DFCF vs. SPY

Last updated Jun 3, 2026

DFCF (Dimensional Core Fixed Income ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - DFCF is a Intermediate Core Bond fund actively managed by Dimensional, while SPY is a S&P 500 fund tracking the S&P 500 Index. DFCF is actively managed, while SPY is passively managed. Over the past 3 years, DFCF returned 4.86%/yr vs 22.64%/yr for SPY. At a 0.23 correlation, their price movements are largely independent. DFCF charges 0.17%/yr vs 0.09%/yr for SPY.

Performance

DFCF vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional Core Fixed Income ETF (DFCF) and State Street SPDR S&P 500 ETF (SPY). 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 SPY's 11.69% return.

DFCF

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

SPY

• 1D: 0.14%
• 1M: 5.40%
• YTD: 11.69%
• 6M: 12.09%
• 1Y: 29.62%
• 3Y*: 22.64%
• 5Y*: 14.20%
• 10Y*: 15.57%

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

DFCF vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DFCF Dimensional Core Fixed Income ETF	0.56%	7.89%	1.86%	6.94%	-14.48%	0.23%
SPY State Street SPDR S&P 500 ETF	11.69%	17.72%	24.89%	26.18%	-18.18%	1.57%

Correlation

The correlation between DFCF and SPY is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (All Time) Calculated using the full available price history since Nov 17, 2021	0.23

The correlation between DFCF and SPY shifts across timeframes, from 0.23 (all time) to 0.35 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DFCF vs. SPY — 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

SPY

SPY Risk / Return Rank: 75
SPY Sharpe Ratio Rank: 77
SPY Sortino Ratio Rank: 75
SPY Omega Ratio Rank: 76
SPY Calmar Ratio Rank: 68
SPY Martin Ratio Rank: 80

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Core Fixed Income ETF (DFCF) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio Return per unit of total volatility	1.49	2.52	-1.03
Sortino ratio Return per unit of downside risk	2.19	3.42	-1.23
Omega ratio Gain probability vs. loss probability	1.26	1.46	-0.20
Calmar ratio Return relative to maximum drawdown	2.06	3.42	-1.35
Martin ratio Return relative to average drawdown	6.31	15.93	-9.62
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. SPY - Sharpe Ratio Comparison

The current DFCF Sharpe Ratio is 1.49, which is lower than the SPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of DFCF and SPY, 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	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	2.52	-1.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.84	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	0.59	-0.54

Drawdowns

DFCF vs. SPY - Drawdown Comparison

The maximum DFCF drawdown since its inception was -19.56%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for DFCF and SPY.

Drawdown Indicators

	DFCF	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-19.56%	-55.19%	+35.63%
Max Drawdown (1Y) Largest decline over 1 year	-2.79%	-8.88%	+6.09%
Max Drawdown (3Y) Largest decline over 3 years	-5.05%	-18.76%	+13.71%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-1.27%	0.00%	-1.27%
Average Drawdown Average peak-to-trough decline	-8.04%	-9.05%	+1.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	1.91%	-1.00%

Volatility

DFCF vs. SPY - Volatility Comparison

The current volatility for Dimensional Core Fixed Income ETF (DFCF) is 1.38%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 2.75%. This indicates that DFCF experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFCF	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.38%	2.75%	-1.37%
Volatility (6M) Calculated over the trailing 6-month period	2.92%	8.89%	-5.97%
Volatility (1Y) Calculated over the trailing 1-year period	3.98%	11.81%	-7.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.47%	17.05%	-10.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.47%	17.94%	-11.47%

DFCF vs. SPY - Expense Ratio Comparison

DFCF has a 0.17% expense ratio, which is higher than SPY's 0.09% 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. SPY - Dividend Comparison

DFCF's dividend yield for the trailing twelve months is around 4.30%, more than SPY's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFCF Dimensional Core Fixed Income ETF	4.30%	4.48%	4.61%	4.51%	3.27%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.97%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both DFCF and SPY in my portfolio?

DFCF and SPY have a correlation of 0.35, 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 SPY?

SPY has higher volatility (2.75%) compared to DFCF (1.38%). In terms of maximum drawdown, DFCF dropped -19.56% vs SPY's -55.19%.

Which ETF is better, DFCF or SPY?

On 3-year performance, SPY leads with 22.64% vs 4.86% for DFCF. On fees, SPY is cheaper at 0.09% 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 SPY?

Over the 3-year period, SPY has performed better with a 22.64% return vs 4.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFCF or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.17% for DFCF.

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

DFCF has the higher dividend yield at 4.30%, compared with 0.97% for SPY.

What is the main difference between DFCF and SPY?

DFCF is categorized as Intermediate Core Bond, while SPY is S&P 500. They also come from different issuers: Dimensional and State Street. Their fees differ too: 0.17% for DFCF and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.52 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.