DFCEX vs. FGKPX

Last updated Jul 14, 2026

DFCEX (DFA Emerging Markets Core Equity Fund) and FGKPX (Fidelity SAI Emerging Markets Low Volatility Index Fund) are both mutual funds - DFCEX is a Emerging Markets Diversified fund managed by Dimensional, while FGKPX is a Emerging Markets Equities fund managed by Fidelity. Over the past 5 years, DFCEX returned 8.93%/yr vs 6.75%/yr for FGKPX. Their correlation of 0.88 suggests significant overlap in exposure. DFCEX charges 0.40%/yr vs 0.23%/yr for FGKPX.

Performance

DFCEX vs. FGKPX - Performance Comparison

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

Returns By Period

In the year-to-date period, DFCEX achieves a 19.07% return, which is significantly higher than FGKPX's 12.92% return.

DFCEX

• 1D: 0.67%
• 1M: -1.69%
• 6M: 13.98%
• YTD: 19.07%
• 1Y: 33.58%
• 3Y*: 20.15%
• 5Y*: 8.93%
• 10Y*: 9.91%

FGKPX

• 1D: 0.62%
• 1M: -1.44%
• 6M: 11.57%
• YTD: 12.92%
• 1Y: 14.55%
• 3Y*: 13.23%
• 5Y*: 6.75%
• 10Y*: —

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

DFCEX vs. FGKPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
DFCEX DFA Emerging Markets Core Equity Fund	19.07%	28.79%	7.31%	15.45%	-16.44%	5.82%	13.86%	7.69%
FGKPX Fidelity SAI Emerging Markets Low Volatility Index Fund	12.92%	12.56%	5.96%	15.28%	-12.98%	10.75%	5.22%	3.48%

Correlation

The correlation between DFCEX and FGKPX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Feb 7, 2019	0.88

The correlation between DFCEX and FGKPX has been stable across timeframes, ranging from 0.80 to 0.88 - a consistent structural relationship.

Return for Risk

DFCEX vs. FGKPX — Risk / Return Rank

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

DFCEX

DFCEX Risk / Return Rank: 69
DFCEX Sharpe Ratio Rank: 70
DFCEX Sortino Ratio Rank: 58
DFCEX Omega Ratio Rank: 73
DFCEX Calmar Ratio Rank: 77
DFCEX Martin Ratio Rank: 67

FGKPX

FGKPX Risk / Return Rank: 38
FGKPX Sharpe Ratio Rank: 35
FGKPX Sortino Ratio Rank: 34
FGKPX Omega Ratio Rank: 40
FGKPX Calmar Ratio Rank: 47
FGKPX Martin Ratio Rank: 34

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. FGKPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Emerging Markets Core Equity Fund (DFCEX) and Fidelity SAI Emerging Markets Low Volatility Index Fund (FGKPX). 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	FGKPX	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.30	+0.57
Sortino ratio: Return per unit of downside risk	2.41	1.85	+0.57
Omega ratio: Gain probability vs. loss probability	1.36	1.26	+0.10
Calmar ratio: Return relative to maximum drawdown	2.78	2.10	+0.68
Martin ratio: Return relative to average drawdown	9.97	5.99	+3.97

DFCEX vs. FGKPX - Sharpe Ratio Comparison

The current DFCEX Sharpe Ratio is 1.86, which is higher than the FGKPX Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of DFCEX and FGKPX, 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. FGKPX - Drawdown Comparison

The maximum DFCEX drawdown since its inception was -64.58%, which is greater than FGKPX's maximum drawdown of -32.05%. Use the drawdown chart below to compare losses from any high point for DFCEX and FGKPX.

Drawdown Indicators

	DFCEX	FGKPX	Difference
Max Drawdown Largest peak-to-trough decline	-64.58%	-32.05%	-32.53%
Max Drawdown (1Y) Largest decline over 1 year	-12.12%	-6.93%	-5.19%
Max Drawdown (3Y) Largest decline over 3 years	-16.74%	-12.67%	-4.07%
Max Drawdown (5Y) Largest decline over 5 years	-28.54%	-20.69%	-7.85%
Max Drawdown (10Y) Largest decline over 10 years	-42.33%	—	—
Current Drawdown Current decline from peak	-5.02%	-4.19%	-0.83%
Average Drawdown Average peak-to-trough decline	-12.57%	-5.28%	-7.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	2.42%	+0.95%

Volatility

DFCEX vs. FGKPX - Volatility Comparison

DFA Emerging Markets Core Equity Fund (DFCEX) has a higher volatility of 9.34% compared to Fidelity SAI Emerging Markets Low Volatility Index Fund (FGKPX) at 5.45%. This indicates that DFCEX's price experiences larger fluctuations and is considered to be riskier than FGKPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFCEX	FGKPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.34%	5.45%	+3.89%
Volatility (6M) Calculated over the trailing 6-month period	16.69%	10.23%	+6.46%
Volatility (1Y) Calculated over the trailing 1-year period	18.13%	11.26%	+6.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.37%	10.55%	+4.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.11%	12.63%	+3.48%

DFCEX vs. FGKPX - Expense Ratio Comparison

DFCEX has a 0.40% expense ratio, which is higher than FGKPX's 0.23% expense ratio.

Dividends

DFCEX vs. FGKPX - Dividend Comparison

DFCEX's dividend yield for the trailing twelve months is around 2.51%, less than FGKPX's 6.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFCEX DFA Emerging Markets Core Equity Fund	2.51%	2.90%	3.43%	3.53%	3.78%	2.59%	1.70%	2.42%	2.33%	1.92%	1.99%	2.28%
FGKPX Fidelity SAI Emerging Markets Low Volatility Index Fund	6.86%	7.75%	5.07%	2.91%	1.88%	2.30%	1.77%	1.88%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFCEX and FGKPX in my portfolio?

DFCEX and FGKPX have a correlation of 0.80, 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 FGKPX?

DFCEX has higher volatility (9.34%) compared to FGKPX (5.45%). In terms of maximum drawdown, DFCEX dropped -64.58% vs FGKPX's -32.05%.

Which has better risk-adjusted returns?

DFCEX currently has the higher Sharpe Ratio (1.86 vs 1.30), 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.