DFEM vs. DFIEX

Last updated Jun 14, 2026

DFEM (Dimensional Emerging Markets Core Equity 2 ETF) and DFIEX (DFA International Core Equity Portfolio I) are both funds - DFEM is a Emerging Markets Diversified fund actively managed by Dimensional, while DFIEX is a Foreign Large Cap Equities fund managed by Dimensional. Over the past 3 years, DFEM returned 21.31%/yr vs 18.82%/yr for DFIEX. A 0.78 correlation means they provide meaningful diversification when combined. DFEM charges 0.39%/yr vs 0.24%/yr for DFIEX.

Performance

DFEM vs. DFIEX - Performance Comparison

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

Returns By Period

In the year-to-date period, DFEM achieves a 22.86% return, which is significantly higher than DFIEX's 9.96% return.

DFEM

• 1D: 0.37%
• 1M: 0.25%
• YTD: 22.86%
• 6M: 25.68%
• 1Y: 43.48%
• 3Y*: 21.31%
• 5Y*: —
• 10Y*: —

DFIEX

• 1D: 2.63%
• 1M: -0.13%
• YTD: 9.96%
• 6M: 11.78%
• 1Y: 26.11%
• 3Y*: 18.82%
• 5Y*: 9.36%
• 10Y*: 10.30%

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

DFEM vs. DFIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DFEM Dimensional Emerging Markets Core Equity 2 ETF	22.86%	29.51%	7.53%	13.91%	-9.60%
DFIEX DFA International Core Equity Portfolio I	9.96%	36.18%	3.99%	17.50%	-2.29%

Correlation

The correlation between DFEM and DFIEX is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (All Time) Calculated using the full available price history since Apr 27, 2022	0.78

The correlation between DFEM and DFIEX has been stable across timeframes, ranging from 0.76 to 0.79 - a consistent structural relationship.

Return for Risk

DFEM vs. DFIEX — Risk / Return Rank

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

DFEM

DFEM Risk / Return Rank: 75
DFEM Sharpe Ratio Rank: 74
DFEM Sortino Ratio Rank: 69
DFEM Omega Ratio Rank: 77
DFEM Calmar Ratio Rank: 76
DFEM Martin Ratio Rank: 77

DFIEX

DFIEX Risk / Return Rank: 59
DFIEX Sharpe Ratio Rank: 61
DFIEX Sortino Ratio Rank: 61
DFIEX Omega Ratio Rank: 58
DFIEX Calmar Ratio Rank: 56
DFIEX Martin Ratio Rank: 56

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. DFIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Emerging Markets Core Equity 2 ETF (DFEM) and DFA International Core Equity Portfolio I (DFIEX). 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	DFIEX	Difference
Sharpe ratio: Return per unit of total volatility	2.07	1.81	+0.26
Sortino ratio: Return per unit of downside risk	2.69	2.53	+0.16
Omega ratio: Gain probability vs. loss probability	1.39	1.32	+0.07
Calmar ratio: Return relative to maximum drawdown	3.42	2.35	+1.06
Martin ratio: Return relative to average drawdown	12.78	9.10	+3.68

DFEM vs. DFIEX - Sharpe Ratio Comparison

The current DFEM Sharpe Ratio is 2.07, which is comparable to the DFIEX Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of DFEM and DFIEX, 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. DFIEX - Drawdown Comparison

The maximum DFEM drawdown since its inception was -20.82%, smaller than the maximum DFIEX drawdown of -62.22%. Use the drawdown chart below to compare losses from any high point for DFEM and DFIEX.

Drawdown Indicators

	DFEM	DFIEX	Difference
Max Drawdown Largest peak-to-trough decline	-20.82%	-62.22%	+41.40%
Max Drawdown (1Y) Largest decline over 1 year	-12.12%	-11.01%	-1.11%
Max Drawdown (3Y) Largest decline over 3 years	-18.09%	-12.81%	-5.28%
Max Drawdown (5Y) Largest decline over 5 years	—	-28.66%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.04%	—
Current Drawdown Current decline from peak	-3.43%	-1.32%	-2.11%
Average Drawdown Average peak-to-trough decline	-5.03%	-12.16%	+7.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.24%	2.84%	+0.40%

Volatility

DFEM vs. DFIEX - Volatility Comparison

Dimensional Emerging Markets Core Equity 2 ETF (DFEM) has a higher volatility of 10.14% compared to DFA International Core Equity Portfolio I (DFIEX) at 4.87%. This indicates that DFEM's price experiences larger fluctuations and is considered to be riskier than DFIEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFEM	DFIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.14%	4.87%	+5.27%
Volatility (6M) Calculated over the trailing 6-month period	17.91%	11.80%	+6.11%
Volatility (1Y) Calculated over the trailing 1-year period	20.02%	14.33%	+5.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.63%	15.83%	+1.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.63%	16.40%	+1.23%

DFEM vs. DFIEX - Expense Ratio Comparison

DFEM has a 0.39% expense ratio, which is higher than DFIEX's 0.24% expense ratio.

Dividends

DFEM vs. DFIEX - Dividend Comparison

DFEM's dividend yield for the trailing twelve months is around 1.86%, less than DFIEX's 2.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFEM Dimensional Emerging Markets Core Equity 2 ETF	1.86%	2.32%	2.50%	2.38%	1.99%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DFIEX DFA International Core Equity Portfolio I	2.94%	3.22%	3.42%	3.36%	2.88%	2.98%	1.77%	2.90%	2.95%	2.49%	2.76%	4.20%

Frequently Asked Questions

Can I hold both DFEM and DFIEX in my portfolio?

DFEM and DFIEX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFEM or DFIEX?

DFEM has higher volatility (10.14%) compared to DFIEX (4.87%). In terms of maximum drawdown, DFEM dropped -20.82% vs DFIEX's -62.22%.

Which has better risk-adjusted returns?

DFEM currently has the higher Sharpe Ratio (2.07 vs 1.81), 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.