DFGR vs. DFAX

Last updated Jun 4, 2026

DFGR (Dimensional Global Real Estate ETF) and DFAX (Dimensional World ex US Core Equity 2 ETF) are both exchange-traded funds - DFGR is a REIT fund actively managed by Dimensional, while DFAX is a Foreign Large Cap Equities fund tracking the MSCI All Country World ex USA Index. DFGR is actively managed, while DFAX is passively managed. Over the past 3 years, DFGR returned 8.89%/yr vs 20.90%/yr for DFAX. A 0.61 correlation means they provide meaningful diversification when combined. DFGR charges 0.22%/yr vs 0.30%/yr for DFAX.

Performance

DFGR vs. DFAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional Global Real Estate ETF (DFGR) 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, DFGR achieves a 7.61% return, which is significantly lower than DFAX's 15.23% return.

DFGR

• 1D: -0.28%
• 1M: -1.00%
• YTD: 7.61%
• 6M: 7.46%
• 1Y: 10.27%
• 3Y*: 8.89%
• 5Y*: —
• 10Y*: —

DFAX

• 1D: -1.00%
• 1M: 3.89%
• YTD: 15.23%
• 6M: 18.11%
• 1Y: 34.96%
• 3Y*: 20.90%
• 5Y*: —
• 10Y*: —

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

DFGR vs. DFAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DFGR Dimensional Global Real Estate ETF	7.61%	7.65%	1.89%	9.64%	-1.24%
DFAX Dimensional World ex US Core Equity 2 ETF	15.23%	35.42%	4.78%	16.66%	-0.42%

Correlation

The correlation between DFGR and DFAX is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (All Time) Calculated using the full available price history since Dec 8, 2022	0.61

The correlation between DFGR and DFAX has been stable across timeframes, ranging from 0.55 to 0.61 - a consistent structural relationship.

DFGR vs. DFAX - Sectors Allocation Comparison

Sectors	DFGR	DFAX
Real Estate	99.1%	3.1%
Financial Services	0.1%	17.9%
Technology	0.1%	10.9%
Communication Services	0.0%	3.5%
Consumer Cyclical	0.0%	10.9%
Healthcare	0.0%	5.6%
Industrials	0.0%	16.1%
Consumer Defensive	0.0%	3.9%
Energy	0.0%	6.6%
Utilities	0.0%	4.2%
Basic Materials	-	13.2%

Return for Risk

DFGR vs. DFAX — Risk / Return Rank

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

DFGR

DFGR Risk / Return Rank: 24
DFGR Sharpe Ratio Rank: 24
DFGR Sortino Ratio Rank: 23
DFGR Omega Ratio Rank: 23
DFGR Calmar Ratio Rank: 24
DFGR Martin Ratio Rank: 28

DFAX

DFAX Risk / Return Rank: 68
DFAX Sharpe Ratio Rank: 71
DFAX Sortino Ratio Rank: 68
DFAX Omega Ratio Rank: 71
DFAX Calmar Ratio Rank: 63
DFAX Martin Ratio Rank: 67

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.

DFGR vs. DFAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Global Real Estate ETF (DFGR) 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.

	DFGR	DFAX	Difference
Sharpe ratio: Return per unit of total volatility	0.87	2.37	-1.50
Sortino ratio: Return per unit of downside risk	1.26	3.17	-1.91
Omega ratio: Gain probability vs. loss probability	1.16	1.43	-0.27
Calmar ratio: Return relative to maximum drawdown	1.13	3.16	-2.04
Martin ratio: Return relative to average drawdown	4.00	12.50	-8.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFGR vs. DFAX - Sharpe Ratio Comparison

The current DFGR Sharpe Ratio is 0.87, which is lower than the DFAX Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of DFGR 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.

Sharpe Ratios by Period

	DFGR	DFAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.87	2.37	-1.50
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.65	-0.17

Drawdowns

DFGR vs. DFAX - Drawdown Comparison

The maximum DFGR drawdown since its inception was -21.28%, smaller than the maximum DFAX drawdown of -28.15%. Use the drawdown chart below to compare losses from any high point for DFGR and DFAX.

Drawdown Indicators

	DFGR	DFAX	Difference
Max Drawdown Largest peak-to-trough decline	-21.28%	-28.15%	+6.87%
Max Drawdown (1Y) Largest decline over 1 year	-9.15%	-11.11%	+1.96%
Max Drawdown (3Y) Largest decline over 3 years	-17.57%	-13.89%	-3.68%
Current Drawdown Current decline from peak	-2.76%	-1.00%	-1.76%
Average Drawdown Average peak-to-trough decline	-6.30%	-6.67%	+0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	2.80%	-0.22%

Volatility

DFGR vs. DFAX - Volatility Comparison

The current volatility for Dimensional Global Real Estate ETF (DFGR) is 3.61%, while Dimensional World ex US Core Equity 2 ETF (DFAX) has a volatility of 5.27%. This indicates that DFGR experiences smaller price fluctuations and is considered to be less risky than DFAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFGR	DFAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.61%	5.27%	-1.66%
Volatility (6M) Calculated over the trailing 6-month period	8.75%	12.67%	-3.92%
Volatility (1Y) Calculated over the trailing 1-year period	11.86%	14.83%	-2.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.42%	15.99%	-0.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.42%	15.99%	-0.57%

DFGR vs. DFAX - Expense Ratio Comparison

DFGR has a 0.22% expense ratio, which is lower than DFAX's 0.30% expense ratio.

Dividends

DFGR vs. DFAX - Dividend Comparison

DFGR's dividend yield for the trailing twelve months is around 3.95%, more than DFAX's 2.22% yield.

Position	TTM	2025	2024	2023	2022	2021
DFAX Dimensional World ex US Core Equity 2 ETF	2.22%	2.58%	2.98%	3.01%	3.30%	1.40%
DFGR Dimensional Global Real Estate ETF	3.95%	4.05%	3.73%	2.77%	0.59%	0.00%

Frequently Asked Questions

Can I hold both DFGR and DFAX in my portfolio?

DFGR and DFAX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFGR or DFAX?

DFAX has higher volatility (5.27%) compared to DFGR (3.61%). In terms of maximum drawdown, DFGR dropped -21.28% vs DFAX's -28.15%.

Which ETF is better, DFGR or DFAX?

On 3-year performance, DFAX leads with 20.90% vs 8.89% for DFGR. On fees, DFGR is cheaper at 0.22% per year. On volatility, DFGR has been the lower-risk option at 3.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFGR or DFAX?

Over the 3-year period, DFAX has performed better with a 20.90% return vs 8.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFGR or DFAX?

DFGR is cheaper with a 0.22% expense ratio, compared with 0.30% for DFAX.

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

DFGR has the higher dividend yield at 3.95%, compared with 2.22% for DFAX.

What is the main difference between DFGR and DFAX?

DFGR is categorized as REIT, while DFAX is Foreign Large Cap Equities. Their fees differ too: 0.22% for DFGR and 0.30% for DFAX.

Which has better risk-adjusted returns?

DFAX currently has the higher Sharpe Ratio (2.37 vs 0.87), 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.