DFAT vs. DFFVX

Last updated Jun 4, 2026

DFAT (Dimensional U.S. Targeted Value ETF) and DFFVX (DFA U.S. Targeted Value Portfolio) are both Small Cap Value Equities funds from Dimensional. Over the past 3 years, DFAT returned 16.49%/yr vs 17.52%/yr for DFFVX. With a 0.99 correlation, they move nearly in lockstep. DFAT charges 0.28%/yr vs 0.29%/yr for DFFVX.

Performance

DFAT vs. DFFVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional U.S. Targeted Value ETF (DFAT) and DFA U.S. Targeted Value Portfolio (DFFVX). 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 lower than DFFVX's 14.56% return.

DFAT

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

DFFVX

• 1D: 0.96%
• 1M: 2.48%
• YTD: 14.56%
• 6M: 14.49%
• 1Y: 32.25%
• 3Y*: 17.52%
• 5Y*: 8.76%
• 10Y*: 11.05%

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

DFAT vs. DFFVX - 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%
DFFVX DFA U.S. Targeted Value Portfolio	14.56%	9.53%	9.34%	19.37%	-4.66%	-1.12%

Correlation

The correlation between DFAT and DFFVX is 0.99 - 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	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jun 15, 2021	0.99

The correlation between DFAT and DFFVX has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

Return for Risk

DFAT vs. DFFVX — 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

DFFVX

DFFVX Risk / Return Rank: 56
DFFVX Sharpe Ratio Rank: 48
DFFVX Sortino Ratio Rank: 50
DFFVX Omega Ratio Rank: 45
DFFVX Calmar Ratio Rank: 78
DFFVX Martin Ratio Rank: 58

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. DFFVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional U.S. Targeted Value ETF (DFAT) and DFA U.S. Targeted Value Portfolio (DFFVX). 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	DFFVX	Difference
Sharpe ratio: Return per unit of total volatility	1.81	2.03	-0.23
Sortino ratio: Return per unit of downside risk	2.67	2.98	-0.31
Omega ratio: Gain probability vs. loss probability	1.32	1.36	-0.04
Calmar ratio: Return relative to maximum drawdown	3.16	3.57	-0.41
Martin ratio: Return relative to average drawdown	10.13	11.57	-1.44
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. DFFVX - Sharpe Ratio Comparison

The current DFAT Sharpe Ratio is 1.81, which is comparable to the DFFVX Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of DFAT and DFFVX, 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	DFFVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	2.03	-0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.41	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.47	-0.02

Drawdowns

DFAT vs. DFFVX - Drawdown Comparison

The maximum DFAT drawdown since its inception was -26.12%, smaller than the maximum DFFVX drawdown of -64.21%. Use the drawdown chart below to compare losses from any high point for DFAT and DFFVX.

Drawdown Indicators

	DFAT	DFFVX	Difference
Max Drawdown Largest peak-to-trough decline	-26.12%	-64.21%	+38.09%
Max Drawdown (1Y) Largest decline over 1 year	-9.55%	-9.70%	+0.15%
Max Drawdown (3Y) Largest decline over 3 years	-26.12%	-26.09%	-0.03%
Max Drawdown (5Y) Largest decline over 5 years	—	-26.09%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-50.75%	—
Current Drawdown Current decline from peak	-0.75%	0.00%	-0.75%
Average Drawdown Average peak-to-trough decline	-6.24%	-9.71%	+3.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	2.98%	-0.01%

Volatility

DFAT vs. DFFVX - Volatility Comparison

Dimensional U.S. Targeted Value ETF (DFAT) and DFA U.S. Targeted Value Portfolio (DFFVX) have volatilities of 4.06% and 4.26%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFAT	DFFVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.06%	4.26%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	10.88%	11.04%	-0.16%
Volatility (1Y) Calculated over the trailing 1-year period	16.75%	17.02%	-0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.48%	21.54%	-0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.48%	23.67%	-2.19%

DFAT vs. DFFVX - Expense Ratio Comparison

DFAT has a 0.28% expense ratio, which is lower than DFFVX's 0.29% expense ratio.

Dividends

DFAT vs. DFFVX - Dividend Comparison

DFAT's dividend yield for the trailing twelve months is around 1.45%, less than DFFVX's 1.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFAT Dimensional U.S. Targeted Value ETF	1.45%	1.55%	1.31%	1.34%	1.34%	1.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DFFVX DFA U.S. Targeted Value Portfolio	1.50%	1.69%	1.40%	2.26%	5.17%	2.74%	1.52%	3.82%	5.95%	5.16%	3.95%	5.84%

Frequently Asked Questions

Can I hold both DFAT and DFFVX in my portfolio?

With a correlation of 0.99, DFAT and DFFVX 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 DFFVX?

DFFVX has higher volatility (4.26%) compared to DFAT (4.06%). In terms of maximum drawdown, DFAT dropped -26.12% vs DFFVX's -64.21%.

Which has better risk-adjusted returns?

DFFVX currently has the higher Sharpe Ratio (2.03 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.