DFCF vs. TSPA

Last updated Jun 13, 2026

DFCF (Dimensional Core Fixed Income ETF) and TSPA (T. Rowe Price US Equity Research ETF) are both exchange-traded funds - DFCF is a Intermediate Core Bond fund actively managed by Dimensional, while TSPA is a Large Cap Blend Equities fund actively managed by T. Rowe Price. Both are actively managed. Over the past 3 years, DFCF returned 5.07%/yr vs 21.63%/yr for TSPA. At a 0.23 correlation, their price movements are largely independent. DFCF charges 0.17%/yr vs 0.34%/yr for TSPA.

Performance

DFCF vs. TSPA - Performance Comparison

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

Returns By Period

In the year-to-date period, DFCF achieves a 0.63% return, which is significantly lower than TSPA's 9.54% return.

DFCF

• 1D: -0.09%
• 1M: 0.39%
• YTD: 0.63%
• 6M: 1.08%
• 1Y: 5.09%
• 3Y*: 5.07%
• 5Y*: —
• 10Y*: —

TSPA

• 1D: 0.47%
• 1M: -0.45%
• YTD: 9.54%
• 6M: 10.14%
• 1Y: 24.31%
• 3Y*: 21.63%
• 5Y*: 14.00%
• 10Y*: —

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

DFCF vs. TSPA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DFCF Dimensional Core Fixed Income ETF	0.63%	7.89%	1.86%	6.94%	-14.48%	0.04%
TSPA T. Rowe Price US Equity Research ETF	9.54%	16.44%	26.37%	29.95%	-18.70%	1.71%

Correlation

The correlation between DFCF and TSPA is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (All Time) Calculated using the full available price history since Nov 16, 2021	0.23

The correlation between DFCF and TSPA shifts across timeframes, from 0.23 (all time) to 0.37 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DFCF vs. TSPA — Risk / Return Rank

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

DFCF

DFCF Risk / Return Rank: 40
DFCF Sharpe Ratio Rank: 41
DFCF Sortino Ratio Rank: 42
DFCF Omega Ratio Rank: 38
DFCF Calmar Ratio Rank: 42
DFCF Martin Ratio Rank: 38

TSPA

TSPA Risk / Return Rank: 67
TSPA Sharpe Ratio Rank: 67
TSPA Sortino Ratio Rank: 64
TSPA Omega Ratio Rank: 68
TSPA Calmar Ratio Rank: 60
TSPA Martin Ratio Rank: 73

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. TSPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Core Fixed Income ETF (DFCF) and T. Rowe Price US Equity Research ETF (TSPA). 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	TSPA	Difference
Sharpe ratio: Return per unit of total volatility	1.30	1.91	-0.62
Sortino ratio: Return per unit of downside risk	1.90	2.60	-0.70
Omega ratio: Gain probability vs. loss probability	1.23	1.35	-0.12
Calmar ratio: Return relative to maximum drawdown	1.83	2.64	-0.81
Martin ratio: Return relative to average drawdown	5.39	11.98	-6.59

DFCF vs. TSPA - Sharpe Ratio Comparison

The current DFCF Sharpe Ratio is 1.30, which is lower than the TSPA Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of DFCF and TSPA, 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. TSPA - Drawdown Comparison

The maximum DFCF drawdown since its inception was -19.56%, smaller than the maximum TSPA drawdown of -24.72%. Use the drawdown chart below to compare losses from any high point for DFCF and TSPA.

Drawdown Indicators

	DFCF	TSPA	Difference
Max Drawdown Largest peak-to-trough decline	-19.56%	-24.72%	+5.16%
Max Drawdown (1Y) Largest decline over 1 year	-2.79%	-9.24%	+6.45%
Max Drawdown (3Y) Largest decline over 3 years	-5.05%	-19.04%	+13.99%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.72%	—
Current Drawdown Current decline from peak	-1.20%	-2.25%	+1.05%
Average Drawdown Average peak-to-trough decline	-7.99%	-5.47%	-2.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	2.04%	-1.09%

Volatility

DFCF vs. TSPA - Volatility Comparison

The current volatility for Dimensional Core Fixed Income ETF (DFCF) is 1.44%, while T. Rowe Price US Equity Research ETF (TSPA) has a volatility of 4.52%. This indicates that DFCF experiences smaller price fluctuations and is considered to be less risky than TSPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFCF	TSPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.44%	4.52%	-3.08%
Volatility (6M) Calculated over the trailing 6-month period	2.98%	10.15%	-7.17%
Volatility (1Y) Calculated over the trailing 1-year period	3.96%	12.76%	-8.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.45%	17.05%	-10.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.45%	17.03%	-10.58%

DFCF vs. TSPA - Expense Ratio Comparison

DFCF has a 0.17% expense ratio, which is lower than TSPA's 0.34% expense ratio.

Dividends

DFCF vs. TSPA - Dividend Comparison

DFCF's dividend yield for the trailing twelve months is around 4.30%, more than TSPA's 0.57% yield.

Position	TTM	2025	2024	2023	2022	2021
DFCF Dimensional Core Fixed Income ETF	4.30%	4.48%	4.61%	4.51%	3.27%	0.16%
TSPA T. Rowe Price US Equity Research ETF	0.57%	0.62%	0.50%	0.41%	1.16%	0.43%

Frequently Asked Questions

Can I hold both DFCF and TSPA in my portfolio?

DFCF and TSPA have a correlation of 0.37, 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 TSPA?

TSPA has higher volatility (4.52%) compared to DFCF (1.44%). In terms of maximum drawdown, DFCF dropped -19.56% vs TSPA's -24.72%.

Which ETF is better, DFCF or TSPA?

On 3-year performance, TSPA leads with 21.63% vs 5.07% for DFCF. On fees, DFCF is cheaper at 0.17% per year. On volatility, DFCF has been the lower-risk option at 1.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFCF or TSPA?

Over the 3-year period, TSPA has performed better with a 21.63% return vs 5.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFCF or TSPA?

DFCF is cheaper with a 0.17% expense ratio, compared with 0.34% for TSPA.

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

DFCF has the higher dividend yield at 4.30%, compared with 0.57% for TSPA.

What is the main difference between DFCF and TSPA?

DFCF is categorized as Intermediate Core Bond, while TSPA is Large Cap Blend Equities. They also come from different issuers: Dimensional and T. Rowe Price. Their fees differ too: 0.17% for DFCF and 0.34% for TSPA.

Which has better risk-adjusted returns?

TSPA currently has the higher Sharpe Ratio (1.91 vs 1.30), 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.