DFEMX vs. DFETX

Last updated Jun 4, 2026

DFEMX (DFA Emerging Markets Portfolio) and DFETX (DFA Emerging Markets II Portfolio) are both Emerging Markets Diversified funds from Dimensional. Over the past 10 years, DFEMX returned 11.51%/yr vs 11.62%/yr for DFETX. With a 1.00 correlation, they move nearly in lockstep. DFEMX charges 0.36%/yr vs 0.37%/yr for DFETX.

Performance

DFEMX vs. DFETX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Emerging Markets Portfolio (DFEMX) and DFA Emerging Markets II Portfolio (DFETX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with DFEMX having a 31.30% return and DFETX slightly lower at 31.29%. Both investments have delivered pretty close results over the past 10 years, with DFEMX having a 11.51% annualized return and DFETX not far ahead at 11.62%.

DFEMX

• 1D: 1.02%
• 1M: 10.69%
• YTD: 31.30%
• 6M: 34.75%
• 1Y: 60.80%
• 3Y*: 25.98%
• 5Y*: 10.30%
• 10Y*: 11.51%

DFETX

• 1D: 1.01%
• 1M: 10.68%
• YTD: 31.29%
• 6M: 34.72%
• 1Y: 60.68%
• 3Y*: 25.96%
• 5Y*: 10.33%
• 10Y*: 11.62%

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

DFEMX vs. DFETX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFEMX DFA Emerging Markets Portfolio	31.30%	33.57%	6.90%	13.08%	-16.91%	2.53%	13.89%	16.02%	-13.62%	36.57%
DFETX DFA Emerging Markets II Portfolio	31.29%	33.54%	6.86%	13.11%	-16.84%	2.58%	14.08%	16.30%	-13.47%	36.75%

Correlation

The correlation between DFEMX and DFETX is 1.00 - 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	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Aug 15, 1997	1.00

The correlation between DFEMX and DFETX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

DFEMX vs. DFETX — Risk / Return Rank

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

DFEMX

DFEMX Risk / Return Rank: 93
DFEMX Sharpe Ratio Rank: 97
DFEMX Sortino Ratio Rank: 93
DFEMX Omega Ratio Rank: 92
DFEMX Calmar Ratio Rank: 91
DFEMX Martin Ratio Rank: 92

DFETX

DFETX Risk / Return Rank: 93
DFETX Sharpe Ratio Rank: 97
DFETX Sortino Ratio Rank: 93
DFETX Omega Ratio Rank: 92
DFETX Calmar Ratio Rank: 91
DFETX Martin Ratio Rank: 92

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.

DFEMX vs. DFETX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Emerging Markets Portfolio (DFEMX) and DFA Emerging Markets II Portfolio (DFETX). 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.

	DFEMX	DFETX	Difference
Sharpe ratio: Return per unit of total volatility	3.69	3.68	0.00
Sortino ratio: Return per unit of downside risk	4.67	4.67	0.00
Omega ratio: Gain probability vs. loss probability	1.69	1.69	0.00
Calmar ratio: Return relative to maximum drawdown	4.82	4.81	+0.01
Martin ratio: Return relative to average drawdown	19.39	19.38	+0.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFEMX vs. DFETX - Sharpe Ratio Comparison

The current DFEMX Sharpe Ratio is 3.69, which is comparable to the DFETX Sharpe Ratio of 3.68. The chart below compares the historical Sharpe Ratios of DFEMX and DFETX, 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

	DFEMX	DFETX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.69	3.68	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.66	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.70	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.40	+0.01

Drawdowns

DFEMX vs. DFETX - Drawdown Comparison

The maximum DFEMX drawdown since its inception was -62.43%, roughly equal to the maximum DFETX drawdown of -62.33%. Use the drawdown chart below to compare losses from any high point for DFEMX and DFETX.

Drawdown Indicators

	DFEMX	DFETX	Difference
Max Drawdown Largest peak-to-trough decline	-62.43%	-62.33%	-0.10%
Max Drawdown (1Y) Largest decline over 1 year	-12.85%	-12.84%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-16.12%	-16.13%	+0.01%
Max Drawdown (5Y) Largest decline over 5 years	-31.84%	-31.80%	-0.04%
Max Drawdown (10Y) Largest decline over 10 years	-40.44%	-40.20%	-0.24%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-15.34%	-15.67%	+0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	3.17%	0.00%

Volatility

DFEMX vs. DFETX - Volatility Comparison

DFA Emerging Markets Portfolio (DFEMX) and DFA Emerging Markets II Portfolio (DFETX) have volatilities of 7.55% and 7.58%, 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

	DFEMX	DFETX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.55%	7.58%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	14.71%	14.71%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	16.80%	16.78%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.69%	15.80%	-0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.57%	16.62%	-0.05%

DFEMX vs. DFETX - Expense Ratio Comparison

DFEMX has a 0.36% expense ratio, which is lower than DFETX's 0.37% expense ratio.

Dividends

DFEMX vs. DFETX - Dividend Comparison

DFEMX's dividend yield for the trailing twelve months is around 1.94%, less than DFETX's 6.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFEMX DFA Emerging Markets Portfolio	1.94%	2.55%	3.14%	3.34%	3.90%	6.13%	1.45%	2.33%	2.14%	1.74%	1.92%	2.08%
DFETX DFA Emerging Markets II Portfolio	6.27%	8.24%	3.50%	3.84%	9.30%	19.29%	11.79%	12.48%	8.49%	1.93%	2.40%	3.40%

Frequently Asked Questions

Can I hold both DFEMX and DFETX in my portfolio?

With a correlation of 1.00, DFEMX and DFETX 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, DFEMX or DFETX?

DFETX has higher volatility (7.58%) compared to DFEMX (7.55%). In terms of maximum drawdown, DFEMX dropped -62.43% vs DFETX's -62.33%.

Which has better risk-adjusted returns?

DFEMX currently has the higher Sharpe Ratio (3.69 vs 3.68), 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.