DFCEX vs. EEM
DFCEX (DFA Emerging Markets Core Equity Fund) and EEM (iShares MSCI Emerging Markets ETF) are both Emerging Markets Diversified funds. Over the past 10 years, DFCEX returned 11.24%/yr vs 9.87%/yr for EEM. Their correlation of 0.91 suggests significant overlap in exposure. DFCEX charges 0.40%/yr vs 0.72%/yr for EEM.
Performance
DFCEX vs. EEM - Performance Comparison
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Returns By Period
In the year-to-date period, DFCEX achieves a 25.36% return, which is significantly higher than EEM's 23.41% return. Over the past 10 years, DFCEX has outperformed EEM with an annualized return of 11.24%, while EEM has yielded a comparatively lower 9.87% annualized return.
DFCEX
- 1D
- 0.08%
- 1M
- 5.69%
- YTD
- 25.36%
- 6M
- 26.27%
- 1Y
- 46.84%
- 3Y*
- 22.95%
- 5Y*
- 9.86%
- 10Y*
- 11.24%
EEM
- 1D
- -5.67%
- 1M
- 2.49%
- YTD
- 23.41%
- 6M
- 24.32%
- 1Y
- 46.62%
- 3Y*
- 22.58%
- 5Y*
- 6.54%
- 10Y*
- 9.87%
DFCEX vs. EEM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DFCEX DFA Emerging Markets Core Equity Fund | 25.36% | 28.79% | 7.31% | 15.45% | -16.44% | 5.82% | 13.86% | 16.03% | -15.25% | 36.55% |
EEM iShares MSCI Emerging Markets ETF | 23.41% | 33.98% | 6.49% | 8.95% | -20.56% | -3.63% | 17.02% | 18.22% | -15.31% | 37.26% |
Correlation
The correlation between DFCEX and EEM is 0.86, 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 | 0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Apr 8, 2005 | 0.91 |
The correlation between DFCEX and EEM has been stable across timeframes, ranging from 0.86 to 0.92 - a consistent structural relationship.
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Return for Risk
DFCEX vs. EEM — Risk / Return Rank
DFCEX
EEM
DFCEX vs. EEM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DFA Emerging Markets Core Equity Fund (DFCEX) and iShares MSCI Emerging Markets ETF (EEM). 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 | EEM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.78 | ||
| Sortino ratioReturn per unit of downside risk | +0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.39 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 3.96 | 3.46 | +0.50 |
| Martin ratioReturn relative to average drawdown | 15.06 | 12.70 | +2.37 |
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Drawdowns
DFCEX vs. EEM - Drawdown Comparison
The maximum DFCEX drawdown since its inception was -64.58%, roughly equal to the maximum EEM drawdown of -66.43%. Use the drawdown chart below to compare losses from any high point for DFCEX and EEM.
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Drawdown Indicators
| DFCEX | EEM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.58% | -66.43% | +1.85% |
Max Drawdown (1Y)Largest decline over 1 year | -12.12% | -13.52% | +1.40% |
Max Drawdown (3Y)Largest decline over 3 years | -16.74% | -17.29% | +0.55% |
Max Drawdown (5Y)Largest decline over 5 years | -29.76% | -37.49% | +7.73% |
Max Drawdown (10Y)Largest decline over 10 years | -42.33% | -39.82% | -2.51% |
Current DrawdownCurrent decline from peak | 0.00% | -5.67% | +5.67% |
Average DrawdownAverage peak-to-trough decline | -12.59% | -15.99% | +3.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.17% | 3.68% | -0.51% |
Volatility
DFCEX vs. EEM - Volatility Comparison
The current volatility for DFA Emerging Markets Core Equity Fund (DFCEX) is 8.76%, while iShares MSCI Emerging Markets ETF (EEM) has a volatility of 12.59%. This indicates that DFCEX experiences smaller price fluctuations and is considered to be less risky than EEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DFCEX | EEM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.76% | 12.59% | -3.83% |
Volatility (6M)Calculated over the trailing 6-month period | 15.19% | 20.73% | -5.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.93% | 22.77% | -5.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.09% | 19.55% | -4.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.08% | 20.67% | -4.59% |
DFCEX vs. EEM - Expense Ratio Comparison
DFCEX has a 0.40% expense ratio, which is lower than EEM's 0.72% expense ratio.
Dividends
DFCEX vs. EEM - Dividend Comparison
DFCEX's dividend yield for the trailing twelve months is around 2.35%, more than EEM's 1.66% 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% |
EEM iShares MSCI Emerging Markets ETF | 1.66% | 2.22% | 2.43% | 2.63% | 2.50% | 1.99% | 1.45% | 2.76% | 2.24% | 1.89% | 1.89% | 2.49% |
Frequently Asked Questions
DFCEX and EEM have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EEM has higher volatility (12.59%) compared to DFCEX (8.76%). In terms of maximum drawdown, DFCEX dropped -64.58% vs EEM's -66.43%.
DFCEX currently has the higher Sharpe Ratio (2.84 vs 2.06), 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.
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