DFEMX vs. DFEVX

Last updated Jun 4, 2026

DFEMX (DFA Emerging Markets Portfolio) and DFEVX (DFA Emerging Markets Value Portfolio) are both Emerging Markets Diversified funds from Dimensional. Over the past 10 years, DFEMX returned 11.51%/yr vs 11.65%/yr for DFEVX. With a 0.96 correlation, they move nearly in lockstep. DFEMX charges 0.36%/yr vs 0.45%/yr for DFEVX.

Performance

DFEMX vs. DFEVX - Performance Comparison

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

Returns By Period

In the year-to-date period, DFEMX achieves a 31.30% return, which is significantly higher than DFEVX's 25.72% return. Both investments have delivered pretty close results over the past 10 years, with DFEMX having a 11.51% annualized return and DFEVX not far ahead at 11.65%.

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%

DFEVX

• 1D: 0.93%
• 1M: 9.39%
• YTD: 25.72%
• 6M: 28.51%
• 1Y: 49.44%
• 3Y*: 23.60%
• 5Y*: 11.50%
• 10Y*: 11.65%

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

DFEMX vs. DFEVX - 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%
DFEVX DFA Emerging Markets Value Portfolio	25.72%	29.50%	6.17%	16.50%	-10.77%	12.42%	2.73%	9.64%	-11.92%	33.77%

Correlation

The correlation between DFEMX and DFEVX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Apr 1, 1998	0.96

The correlation between DFEMX and DFEVX has been stable across timeframes, ranging from 0.91 to 0.96 - a consistent structural relationship.

Return for Risk

DFEMX vs. DFEVX — 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

DFEVX

DFEVX Risk / Return Rank: 91
DFEVX Sharpe Ratio Rank: 96
DFEVX Sortino Ratio Rank: 92
DFEVX Omega Ratio Rank: 92
DFEVX Calmar Ratio Rank: 89
DFEVX Martin Ratio Rank: 87

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. DFEVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Emerging Markets Portfolio (DFEMX) and DFA Emerging Markets Value Portfolio (DFEVX). 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	DFEVX	Difference
Sharpe ratio: Return per unit of total volatility	3.69	3.55	+0.14
Sortino ratio: Return per unit of downside risk	4.67	4.61	+0.06
Omega ratio: Gain probability vs. loss probability	1.69	1.68	+0.01
Calmar ratio: Return relative to maximum drawdown	4.82	4.42	+0.39
Martin ratio: Return relative to average drawdown	19.39	16.88	+2.51
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. DFEVX - Sharpe Ratio Comparison

The current DFEMX Sharpe Ratio is 3.69, which is comparable to the DFEVX Sharpe Ratio of 3.55. The chart below compares the historical Sharpe Ratios of DFEMX and DFEVX, 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	DFEVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.69	3.55	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.83	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.75	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.52	-0.10

Drawdowns

DFEMX vs. DFEVX - Drawdown Comparison

The maximum DFEMX drawdown since its inception was -62.43%, smaller than the maximum DFEVX drawdown of -67.59%. Use the drawdown chart below to compare losses from any high point for DFEMX and DFEVX.

Drawdown Indicators

	DFEMX	DFEVX	Difference
Max Drawdown Largest peak-to-trough decline	-62.43%	-67.59%	+5.16%
Max Drawdown (1Y) Largest decline over 1 year	-12.85%	-11.35%	-1.50%
Max Drawdown (3Y) Largest decline over 3 years	-16.12%	-16.17%	+0.05%
Max Drawdown (5Y) Largest decline over 5 years	-31.84%	-23.52%	-8.32%
Max Drawdown (10Y) Largest decline over 10 years	-40.44%	-47.53%	+7.09%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-15.34%	-16.49%	+1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	2.97%	+0.20%

Volatility

DFEMX vs. DFEVX - Volatility Comparison

DFA Emerging Markets Portfolio (DFEMX) has a higher volatility of 7.55% compared to DFA Emerging Markets Value Portfolio (DFEVX) at 6.05%. This indicates that DFEMX's price experiences larger fluctuations and is considered to be riskier than DFEVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFEMX	DFEVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.55%	6.05%	+1.50%
Volatility (6M) Calculated over the trailing 6-month period	14.71%	11.95%	+2.76%
Volatility (1Y) Calculated over the trailing 1-year period	16.80%	14.14%	+2.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.69%	13.95%	+1.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.57%	15.56%	+1.01%

DFEMX vs. DFEVX - Expense Ratio Comparison

DFEMX has a 0.36% expense ratio, which is lower than DFEVX's 0.45% expense ratio.

Dividends

DFEMX vs. DFEVX - Dividend Comparison

DFEMX's dividend yield for the trailing twelve months is around 1.94%, less than DFEVX's 2.98% 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%
DFEVX DFA Emerging Markets Value Portfolio	2.98%	3.80%	4.68%	4.39%	4.44%	3.82%	2.47%	2.47%	2.49%	2.45%	1.99%	2.55%

Frequently Asked Questions

Can I hold both DFEMX and DFEVX in my portfolio?

With a correlation of 0.91, DFEMX and DFEVX 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 DFEVX?

DFEMX has higher volatility (7.55%) compared to DFEVX (6.05%). In terms of maximum drawdown, DFEMX dropped -62.43% vs DFEVX's -67.59%.

Which has better risk-adjusted returns?

DFEMX currently has the higher Sharpe Ratio (3.69 vs 3.55), 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.