DFGFX vs. PRWBX

Last updated Jun 23, 2026

DFGFX (DFA Two Year Global Fixed Income Portfolio) and PRWBX (T. Rowe Price Short-Term Bond Fund) are both mutual funds - DFGFX is a Global Bonds fund managed by Dimensional, while PRWBX is a Short-Term Bond fund managed by T. Rowe Price. Over the past 10 years, DFGFX returned 1.82%/yr vs 2.54%/yr for PRWBX. At a 0.29 correlation, their price movements are largely independent. DFGFX charges 0.16%/yr vs 0.43%/yr for PRWBX.

Performance

DFGFX vs. PRWBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Two Year Global Fixed Income Portfolio (DFGFX) and T. Rowe Price Short-Term Bond Fund (PRWBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFGFX achieves a 1.80% return, which is significantly higher than PRWBX's 0.38% return. Over the past 10 years, DFGFX has underperformed PRWBX with an annualized return of 1.82%, while PRWBX has yielded a comparatively higher 2.54% annualized return.

DFGFX

• 1D: 0.10%
• 1M: 0.41%
• YTD: 1.80%
• 6M: 1.91%
• 1Y: 2.64%
• 3Y*: 4.33%
• 5Y*: 2.34%
• 10Y*: 1.82%

PRWBX

• 1D: 0.00%
• 1M: 0.13%
• YTD: 0.38%
• 6M: 1.34%
• 1Y: 5.31%
• 3Y*: 5.80%
• 5Y*: 2.69%
• 10Y*: 2.54%

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

DFGFX vs. PRWBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFGFX DFA Two Year Global Fixed Income Portfolio	1.80%	2.89%	5.36%	4.95%	-2.62%	-0.37%	0.88%	2.87%	1.91%	0.93%
PRWBX T. Rowe Price Short-Term Bond Fund	0.38%	7.22%	6.22%	5.54%	-4.99%	-0.23%	4.56%	4.33%	1.38%	1.33%

Correlation

The correlation between DFGFX and PRWBX is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (10Y) Calculated over the trailing 10-year period	0.29
Correlation (All Time) Calculated using the full available price history since Jun 20, 1996	0.29

Over the past year, the correlation between DFGFX and PRWBX has dropped to 0.06 - well below their long-term average of 0.29, suggesting their price drivers have been diverging.

Return for Risk

DFGFX vs. PRWBX — Risk / Return Rank

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

DFGFX

DFGFX Risk / Return Rank: 43
DFGFX Sharpe Ratio Rank: 39
DFGFX Sortino Ratio Rank: 22
DFGFX Omega Ratio Rank: 98
DFGFX Calmar Ratio Rank: 29
DFGFX Martin Ratio Rank: 26

PRWBX

PRWBX Risk / Return Rank: 90
PRWBX Sharpe Ratio Rank: 79
PRWBX Sortino Ratio Rank: 91
PRWBX Omega Ratio Rank: 94
PRWBX Calmar Ratio Rank: 94
PRWBX Martin Ratio Rank: 94

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.

DFGFX vs. PRWBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Two Year Global Fixed Income Portfolio (DFGFX) and T. Rowe Price Short-Term Bond Fund (PRWBX). 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.

	DFGFX	PRWBX	Difference
Sharpe ratio: Return per unit of total volatility	1.68	2.39	-0.71
Sortino ratio: Return per unit of downside risk	1.84	4.19	-2.35
Omega ratio: Gain probability vs. loss probability	2.29	1.71	+0.58
Calmar ratio: Return relative to maximum drawdown	1.89	5.09	-3.20
Martin ratio: Return relative to average drawdown	5.81	18.97	-13.17

DFGFX vs. PRWBX - Sharpe Ratio Comparison

The current DFGFX Sharpe Ratio is 1.68, which is comparable to the PRWBX Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of DFGFX and PRWBX, 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

DFGFX vs. PRWBX - Drawdown Comparison

The maximum DFGFX drawdown since its inception was -4.00%, smaller than the maximum PRWBX drawdown of -7.78%. Use the drawdown chart below to compare losses from any high point for DFGFX and PRWBX.

Drawdown Indicators

	DFGFX	PRWBX	Difference
Max Drawdown Largest peak-to-trough decline	-4.00%	-7.78%	+3.78%
Max Drawdown (1Y) Largest decline over 1 year	-1.41%	-1.07%	-0.34%
Max Drawdown (3Y) Largest decline over 3 years	-2.12%	-1.07%	-1.05%
Max Drawdown (5Y) Largest decline over 5 years	-4.00%	-7.29%	+3.29%
Max Drawdown (10Y) Largest decline over 10 years	-4.00%	-7.29%	+3.29%
Current Drawdown Current decline from peak	0.00%	-0.43%	+0.43%
Average Drawdown Average peak-to-trough decline	-0.23%	-0.95%	+0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.46%	0.28%	+0.18%

Volatility

DFGFX vs. PRWBX - Volatility Comparison

The current volatility for DFA Two Year Global Fixed Income Portfolio (DFGFX) is 0.25%, while T. Rowe Price Short-Term Bond Fund (PRWBX) has a volatility of 0.65%. This indicates that DFGFX experiences smaller price fluctuations and is considered to be less risky than PRWBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFGFX	PRWBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.25%	0.65%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	0.54%	1.62%	-1.08%
Volatility (1Y) Calculated over the trailing 1-year period	1.59%	2.28%	-0.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.81%	2.56%	-0.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.36%	2.18%	-0.82%

DFGFX vs. PRWBX - Expense Ratio Comparison

DFGFX has a 0.16% expense ratio, which is lower than PRWBX's 0.43% expense ratio.

Dividends

DFGFX vs. PRWBX - Dividend Comparison

DFGFX's dividend yield for the trailing twelve months is around 3.09%, less than PRWBX's 5.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFGFX DFA Two Year Global Fixed Income Portfolio	3.09%	2.67%	4.77%	3.19%	1.17%	0.23%	0.57%	2.24%	2.21%	1.54%	0.65%	0.02%
PRWBX T. Rowe Price Short-Term Bond Fund	5.64%	5.64%	5.12%	3.57%	1.38%	1.24%	1.92%	2.52%	2.22%	1.75%	1.58%	1.46%

Frequently Asked Questions

Can I hold both DFGFX and PRWBX in my portfolio?

DFGFX and PRWBX have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFGFX or PRWBX?

PRWBX has higher volatility (0.65%) compared to DFGFX (0.25%). In terms of maximum drawdown, DFGFX dropped -4.00% vs PRWBX's -7.78%.

Which has better risk-adjusted returns?

PRWBX currently has the higher Sharpe Ratio (2.39 vs 1.68), 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.