DFCEX vs. GSEE

Last updated Jun 4, 2026

DFCEX (DFA Emerging Markets Core Equity Fund) and GSEE (Goldman Sachs MarketBeta Emerging Markets Equity ETF) are both funds - DFCEX is a Emerging Markets Diversified fund managed by Dimensional, while GSEE is a Asia Pacific Equities fund tracking the Solactive GBS Emerging Markets Large & Mid Cap Index. Over the past 5 years, DFCEX returned 9.53%/yr vs 7.49%/yr for GSEE. Their correlation of 0.92 suggests significant overlap in exposure. DFCEX charges 0.40%/yr vs 0.36%/yr for GSEE.

Performance

DFCEX vs. GSEE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Emerging Markets Core Equity Fund (DFCEX) and Goldman Sachs MarketBeta Emerging Markets Equity ETF (GSEE). 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 GSEE's 27.44% 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%

GSEE

• 1D: -1.36%
• 1M: 8.70%
• YTD: 27.44%
• 6M: 30.18%
• 1Y: 54.30%
• 3Y*: 23.60%
• 5Y*: 7.49%
• 10Y*: —

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

DFCEX vs. GSEE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
DFCEX DFA Emerging Markets Core Equity Fund	25.19%	28.79%	7.31%	15.45%	-16.44%	5.82%	47.11%
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF	27.44%	33.38%	4.94%	11.03%	-19.57%	-2.61%	43.54%

Correlation

The correlation between DFCEX and GSEE is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since May 18, 2020	0.92

The correlation between DFCEX and GSEE has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

Return for Risk

DFCEX vs. GSEE — 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

GSEE

GSEE Risk / Return Rank: 82
GSEE Sharpe Ratio Rank: 84
GSEE Sortino Ratio Rank: 81
GSEE Omega Ratio Rank: 83
GSEE Calmar Ratio Rank: 80
GSEE Martin Ratio Rank: 81

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. GSEE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Emerging Markets Core Equity Fund (DFCEX) and Goldman Sachs MarketBeta Emerging Markets Equity ETF (GSEE). 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	GSEE	Difference
Sharpe ratio: Return per unit of total volatility	3.32	2.80	+0.53
Sortino ratio: Return per unit of downside risk	4.31	3.63	+0.68
Omega ratio: Gain probability vs. loss probability	1.62	1.50	+0.12
Calmar ratio: Return relative to maximum drawdown	4.15	4.18	-0.03
Martin ratio: Return relative to average drawdown	16.47	16.02	+0.45
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. GSEE - Sharpe Ratio Comparison

The current DFCEX Sharpe Ratio is 3.32, which is comparable to the GSEE Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of DFCEX and GSEE, 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	GSEE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.32	2.80	+0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.41	+0.24
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	0.77	-0.33

Drawdowns

DFCEX vs. GSEE - Drawdown Comparison

The maximum DFCEX drawdown since its inception was -64.58%, which is greater than GSEE's maximum drawdown of -37.51%. Use the drawdown chart below to compare losses from any high point for DFCEX and GSEE.

Drawdown Indicators

	DFCEX	GSEE	Difference
Max Drawdown Largest peak-to-trough decline	-64.58%	-37.51%	-27.07%
Max Drawdown (1Y) Largest decline over 1 year	-12.12%	-13.05%	+0.93%
Max Drawdown (3Y) Largest decline over 3 years	-16.74%	-17.39%	+0.65%
Max Drawdown (5Y) Largest decline over 5 years	-30.05%	-34.97%	+4.92%
Max Drawdown (10Y) Largest decline over 10 years	-42.33%	—	—
Current Drawdown Current decline from peak	0.00%	-1.36%	+1.36%
Average Drawdown Average peak-to-trough decline	-12.61%	-14.73%	+2.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	3.40%	-0.36%

Volatility

DFCEX vs. GSEE - Volatility Comparison

The current volatility for DFA Emerging Markets Core Equity Fund (DFCEX) is 6.43%, while Goldman Sachs MarketBeta Emerging Markets Equity ETF (GSEE) has a volatility of 8.68%. This indicates that DFCEX experiences smaller price fluctuations and is considered to be less risky than GSEE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFCEX	GSEE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.43%	8.68%	-2.25%
Volatility (6M) Calculated over the trailing 6-month period	13.07%	16.80%	-3.73%
Volatility (1Y) Calculated over the trailing 1-year period	15.15%	19.52%	-4.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.70%	18.24%	-3.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.93%	18.39%	-2.46%

DFCEX vs. GSEE - Expense Ratio Comparison

DFCEX has a 0.40% expense ratio, which is higher than GSEE's 0.36% expense ratio.

Dividends

DFCEX vs. GSEE - Dividend Comparison

DFCEX's dividend yield for the trailing twelve months is around 2.35%, more than GSEE's 1.98% 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%
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF	1.98%	2.53%	2.79%	3.07%	3.05%	6.10%	2.41%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFCEX and GSEE in my portfolio?

DFCEX and GSEE have a correlation of 0.87, 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 GSEE?

GSEE has higher volatility (8.68%) compared to DFCEX (6.43%). In terms of maximum drawdown, DFCEX dropped -64.58% vs GSEE's -37.51%.

Which has better risk-adjusted returns?

DFCEX currently has the higher Sharpe Ratio (3.32 vs 2.80), 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.