DFEV vs. DFAX

Last updated Aug 2, 2026

DFEV (Dimensional Emerging Markets Value ETF) and DFAX (Dimensional World ex US Core Equity 2 ETF) are both exchange-traded funds - DFEV is a Emerging Markets Equities fund actively managed by Dimensional, while DFAX is a Foreign Large Cap Equities fund actively managed by Dimensional. Both are actively managed. Over the past 3 years, DFEV returned 19.57%/yr vs 18.25%/yr for DFAX. Their correlation of 0.88 means they have usually moved in the same direction. DFEV charges 0.43%/yr vs 0.28%/yr for DFAX.

Performance

DFEV vs. DFAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional Emerging Markets Value ETF (DFEV) and Dimensional World ex US Core Equity 2 ETF (DFAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFEV achieves a 18.44% return, which is significantly higher than DFAX's 12.88% return.

DFEV

• 1D: 0.08%
• 1M: -3.76%
• 6M: 9.07%
• YTD: 18.44%
• 1Y: 35.77%
• 3Y*: 19.57%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.19%

DFAX

• 1D: -0.22%
• 1M: -0.49%
• 6M: 6.47%
• YTD: 12.88%
• 1Y: 27.88%
• 3Y*: 18.25%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.61%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DFAX Dimensional World ex US Core Equity 2 ETF	$32.23M	$29.87M	$28.82M
DFEV Dimensional Emerging Markets Value ETF	$13.02M	$11.82M	$9.92M

DFEV vs. DFAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DFEV Dimensional Emerging Markets Value ETF	18.44%	32.54%	7.26%	15.52%	-6.08%
DFAX Dimensional World ex US Core Equity 2 ETF	12.88%	35.42%	4.78%	16.66%	-3.65%

Correlation

The correlation between DFEV and DFAX is 0.87, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.87
Correlation (3Y) Balances recent behavior with more history.	0.86
Correlation (All Time) Calculated using the full available price history since Apr 27, 2022	0.88

The correlation between DFEV and DFAX has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.

DFEV vs. DFAX - Sectors Allocation Comparison

Sectors	DFEV	DFAX
Financial Services	27.8%	18.5%
Technology	23.8%	19.9%
Basic Materials	11.0%	9.8%
Consumer Cyclical	8.3%	9.2%
Industrials	8.1%	17.2%
Energy	7.6%	5.6%
Consumer Defensive	3.0%	5.0%
Communication Services	2.3%	4.2%
Real Estate	2.2%	1.8%
Healthcare	1.9%	5.9%
Utilities	0.9%	2.8%

Return for Risk

DFEV vs. DFAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DFEV

DFEV Risk / Return Rank: 72
DFEV Sharpe Ratio Rank: 73
DFEV Sortino Ratio Rank: 68
DFEV Omega Ratio Rank: 75
DFEV Calmar Ratio Rank: 73
DFEV Martin Ratio Rank: 70

DFAX

DFAX Risk / Return Rank: 74
DFAX Sharpe Ratio Rank: 75
DFAX Sortino Ratio Rank: 72
DFAX Omega Ratio Rank: 75
DFAX Calmar Ratio Rank: 73
DFAX Martin Ratio Rank: 75

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DFEV vs. DFAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Emerging Markets Value ETF (DFEV) and Dimensional World ex US Core Equity 2 ETF (DFAX). 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.

	DFEV	DFAX	Difference
Sharpe ratio: Return per unit of total volatility	1.66	1.69	-0.03
Sortino ratio: Return per unit of downside risk	2.21	2.31	-0.10
Omega ratio: Gain probability vs. loss probability	1.31	1.31	0.00
Calmar ratio: Return relative to maximum drawdown	2.56	2.51	+0.04
Martin ratio: Return relative to average drawdown	8.54	9.24	-0.70

DFEV vs. DFAX - Sharpe Ratio Comparison

The current DFEV Sharpe Ratio is 1.66, which is comparable to the DFAX Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of DFEV and DFAX, 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

DFEV vs. DFAX - Drawdown Comparison

The maximum DFEV drawdown since its inception was -18.49%, smaller than the maximum DFAX drawdown of -28.15%. Use the drawdown chart below to compare losses from any high point for DFEV and DFAX.

Drawdown Indicators

	DFEV	DFAX	Difference
Max Drawdown Largest peak-to-trough decline	-18.49%	-28.15%	+9.66%
Max Drawdown (1Y) Largest decline over 1 year	-13.86%	-11.11%	-2.75%
Max Drawdown (3Y) Largest decline over 3 years	-17.94%	-13.89%	-4.05%
Current Drawdown Current decline from peak	-10.62%	-3.02%	-7.60%
Average Drawdown Average peak-to-trough decline	-4.71%	-6.54%	+1.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.14%	3.02%	+1.12%

Volatility

DFEV vs. DFAX - Volatility Comparison

Dimensional Emerging Markets Value ETF (DFEV) has a higher volatility of 8.10% compared to Dimensional World ex US Core Equity 2 ETF (DFAX) at 5.32%. This indicates that DFEV's price experiences larger fluctuations and is considered to be riskier than DFAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFEV	DFAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.10%	5.32%	+2.78%
Volatility (6M) Calculated over the trailing 6-month period	19.68%	14.77%	+4.91%
Volatility (1Y) Calculated over the trailing 1-year period	21.40%	16.51%	+4.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.36%	16.17%	+1.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.36%	16.17%	+1.19%

DFEV vs. DFAX - Expense Ratio Comparison

DFEV has a 0.43% expense ratio, which is higher than DFAX's 0.28% expense ratio.

Dividends

DFEV vs. DFAX - Dividend Comparison

DFEV's dividend yield for the trailing twelve months is around 2.17%, less than DFAX's 2.35% yield.

Position	TTM	2025	2024	2023	2022	2021
DFAX Dimensional World ex US Core Equity 2 ETF	2.35%	2.58%	2.98%	3.01%	3.30%	1.40%
DFEV Dimensional Emerging Markets Value ETF	2.17%	2.69%	3.17%	3.47%	3.35%	0.00%

Frequently Asked Questions

Can I hold both DFEV and DFAX in my portfolio?

DFEV and DFAX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFEV or DFAX?

DFEV has higher volatility (8.10%) compared to DFAX (5.32%). In terms of maximum drawdown, DFEV dropped -18.49% vs DFAX's -28.15%.

Which ETF is better, DFEV or DFAX?

On 3-year performance, DFEV leads with 19.57% vs 18.25% for DFAX. On fees, DFAX is cheaper at 0.28% per year. On volatility, DFAX has been the lower-risk option at 5.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFEV or DFAX?

Over the 3-year period, DFEV has performed better with a 19.57% return vs 18.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFEV or DFAX?

DFAX is cheaper with a 0.28% expense ratio, compared with 0.43% for DFEV.

Which ETF pays a higher dividend yield, DFEV or DFAX?

DFAX has the higher dividend yield at 2.35%, compared with 2.17% for DFEV.

What is the main difference between DFEV and DFAX?

DFEV is categorized as Emerging Markets Equities, while DFAX is Foreign Large Cap Equities. Their fees differ too: 0.43% for DFEV and 0.28% for DFAX.

Which has better risk-adjusted returns?

DFAX currently has the higher Sharpe Ratio (1.69 vs 1.66), 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.