DFCEX vs. DFQTX

Last updated Jun 23, 2026

DFCEX (DFA Emerging Markets Core Equity Fund) and DFQTX (DFA US Core Equity 2 Portfolio I) are both mutual funds - DFCEX is a Emerging Markets Diversified fund managed by Dimensional, while DFQTX is a Large Cap Blend Equities fund managed by Dimensional. Over the past 10 years, DFCEX returned 11.02%/yr vs 14.14%/yr for DFQTX. A 0.72 correlation means they provide meaningful diversification when combined. DFCEX charges 0.40%/yr vs 0.19%/yr for DFQTX.

Performance

DFCEX vs. DFQTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Emerging Markets Core Equity Fund (DFCEX) and DFA US Core Equity 2 Portfolio I (DFQTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFCEX achieves a 25.26% return, which is significantly higher than DFQTX's 11.69% return. Over the past 10 years, DFCEX has underperformed DFQTX with an annualized return of 11.02%, while DFQTX has yielded a comparatively higher 14.14% annualized return.

DFCEX

• 1D: 2.36%
• 1M: 5.61%
• YTD: 25.26%
• 6M: 26.65%
• 1Y: 47.24%
• 3Y*: 21.58%
• 5Y*: 9.99%
• 10Y*: 11.02%

DFQTX

• 1D: 0.94%
• 1M: 1.40%
• YTD: 11.69%
• 6M: 10.66%
• 1Y: 28.21%
• 3Y*: 19.62%
• 5Y*: 12.94%
• 10Y*: 14.14%

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

DFCEX vs. DFQTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFCEX DFA Emerging Markets Core Equity Fund	25.26%	28.79%	7.31%	15.45%	-16.44%	5.82%	13.86%	16.03%	-15.25%	36.55%
DFQTX DFA US Core Equity 2 Portfolio I	11.69%	15.99%	20.27%	21.88%	-14.21%	28.46%	15.72%	29.41%	-9.65%	18.26%

Correlation

The correlation between DFCEX and DFQTX is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Sep 16, 2005	0.72

The correlation between DFCEX and DFQTX has been stable across timeframes, ranging from 0.62 to 0.72 - a consistent structural relationship.

Return for Risk

DFCEX vs. DFQTX — Risk / Return Rank

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

DFCEX

DFCEX Risk / Return Rank: 85
DFCEX Sharpe Ratio Rank: 90
DFCEX Sortino Ratio Rank: 81
DFCEX Omega Ratio Rank: 84
DFCEX Calmar Ratio Rank: 86
DFCEX Martin Ratio Rank: 84

DFQTX

DFQTX Risk / Return Rank: 76
DFQTX Sharpe Ratio Rank: 77
DFQTX Sortino Ratio Rank: 74
DFQTX Omega Ratio Rank: 69
DFQTX Calmar Ratio Rank: 78
DFQTX Martin Ratio Rank: 84

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. DFQTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Emerging Markets Core Equity Fund (DFCEX) and DFA US Core Equity 2 Portfolio I (DFQTX). 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.

	DFCEX	DFQTX	Difference
Sharpe ratio: Return per unit of total volatility	2.76	2.35	+0.40
Sortino ratio: Return per unit of downside risk	3.53	3.28	+0.25
Omega ratio: Gain probability vs. loss probability	1.53	1.42	+0.11
Calmar ratio: Return relative to maximum drawdown	3.85	3.36	+0.49
Martin ratio: Return relative to average drawdown	14.62	14.50	+0.13

DFCEX vs. DFQTX - Sharpe Ratio Comparison

The current DFCEX Sharpe Ratio is 2.76, which is comparable to the DFQTX Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of DFCEX and DFQTX, 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

DFCEX vs. DFQTX - Drawdown Comparison

The maximum DFCEX drawdown since its inception was -64.58%, which is greater than DFQTX's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for DFCEX and DFQTX.

Drawdown Indicators

	DFCEX	DFQTX	Difference
Max Drawdown Largest peak-to-trough decline	-64.58%	-59.35%	-5.23%
Max Drawdown (1Y) Largest decline over 1 year	-12.12%	-8.47%	-3.65%
Max Drawdown (3Y) Largest decline over 3 years	-16.74%	-19.71%	+2.97%
Max Drawdown (5Y) Largest decline over 5 years	-29.76%	-22.64%	-7.12%
Max Drawdown (10Y) Largest decline over 10 years	-42.33%	-37.21%	-5.12%
Current Drawdown Current decline from peak	0.00%	-0.67%	+0.67%
Average Drawdown Average peak-to-trough decline	-12.59%	-7.77%	-4.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	1.95%	+1.23%

Volatility

DFCEX vs. DFQTX - Volatility Comparison

DFA Emerging Markets Core Equity Fund (DFCEX) has a higher volatility of 8.78% compared to DFA US Core Equity 2 Portfolio I (DFQTX) at 4.34%. This indicates that DFCEX's price experiences larger fluctuations and is considered to be riskier than DFQTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFCEX	DFQTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.78%	4.34%	+4.44%
Volatility (6M) Calculated over the trailing 6-month period	15.19%	9.58%	+5.61%
Volatility (1Y) Calculated over the trailing 1-year period	16.93%	12.11%	+4.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.09%	17.06%	-1.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.08%	18.29%	-2.21%

DFCEX vs. DFQTX - Expense Ratio Comparison

DFCEX has a 0.40% expense ratio, which is higher than DFQTX's 0.19% expense ratio.

Dividends

DFCEX vs. DFQTX - Dividend Comparison

DFCEX's dividend yield for the trailing twelve months is around 2.35%, more than DFQTX's 0.96% 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%
DFQTX DFA US Core Equity 2 Portfolio I	0.96%	1.06%	1.15%	1.74%	4.43%	4.74%	1.29%	3.50%	2.84%	1.97%	1.80%	3.78%

Frequently Asked Questions

Can I hold both DFCEX and DFQTX in my portfolio?

DFCEX and DFQTX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFCEX or DFQTX?

DFCEX has higher volatility (8.78%) compared to DFQTX (4.34%). In terms of maximum drawdown, DFCEX dropped -64.58% vs DFQTX's -59.35%.

Which has better risk-adjusted returns?

DFCEX currently has the higher Sharpe Ratio (2.75 vs 2.35), 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.