DFEM vs. BBEM

Last updated Jun 24, 2026

DFEM (Dimensional Emerging Markets Core Equity 2 ETF) and BBEM (JPMorgan Betabuilders Emerging Markets Equity ETF) are both Emerging Markets Diversified funds. DFEM is actively managed, while BBEM is passively managed. Over the past 3 years, DFEM returned 21.68%/yr vs 21.42%/yr for BBEM. With a 0.97 correlation, they move nearly in lockstep. DFEM charges 0.39%/yr vs 0.15%/yr for BBEM.

Performance

DFEM vs. BBEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional Emerging Markets Core Equity 2 ETF (DFEM) and JPMorgan Betabuilders Emerging Markets Equity ETF (BBEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFEM achieves a 20.81% return, which is significantly lower than BBEM's 21.92% return.

DFEM

• 1D: -5.74%
• 1M: 0.43%
• YTD: 20.81%
• 6M: 21.36%
• 1Y: 41.37%
• 3Y*: 21.68%
• 5Y*: —
• 10Y*: —

BBEM

• 1D: -5.86%
• 1M: 2.04%
• YTD: 21.92%
• 6M: 22.38%
• 1Y: 44.01%
• 3Y*: 21.42%
• 5Y*: —
• 10Y*: —

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

DFEM vs. BBEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DFEM Dimensional Emerging Markets Core Equity 2 ETF	20.81%	29.51%	7.53%	8.28%
BBEM JPMorgan Betabuilders Emerging Markets Equity ETF	21.92%	32.43%	5.61%	6.01%

Correlation

The correlation between DFEM and BBEM is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (All Time) Calculated using the full available price history since May 11, 2023	0.97

The correlation between DFEM and BBEM has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

DFEM vs. BBEM — Risk / Return Rank

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

DFEM

DFEM Risk / Return Rank: 66
DFEM Sharpe Ratio Rank: 63
DFEM Sortino Ratio Rank: 55
DFEM Omega Ratio Rank: 67
DFEM Calmar Ratio Rank: 72
DFEM Martin Ratio Rank: 72

BBEM

BBEM Risk / Return Rank: 67
BBEM Sharpe Ratio Rank: 65
BBEM Sortino Ratio Rank: 58
BBEM Omega Ratio Rank: 69
BBEM Calmar Ratio Rank: 71
BBEM Martin Ratio Rank: 72

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.

DFEM vs. BBEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Emerging Markets Core Equity 2 ETF (DFEM) and JPMorgan Betabuilders Emerging Markets Equity ETF (BBEM). 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.

	DFEM	BBEM	Difference
Sharpe ratio: Return per unit of total volatility	1.97	1.98	-0.01
Sortino ratio: Return per unit of downside risk	2.52	2.57	-0.06
Omega ratio: Gain probability vs. loss probability	1.38	1.38	0.00
Calmar ratio: Return relative to maximum drawdown	3.43	3.37	+0.06
Martin ratio: Return relative to average drawdown	12.74	12.56	+0.18

DFEM vs. BBEM - Sharpe Ratio Comparison

The current DFEM Sharpe Ratio is 1.97, which is comparable to the BBEM Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of DFEM and BBEM, 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

DFEM vs. BBEM - Drawdown Comparison

The maximum DFEM drawdown since its inception was -20.82%, which is greater than BBEM's maximum drawdown of -17.42%. Use the drawdown chart below to compare losses from any high point for DFEM and BBEM.

Drawdown Indicators

	DFEM	BBEM	Difference
Max Drawdown Largest peak-to-trough decline	-20.82%	-17.42%	-3.40%
Max Drawdown (1Y) Largest decline over 1 year	-12.12%	-13.12%	+1.00%
Max Drawdown (3Y) Largest decline over 3 years	-18.09%	-17.42%	-0.67%
Current Drawdown Current decline from peak	-5.74%	-5.86%	+0.12%
Average Drawdown Average peak-to-trough decline	-5.01%	-3.71%	-1.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	3.51%	-0.25%

Volatility

DFEM vs. BBEM - Volatility Comparison

Dimensional Emerging Markets Core Equity 2 ETF (DFEM) and JPMorgan Betabuilders Emerging Markets Equity ETF (BBEM) have volatilities of 12.01% and 12.60%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFEM	BBEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.01%	12.60%	-0.59%
Volatility (6M) Calculated over the trailing 6-month period	19.31%	20.54%	-1.23%
Volatility (1Y) Calculated over the trailing 1-year period	21.16%	22.39%	-1.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.94%	18.48%	-0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.94%	18.48%	-0.54%

DFEM vs. BBEM - Expense Ratio Comparison

DFEM has a 0.39% expense ratio, which is higher than BBEM's 0.15% expense ratio.

Dividends

DFEM vs. BBEM - Dividend Comparison

DFEM's dividend yield for the trailing twelve months is around 1.89%, less than BBEM's 4.78% yield.

Position	TTM	2025	2024	2023	2022
BBEM JPMorgan Betabuilders Emerging Markets Equity ETF	4.78%	5.86%	2.73%	1.94%	0.00%
DFEM Dimensional Emerging Markets Core Equity 2 ETF	1.89%	2.32%	2.50%	2.38%	1.99%

Frequently Asked Questions

Can I hold both DFEM and BBEM in my portfolio?

With a correlation of 0.96, DFEM and BBEM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DFEM or BBEM?

BBEM has higher volatility (12.60%) compared to DFEM (12.01%). In terms of maximum drawdown, DFEM dropped -20.82% vs BBEM's -17.42%.

Which ETF is better, DFEM or BBEM?

On 3-year performance, DFEM leads with 21.68% vs 21.42% for BBEM. On fees, BBEM is cheaper at 0.15% per year. On volatility, DFEM has been the lower-risk option at 12.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFEM or BBEM?

Over the 3-year period, DFEM has performed better with a 21.68% return vs 21.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFEM or BBEM?

BBEM is cheaper with a 0.15% expense ratio, compared with 0.39% for DFEM.

Which ETF pays a higher dividend yield, DFEM or BBEM?

BBEM has the higher dividend yield at 4.78%, compared with 1.89% for DFEM.

What is the main difference between DFEM and BBEM?

They also come from different issuers: Dimensional and JPMorgan. Their fees differ too: 0.39% for DFEM and 0.15% for BBEM.

Which has better risk-adjusted returns?

BBEM currently has the higher Sharpe Ratio (1.98 vs 1.97), 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.