DFAX vs. DFAT

Last updated Jun 5, 2026

DFAX (Dimensional World ex US Core Equity 2 ETF) and DFAT (Dimensional U.S. Targeted Value ETF) are both exchange-traded funds - DFAX is a Foreign Large Cap Equities fund tracking the MSCI All Country World ex USA Index, while DFAT is a Small Cap Value Equities fund actively managed by Dimensional. DFAX is passively managed, while DFAT is actively managed. Over the past 3 years, DFAX returned 21.17%/yr vs 17.55%/yr for DFAT. A 0.71 correlation means they provide meaningful diversification when combined. DFAX charges 0.30%/yr vs 0.28%/yr for DFAT.

Performance

DFAX vs. DFAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional World ex US Core Equity 2 ETF (DFAX) and Dimensional U.S. Targeted Value ETF (DFAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFAX achieves a 15.50% return, which is significantly higher than DFAT's 14.41% return.

DFAX

• 1D: 0.24%
• 1M: 2.61%
• YTD: 15.50%
• 6M: 18.24%
• 1Y: 34.48%
• 3Y*: 21.17%
• 5Y*: —
• 10Y*: —

DFAT

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

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

DFAX vs. DFAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DFAX Dimensional World ex US Core Equity 2 ETF	15.50%	35.42%	4.78%	16.66%	-14.48%	-2.68%
DFAT Dimensional U.S. Targeted Value ETF	14.41%	8.73%	7.80%	20.86%	-6.23%	7.66%

Correlation

The correlation between DFAX and DFAT is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (All Time) Calculated using the full available price history since Sep 14, 2021	0.71

The correlation between DFAX and DFAT has been stable across timeframes, ranging from 0.62 to 0.71 - a consistent structural relationship.

DFAX vs. DFAT - Sectors Allocation Comparison

Sectors	DFAX	DFAT
Financial Services	17.9%	28.0%
Industrials	16.1%	15.9%
Basic Materials	13.2%	5.1%
Technology	10.9%	9.2%
Consumer Cyclical	10.9%	14.4%
Energy	6.6%	11.5%
Healthcare	5.6%	6.2%
Utilities	4.2%	0.4%
Consumer Defensive	3.9%	6.7%
Communication Services	3.5%	1.8%
Real Estate	3.1%	0.9%

Return for Risk

DFAX vs. DFAT — Risk / Return Rank

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

DFAX

DFAX Risk / Return Rank: 70
DFAX Sharpe Ratio Rank: 73
DFAX Sortino Ratio Rank: 70
DFAX Omega Ratio Rank: 73
DFAX Calmar Ratio Rank: 64
DFAX Martin Ratio Rank: 68

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

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.

DFAX vs. DFAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional World ex US Core Equity 2 ETF (DFAX) and Dimensional U.S. Targeted Value ETF (DFAT). 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.

	DFAX	DFAT	Difference
Sharpe ratio: Return per unit of total volatility	2.34	1.93	+0.40
Sortino ratio: Return per unit of downside risk	3.14	2.84	+0.30
Omega ratio: Gain probability vs. loss probability	1.43	1.35	+0.08
Calmar ratio: Return relative to maximum drawdown	3.12	3.38	-0.26
Martin ratio: Return relative to average drawdown	12.33	10.84	+1.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFAX vs. DFAT - Sharpe Ratio Comparison

The current DFAX Sharpe Ratio is 2.34, which is comparable to the DFAT Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of DFAX and DFAT, 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

	DFAX	DFAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.34	1.93	+0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.46	+0.19

Drawdowns

DFAX vs. DFAT - Drawdown Comparison

The maximum DFAX drawdown since its inception was -28.15%, which is greater than DFAT's maximum drawdown of -26.12%. Use the drawdown chart below to compare losses from any high point for DFAX and DFAT.

Drawdown Indicators

	DFAX	DFAT	Difference
Max Drawdown Largest peak-to-trough decline	-28.15%	-26.12%	-2.03%
Max Drawdown (1Y) Largest decline over 1 year	-11.11%	-9.55%	-1.56%
Max Drawdown (3Y) Largest decline over 3 years	-13.89%	-26.12%	+12.23%
Current Drawdown Current decline from peak	-0.76%	0.00%	-0.76%
Average Drawdown Average peak-to-trough decline	-6.67%	-6.24%	-0.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	2.97%	-0.17%

Volatility

DFAX vs. DFAT - Volatility Comparison

Dimensional World ex US Core Equity 2 ETF (DFAX) has a higher volatility of 5.10% compared to Dimensional U.S. Targeted Value ETF (DFAT) at 3.96%. This indicates that DFAX's price experiences larger fluctuations and is considered to be riskier than DFAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFAX	DFAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.10%	3.96%	+1.14%
Volatility (6M) Calculated over the trailing 6-month period	12.67%	10.91%	+1.76%
Volatility (1Y) Calculated over the trailing 1-year period	14.82%	16.70%	-1.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.98%	21.48%	-5.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.98%	21.48%	-5.50%

DFAX vs. DFAT - Expense Ratio Comparison

DFAX has a 0.30% expense ratio, which is higher than DFAT's 0.28% expense ratio.

Dividends

DFAX vs. DFAT - Dividend Comparison

DFAX's dividend yield for the trailing twelve months is around 2.21%, more than DFAT's 1.43% yield.

Position	TTM	2025	2024	2023	2022	2021
DFAT Dimensional U.S. Targeted Value ETF	1.43%	1.55%	1.31%	1.34%	1.34%	1.13%
DFAX Dimensional World ex US Core Equity 2 ETF	2.21%	2.58%	2.98%	3.01%	3.30%	1.40%

Frequently Asked Questions

Can I hold both DFAX and DFAT in my portfolio?

DFAX and DFAT have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFAX or DFAT?

DFAX has higher volatility (5.10%) compared to DFAT (3.96%). In terms of maximum drawdown, DFAX dropped -28.15% vs DFAT's -26.12%.

Which ETF is better, DFAX or DFAT?

On 3-year performance, DFAX leads with 21.17% vs 17.55% for DFAT. 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, DFAX or DFAT?

Over the 3-year period, DFAX has performed better with a 21.17% return vs 17.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFAX or DFAT?

DFAT is cheaper with a 0.28% expense ratio, compared with 0.30% for DFAX.

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

DFAX has the higher dividend yield at 2.21%, compared with 1.43% for DFAT.

What is the main difference between DFAX and DFAT?

DFAX is categorized as Foreign Large Cap Equities, while DFAT is Small Cap Value Equities. Their fees differ too: 0.30% for DFAX and 0.28% for DFAT.

Which has better risk-adjusted returns?

DFAX currently has the higher Sharpe Ratio (2.34 vs 1.93), 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.