DFAU vs. USMV

Last updated Jul 15, 2026

DFAU (Dimensional US Core Equity Market ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both Large Cap Blend Equities funds. DFAU is actively managed, while USMV is passively managed. Over the past 5 years, DFAU returned 12.68%/yr vs 6.93%/yr for USMV. A 0.75 correlation means they provide meaningful diversification when combined. DFAU charges 0.12%/yr vs 0.15%/yr for USMV.

Performance

DFAU vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional US Core Equity Market ETF (DFAU) and iShares MSCI USA Min Vol Factor ETF (USMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFAU achieves a 11.58% return, which is significantly higher than USMV's 3.64% return.

DFAU

• 1D: 0.29%
• 1M: 1.54%
• 6M: 9.17%
• YTD: 11.58%
• 1Y: 22.27%
• 3Y*: 19.64%
• 5Y*: 12.68%
• 10Y*: —

USMV

• 1D: -0.96%
• 1M: 1.18%
• 6M: 3.50%
• YTD: 3.64%
• 1Y: 5.50%
• 3Y*: 11.07%
• 5Y*: 6.93%
• 10Y*: 9.48%

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

DFAU vs. USMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
DFAU Dimensional US Core Equity Market ETF	11.58%	16.78%	23.17%	24.79%	-16.99%	26.89%	4.87%
USMV iShares MSCI USA Min Vol Factor ETF	3.64%	7.65%	15.74%	10.33%	-9.43%	20.85%	1.47%

Correlation

The correlation between DFAU and USMV is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Nov 18, 2020	0.75

Over the past year, the correlation between DFAU and USMV has dropped to 0.49 - well below their long-term average of 0.75, suggesting their price drivers have been diverging.

DFAU vs. USMV - Sectors Allocation Comparison

Sectors	DFAU	USMV
Technology	36.0%	33.9%
Financial Services	12.1%	11.7%
Consumer Cyclical	10.6%	5.7%
Industrials	10.1%	6.1%
Communication Services	9.8%	6.2%
Healthcare	8.3%	12.6%
Consumer Defensive	4.4%	9.4%
Energy	4.1%	2.7%
Basic Materials	2.4%	2.4%
Utilities	2.3%	6.9%
Real Estate	0.1%	2.5%

Return for Risk

DFAU vs. USMV — Risk / Return Rank

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

DFAU

DFAU Risk / Return Rank: 69
DFAU Sharpe Ratio Rank: 69
DFAU Sortino Ratio Rank: 67
DFAU Omega Ratio Rank: 67
DFAU Calmar Ratio Rank: 65
DFAU Martin Ratio Rank: 76

USMV

USMV Risk / Return Rank: 22
USMV Sharpe Ratio Rank: 23
USMV Sortino Ratio Rank: 21
USMV Omega Ratio Rank: 20
USMV Calmar Ratio Rank: 23
USMV Martin Ratio Rank: 26

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.

DFAU vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional US Core Equity Market ETF (DFAU) and iShares MSCI USA Min Vol Factor ETF (USMV). 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.

	DFAU	USMV	Difference
Sharpe ratio: Return per unit of total volatility	1.76	0.65	+1.12
Sortino ratio: Return per unit of downside risk	2.43	0.96	+1.47
Omega ratio: Gain probability vs. loss probability	1.32	1.11	+0.20
Calmar ratio: Return relative to maximum drawdown	2.58	0.86	+1.72
Martin ratio: Return relative to average drawdown	11.26	2.80	+8.46

DFAU vs. USMV - Sharpe Ratio Comparison

The current DFAU Sharpe Ratio is 1.76, which is higher than the USMV Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of DFAU and USMV, 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

DFAU vs. USMV - Drawdown Comparison

The maximum DFAU drawdown since its inception was -23.61%, smaller than the maximum USMV drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for DFAU and USMV.

Drawdown Indicators

	DFAU	USMV	Difference
Max Drawdown Largest peak-to-trough decline	-23.61%	-33.10%	+9.49%
Max Drawdown (1Y) Largest decline over 1 year	-8.67%	-6.46%	-2.21%
Max Drawdown (3Y) Largest decline over 3 years	-19.36%	-9.36%	-10.00%
Max Drawdown (5Y) Largest decline over 5 years	-23.61%	-17.93%	-5.68%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.10%	—
Current Drawdown Current decline from peak	-0.44%	-1.49%	+1.05%
Average Drawdown Average peak-to-trough decline	-4.92%	-2.87%	-2.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	1.97%	+0.01%

Volatility

DFAU vs. USMV - Volatility Comparison

Dimensional US Core Equity Market ETF (DFAU) has a higher volatility of 3.51% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.75%. This indicates that DFAU's price experiences larger fluctuations and is considered to be riskier than USMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFAU	USMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.51%	2.75%	+0.76%
Volatility (6M) Calculated over the trailing 6-month period	9.96%	6.30%	+3.66%
Volatility (1Y) Calculated over the trailing 1-year period	12.67%	8.52%	+4.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.12%	12.37%	+4.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.72%	14.50%	+2.22%

DFAU vs. USMV - Expense Ratio Comparison

DFAU has a 0.12% expense ratio, which is lower than USMV's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

DFAU vs. USMV - Dividend Comparison

DFAU's dividend yield for the trailing twelve months is around 0.91%, less than USMV's 1.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFAU Dimensional US Core Equity Market ETF	0.91%	0.95%	1.10%	1.29%	1.40%	1.00%	0.13%	0.00%	0.00%	0.00%	0.00%	0.00%
USMV iShares MSCI USA Min Vol Factor ETF	1.49%	1.49%	1.67%	1.82%	1.62%	1.26%	1.81%	1.88%	2.12%	1.77%	2.22%	2.02%

Frequently Asked Questions

Can I hold both DFAU and USMV in my portfolio?

DFAU and USMV have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFAU or USMV?

DFAU has higher volatility (3.51%) compared to USMV (2.75%). In terms of maximum drawdown, DFAU dropped -23.61% vs USMV's -33.10%.

Which ETF is better, DFAU or USMV?

On 5-year performance, DFAU leads with 12.68% vs 6.93% for USMV. On fees, DFAU is cheaper at 0.12% per year. On volatility, USMV has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFAU or USMV?

Over the 5-year period, DFAU has performed better with a 12.68% return vs 6.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFAU or USMV?

DFAU is cheaper with a 0.12% expense ratio, compared with 0.15% for USMV.

Which ETF pays a higher dividend yield, DFAU or USMV?

USMV has the higher dividend yield at 1.49%, compared with 0.91% for DFAU.

What is the main difference between DFAU and USMV?

They also come from different issuers: Dimensional and iShares. Their fees differ too: 0.12% for DFAU and 0.15% for USMV.

Which has better risk-adjusted returns?

DFAU currently has the higher Sharpe Ratio (1.76 vs 0.65), 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.