DFGBX vs. DFSHX

Last updated Jun 23, 2026

DFGBX (DFA Five Year Global Fixed Income Portfolio) and DFSHX (DFA Selectively Hedged Global Fixed Income Portfolio) are both Global Bonds funds from Dimensional. Over the past 10 years, DFGBX returned 1.29%/yr vs 2.06%/yr for DFSHX. A 0.54 correlation means they provide meaningful diversification when combined. DFGBX charges 0.23%/yr vs 0.16%/yr for DFSHX.

Performance

DFGBX vs. DFSHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Five Year Global Fixed Income Portfolio (DFGBX) and DFA Selectively Hedged Global Fixed Income Portfolio (DFSHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFGBX achieves a 1.55% return, which is significantly higher than DFSHX's 1.41% return. Over the past 10 years, DFGBX has underperformed DFSHX with an annualized return of 1.29%, while DFSHX has yielded a comparatively higher 2.06% annualized return.

DFGBX

• 1D: 0.00%
• 1M: 0.60%
• YTD: 1.55%
• 6M: 1.75%
• 1Y: 2.58%
• 3Y*: 4.33%
• 5Y*: 1.34%
• 10Y*: 1.29%

DFSHX

• 1D: 0.00%
• 1M: 0.11%
• YTD: 1.41%
• 6M: 1.63%
• 1Y: 3.83%
• 3Y*: 5.10%
• 5Y*: 1.97%
• 10Y*: 2.06%

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

DFGBX vs. DFSHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFGBX DFA Five Year Global Fixed Income Portfolio	1.55%	3.13%	5.37%	5.00%	-6.63%	-1.03%	1.52%	4.04%	1.68%	0.88%
DFSHX DFA Selectively Hedged Global Fixed Income Portfolio	1.41%	4.84%	5.66%	5.55%	-6.24%	-0.82%	2.33%	4.82%	1.83%	2.61%

Correlation

The correlation between DFGBX and DFSHX is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012	0.54

The correlation between DFGBX and DFSHX shifts across timeframes, from 0.42 (3 years) to 0.67 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

DFGBX vs. DFSHX — Risk / Return Rank

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

DFGBX

DFGBX Risk / Return Rank: 32
DFGBX Sharpe Ratio Rank: 27
DFGBX Sortino Ratio Rank: 20
DFGBX Omega Ratio Rank: 62
DFGBX Calmar Ratio Rank: 29
DFGBX Martin Ratio Rank: 22

DFSHX

DFSHX Risk / Return Rank: 81
DFSHX Sharpe Ratio Rank: 83
DFSHX Sortino Ratio Rank: 87
DFSHX Omega Ratio Rank: 92
DFSHX Calmar Ratio Rank: 71
DFSHX Martin Ratio Rank: 71

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.

DFGBX vs. DFSHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Five Year Global Fixed Income Portfolio (DFGBX) and DFA Selectively Hedged Global Fixed Income Portfolio (DFSHX). 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.

	DFGBX	DFSHX	Difference
Sharpe ratio: Return per unit of total volatility	1.38	2.50	-1.12
Sortino ratio: Return per unit of downside risk	1.74	3.84	-2.10
Omega ratio: Gain probability vs. loss probability	1.40	1.65	-0.25
Calmar ratio: Return relative to maximum drawdown	1.90	3.09	-1.20
Martin ratio: Return relative to average drawdown	5.14	12.73	-7.58

DFGBX vs. DFSHX - Sharpe Ratio Comparison

The current DFGBX Sharpe Ratio is 1.38, which is lower than the DFSHX Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of DFGBX and DFSHX, 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

DFGBX vs. DFSHX - Drawdown Comparison

The maximum DFGBX drawdown since its inception was -9.63%, roughly equal to the maximum DFSHX drawdown of -9.58%. Use the drawdown chart below to compare losses from any high point for DFGBX and DFSHX.

Drawdown Indicators

	DFGBX	DFSHX	Difference
Max Drawdown Largest peak-to-trough decline	-9.63%	-9.58%	-0.05%
Max Drawdown (1Y) Largest decline over 1 year	-1.38%	-1.28%	-0.10%
Max Drawdown (3Y) Largest decline over 3 years	-1.67%	-4.18%	+2.51%
Max Drawdown (5Y) Largest decline over 5 years	-9.63%	-9.58%	-0.05%
Max Drawdown (10Y) Largest decline over 10 years	-9.63%	-9.58%	-0.05%
Current Drawdown Current decline from peak	0.00%	-0.32%	+0.32%
Average Drawdown Average peak-to-trough decline	-0.93%	-2.28%	+1.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.50%	0.31%	+0.19%

Volatility

DFGBX vs. DFSHX - Volatility Comparison

The current volatility for DFA Five Year Global Fixed Income Portfolio (DFGBX) is 0.47%, while DFA Selectively Hedged Global Fixed Income Portfolio (DFSHX) has a volatility of 0.69%. This indicates that DFGBX experiences smaller price fluctuations and is considered to be less risky than DFSHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFGBX	DFSHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.47%	0.69%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	1.32%	1.42%	-0.10%
Volatility (1Y) Calculated over the trailing 1-year period	1.89%	1.59%	+0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.19%	3.37%	-1.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.93%	2.65%	-0.72%

DFGBX vs. DFSHX - Expense Ratio Comparison

DFGBX has a 0.23% expense ratio, which is higher than DFSHX's 0.16% 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

DFGBX vs. DFSHX - Dividend Comparison

DFGBX's dividend yield for the trailing twelve months is around 3.42%, less than DFSHX's 4.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFGBX DFA Five Year Global Fixed Income Portfolio	3.42%	2.91%	4.69%	3.61%	1.63%	0.73%	0.03%	2.30%	4.74%	0.89%	1.16%	1.72%
DFSHX DFA Selectively Hedged Global Fixed Income Portfolio	4.20%	4.26%	4.50%	3.90%	0.04%	1.77%	0.03%	2.52%	3.23%	1.75%	1.63%	1.11%

Frequently Asked Questions

Can I hold both DFGBX and DFSHX in my portfolio?

DFGBX and DFSHX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFGBX or DFSHX?

DFSHX has higher volatility (0.69%) compared to DFGBX (0.47%). In terms of maximum drawdown, DFGBX dropped -9.63% vs DFSHX's -9.58%.

Which has better risk-adjusted returns?

DFSHX currently has the higher Sharpe Ratio (2.50 vs 1.38), 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.