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 4.82%/yr vs -1.93%/yr for TLT. Their correlation of 0.86 suggests significant overlap in exposure. DFCF charges 0.17%/yr vs 0.15%/yr for TLT.
Performance
DFCF vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, DFCF achieves a 0.44% return, which is significantly lower than TLT's 0.64% return.
DFCF
- 1D
- -0.24%
- 1M
- 0.55%
- YTD
- 0.44%
- 6M
- 0.54%
- 1Y
- 4.99%
- 3Y*
- 4.82%
- 5Y*
- —
- 10Y*
- —
TLT
- 1D
- -0.76%
- 1M
- 2.06%
- YTD
- 0.64%
- 6M
- 0.41%
- 1Y
- 4.08%
- 3Y*
- -1.93%
- 5Y*
- -6.59%
- 10Y*
- -1.75%
DFCF vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
DFCF Dimensional Core Fixed Income ETF | 0.44% | 7.89% | 1.86% | 6.94% | -14.48% | 0.04% |
TLT iShares 20+ Year Treasury Bond ETF | 0.64% | 4.25% | -8.05% | 2.77% | -31.23% | 2.10% |
Correlation
The correlation between DFCF and TLT is 0.89, 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 | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 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.
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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 | +0.83 | ||
| Sortino ratioReturn per unit of downside risk | +1.17 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.08 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.80 | 0.54 | +1.26 |
| Martin ratioReturn relative to average drawdown | 5.20 | 1.29 | +3.91 |
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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.
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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% | -7.58% | +4.79% |
Max Drawdown (3Y)Largest decline over 3 years | -5.05% | -19.18% | +14.13% |
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 | -1.39% | -39.89% | +38.50% |
Average DrawdownAverage peak-to-trough decline | -7.96% | -13.87% | +5.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 3.17% | -2.21% |
Volatility
DFCF vs. TLT - Volatility Comparison
The current volatility for Dimensional Core Fixed Income ETF (DFCF) is 1.21%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.21%. 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.
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Volatility by Period
| DFCF | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.21% | 2.21% | -1.00% |
Volatility (6M)Calculated over the trailing 6-month period | 3.01% | 6.63% | -3.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.97% | 9.50% | -5.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.45% | 15.82% | -9.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.45% | 14.91% | -8.46% |
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 4.31%, less than TLT's 4.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFCF Dimensional Core Fixed Income ETF | 4.31% | 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 | 4.55% | 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 (2.21%) compared to DFCF (1.21%). In terms of maximum drawdown, DFCF dropped -19.56% vs TLT's -48.35%.
On 3-year performance, DFCF leads with 4.82% vs -1.93% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, DFCF has been the lower-risk option at 1.21%. 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 4.82% return vs -1.93%. 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.
TLT has the higher dividend yield at 4.55%, compared with 4.31% for DFCF.
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 (1.27 vs 0.43), 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.
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