DFAT vs. SMVSX

Last updated Jun 25, 2026

DFAT (Dimensional U.S. Targeted Value ETF) and SMVSX (Invesco Small Cap Value Fund Class R6) are both Small Cap Value Equities funds. DFAT is actively managed, while SMVSX is passively managed. Over the past 5 years, DFAT returned 10.36%/yr vs 20.14%/yr for SMVSX. Their correlation of 0.91 suggests significant overlap in exposure. DFAT charges 0.28%/yr vs 0.72%/yr for SMVSX.

Performance

DFAT vs. SMVSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional U.S. Targeted Value ETF (DFAT) and Invesco Small Cap Value Fund Class R6 (SMVSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFAT achieves a 16.59% return, which is significantly lower than SMVSX's 29.15% return.

DFAT

• 1D: 0.92%
• 1M: 3.34%
• YTD: 16.59%
• 6M: 14.65%
• 1Y: 30.94%
• 3Y*: 17.50%
• 5Y*: 10.36%
• 10Y*: —

SMVSX

• 1D: -3.04%
• 1M: 2.91%
• YTD: 29.15%
• 6M: 26.66%
• 1Y: 54.97%
• 3Y*: 31.93%
• 5Y*: 20.14%
• 10Y*: —

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

DFAT vs. SMVSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DFAT Dimensional U.S. Targeted Value ETF	16.59%	8.73%	7.80%	20.86%	-6.23%	3.66%
SMVSX Invesco Small Cap Value Fund Class R6	29.15%	18.12%	25.01%	23.40%	4.70%	-0.43%

Correlation

The correlation between DFAT and SMVSX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jun 14, 2021	0.91

The correlation between DFAT and SMVSX shifts across timeframes, from 0.80 (1 year) to 0.91 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DFAT vs. SMVSX — Risk / Return Rank

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

DFAT

DFAT Risk / Return Rank: 65
DFAT Sharpe Ratio Rank: 63
DFAT Sortino Ratio Rank: 67
DFAT Omega Ratio Rank: 61
DFAT Calmar Ratio Rank: 71
DFAT Martin Ratio Rank: 64

SMVSX

SMVSX Risk / Return Rank: 85
SMVSX Sharpe Ratio Rank: 88
SMVSX Sortino Ratio Rank: 76
SMVSX Omega Ratio Rank: 74
SMVSX Calmar Ratio Rank: 94
SMVSX Martin Ratio Rank: 93

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. SMVSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional U.S. Targeted Value ETF (DFAT) and Invesco Small Cap Value Fund Class R6 (SMVSX). 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.

	DFAT	SMVSX	Difference
Sharpe ratio: Return per unit of total volatility	1.85	2.62	-0.76
Sortino ratio: Return per unit of downside risk	2.74	3.26	-0.53
Omega ratio: Gain probability vs. loss probability	1.33	1.43	-0.10
Calmar ratio: Return relative to maximum drawdown	3.25	5.05	-1.79
Martin ratio: Return relative to average drawdown	10.44	17.57	-7.13

DFAT vs. SMVSX - Sharpe Ratio Comparison

The current DFAT Sharpe Ratio is 1.85, which is comparable to the SMVSX Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of DFAT and SMVSX, 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

DFAT vs. SMVSX - Drawdown Comparison

The maximum DFAT drawdown since its inception was -26.12%, smaller than the maximum SMVSX drawdown of -57.41%. Use the drawdown chart below to compare losses from any high point for DFAT and SMVSX.

Drawdown Indicators

	DFAT	SMVSX	Difference
Max Drawdown Largest peak-to-trough decline	-26.12%	-57.41%	+31.29%
Max Drawdown (1Y) Largest decline over 1 year	-9.55%	-11.39%	+1.84%
Max Drawdown (3Y) Largest decline over 3 years	-26.12%	-25.23%	-0.89%
Max Drawdown (5Y) Largest decline over 5 years	-26.12%	-25.23%	-0.89%
Current Drawdown Current decline from peak	-0.57%	-3.04%	+2.47%
Average Drawdown Average peak-to-trough decline	-6.23%	-8.54%	+2.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	3.26%	-0.29%

Volatility

DFAT vs. SMVSX - Volatility Comparison

The current volatility for Dimensional U.S. Targeted Value ETF (DFAT) is 3.93%, while Invesco Small Cap Value Fund Class R6 (SMVSX) has a volatility of 9.42%. This indicates that DFAT experiences smaller price fluctuations and is considered to be less risky than SMVSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFAT	SMVSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.93%	9.42%	-5.49%
Volatility (6M) Calculated over the trailing 6-month period	10.94%	17.30%	-6.36%
Volatility (1Y) Calculated over the trailing 1-year period	16.77%	21.96%	-5.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.39%	23.35%	-1.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.42%	27.10%	-5.68%

DFAT vs. SMVSX - Expense Ratio Comparison

DFAT has a 0.28% expense ratio, which is lower than SMVSX's 0.72% expense ratio.

Dividends

DFAT vs. SMVSX - Dividend Comparison

DFAT's dividend yield for the trailing twelve months is around 1.39%, less than SMVSX's 6.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFAT Dimensional U.S. Targeted Value ETF	1.39%	1.55%	1.31%	1.34%	1.34%	1.13%	0.00%	0.00%	0.00%	0.00%
SMVSX Invesco Small Cap Value Fund Class R6	6.62%	8.54%	7.42%	4.78%	9.57%	15.80%	0.48%	2.36%	26.72%	15.91%

Frequently Asked Questions

Can I hold both DFAT and SMVSX in my portfolio?

DFAT and SMVSX have a correlation of 0.80, 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 SMVSX?

SMVSX has higher volatility (9.42%) compared to DFAT (3.93%). In terms of maximum drawdown, DFAT dropped -26.12% vs SMVSX's -57.41%.

Which has better risk-adjusted returns?

SMVSX currently has the higher Sharpe Ratio (2.62 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.