DFAX vs. DFWIX

Last updated Jun 23, 2026

DFAX (Dimensional World ex US Core Equity 2 ETF) and DFWIX (DFA World ex U.S. Core Equity Portfolio) are both Foreign Large Cap Equities funds from Dimensional. Over the past 3 years, DFAX returned 21.52%/yr vs 19.02%/yr for DFWIX. With a 0.98 correlation, they move nearly in lockstep. DFAX charges 0.28%/yr vs 0.31%/yr for DFWIX.

Performance

DFAX vs. DFWIX - 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 DFA World ex U.S. Core Equity Portfolio (DFWIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFAX achieves a 16.39% return, which is significantly higher than DFWIX's 15.13% return.

DFAX

• 1D: 0.24%
• 1M: 2.45%
• YTD: 16.39%
• 6M: 16.89%
• 1Y: 36.37%
• 3Y*: 21.52%
• 5Y*: —
• 10Y*: —

DFWIX

• 1D: 0.99%
• 1M: 2.22%
• YTD: 15.13%
• 6M: 15.68%
• 1Y: 33.91%
• 3Y*: 19.02%
• 5Y*: 12.09%
• 10Y*: 11.31%

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

DFAX vs. DFWIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DFAX Dimensional World ex US Core Equity 2 ETF	16.39%	35.42%	4.78%	16.66%	-14.48%	-2.10%
DFWIX DFA World ex U.S. Core Equity Portfolio	15.13%	33.45%	4.34%	16.74%	-14.04%	7.20%

Correlation

The correlation between DFAX and DFWIX is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (All Time) Calculated using the full available price history since Sep 13, 2021	0.98

The correlation between DFAX and DFWIX has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

Return for Risk

DFAX vs. DFWIX — Risk / Return Rank

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

DFAX

DFAX Risk / Return Rank: 72
DFAX Sharpe Ratio Rank: 76
DFAX Sortino Ratio Rank: 71
DFAX Omega Ratio Rank: 76
DFAX Calmar Ratio Rank: 68
DFAX Martin Ratio Rank: 71

DFWIX

DFWIX Risk / Return Rank: 72
DFWIX Sharpe Ratio Rank: 77
DFWIX Sortino Ratio Rank: 72
DFWIX Omega Ratio Rank: 75
DFWIX Calmar Ratio Rank: 70
DFWIX Martin Ratio Rank: 65

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. DFWIX - 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 DFA World ex U.S. Core Equity Portfolio (DFWIX). 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.

	DFAX	DFWIX	Difference
Sharpe ratio: Return per unit of total volatility	2.33	2.37	-0.04
Sortino ratio: Return per unit of downside risk	3.08	3.22	-0.14
Omega ratio: Gain probability vs. loss probability	1.43	1.44	-0.02
Calmar ratio: Return relative to maximum drawdown	3.29	3.09	+0.20
Martin ratio: Return relative to average drawdown	12.79	11.97	+0.82

DFAX vs. DFWIX - Sharpe Ratio Comparison

The current DFAX Sharpe Ratio is 2.33, which is comparable to the DFWIX Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of DFAX and DFWIX, 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

DFAX vs. DFWIX - Drawdown Comparison

The maximum DFAX drawdown since its inception was -28.15%, smaller than the maximum DFWIX drawdown of -41.80%. Use the drawdown chart below to compare losses from any high point for DFAX and DFWIX.

Drawdown Indicators

	DFAX	DFWIX	Difference
Max Drawdown Largest peak-to-trough decline	-28.15%	-41.80%	+13.65%
Max Drawdown (1Y) Largest decline over 1 year	-11.11%	-10.82%	-0.29%
Max Drawdown (3Y) Largest decline over 3 years	-13.89%	-13.11%	-0.78%
Max Drawdown (5Y) Largest decline over 5 years	—	-27.31%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.80%	—
Current Drawdown Current decline from peak	-0.00%	-0.26%	+0.26%
Average Drawdown Average peak-to-trough decline	-6.62%	-8.12%	+1.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	2.78%	+0.07%

Volatility

DFAX vs. DFWIX - Volatility Comparison

Dimensional World ex US Core Equity 2 ETF (DFAX) has a higher volatility of 6.29% compared to DFA World ex U.S. Core Equity Portfolio (DFWIX) at 5.69%. This indicates that DFAX's price experiences larger fluctuations and is considered to be riskier than DFWIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFAX	DFWIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.29%	5.69%	+0.60%
Volatility (6M) Calculated over the trailing 6-month period	13.80%	12.20%	+1.60%
Volatility (1Y) Calculated over the trailing 1-year period	15.72%	14.09%	+1.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.11%	15.28%	+0.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.11%	15.66%	+0.45%

DFAX vs. DFWIX - Expense Ratio Comparison

DFAX has a 0.28% expense ratio, which is lower than DFWIX's 0.31% expense ratio.

Dividends

DFAX vs. DFWIX - Dividend Comparison

DFAX's dividend yield for the trailing twelve months is around 2.20%, less than DFWIX's 2.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFAX Dimensional World ex US Core Equity 2 ETF	2.20%	2.58%	2.98%	3.01%	3.30%	1.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DFWIX DFA World ex U.S. Core Equity Portfolio	2.79%	3.00%	3.32%	3.36%	3.11%	10.71%	1.81%	2.36%	3.50%	2.36%	2.59%	2.31%

Frequently Asked Questions

Can I hold both DFAX and DFWIX in my portfolio?

With a correlation of 0.95, DFAX and DFWIX 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, DFAX or DFWIX?

DFAX has higher volatility (6.29%) compared to DFWIX (5.69%). In terms of maximum drawdown, DFAX dropped -28.15% vs DFWIX's -41.80%.

Which has better risk-adjusted returns?

DFWIX currently has the higher Sharpe Ratio (2.37 vs 2.33), 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.