DFAX vs. OTCAX

Last updated Jun 5, 2026

DFAX (Dimensional World ex US Core Equity 2 ETF) and OTCAX (MFS Mid Cap Growth Fund) are both funds - DFAX is a Foreign Large Cap Equities fund tracking the MSCI All Country World ex USA Index, while OTCAX is a Mid Cap Growth Equities fund managed by MFS. Over the past 3 years, DFAX returned 21.17%/yr vs 14.09%/yr for OTCAX. A 0.70 correlation means they provide meaningful diversification when combined. DFAX charges 0.30%/yr vs 1.00%/yr for OTCAX.

Performance

DFAX vs. OTCAX - 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 MFS Mid Cap Growth Fund (OTCAX). 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 OTCAX's 4.28% return.

DFAX

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

OTCAX

• 1D: -0.57%
• 1M: 2.37%
• YTD: 4.28%
• 6M: 1.97%
• 1Y: 2.69%
• 3Y*: 14.09%
• 5Y*: 5.39%
• 10Y*: 12.18%

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

DFAX vs. OTCAX - 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%
OTCAX MFS Mid Cap Growth Fund	4.28%	3.32%	23.47%	21.00%	-28.53%	1.94%

Correlation

The correlation between DFAX and OTCAX is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (All Time) Calculated using the full available price history since Sep 14, 2021	0.70

The correlation between DFAX and OTCAX has been stable across timeframes, ranging from 0.65 to 0.70 - a consistent structural relationship.

Return for Risk

DFAX vs. OTCAX — 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

OTCAX

OTCAX Risk / Return Rank: 4
OTCAX Sharpe Ratio Rank: 4
OTCAX Sortino Ratio Rank: 4
OTCAX Omega Ratio Rank: 4
OTCAX Calmar Ratio Rank: 4
OTCAX Martin Ratio Rank: 4

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. OTCAX - 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 MFS Mid Cap Growth Fund (OTCAX). 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	OTCAX	Difference
Sharpe ratio: Return per unit of total volatility	2.34	0.22	+2.11
Sortino ratio: Return per unit of downside risk	3.14	0.44	+2.70
Omega ratio: Gain probability vs. loss probability	1.43	1.05	+0.38
Calmar ratio: Return relative to maximum drawdown	3.12	0.23	+2.89
Martin ratio: Return relative to average drawdown	12.33	0.58	+11.75
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. OTCAX - Sharpe Ratio Comparison

The current DFAX Sharpe Ratio is 2.34, which is higher than the OTCAX Sharpe Ratio of 0.22. The chart below compares the historical Sharpe Ratios of DFAX and OTCAX, 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	OTCAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.34	0.22	+2.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.27	—
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	0.39	+0.26

Drawdowns

DFAX vs. OTCAX - Drawdown Comparison

The maximum DFAX drawdown since its inception was -28.15%, smaller than the maximum OTCAX drawdown of -74.39%. Use the drawdown chart below to compare losses from any high point for DFAX and OTCAX.

Drawdown Indicators

	DFAX	OTCAX	Difference
Max Drawdown Largest peak-to-trough decline	-28.15%	-74.39%	+46.24%
Max Drawdown (1Y) Largest decline over 1 year	-11.11%	-16.46%	+5.35%
Max Drawdown (3Y) Largest decline over 3 years	-13.89%	-21.05%	+7.16%
Max Drawdown (5Y) Largest decline over 5 years	—	-36.85%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.85%	—
Current Drawdown Current decline from peak	-0.76%	-3.57%	+2.81%
Average Drawdown Average peak-to-trough decline	-6.67%	-23.13%	+16.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	6.40%	-3.60%

Volatility

DFAX vs. OTCAX - Volatility Comparison

Dimensional World ex US Core Equity 2 ETF (DFAX) has a higher volatility of 5.10% compared to MFS Mid Cap Growth Fund (OTCAX) at 4.26%. This indicates that DFAX's price experiences larger fluctuations and is considered to be riskier than OTCAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFAX	OTCAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.10%	4.26%	+0.84%
Volatility (6M) Calculated over the trailing 6-month period	12.67%	13.31%	-0.64%
Volatility (1Y) Calculated over the trailing 1-year period	14.82%	16.53%	-1.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.98%	20.17%	-4.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.98%	19.96%	-3.98%

DFAX vs. OTCAX - Expense Ratio Comparison

DFAX has a 0.30% expense ratio, which is lower than OTCAX's 1.00% expense ratio.

Dividends

DFAX vs. OTCAX - Dividend Comparison

DFAX's dividend yield for the trailing twelve months is around 2.21%, less than OTCAX's 16.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFAX Dimensional World ex US Core Equity 2 ETF	2.21%	2.58%	2.98%	3.01%	3.30%	1.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
OTCAX MFS Mid Cap Growth Fund	16.07%	16.76%	15.59%	0.00%	0.00%	3.64%	0.83%	0.86%	4.70%	8.80%	5.67%	2.84%

Frequently Asked Questions

Can I hold both DFAX and OTCAX in my portfolio?

DFAX and OTCAX have a correlation of 0.65, 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 OTCAX?

DFAX has higher volatility (5.10%) compared to OTCAX (4.26%). In terms of maximum drawdown, DFAX dropped -28.15% vs OTCAX's -74.39%.

Which has better risk-adjusted returns?

DFAX currently has the higher Sharpe Ratio (2.34 vs 0.22), 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.