DFETX vs. DFEMX

Last updated Jun 23, 2026

DFETX (DFA Emerging Markets II Portfolio) and DFEMX (DFA Emerging Markets Portfolio) are both Emerging Markets Diversified funds from Dimensional. Over the past 10 years, DFETX returned 11.56%/yr vs 11.45%/yr for DFEMX. With a 1.00 correlation, they move nearly in lockstep. DFETX charges 0.37%/yr vs 0.36%/yr for DFEMX.

Performance

DFETX vs. DFEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Emerging Markets II Portfolio (DFETX) and DFA Emerging Markets Portfolio (DFEMX). 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 DFETX having a 31.43% return and DFEMX slightly lower at 31.40%. Both investments have delivered pretty close results over the past 10 years, with DFETX having a 11.56% annualized return and DFEMX not far behind at 11.45%.

DFETX

• 1D: 3.06%
• 1M: 7.54%
• YTD: 31.43%
• 6M: 33.43%
• 1Y: 57.85%
• 3Y*: 24.31%
• 5Y*: 10.87%
• 10Y*: 11.56%

DFEMX

• 1D: 3.05%
• 1M: 7.50%
• YTD: 31.40%
• 6M: 33.38%
• 1Y: 57.89%
• 3Y*: 24.30%
• 5Y*: 10.85%
• 10Y*: 11.45%

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

DFETX vs. DFEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFETX DFA Emerging Markets II Portfolio	31.43%	33.54%	6.86%	13.11%	-16.84%	2.58%	14.08%	16.30%	-13.47%	36.75%
DFEMX DFA Emerging Markets Portfolio	31.40%	33.57%	6.90%	13.08%	-16.91%	2.53%	13.89%	16.02%	-13.62%	36.57%

Correlation

The correlation between DFETX and DFEMX 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 14, 1997	1.00

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

Return for Risk

DFETX vs. DFEMX — Risk / Return Rank

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

DFETX

DFETX Risk / Return Rank: 90
DFETX Sharpe Ratio Rank: 95
DFETX Sortino Ratio Rank: 85
DFETX Omega Ratio Rank: 88
DFETX Calmar Ratio Rank: 91
DFETX Martin Ratio Rank: 91

DFEMX

DFEMX Risk / Return Rank: 90
DFEMX Sharpe Ratio Rank: 95
DFEMX Sortino Ratio Rank: 86
DFEMX Omega Ratio Rank: 88
DFEMX Calmar Ratio Rank: 91
DFEMX Martin Ratio Rank: 91

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.

DFETX vs. DFEMX - Risk-Adjusted Trends Comparison

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

	DFETX	DFEMX	Difference
Sharpe ratio: Return per unit of total volatility	3.03	3.03	0.00
Sortino ratio: Return per unit of downside risk	3.76	3.76	0.00
Omega ratio: Gain probability vs. loss probability	1.58	1.58	0.00
Calmar ratio: Return relative to maximum drawdown	4.50	4.50	0.00
Martin ratio: Return relative to average drawdown	17.14	17.15	0.00

DFETX vs. DFEMX - Sharpe Ratio Comparison

The current DFETX Sharpe Ratio is 3.03, which is comparable to the DFEMX Sharpe Ratio of 3.03. The chart below compares the historical Sharpe Ratios of DFETX and DFEMX, 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

DFETX vs. DFEMX - Drawdown Comparison

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

Drawdown Indicators

	DFETX	DFEMX	Difference
Max Drawdown Largest peak-to-trough decline	-62.33%	-62.43%	+0.10%
Max Drawdown (1Y) Largest decline over 1 year	-12.84%	-12.85%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-16.13%	-16.12%	-0.01%
Max Drawdown (5Y) Largest decline over 5 years	-31.29%	-31.35%	+0.06%
Max Drawdown (10Y) Largest decline over 10 years	-40.20%	-40.44%	+0.24%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-15.65%	-15.32%	-0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.35%	3.36%	-0.01%

Volatility

DFETX vs. DFEMX - Volatility Comparison

DFA Emerging Markets II Portfolio (DFETX) and DFA Emerging Markets Portfolio (DFEMX) have volatilities of 10.42% and 10.43%, 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

	DFETX	DFEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.42%	10.43%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	17.35%	17.35%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	19.06%	19.08%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.30%	16.20%	+0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.83%	16.79%	+0.04%

DFETX vs. DFEMX - Expense Ratio Comparison

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

Dividends

DFETX vs. DFEMX - Dividend Comparison

DFETX's dividend yield for the trailing twelve months is around 6.27%, more than DFEMX's 1.94% 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 DFETX and DFEMX in my portfolio?

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

DFEMX has higher volatility (10.43%) compared to DFETX (10.42%). In terms of maximum drawdown, DFETX dropped -62.33% vs DFEMX's -62.43%.

Which has better risk-adjusted returns?

DFEMX currently has the higher Sharpe Ratio (3.03 vs 3.03), 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.