DFEQX vs. SPEM

Last updated Jun 13, 2026

DFEQX (DFA Short-Term Extended Quality Portfolio) and SPEM (SPDR Portfolio Emerging Markets ETF) are both funds - DFEQX is a Short-Term Bond fund managed by Dimensional, while SPEM is a Emerging Markets Equities fund tracking the S&P Emerging Markets BMI. Over the past 10 years, DFEQX returned 1.93%/yr vs 9.63%/yr for SPEM. At a correlation of -0.00, they often move in opposite directions. DFEQX charges 0.19%/yr vs 0.11%/yr for SPEM.

Performance

DFEQX vs. SPEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Short-Term Extended Quality Portfolio (DFEQX) and SPDR Portfolio Emerging Markets ETF (SPEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFEQX achieves a 1.50% return, which is significantly lower than SPEM's 11.32% return. Over the past 10 years, DFEQX has underperformed SPEM with an annualized return of 1.93%, while SPEM has yielded a comparatively higher 9.63% annualized return.

DFEQX

• 1D: 0.19%
• 1M: 0.62%
• YTD: 1.50%
• 6M: 1.79%
• 1Y: 3.70%
• 3Y*: 4.87%
• 5Y*: 2.03%
• 10Y*: 1.93%

SPEM

• 1D: 0.87%
• 1M: -0.13%
• YTD: 11.32%
• 6M: 13.11%
• 1Y: 27.73%
• 3Y*: 17.37%
• 5Y*: 5.60%
• 10Y*: 9.63%

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

DFEQX vs. SPEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFEQX DFA Short-Term Extended Quality Portfolio	1.50%	4.27%	5.50%	5.44%	-5.18%	-0.60%	2.24%	4.51%	1.34%	1.51%
SPEM SPDR Portfolio Emerging Markets ETF	11.32%	25.63%	11.40%	10.51%	-17.90%	1.51%	14.55%	19.69%	-13.26%	34.82%

Correlation

The correlation between DFEQX and SPEM is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (10Y) Calculated over the trailing 10-year period	0.05
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012	-0.00

The correlation between DFEQX and SPEM shifts across timeframes, from -0.00 (all time) to 0.42 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DFEQX vs. SPEM — Risk / Return Rank

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

DFEQX

DFEQX Risk / Return Rank: 97
DFEQX Sharpe Ratio Rank: 98
DFEQX Sortino Ratio Rank: 98
DFEQX Omega Ratio Rank: 98
DFEQX Calmar Ratio Rank: 95
DFEQX Martin Ratio Rank: 96

SPEM

SPEM Risk / Return Rank: 52
SPEM Sharpe Ratio Rank: 52
SPEM Sortino Ratio Rank: 49
SPEM Omega Ratio Rank: 53
SPEM Calmar Ratio Rank: 52
SPEM Martin Ratio Rank: 54

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.

DFEQX vs. SPEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Short-Term Extended Quality Portfolio (DFEQX) and SPDR Portfolio Emerging Markets ETF (SPEM). 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.

	DFEQX	SPEM	Difference
Sharpe ratio: Return per unit of total volatility	3.53	1.55	+1.97
Sortino ratio: Return per unit of downside risk	5.64	2.16	+3.49
Omega ratio: Gain probability vs. loss probability	2.08	1.29	+0.79
Calmar ratio: Return relative to maximum drawdown	5.07	2.28	+2.80
Martin ratio: Return relative to average drawdown	21.16	8.16	+13.00

DFEQX vs. SPEM - Sharpe Ratio Comparison

The current DFEQX Sharpe Ratio is 3.53, which is higher than the SPEM Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of DFEQX and SPEM, 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

DFEQX vs. SPEM - Drawdown Comparison

The maximum DFEQX drawdown since its inception was -8.40%, smaller than the maximum SPEM drawdown of -64.41%. Use the drawdown chart below to compare losses from any high point for DFEQX and SPEM.

Drawdown Indicators

	DFEQX	SPEM	Difference
Max Drawdown Largest peak-to-trough decline	-8.40%	-64.41%	+56.01%
Max Drawdown (1Y) Largest decline over 1 year	-0.76%	-11.36%	+10.60%
Max Drawdown (3Y) Largest decline over 3 years	-1.16%	-17.62%	+16.46%
Max Drawdown (5Y) Largest decline over 5 years	-8.40%	-31.75%	+23.35%
Max Drawdown (10Y) Largest decline over 10 years	-8.40%	-36.06%	+27.66%
Current Drawdown Current decline from peak	0.00%	-2.40%	+2.40%
Average Drawdown Average peak-to-trough decline	-0.95%	-14.73%	+13.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.18%	3.17%	-2.99%

Volatility

DFEQX vs. SPEM - Volatility Comparison

The current volatility for DFA Short-Term Extended Quality Portfolio (DFEQX) is 0.46%, while SPDR Portfolio Emerging Markets ETF (SPEM) has a volatility of 6.87%. This indicates that DFEQX experiences smaller price fluctuations and is considered to be less risky than SPEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFEQX	SPEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.46%	6.87%	-6.41%
Volatility (6M) Calculated over the trailing 6-month period	0.91%	14.21%	-13.30%
Volatility (1Y) Calculated over the trailing 1-year period	1.10%	16.67%	-15.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.08%	17.26%	-15.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.69%	18.83%	-17.14%

DFEQX vs. SPEM - Expense Ratio Comparison

DFEQX has a 0.19% expense ratio, which is higher than SPEM's 0.11% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

DFEQX vs. SPEM - Dividend Comparison

DFEQX's dividend yield for the trailing twelve months is around 4.12%, more than SPEM's 2.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFEQX DFA Short-Term Extended Quality Portfolio	4.12%	3.62%	4.40%	3.34%	1.78%	1.05%	0.47%	2.18%	3.14%	1.51%	1.59%	1.72%
SPEM SPDR Portfolio Emerging Markets ETF	2.49%	2.77%	2.78%	2.80%	3.38%	3.14%	1.92%	2.94%	2.34%	1.12%	1.51%	2.40%

Frequently Asked Questions

Can I hold both DFEQX and SPEM in my portfolio?

DFEQX and SPEM have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFEQX or SPEM?

SPEM has higher volatility (6.87%) compared to DFEQX (0.46%). In terms of maximum drawdown, DFEQX dropped -8.40% vs SPEM's -64.41%.

Which has better risk-adjusted returns?

DFEQX currently has the higher Sharpe Ratio (3.53 vs 1.55), 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.