DFEV vs. XCNY

Last updated Apr 1, 2026

Compare and contrast key facts about Dimensional Emerging Markets Value ETF (DFEV) and SPDR S&P Emerging Markets ex-China ETF (XCNY).

DFEV and XCNY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DFEV is an actively managed fund by Dimensional. It was launched on Apr 26, 2022. XCNY is a passively managed fund by State Street that tracks the performance of the S&P Emerging ex-China BMI. It was launched on Sep 4, 2024.

Performance

DFEV vs. XCNY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional Emerging Markets Value ETF (DFEV) and SPDR S&P Emerging Markets ex-China ETF (XCNY). The values are adjusted to include any dividend payments, if applicable.

DFEV vs. XCNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DFEV Dimensional Emerging Markets Value ETF	6.14%	32.54%	-1.19%
XCNY SPDR S&P Emerging Markets ex-China ETF	2.45%	20.42%	-3.51%

Returns By Period

In the year-to-date period, DFEV achieves a 6.14% return, which is significantly higher than XCNY's 2.45% return.

DFEV

• 1D: 2.88%
• 1M: -8.08%
• YTD: 6.14%
• 6M: 12.96%
• 1Y: 36.04%
• 3Y*: 19.02%
• 5Y*: —
• 10Y*: —

XCNY

• 1D: 3.52%
• 1M: -7.56%
• YTD: 2.45%
• 6M: 7.28%
• 1Y: 26.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFEV vs. XCNY - Expense Ratio Comparison

DFEV has a 0.43% expense ratio, which is higher than XCNY's 0.15% expense ratio.

DFEV

Dimensional Emerging Markets Value ETF

XCNY

SPDR S&P Emerging Markets ex-China ETF

Return for Risk

DFEV vs. XCNY — Risk / Return Rank

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

DFEV

DFEV Risk / Return Rank: 91
DFEV Sharpe Ratio Rank: 92
DFEV Sortino Ratio Rank: 91
DFEV Omega Ratio Rank: 92
DFEV Calmar Ratio Rank: 88
DFEV Martin Ratio Rank: 90

XCNY

XCNY Risk / Return Rank: 78
XCNY Sharpe Ratio Rank: 77
XCNY Sortino Ratio Rank: 79
XCNY Omega Ratio Rank: 77
XCNY Calmar Ratio Rank: 80
XCNY Martin Ratio Rank: 79

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.

DFEV vs. XCNY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Emerging Markets Value ETF (DFEV) and SPDR S&P Emerging Markets ex-China ETF (XCNY). 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.

	DFEV	XCNY	Difference
Sharpe ratio Return per unit of total volatility	2.05	1.44	+0.61
Sortino ratio Return per unit of downside risk	2.63	2.09	+0.54
Omega ratio Gain probability vs. loss probability	1.40	1.30	+0.10
Calmar ratio Return relative to maximum drawdown	2.75	2.26	+0.50
Martin ratio Return relative to average drawdown	11.33	8.84	+2.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFEV vs. XCNY - Sharpe Ratio Comparison

The current DFEV Sharpe Ratio is 2.05, which is higher than the XCNY Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of DFEV and XCNY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DFEV	XCNY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	1.44	+0.61
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.69	+0.14

Correlation

The correlation between DFEV and XCNY is 0.80, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

DFEV vs. XCNY - Dividend Comparison

DFEV's dividend yield for the trailing twelve months is around 2.47%, less than XCNY's 2.62% yield.

	TTM	2025	2024	2023	2022
DFEV Dimensional Emerging Markets Value ETF	2.47%	2.69%	3.17%	3.47%	3.35%
XCNY SPDR S&P Emerging Markets ex-China ETF	2.62%	2.68%	1.07%	0.00%	0.00%

Drawdowns

DFEV vs. XCNY - Drawdown Comparison

The maximum DFEV drawdown since its inception was -18.49%, smaller than the maximum XCNY drawdown of -19.70%. Use the drawdown chart below to compare losses from any high point for DFEV and XCNY.

Drawdown Indicators

	DFEV	XCNY	Difference
Max Drawdown Largest peak-to-trough decline	-18.49%	-19.70%	+1.21%
Max Drawdown (1Y) Largest decline over 1 year	-12.98%	-11.86%	-1.12%
Current Drawdown Current decline from peak	-8.81%	-8.75%	-0.06%
Average Drawdown Average peak-to-trough decline	-4.77%	-4.38%	-0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	3.03%	+0.13%

Volatility

DFEV vs. XCNY - Volatility Comparison

Dimensional Emerging Markets Value ETF (DFEV) and SPDR S&P Emerging Markets ex-China ETF (XCNY) have volatilities of 9.05% and 8.99%, 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

	DFEV	XCNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.05%	8.99%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	12.83%	12.38%	+0.45%
Volatility (1Y) Calculated over the trailing 1-year period	17.70%	18.81%	-1.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.99%	17.14%	-1.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.99%	17.14%	-1.15%