DFIC vs. DFAS

Last updated Jun 4, 2026

DFIC (DFA Dimensional International Core Equity 2 ETF) and DFAS (Dimensional U.S. Small Cap ETF) are both exchange-traded funds - DFIC is a Foreign Large Cap Equities fund actively managed by Dimensional, while DFAS is a Small Cap Blend Equities fund actively managed by Dimensional. Both are actively managed. Over the past 3 years, DFIC returned 19.43%/yr vs 15.22%/yr for DFAS. A 0.75 correlation means they provide meaningful diversification when combined. DFIC charges 0.23%/yr vs 0.34%/yr for DFAS.

Performance

DFIC vs. DFAS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Dimensional International Core Equity 2 ETF (DFIC) and Dimensional U.S. Small Cap ETF (DFAS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFIC achieves a 10.29% return, which is significantly lower than DFAS's 12.81% return.

DFIC

• 1D: -0.71%
• 1M: 2.87%
• YTD: 10.29%
• 6M: 13.30%
• 1Y: 27.29%
• 3Y*: 19.43%
• 5Y*: —
• 10Y*: —

DFAS

• 1D: -0.81%
• 1M: 2.19%
• YTD: 12.81%
• 6M: 12.10%
• 1Y: 27.65%
• 3Y*: 15.22%
• 5Y*: —
• 10Y*: —

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

DFIC vs. DFAS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DFIC DFA Dimensional International Core Equity 2 ETF	10.29%	37.09%	4.10%	17.32%	-9.27%
DFAS Dimensional U.S. Small Cap ETF	12.81%	8.17%	10.21%	17.83%	-8.74%

Correlation

The correlation between DFIC and DFAS is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (All Time) Calculated using the full available price history since Mar 25, 2022	0.75

The correlation between DFIC and DFAS has been stable across timeframes, ranging from 0.69 to 0.75 - a consistent structural relationship.

DFIC vs. DFAS - Sectors Allocation Comparison

Sectors	DFIC	DFAS
Financial Services	20.6%	19.5%
Industrials	20.2%	18.6%
Basic Materials	11.0%	5.6%
Consumer Cyclical	9.5%	11.9%
Energy	8.1%	6.7%
Technology	7.8%	15.0%
Healthcare	7.0%	11.0%
Consumer Defensive	6.1%	4.3%
Communication Services	4.3%	2.8%
Utilities	3.7%	3.8%
Real Estate	1.8%	0.2%

Return for Risk

DFIC vs. DFAS — Risk / Return Rank

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

DFIC

DFIC Risk / Return Rank: 55
DFIC Sharpe Ratio Rank: 57
DFIC Sortino Ratio Rank: 57
DFIC Omega Ratio Rank: 57
DFIC Calmar Ratio Rank: 49
DFIC Martin Ratio Rank: 56

DFAS

DFAS Risk / Return Rank: 51
DFAS Sharpe Ratio Rank: 47
DFAS Sortino Ratio Rank: 49
DFAS Omega Ratio Rank: 45
DFAS Calmar Ratio Rank: 59
DFAS Martin Ratio Rank: 57

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.

DFIC vs. DFAS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Dimensional International Core Equity 2 ETF (DFIC) and Dimensional U.S. Small Cap ETF (DFAS). 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.

	DFIC	DFAS	Difference
Sharpe ratio: Return per unit of total volatility	1.98	1.66	+0.32
Sortino ratio: Return per unit of downside risk	2.76	2.46	+0.30
Omega ratio: Gain probability vs. loss probability	1.36	1.29	+0.07
Calmar ratio: Return relative to maximum drawdown	2.49	2.97	-0.47
Martin ratio: Return relative to average drawdown	9.90	10.17	-0.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFIC vs. DFAS - Sharpe Ratio Comparison

The current DFIC Sharpe Ratio is 1.98, which is comparable to the DFAS Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of DFIC and DFAS, 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

	DFIC	DFAS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.98	1.66	+0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.36	+0.45

Drawdowns

DFIC vs. DFAS - Drawdown Comparison

The maximum DFIC drawdown since its inception was -24.40%, smaller than the maximum DFAS drawdown of -26.13%. Use the drawdown chart below to compare losses from any high point for DFIC and DFAS.

Drawdown Indicators

	DFIC	DFAS	Difference
Max Drawdown Largest peak-to-trough decline	-24.40%	-26.13%	+1.73%
Max Drawdown (1Y) Largest decline over 1 year	-11.00%	-9.36%	-1.64%
Max Drawdown (3Y) Largest decline over 3 years	-13.14%	-26.13%	+12.99%
Current Drawdown Current decline from peak	-1.32%	-0.81%	-0.51%
Average Drawdown Average peak-to-trough decline	-4.55%	-8.31%	+3.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.76%	2.73%	+0.03%

Volatility

DFIC vs. DFAS - Volatility Comparison

DFA Dimensional International Core Equity 2 ETF (DFIC) and Dimensional U.S. Small Cap ETF (DFAS) have volatilities of 4.34% and 4.31%, 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

	DFIC	DFAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.34%	4.31%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	11.50%	11.58%	-0.08%
Volatility (1Y) Calculated over the trailing 1-year period	13.85%	16.77%	-2.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.21%	20.84%	-4.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.21%	20.84%	-4.63%

DFIC vs. DFAS - Expense Ratio Comparison

DFIC has a 0.23% expense ratio, which is lower than DFAS's 0.34% expense ratio.

Dividends

DFIC vs. DFAS - Dividend Comparison

DFIC's dividend yield for the trailing twelve months is around 2.27%, more than DFAS's 0.92% yield.

Position	TTM	2025	2024	2023	2022	2021
DFAS Dimensional U.S. Small Cap ETF	0.92%	0.99%	0.93%	1.00%	1.03%	2.87%
DFIC DFA Dimensional International Core Equity 2 ETF	2.27%	2.54%	2.87%	2.55%	1.47%	0.00%

Frequently Asked Questions

Can I hold both DFIC and DFAS in my portfolio?

DFIC and DFAS have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFIC or DFAS?

DFIC has higher volatility (4.34%) compared to DFAS (4.31%). In terms of maximum drawdown, DFIC dropped -24.40% vs DFAS's -26.13%.

Which ETF is better, DFIC or DFAS?

On 3-year performance, DFIC leads with 19.43% vs 15.22% for DFAS. On fees, DFIC is cheaper at 0.23% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFIC or DFAS?

Over the 3-year period, DFIC has performed better with a 19.43% return vs 15.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFIC or DFAS?

DFIC is cheaper with a 0.23% expense ratio, compared with 0.34% for DFAS.

Which ETF pays a higher dividend yield, DFIC or DFAS?

DFIC has the higher dividend yield at 2.27%, compared with 0.92% for DFAS.

What is the main difference between DFIC and DFAS?

DFIC is categorized as Foreign Large Cap Equities, while DFAS is Small Cap Blend Equities. Their fees differ too: 0.23% for DFIC and 0.34% for DFAS.

Which has better risk-adjusted returns?

DFIC currently has the higher Sharpe Ratio (1.98 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.