DFCF vs. TLT
DFCF (Dimensional Core Fixed Income ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - DFCF is a Intermediate Core Bond fund actively managed by Dimensional, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. DFCF is actively managed, while TLT is passively managed. Over the past 3 years, DFCF returned 4.66%/yr vs -1.80%/yr for TLT. Their correlation of 0.86 means they have usually moved in the same direction. DFCF charges 0.17%/yr vs 0.15%/yr for TLT.
Performance
DFCF vs. TLT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, DFCF achieves a -0.42% return, which is significantly higher than TLT's -3.49% return.
DFCF
- 1D
- -0.29%
- 1M
- -1.24%
- 6M
- -0.68%
- YTD
- -0.42%
- 1Y
- 2.24%
- 3Y*
- 4.66%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 0.03%
TLT
- 1D
- -0.66%
- 1M
- -3.81%
- 6M
- -3.46%
- YTD
- -3.49%
- 1Y
- -2.45%
- 3Y*
- -1.80%
- 5Y*
- -8.18%
- 10Y*
- -2.38%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $59.72M | $50.71M | $53.37M | |
| $2.33B | $2.02B | $2.19B |
DFCF vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
DFCF Dimensional Core Fixed Income ETF | -0.42% | 7.89% | 1.86% | 6.94% | -14.48% | 0.04% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | 2.77% | -31.23% | 2.10% |
Correlation
The correlation between DFCF and TLT is 0.89, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.89 |
Correlation (3Y) Balances recent behavior with more history. | 0.90 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2021 | 0.86 |
The correlation between DFCF and TLT has been stable across timeframes, ranging from 0.86 to 0.90 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
DFCF vs. TLT — Risk / Return Rank
DFCF
TLT
DFCF vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Dimensional Core Fixed Income ETF (DFCF) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.88 | ||
| Sortino ratioReturn per unit of downside risk | +1.20 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 0.99 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.08 | -0.14 | +1.22 |
| Martin ratioReturn relative to average drawdown | 2.76 | -0.30 | +3.06 |
Loading charts...
Drawdowns
DFCF vs. TLT - Drawdown Comparison
The maximum DFCF drawdown since its inception was -19.56%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for DFCF and TLT.
Loading charts...
Drawdown Indicators
| DFCF | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.56% | -48.35% | +28.79% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | -7.74% | +4.95% |
Max Drawdown (3Y)Largest decline over 3 years | -4.53% | -14.79% | +10.26% |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -2.24% | -42.36% | +40.12% |
Average DrawdownAverage peak-to-trough decline | -7.81% | -13.99% | +6.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.09% | 3.57% | -2.48% |
Volatility
DFCF vs. TLT - Volatility Comparison
The current volatility for Dimensional Core Fixed Income ETF (DFCF) is 1.08%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.46%. This indicates that DFCF experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| DFCF | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.08% | 2.46% | -1.38% |
Volatility (6M)Calculated over the trailing 6-month period | 3.15% | 6.85% | -3.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.95% | 9.32% | -5.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.40% | 15.74% | -9.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.40% | 14.83% | -8.43% |
DFCF vs. TLT - Expense Ratio Comparison
DFCF has a 0.17% expense ratio, which is higher than TLT's 0.15% 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. TLT - Dividend Comparison
DFCF's dividend yield for the trailing twelve months is around 4.41%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFCF Dimensional Core Fixed Income ETF | 4.41% | 4.48% | 4.61% | 4.51% | 3.27% | 0.16% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.34% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
DFCF and TLT have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.46%) compared to DFCF (1.08%). In terms of maximum drawdown, DFCF dropped -19.56% vs TLT's -48.35%.
On 3-year performance, DFCF leads with 4.66% vs -1.80% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, DFCF has been the lower-risk option at 1.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DFCF has performed better with a 4.66% return vs -1.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.17% for DFCF.
DFCF has the higher dividend yield at 4.41%, compared with 4.34% for TLT.
DFCF is categorized as Intermediate Core Bond, while TLT is Government Bonds. They also come from different issuers: Dimensional and iShares. Their fees differ too: 0.17% for DFCF and 0.15% for TLT.
DFCF currently has the higher Sharpe Ratio (0.76 vs -0.11), 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.
Find the right allocation for DFCF and TLT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer