DFCF vs. IBTO

Last updated Jun 24, 2026

DFCF (Dimensional Core Fixed Income ETF) and IBTO (iShares iBonds Dec 2033 Term Treasury ETF) are both Intermediate Core Bond funds. DFCF is actively managed, while IBTO is passively managed. Over the past year, DFCF returned 4.35% vs 2.97% for IBTO. Their correlation of 0.94 suggests significant overlap in exposure. DFCF charges 0.17%/yr vs 0.07%/yr for IBTO.

Performance

DFCF vs. IBTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional Core Fixed Income ETF (DFCF) and iShares iBonds Dec 2033 Term Treasury ETF (IBTO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFCF achieves a 0.13% return, which is significantly higher than IBTO's -0.53% return.

DFCF

• 1D: -0.31%
• 1M: 0.24%
• YTD: 0.13%
• 6M: 0.28%
• 1Y: 4.35%
• 3Y*: 4.71%
• 5Y*: —
• 10Y*: —

IBTO

• 1D: 0.10%
• 1M: 0.47%
• YTD: -0.53%
• 6M: -0.45%
• 1Y: 2.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFCF vs. IBTO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DFCF Dimensional Core Fixed Income ETF	0.13%	7.89%	1.86%	4.06%
IBTO iShares iBonds Dec 2033 Term Treasury ETF	-0.53%	8.23%	-0.87%	1.71%

Correlation

The correlation between DFCF and IBTO is 0.94, 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	0.94
Correlation (All Time) Calculated using the full available price history since Jun 29, 2023	0.94

The correlation between DFCF and IBTO has been stable across timeframes, ranging from 0.94 to 0.94 - a consistent structural relationship.

Return for Risk

DFCF vs. IBTO — Risk / Return Rank

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

DFCF

DFCF Risk / Return Rank: 31
DFCF Sharpe Ratio Rank: 32
DFCF Sortino Ratio Rank: 31
DFCF Omega Ratio Rank: 29
DFCF Calmar Ratio Rank: 33
DFCF Martin Ratio Rank: 32

IBTO

IBTO Risk / Return Rank: 19
IBTO Sharpe Ratio Rank: 21
IBTO Sortino Ratio Rank: 20
IBTO Omega Ratio Rank: 18
IBTO Calmar Ratio Rank: 20
IBTO Martin Ratio Rank: 19

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. IBTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Core Fixed Income ETF (DFCF) and iShares iBonds Dec 2033 Term Treasury ETF (IBTO). 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.

	DFCF	IBTO	Difference
Sharpe ratio: Return per unit of total volatility	1.10	0.68	+0.42
Sortino ratio: Return per unit of downside risk	1.61	1.04	+0.58
Omega ratio: Gain probability vs. loss probability	1.19	1.12	+0.07
Calmar ratio: Return relative to maximum drawdown	1.57	0.82	+0.75
Martin ratio: Return relative to average drawdown	4.50	2.14	+2.35

DFCF vs. IBTO - Sharpe Ratio Comparison

The current DFCF Sharpe Ratio is 1.10, which is higher than the IBTO Sharpe Ratio of 0.68. The chart below compares the historical Sharpe Ratios of DFCF and IBTO, 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

DFCF vs. IBTO - Drawdown Comparison

The maximum DFCF drawdown since its inception was -19.56%, which is greater than IBTO's maximum drawdown of -8.36%. Use the drawdown chart below to compare losses from any high point for DFCF and IBTO.

Drawdown Indicators

	DFCF	IBTO	Difference
Max Drawdown Largest peak-to-trough decline	-19.56%	-8.36%	-11.20%
Max Drawdown (1Y) Largest decline over 1 year	-2.79%	-3.66%	+0.87%
Max Drawdown (3Y) Largest decline over 3 years	-5.05%	—	—
Current Drawdown Current decline from peak	-1.69%	-2.59%	+0.90%
Average Drawdown Average peak-to-trough decline	-7.96%	-2.37%	-5.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	1.39%	-0.42%

Volatility

DFCF vs. IBTO - Volatility Comparison

Dimensional Core Fixed Income ETF (DFCF) and iShares iBonds Dec 2033 Term Treasury ETF (IBTO) have volatilities of 1.25% and 1.27%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFCF	IBTO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.25%	1.27%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	3.01%	3.14%	-0.13%
Volatility (1Y) Calculated over the trailing 1-year period	3.97%	4.39%	-0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.45%	6.59%	-0.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.45%	6.59%	-0.14%

DFCF vs. IBTO - Expense Ratio Comparison

DFCF has a 0.17% expense ratio, which is higher than IBTO's 0.07% expense ratio. However, 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. IBTO - Dividend Comparison

DFCF's dividend yield for the trailing twelve months is around 4.32%, more than IBTO's 4.15% yield.

Position	TTM	2025	2024	2023	2022	2021
DFCF Dimensional Core Fixed Income ETF	4.32%	4.48%	4.61%	4.51%	3.27%	0.16%
IBTO iShares iBonds Dec 2033 Term Treasury ETF	4.15%	4.05%	4.23%	1.66%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFCF and IBTO in my portfolio?

With a correlation of 0.94, DFCF and IBTO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DFCF or IBTO?

IBTO has higher volatility (1.27%) compared to DFCF (1.25%). In terms of maximum drawdown, DFCF dropped -19.56% vs IBTO's -8.36%.

Which ETF is better, DFCF or IBTO?

On 1-year performance, DFCF leads with 4.35% vs 2.97% for IBTO. On fees, IBTO is cheaper at 0.07% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFCF or IBTO?

Over the 1-year period, DFCF has performed better with a 4.35% return vs 2.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFCF or IBTO?

IBTO is cheaper with a 0.07% expense ratio, compared with 0.17% for DFCF.

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

DFCF has the higher dividend yield at 4.32%, compared with 4.15% for IBTO.

What is the main difference between DFCF and IBTO?

They also come from different issuers: Dimensional and iShares. Their fees differ too: 0.17% for DFCF and 0.07% for IBTO.

Which has better risk-adjusted returns?

DFCF currently has the higher Sharpe Ratio (1.10 vs 0.68), 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.