, 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	0.78
Correlation (All Time) Calculated using the full available price history since Sep 28, 2023	0.83

The correlation between DFAT and DFAW has been stable across timeframes, ranging from 0.78 to 0.83 - a consistent structural relationship.

DFAT vs. DFAW - Sectors Allocation Comparison

Sectors	DFAT	DFAW
Financial Services	28.0%	15.5%
Industrials	15.9%	13.6%
Consumer Cyclical	14.4%	10.2%
Energy	11.5%	6.0%
Technology	9.2%	24.8%
Consumer Defensive	6.7%	5.0%
Healthcare	6.2%	7.9%
Basic Materials	5.1%	5.0%
Communication Services	1.8%	7.3%
Real Estate	0.9%	2.4%
Utilities	0.4%	2.3%

Return for Risk

DFAT vs. DFAW — 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

DFAW

DFAW Risk / Return Rank: 74
DFAW Sharpe Ratio Rank: 76
DFAW Sortino Ratio Rank: 76
DFAW Omega Ratio Rank: 75
DFAW Calmar Ratio Rank: 67
DFAW 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.

DFAT vs. DFAW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional U.S. Targeted Value ETF (DFAT) and Dimensional World Equity ETF (DFAW). 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	DFAW	Difference
Sharpe ratio: Return per unit of total volatility	1.81	2.52	-0.71
Sortino ratio: Return per unit of downside risk	2.67	3.49	-0.82
Omega ratio: Gain probability vs. loss probability	1.32	1.46	-0.13
Calmar ratio: Return relative to maximum drawdown	3.16	3.41	-0.25
Martin ratio: Return relative to average drawdown	10.13	15.09	-4.97
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. DFAW - Sharpe Ratio Comparison

The current DFAT Sharpe Ratio is 1.81, which is comparable to the DFAW Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of DFAT and DFAW, 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	DFAW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	2.52	-0.71
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	1.62	-1.17

Drawdowns

DFAT vs. DFAW - Drawdown Comparison

The maximum DFAT drawdown since its inception was -26.12%, which is greater than DFAW's maximum drawdown of -16.93%. Use the drawdown chart below to compare losses from any high point for DFAT and DFAW.

Drawdown Indicators

	DFAT	DFAW	Difference
Max Drawdown Largest peak-to-trough decline	-26.12%	-16.93%	-9.19%
Max Drawdown (1Y) Largest decline over 1 year	-9.55%	-8.88%	-0.67%
Max Drawdown (3Y) Largest decline over 3 years	-26.12%	—	—
Current Drawdown Current decline from peak	-0.75%	-0.70%	-0.05%
Average Drawdown Average peak-to-trough decline	-6.24%	-1.70%	-4.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	2.00%	+0.97%

Volatility

DFAT vs. DFAW - Volatility Comparison

Dimensional U.S. Targeted Value ETF (DFAT) has a higher volatility of 4.06% compared to Dimensional World Equity ETF (DFAW) at 3.35%. This indicates that DFAT's price experiences larger fluctuations and is considered to be riskier than DFAW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFAT	DFAW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.06%	3.35%	+0.71%
Volatility (6M) Calculated over the trailing 6-month period	10.88%	9.39%	+1.49%
Volatility (1Y) Calculated over the trailing 1-year period	16.75%	12.03%	+4.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.48%	14.46%	+7.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.48%	14.46%	+7.02%

DFAT vs. DFAW - Expense Ratio Comparison

DFAT has a 0.28% expense ratio, which is higher than DFAW's 0.25% expense ratio.

Dividends

DFAT vs. DFAW - Dividend Comparison

DFAT's dividend yield for the trailing twelve months is around 1.45%, less than DFAW's 1.55% yield.

Position	TTM	2025	2024	2023	2022	2021
DFAT Dimensional U.S. Targeted Value ETF	1.45%	1.55%	1.31%	1.34%	1.34%	1.13%
DFAW Dimensional World Equity ETF	1.55%	1.71%	1.47%	0.42%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFAT and DFAW in my portfolio?

DFAT and DFAW have a correlation of 0.78, 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 DFAW?

DFAT has higher volatility (4.06%) compared to DFAW (3.35%). In terms of maximum drawdown, DFAT dropped -26.12% vs DFAW's -16.93%.

Which ETF is better, DFAT or DFAW?

On 1-year performance, DFAW leads with 30.13% vs 30.02% for DFAT. On fees, DFAW is cheaper at 0.25% per year. On volatility, DFAW has been the lower-risk option at 3.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFAT or DFAW?

Over the 1-year period, DFAW has performed better with a 30.13% return vs 30.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFAT or DFAW?

DFAW is cheaper with a 0.25% expense ratio, compared with 0.28% for DFAT.

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

DFAW has the higher dividend yield at 1.55%, compared with 1.45% for DFAT.

What is the main difference between DFAT and DFAW?

DFAT is categorized as Small Cap Value Equities, while DFAW is Global Equities. Their fees differ too: 0.28% for DFAT and 0.25% for DFAW.

Which has better risk-adjusted returns?

DFAW currently has the higher Sharpe Ratio (2.52 vs 1.81), 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.