DFCEX vs. DFETX

Last updated Jun 4, 2026

DFCEX (DFA Emerging Markets Core Equity Fund) and DFETX (DFA Emerging Markets II Portfolio) are both Emerging Markets Diversified funds from Dimensional. Over the past 10 years, DFCEX returned 11.09%/yr vs 11.62%/yr for DFETX. With a 0.99 correlation, they move nearly in lockstep. DFCEX charges 0.40%/yr vs 0.37%/yr for DFETX.

Performance

DFCEX vs. DFETX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Emerging Markets Core Equity Fund (DFCEX) and DFA Emerging Markets II Portfolio (DFETX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFCEX achieves a 25.19% return, which is significantly lower than DFETX's 31.29% return. Both investments have delivered pretty close results over the past 10 years, with DFCEX having a 11.09% annualized return and DFETX not far ahead at 11.62%.

DFCEX

• 1D: 0.78%
• 1M: 7.67%
• YTD: 25.19%
• 6M: 27.73%
• 1Y: 49.33%
• 3Y*: 23.14%
• 5Y*: 9.53%
• 10Y*: 11.09%

DFETX

• 1D: 1.01%
• 1M: 10.68%
• YTD: 31.29%
• 6M: 34.72%
• 1Y: 60.68%
• 3Y*: 25.96%
• 5Y*: 10.33%
• 10Y*: 11.62%

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

DFCEX vs. DFETX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFCEX DFA Emerging Markets Core Equity Fund	25.19%	28.79%	7.31%	15.45%	-16.44%	5.82%	13.86%	16.03%	-15.25%	36.55%
DFETX DFA Emerging Markets II Portfolio	31.29%	33.54%	6.86%	13.11%	-16.84%	2.58%	14.08%	16.30%	-13.47%	36.75%

Correlation

The correlation between DFCEX and DFETX is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Apr 11, 2005	0.99

The correlation between DFCEX and DFETX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Return for Risk

DFCEX vs. DFETX — Risk / Return Rank

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

DFCEX

DFCEX Risk / Return Rank: 89
DFCEX Sharpe Ratio Rank: 95
DFCEX Sortino Ratio Rank: 89
DFCEX Omega Ratio Rank: 89
DFCEX Calmar Ratio Rank: 86
DFCEX Martin Ratio Rank: 86

DFETX

DFETX Risk / Return Rank: 93
DFETX Sharpe Ratio Rank: 97
DFETX Sortino Ratio Rank: 93
DFETX Omega Ratio Rank: 92
DFETX Calmar Ratio Rank: 91
DFETX Martin Ratio Rank: 92

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.

DFCEX vs. DFETX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Emerging Markets Core Equity Fund (DFCEX) and DFA Emerging Markets II Portfolio (DFETX). 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.

	DFCEX	DFETX	Difference
Sharpe ratio: Return per unit of total volatility	3.32	3.68	-0.36
Sortino ratio: Return per unit of downside risk	4.31	4.67	-0.36
Omega ratio: Gain probability vs. loss probability	1.62	1.69	-0.07
Calmar ratio: Return relative to maximum drawdown	4.15	4.81	-0.66
Martin ratio: Return relative to average drawdown	16.47	19.38	-2.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFCEX vs. DFETX - Sharpe Ratio Comparison

The current DFCEX Sharpe Ratio is 3.32, which is comparable to the DFETX Sharpe Ratio of 3.68. The chart below compares the historical Sharpe Ratios of DFCEX and DFETX, 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

	DFCEX	DFETX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.32	3.68	-0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.66	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.70	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.40	+0.04

Drawdowns

DFCEX vs. DFETX - Drawdown Comparison

The maximum DFCEX drawdown since its inception was -64.58%, roughly equal to the maximum DFETX drawdown of -62.33%. Use the drawdown chart below to compare losses from any high point for DFCEX and DFETX.

Drawdown Indicators

	DFCEX	DFETX	Difference
Max Drawdown Largest peak-to-trough decline	-64.58%	-62.33%	-2.25%
Max Drawdown (1Y) Largest decline over 1 year	-12.12%	-12.84%	+0.72%
Max Drawdown (3Y) Largest decline over 3 years	-16.74%	-16.13%	-0.61%
Max Drawdown (5Y) Largest decline over 5 years	-30.05%	-31.80%	+1.75%
Max Drawdown (10Y) Largest decline over 10 years	-42.33%	-40.20%	-2.13%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-12.61%	-15.67%	+3.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	3.17%	-0.13%

Volatility

DFCEX vs. DFETX - Volatility Comparison

The current volatility for DFA Emerging Markets Core Equity Fund (DFCEX) is 6.43%, while DFA Emerging Markets II Portfolio (DFETX) has a volatility of 7.58%. This indicates that DFCEX experiences smaller price fluctuations and is considered to be less risky than DFETX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFCEX	DFETX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.43%	7.58%	-1.15%
Volatility (6M) Calculated over the trailing 6-month period	13.07%	14.71%	-1.64%
Volatility (1Y) Calculated over the trailing 1-year period	15.15%	16.78%	-1.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.70%	15.80%	-1.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.93%	16.62%	-0.69%

DFCEX vs. DFETX - Expense Ratio Comparison

DFCEX has a 0.40% expense ratio, which is higher than DFETX's 0.37% expense ratio.

Dividends

DFCEX vs. DFETX - Dividend Comparison

DFCEX's dividend yield for the trailing twelve months is around 2.35%, less than DFETX's 6.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFCEX DFA Emerging Markets Core Equity Fund	2.35%	2.90%	3.43%	3.53%	3.78%	2.59%	1.70%	2.42%	2.33%	1.92%	1.99%	2.28%
DFETX DFA Emerging Markets II Portfolio	6.27%	8.24%	3.50%	3.84%	9.30%	19.29%	11.79%	12.48%	8.49%	1.93%	2.40%	3.40%

Frequently Asked Questions

Can I hold both DFCEX and DFETX in my portfolio?

With a correlation of 0.99, DFCEX and DFETX 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, DFCEX or DFETX?

DFETX has higher volatility (7.58%) compared to DFCEX (6.43%). In terms of maximum drawdown, DFCEX dropped -64.58% vs DFETX's -62.33%.

Which has better risk-adjusted returns?

DFETX currently has the higher Sharpe Ratio (3.68 vs 3.32), 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.