DFCEX vs. FQEMX

Last updated Jun 4, 2026

DFCEX (DFA Emerging Markets Core Equity Fund) and FQEMX (Franklin Templeton SMACS: Series EM) are both Emerging Markets Diversified funds. Over the past 3 years, DFCEX returned 23.14%/yr vs 48.79%/yr for FQEMX. Their correlation of 0.86 suggests significant overlap in exposure. DFCEX charges 0.40%/yr vs 0.00%/yr for FQEMX.

Performance

DFCEX vs. FQEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Emerging Markets Core Equity Fund (DFCEX) and Franklin Templeton SMACS: Series EM (FQEMX). 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 FQEMX's 90.39% return.

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%

FQEMX

• 1D: 0.04%
• 1M: 29.89%
• YTD: 90.39%
• 6M: 100.76%
• 1Y: 170.59%
• 3Y*: 48.79%
• 5Y*: —
• 10Y*: —

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

DFCEX vs. FQEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DFCEX DFA Emerging Markets Core Equity Fund	25.19%	28.79%	7.31%	15.45%	-16.44%	-2.07%
FQEMX Franklin Templeton SMACS: Series EM	90.39%	55.98%	6.67%	12.18%	-20.68%	0.32%

Correlation

The correlation between DFCEX and FQEMX is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (All Time) Calculated using the full available price history since Oct 21, 2021	0.86

The correlation between DFCEX and FQEMX has been stable across timeframes, ranging from 0.84 to 0.86 - a consistent structural relationship.

Return for Risk

DFCEX vs. FQEMX — 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

FQEMX

FQEMX Risk / Return Rank: 98
FQEMX Sharpe Ratio Rank: 100
FQEMX Sortino Ratio Rank: 98
FQEMX Omega Ratio Rank: 97
FQEMX Calmar Ratio Rank: 98
FQEMX Martin Ratio Rank: 98

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. FQEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Emerging Markets Core Equity Fund (DFCEX) and Franklin Templeton SMACS: Series EM (FQEMX). 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	FQEMX	Difference
Sharpe ratio: Return per unit of total volatility	3.32	6.33	-3.01
Sortino ratio: Return per unit of downside risk	4.31	6.12	-1.81
Omega ratio: Gain probability vs. loss probability	1.62	2.03	-0.41
Calmar ratio: Return relative to maximum drawdown	4.15	9.27	-5.12
Martin ratio: Return relative to average drawdown	16.47	36.36	-19.89
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. FQEMX - Sharpe Ratio Comparison

The current DFCEX Sharpe Ratio is 3.32, which is lower than the FQEMX Sharpe Ratio of 6.33. The chart below compares the historical Sharpe Ratios of DFCEX and FQEMX, 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	FQEMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.32	6.33	-3.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	1.21	-0.77

Drawdowns

DFCEX vs. FQEMX - Drawdown Comparison

The maximum DFCEX drawdown since its inception was -64.58%, which is greater than FQEMX's maximum drawdown of -34.46%. Use the drawdown chart below to compare losses from any high point for DFCEX and FQEMX.

Drawdown Indicators

	DFCEX	FQEMX	Difference
Max Drawdown Largest peak-to-trough decline	-64.58%	-34.46%	-30.12%
Max Drawdown (1Y) Largest decline over 1 year	-12.12%	-18.93%	+6.81%
Max Drawdown (3Y) Largest decline over 3 years	-16.74%	-18.93%	+2.19%
Max Drawdown (5Y) Largest decline over 5 years	-30.05%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.33%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-12.61%	-10.78%	-1.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	4.78%	-1.74%

Volatility

DFCEX vs. FQEMX - Volatility Comparison

The current volatility for DFA Emerging Markets Core Equity Fund (DFCEX) is 6.43%, while Franklin Templeton SMACS: Series EM (FQEMX) has a volatility of 13.31%. This indicates that DFCEX experiences smaller price fluctuations and is considered to be less risky than FQEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFCEX	FQEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.43%	13.31%	-6.88%
Volatility (6M) Calculated over the trailing 6-month period	13.07%	24.44%	-11.37%
Volatility (1Y) Calculated over the trailing 1-year period	15.15%	27.74%	-12.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.70%	21.09%	-6.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.93%	21.09%	-5.16%

DFCEX vs. FQEMX - Expense Ratio Comparison

DFCEX has a 0.40% expense ratio, which is higher than FQEMX's 0.00% expense ratio.

Dividends

DFCEX vs. FQEMX - Dividend Comparison

DFCEX's dividend yield for the trailing twelve months is around 2.35%, more than FQEMX's 1.67% 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%
FQEMX Franklin Templeton SMACS: Series EM	1.67%	3.18%	3.15%	4.82%	3.93%	0.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFCEX and FQEMX in my portfolio?

DFCEX and FQEMX have a correlation of 0.84, 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 FQEMX?

FQEMX has higher volatility (13.31%) compared to DFCEX (6.43%). In terms of maximum drawdown, DFCEX dropped -64.58% vs FQEMX's -34.46%.

Which has better risk-adjusted returns?

FQEMX currently has the higher Sharpe Ratio (6.33 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.