DFIC vs. DFCEX

Last updated Jun 14, 2026

DFIC (DFA Dimensional International Core Equity 2 ETF) and DFCEX (DFA Emerging Markets Core Equity Fund) are both funds - DFIC is a Foreign Large Cap Equities fund actively managed by Dimensional, while DFCEX is a Emerging Markets Diversified fund managed by Dimensional. Over the past 3 years, DFIC returned 18.91%/yr vs 20.53%/yr for DFCEX. A 0.71 correlation means they provide meaningful diversification when combined. DFIC charges 0.23%/yr vs 0.40%/yr for DFCEX.

Performance

DFIC vs. DFCEX - Performance Comparison

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

Returns By Period

In the year-to-date period, DFIC achieves a 10.73% return, which is significantly lower than DFCEX's 19.71% return.

DFIC

• 1D: 0.42%
• 1M: 0.18%
• YTD: 10.73%
• 6M: 12.40%
• 1Y: 26.84%
• 3Y*: 18.91%
• 5Y*: —
• 10Y*: —

DFCEX

• 1D: 3.55%
• 1M: -1.08%
• YTD: 19.71%
• 6M: 22.15%
• 1Y: 39.30%
• 3Y*: 20.53%
• 5Y*: 8.46%
• 10Y*: 10.70%

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

DFIC vs. DFCEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DFIC DFA Dimensional International Core Equity 2 ETF	10.73%	37.09%	4.10%	17.32%	-8.86%
DFCEX DFA Emerging Markets Core Equity Fund	19.71%	28.79%	7.31%	15.45%	-12.89%

Correlation

The correlation between DFIC and DFCEX is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (All Time) Calculated using the full available price history since Mar 24, 2022	0.71

The correlation between DFIC and DFCEX has been stable across timeframes, ranging from 0.64 to 0.71 - a consistent structural relationship.

Return for Risk

DFIC vs. DFCEX — Risk / Return Rank

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

DFIC

DFIC Risk / Return Rank: 59
DFIC Sharpe Ratio Rank: 62
DFIC Sortino Ratio Rank: 61
DFIC Omega Ratio Rank: 62
DFIC Calmar Ratio Rank: 53
DFIC Martin Ratio Rank: 59

DFCEX

DFCEX Risk / Return Rank: 81
DFCEX Sharpe Ratio Rank: 83
DFCEX Sortino Ratio Rank: 77
DFCEX Omega Ratio Rank: 81
DFCEX Calmar Ratio Rank: 82
DFCEX Martin Ratio Rank: 81

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. DFCEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Dimensional International Core Equity 2 ETF (DFIC) and DFA Emerging Markets Core Equity Fund (DFCEX). 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.

	DFIC	DFCEX	Difference
Sharpe ratio: Return per unit of total volatility	1.79	2.30	-0.51
Sortino ratio: Return per unit of downside risk	2.51	2.99	-0.49
Omega ratio: Gain probability vs. loss probability	1.32	1.44	-0.12
Calmar ratio: Return relative to maximum drawdown	2.34	3.15	-0.81
Martin ratio: Return relative to average drawdown	9.21	11.98	-2.77

DFIC vs. DFCEX - Sharpe Ratio Comparison

The current DFIC Sharpe Ratio is 1.79, which is comparable to the DFCEX Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of DFIC and DFCEX, 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

DFIC vs. DFCEX - Drawdown Comparison

The maximum DFIC drawdown since its inception was -24.40%, smaller than the maximum DFCEX drawdown of -64.58%. Use the drawdown chart below to compare losses from any high point for DFIC and DFCEX.

Drawdown Indicators

	DFIC	DFCEX	Difference
Max Drawdown Largest peak-to-trough decline	-24.40%	-64.58%	+40.18%
Max Drawdown (1Y) Largest decline over 1 year	-11.00%	-12.12%	+1.12%
Max Drawdown (3Y) Largest decline over 3 years	-13.14%	-16.74%	+3.60%
Max Drawdown (5Y) Largest decline over 5 years	—	-29.76%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.33%	—
Current Drawdown Current decline from peak	-0.93%	-4.38%	+3.45%
Average Drawdown Average peak-to-trough decline	-4.53%	-12.60%	+8.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	3.17%	-0.38%

Volatility

DFIC vs. DFCEX - Volatility Comparison

The current volatility for DFA Dimensional International Core Equity 2 ETF (DFIC) is 5.13%, while DFA Emerging Markets Core Equity Fund (DFCEX) has a volatility of 8.90%. This indicates that DFIC experiences smaller price fluctuations and is considered to be less risky than DFCEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFIC	DFCEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.13%	8.90%	-3.77%
Volatility (6M) Calculated over the trailing 6-month period	12.10%	14.80%	-2.70%
Volatility (1Y) Calculated over the trailing 1-year period	14.38%	16.59%	-2.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.26%	15.00%	+1.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.26%	16.04%	+0.22%

DFIC vs. DFCEX - Expense Ratio Comparison

DFIC has a 0.23% expense ratio, which is lower than DFCEX's 0.40% expense ratio.

Dividends

DFIC vs. DFCEX - Dividend Comparison

DFIC's dividend yield for the trailing twelve months is around 2.27%, less than DFCEX's 2.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFCEX DFA Emerging Markets Core Equity Fund	2.46%	2.90%	3.43%	3.53%	3.78%	2.59%	1.70%	2.42%	2.33%	1.92%	1.99%	2.28%
DFIC DFA Dimensional International Core Equity 2 ETF	2.27%	2.54%	2.87%	2.55%	1.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFIC and DFCEX in my portfolio?

DFIC and DFCEX have a correlation of 0.64, 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 DFCEX?

DFCEX has higher volatility (8.90%) compared to DFIC (5.13%). In terms of maximum drawdown, DFIC dropped -24.40% vs DFCEX's -64.58%.

Which has better risk-adjusted returns?

DFCEX currently has the higher Sharpe Ratio (2.30 vs 1.79), 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.