DFCFX vs. DFAIX

Last updated Jun 4, 2026

DFCFX (DFA Two-Year Fixed Income Portfolio) and DFAIX (DFA Short-Duration Real Return Portfolio) are both Short-Term Bond funds from Dimensional. Over the past 10 years, DFCFX returned 2.48%/yr vs 3.33%/yr for DFAIX. At a 0.27 correlation, their price movements are largely independent. DFCFX charges 0.21%/yr vs 0.22%/yr for DFAIX.

Performance

DFCFX vs. DFAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Two-Year Fixed Income Portfolio (DFCFX) and DFA Short-Duration Real Return Portfolio (DFAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFCFX achieves a 1.52% return, which is significantly lower than DFAIX's 2.57% return. Over the past 10 years, DFCFX has underperformed DFAIX with an annualized return of 2.48%, while DFAIX has yielded a comparatively higher 3.33% annualized return.

DFCFX

• 1D: 0.00%
• 1M: 0.31%
• YTD: 1.52%
• 6M: 1.77%
• 1Y: 2.87%
• 3Y*: 4.06%
• 5Y*: 3.78%
• 10Y*: 2.48%

DFAIX

• 1D: 0.00%
• 1M: 0.56%
• YTD: 2.57%
• 6M: 2.56%
• 1Y: 4.85%
• 3Y*: 5.79%
• 5Y*: 3.84%
• 10Y*: 3.33%

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

DFCFX vs. DFAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFCFX DFA Two-Year Fixed Income Portfolio	1.52%	2.28%	5.33%	4.92%	-3.28%	8.60%	0.57%	2.65%	1.78%	0.92%
DFAIX DFA Short-Duration Real Return Portfolio	2.57%	4.86%	6.38%	5.64%	-2.77%	5.40%	2.75%	5.63%	0.11%	1.71%

Correlation

The correlation between DFCFX and DFAIX is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (10Y) Calculated over the trailing 10-year period	0.27
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.27

Over the past year, the correlation between DFCFX and DFAIX has dropped to 0.05 - well below their long-term average of 0.27, suggesting their price drivers have been diverging.

Return for Risk

DFCFX vs. DFAIX — Risk / Return Rank

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

DFCFX

DFCFX Risk / Return Rank: 66
DFCFX Sharpe Ratio Rank: 75
DFCFX Sortino Ratio Rank: 46
DFCFX Omega Ratio Rank: 99
DFCFX Calmar Ratio Rank: 59
DFCFX Martin Ratio Rank: 52

DFAIX

DFAIX Risk / Return Rank: 99
DFAIX Sharpe Ratio Rank: 99
DFAIX Sortino Ratio Rank: 99
DFAIX Omega Ratio Rank: 98
DFAIX Calmar Ratio Rank: 99
DFAIX Martin Ratio Rank: 99

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.

DFCFX vs. DFAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Two-Year Fixed Income Portfolio (DFCFX) and DFA Short-Duration Real Return Portfolio (DFAIX). 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.

	DFCFX	DFAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.50	4.44	-1.93
Sortino ratio: Return per unit of downside risk	2.88	7.79	-4.91
Omega ratio: Gain probability vs. loss probability	3.70	2.45	+1.25
Calmar ratio: Return relative to maximum drawdown	2.94	10.39	-7.45
Martin ratio: Return relative to average drawdown	10.64	48.50	-37.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFCFX vs. DFAIX - Sharpe Ratio Comparison

The current DFCFX Sharpe Ratio is 2.50, which is lower than the DFAIX Sharpe Ratio of 4.44. The chart below compares the historical Sharpe Ratios of DFCFX and DFAIX, 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

	DFCFX	DFAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.50	4.44	-1.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	1.22	-0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	1.31	-0.51
Sharpe Ratio (All Time) Calculated using the full available price history	1.35	1.13	+0.22

Drawdowns

DFCFX vs. DFAIX - Drawdown Comparison

The maximum DFCFX drawdown since its inception was -4.27%, smaller than the maximum DFAIX drawdown of -5.63%. Use the drawdown chart below to compare losses from any high point for DFCFX and DFAIX.

Drawdown Indicators

	DFCFX	DFAIX	Difference
Max Drawdown Largest peak-to-trough decline	-4.27%	-5.63%	+1.36%
Max Drawdown (1Y) Largest decline over 1 year	-1.03%	-0.47%	-0.56%
Max Drawdown (3Y) Largest decline over 3 years	-1.33%	-3.12%	+1.79%
Max Drawdown (5Y) Largest decline over 5 years	-4.27%	-5.46%	+1.19%
Max Drawdown (10Y) Largest decline over 10 years	-4.27%	-5.63%	+1.36%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.26%	-0.94%	+0.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.28%	0.10%	+0.18%

Volatility

DFCFX vs. DFAIX - Volatility Comparison

The current volatility for DFA Two-Year Fixed Income Portfolio (DFCFX) is 0.17%, while DFA Short-Duration Real Return Portfolio (DFAIX) has a volatility of 0.47%. This indicates that DFCFX experiences smaller price fluctuations and is considered to be less risky than DFAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFCFX	DFAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.17%	0.47%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	0.40%	0.93%	-0.53%
Volatility (1Y) Calculated over the trailing 1-year period	1.21%	1.10%	+0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.39%	3.18%	+1.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.13%	2.55%	+0.58%

DFCFX vs. DFAIX - Expense Ratio Comparison

DFCFX has a 0.21% expense ratio, which is lower than DFAIX's 0.22% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

DFCFX vs. DFAIX - Dividend Comparison

DFCFX's dividend yield for the trailing twelve months is around 2.93%, less than DFAIX's 4.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFAIX DFA Short-Duration Real Return Portfolio	4.54%	4.65%	4.14%	3.66%	1.68%	0.98%	0.82%	2.53%	2.72%	1.71%	1.41%	1.29%
DFCFX DFA Two-Year Fixed Income Portfolio	2.93%	2.16%	4.90%	3.43%	1.32%	8.29%	0.67%	2.22%	1.87%	1.22%	0.79%	0.53%

Frequently Asked Questions

Can I hold both DFCFX and DFAIX in my portfolio?

DFCFX and DFAIX have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFCFX or DFAIX?

DFAIX has higher volatility (0.47%) compared to DFCFX (0.17%). In terms of maximum drawdown, DFCFX dropped -4.27% vs DFAIX's -5.63%.

Which has better risk-adjusted returns?

DFAIX currently has the higher Sharpe Ratio (4.44 vs 2.50), 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.