DFAX vs. FPXI

Last updated Jun 4, 2026

DFAX (Dimensional World ex US Core Equity 2 ETF) and FPXI (First Trust International Equity Opportunities ETF) are both Foreign Large Cap Equities funds - DFAX tracks the MSCI All Country World ex USA Index while FPXI tracks the IPOX International Index. Both are passively managed. Over the past 3 years, DFAX returned 20.90%/yr vs 27.44%/yr for FPXI. Their correlation of 0.81 suggests significant overlap in exposure. DFAX charges 0.30%/yr vs 0.70%/yr for FPXI.

Performance

DFAX vs. FPXI - 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 First Trust International Equity Opportunities ETF (FPXI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFAX achieves a 15.23% return, which is significantly lower than FPXI's 34.41% return.

DFAX

• 1D: -1.00%
• 1M: 3.89%
• YTD: 15.23%
• 6M: 18.11%
• 1Y: 34.96%
• 3Y*: 20.90%
• 5Y*: —
• 10Y*: —

FPXI

• 1D: -0.36%
• 1M: 13.37%
• YTD: 34.41%
• 6M: 33.60%
• 1Y: 49.62%
• 3Y*: 27.44%
• 5Y*: 4.04%
• 10Y*: 12.89%

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

DFAX vs. FPXI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DFAX Dimensional World ex US Core Equity 2 ETF	15.23%	35.42%	4.78%	16.66%	-14.48%	-2.68%
FPXI First Trust International Equity Opportunities ETF	34.41%	26.37%	12.62%	9.56%	-31.83%	-15.07%

Correlation

The correlation between DFAX and FPXI is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (All Time) Calculated using the full available price history since Sep 14, 2021	0.81

The correlation between DFAX and FPXI has been stable across timeframes, ranging from 0.79 to 0.83 - a consistent structural relationship.

DFAX vs. FPXI - Sectors Allocation Comparison

Sectors	DFAX	FPXI
Financial Services	17.9%	5.0%
Industrials	16.1%	22.6%
Basic Materials	13.2%	14.8%
Technology	10.9%	31.4%
Consumer Cyclical	10.9%	7.2%
Energy	6.6%	2.3%
Healthcare	5.6%	11.9%
Utilities	4.2%	0.9%
Consumer Defensive	3.9%	0.8%
Communication Services	3.5%	2.5%
Real Estate	3.1%	0.6%

Return for Risk

DFAX vs. FPXI — Risk / Return Rank

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

DFAX

DFAX Risk / Return Rank: 68
DFAX Sharpe Ratio Rank: 71
DFAX Sortino Ratio Rank: 68
DFAX Omega Ratio Rank: 71
DFAX Calmar Ratio Rank: 63
DFAX Martin Ratio Rank: 67

FPXI

FPXI Risk / Return Rank: 63
FPXI Sharpe Ratio Rank: 63
FPXI Sortino Ratio Rank: 61
FPXI Omega Ratio Rank: 58
FPXI Calmar Ratio Rank: 68
FPXI Martin Ratio Rank: 64

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. FPXI - 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 First Trust International Equity Opportunities ETF (FPXI). 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	FPXI	Difference
Sharpe ratio: Return per unit of total volatility	2.37	2.13	+0.24
Sortino ratio: Return per unit of downside risk	3.17	2.89	+0.29
Omega ratio: Gain probability vs. loss probability	1.43	1.35	+0.08
Calmar ratio: Return relative to maximum drawdown	3.16	3.38	-0.21
Martin ratio: Return relative to average drawdown	12.50	11.66	+0.84
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. FPXI - Sharpe Ratio Comparison

The current DFAX Sharpe Ratio is 2.37, which is comparable to the FPXI Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of DFAX and FPXI, 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	FPXI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.37	2.13	+0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.19	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.48	+0.16

Drawdowns

DFAX vs. FPXI - Drawdown Comparison

The maximum DFAX drawdown since its inception was -28.15%, smaller than the maximum FPXI drawdown of -55.78%. Use the drawdown chart below to compare losses from any high point for DFAX and FPXI.

Drawdown Indicators

	DFAX	FPXI	Difference
Max Drawdown Largest peak-to-trough decline	-28.15%	-55.78%	+27.63%
Max Drawdown (1Y) Largest decline over 1 year	-11.11%	-14.77%	+3.66%
Max Drawdown (3Y) Largest decline over 3 years	-13.89%	-20.58%	+6.69%
Max Drawdown (5Y) Largest decline over 5 years	—	-50.75%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-55.78%	—
Current Drawdown Current decline from peak	-1.00%	-0.36%	-0.64%
Average Drawdown Average peak-to-trough decline	-6.67%	-20.26%	+13.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	4.27%	-1.47%

Volatility

DFAX vs. FPXI - Volatility Comparison

The current volatility for Dimensional World ex US Core Equity 2 ETF (DFAX) is 5.27%, while First Trust International Equity Opportunities ETF (FPXI) has a volatility of 8.88%. This indicates that DFAX experiences smaller price fluctuations and is considered to be less risky than FPXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFAX	FPXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.27%	8.88%	-3.61%
Volatility (6M) Calculated over the trailing 6-month period	12.67%	19.74%	-7.07%
Volatility (1Y) Calculated over the trailing 1-year period	14.83%	23.42%	-8.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.99%	21.57%	-5.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.99%	21.18%	-5.19%

DFAX vs. FPXI - Expense Ratio Comparison

DFAX has a 0.30% expense ratio, which is lower than FPXI's 0.70% expense ratio.

Dividends

DFAX vs. FPXI - Dividend Comparison

DFAX's dividend yield for the trailing twelve months is around 2.22%, more than FPXI's 0.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFAX Dimensional World ex US Core Equity 2 ETF	2.22%	2.58%	2.98%	3.01%	3.30%	1.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FPXI First Trust International Equity Opportunities ETF	0.59%	0.70%	0.93%	0.71%	1.13%	0.71%	0.18%	0.67%	1.75%	0.75%	2.09%	1.34%

Frequently Asked Questions

Can I hold both DFAX and FPXI in my portfolio?

DFAX and FPXI have a correlation of 0.83, 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 FPXI?

FPXI has higher volatility (8.88%) compared to DFAX (5.27%). In terms of maximum drawdown, DFAX dropped -28.15% vs FPXI's -55.78%.

Which ETF is better, DFAX or FPXI?

On 3-year performance, FPXI leads with 27.44% vs 20.90% for DFAX. On fees, DFAX is cheaper at 0.30% per year. On volatility, DFAX has been the lower-risk option at 5.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFAX or FPXI?

Over the 3-year period, FPXI has performed better with a 27.44% return vs 20.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFAX or FPXI?

DFAX is cheaper with a 0.30% expense ratio, compared with 0.70% for FPXI.

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

DFAX has the higher dividend yield at 2.22%, compared with 0.59% for FPXI.

What is the main difference between DFAX and FPXI?

DFAX tracks MSCI All Country World ex USA Index, while FPXI tracks IPOX International Index. They also come from different issuers: Dimensional and First Trust. Their fees differ too: 0.30% for DFAX and 0.70% for FPXI.

Which has better risk-adjusted returns?

DFAX currently has the higher Sharpe Ratio (2.37 vs 2.13), 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.