DFCF vs. DFAW

Last updated Jun 3, 2026

DFCF (Dimensional Core Fixed Income ETF) and DFAW (Dimensional World Equity ETF) are both exchange-traded funds - DFCF is a Intermediate Core Bond fund actively managed by Dimensional, while DFAW is a Global Equities fund actively managed by Dimensional. Both are actively managed. Over the past year, DFCF returned 5.90% vs 31.63% for DFAW. At a 0.30 correlation, their price movements are largely independent. DFCF charges 0.17%/yr vs 0.25%/yr for DFAW.

Performance

DFCF vs. DFAW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional Core Fixed Income ETF (DFCF) and Dimensional World Equity ETF (DFAW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFCF achieves a 0.56% return, which is significantly lower than DFAW's 13.40% return.

DFCF

• 1D: 0.00%
• 1M: 0.24%
• YTD: 0.56%
• 6M: 0.61%
• 1Y: 5.90%
• 3Y*: 4.86%
• 5Y*: —
• 10Y*: —

DFAW

• 1D: 0.47%
• 1M: 4.48%
• YTD: 13.40%
• 6M: 15.27%
• 1Y: 31.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFCF vs. DFAW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DFCF Dimensional Core Fixed Income ETF	0.56%	7.89%	1.86%	7.09%
DFAW Dimensional World Equity ETF	13.40%	20.62%	15.49%	11.57%

Correlation

The correlation between DFCF and DFAW is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (All Time) Calculated using the full available price history since Sep 28, 2023	0.30

The correlation between DFCF and DFAW shifts across timeframes, from 0.30 (all time) to 0.40 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DFCF vs. DFAW — Risk / Return Rank

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

DFCF

DFCF Risk / Return Rank: 41
DFCF Sharpe Ratio Rank: 42
DFCF Sortino Ratio Rank: 43
DFCF Omega Ratio Rank: 40
DFCF Calmar Ratio Rank: 40
DFCF Martin Ratio Rank: 40

DFAW

DFAW Risk / Return Rank: 79
DFAW Sharpe Ratio Rank: 80
DFAW Sortino Ratio Rank: 81
DFAW Omega Ratio Rank: 80
DFAW Calmar Ratio Rank: 72
DFAW 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.

DFCF vs. DFAW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Core Fixed Income ETF (DFCF) and Dimensional World Equity ETF (DFAW). 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.

	DFCF	DFAW	Difference
Sharpe ratio Return per unit of total volatility	1.49	2.65	-1.16
Sortino ratio Return per unit of downside risk	2.19	3.65	-1.47
Omega ratio Gain probability vs. loss probability	1.26	1.48	-0.22
Calmar ratio Return relative to maximum drawdown	2.06	3.64	-1.57
Martin ratio Return relative to average drawdown	6.31	16.14	-9.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFCF vs. DFAW - Sharpe Ratio Comparison

The current DFCF Sharpe Ratio is 1.49, which is lower than the DFAW Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of DFCF and DFAW, 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

	DFCF	DFAW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	2.65	-1.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	1.64	-1.60

Drawdowns

DFCF vs. DFAW - Drawdown Comparison

The maximum DFCF drawdown since its inception was -19.56%, which is greater than DFAW's maximum drawdown of -16.93%. Use the drawdown chart below to compare losses from any high point for DFCF and DFAW.

Drawdown Indicators

	DFCF	DFAW	Difference
Max Drawdown Largest peak-to-trough decline	-19.56%	-16.93%	-2.63%
Max Drawdown (1Y) Largest decline over 1 year	-2.79%	-8.88%	+6.09%
Max Drawdown (3Y) Largest decline over 3 years	-5.05%	—	—
Current Drawdown Current decline from peak	-1.27%	0.00%	-1.27%
Average Drawdown Average peak-to-trough decline	-8.04%	-1.70%	-6.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	2.00%	-1.09%

Volatility

DFCF vs. DFAW - Volatility Comparison

The current volatility for Dimensional Core Fixed Income ETF (DFCF) is 1.38%, while Dimensional World Equity ETF (DFAW) has a volatility of 3.32%. This indicates that DFCF experiences smaller price fluctuations and is considered to be less risky than DFAW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFCF	DFAW	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.38%	3.32%	-1.94%
Volatility (6M) Calculated over the trailing 6-month period	2.92%	9.38%	-6.46%
Volatility (1Y) Calculated over the trailing 1-year period	3.98%	12.01%	-8.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.47%	14.46%	-7.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.47%	14.46%	-7.99%

DFCF vs. DFAW - Expense Ratio Comparison

DFCF has a 0.17% expense ratio, which is lower than DFAW's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

DFCF vs. DFAW - Dividend Comparison

DFCF's dividend yield for the trailing twelve months is around 4.30%, more than DFAW's 1.54% yield.

Position	TTM	2025	2024	2023	2022	2021
DFAW Dimensional World Equity ETF	1.54%	1.71%	1.47%	0.42%	0.00%	0.00%
DFCF Dimensional Core Fixed Income ETF	4.30%	4.48%	4.61%	4.51%	3.27%	0.16%

Frequently Asked Questions

Can I hold both DFCF and DFAW in my portfolio?

DFCF and DFAW have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFCF or DFAW?

DFAW has higher volatility (3.32%) compared to DFCF (1.38%). In terms of maximum drawdown, DFCF dropped -19.56% vs DFAW's -16.93%.

Which ETF is better, DFCF or DFAW?

On 1-year performance, DFAW leads with 31.63% vs 5.90% for DFCF. On fees, DFCF is cheaper at 0.17% per year. On volatility, DFCF has been the lower-risk option at 1.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFCF or DFAW?

Over the 1-year period, DFAW has performed better with a 31.63% return vs 5.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFCF or DFAW?

DFCF is cheaper with a 0.17% expense ratio, compared with 0.25% for DFAW.

Which ETF pays a higher dividend yield, DFCF or DFAW?

DFCF has the higher dividend yield at 4.30%, compared with 1.54% for DFAW.

What is the main difference between DFCF and DFAW?

DFCF is categorized as Intermediate Core Bond, while DFAW is Global Equities. Their fees differ too: 0.17% for DFCF and 0.25% for DFAW.

Which has better risk-adjusted returns?

DFAW currently has the higher Sharpe Ratio (2.65 vs 1.49), 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.