DFIC vs. DFIS

Last updated Jun 4, 2026

DFIC (DFA Dimensional International Core Equity 2 ETF) and DFIS (Dimensional International Small Cap ETF) are both exchange-traded funds - DFIC is a Foreign Large Cap Equities fund actively managed by Dimensional, while DFIS is a Foreign Small & Mid Cap Equities fund actively managed by Dimensional. Both are actively managed. Over the past 3 years, DFIC returned 19.43%/yr vs 19.32%/yr for DFIS. With a 0.97 correlation, they move nearly in lockstep. DFIC charges 0.23%/yr vs 0.39%/yr for DFIS.

Performance

DFIC vs. DFIS - 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 International Small Cap ETF (DFIS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with DFIC having a 10.29% return and DFIS slightly lower at 10.27%.

DFIC

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

DFIS

• 1D: -1.12%
• 1M: 2.92%
• YTD: 10.27%
• 6M: 13.97%
• 1Y: 28.03%
• 3Y*: 19.32%
• 5Y*: —
• 10Y*: —

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

DFIC vs. DFIS - 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%
DFIS Dimensional International Small Cap ETF	10.27%	37.49%	3.80%	15.19%	-12.94%

Correlation

The correlation between DFIC and DFIS is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (All Time) Calculated using the full available price history since Mar 25, 2022	0.97

The correlation between DFIC and DFIS has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

DFIC vs. DFIS - Sectors Allocation Comparison

Sectors	DFIC	DFIS
Financial Services	20.6%	12.0%
Industrials	20.2%	23.9%
Basic Materials	11.0%	14.2%
Consumer Cyclical	9.5%	13.5%
Energy	8.1%	6.0%
Technology	7.8%	9.6%
Healthcare	7.0%	5.2%
Consumer Defensive	6.1%	5.0%
Communication Services	4.3%	3.6%
Utilities	3.7%	3.3%
Real Estate	1.8%	3.7%

Return for Risk

DFIC vs. DFIS — 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

DFIS

DFIS Risk / Return Rank: 53
DFIS Sharpe Ratio Rank: 56
DFIS Sortino Ratio Rank: 56
DFIS Omega Ratio Rank: 55
DFIS Calmar Ratio Rank: 46
DFIS Martin Ratio Rank: 51

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. DFIS - 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 International Small Cap ETF (DFIS). 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	DFIS	Difference
Sharpe ratio: Return per unit of total volatility	1.98	1.94	+0.04
Sortino ratio: Return per unit of downside risk	2.76	2.71	+0.05
Omega ratio: Gain probability vs. loss probability	1.36	1.35	+0.01
Calmar ratio: Return relative to maximum drawdown	2.49	2.26	+0.23
Martin ratio: Return relative to average drawdown	9.90	8.73	+1.17
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. DFIS - Sharpe Ratio Comparison

The current DFIC Sharpe Ratio is 1.98, which is comparable to the DFIS Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of DFIC and DFIS, 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	DFIS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.98	1.94	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.67	+0.15

Drawdowns

DFIC vs. DFIS - Drawdown Comparison

The maximum DFIC drawdown since its inception was -24.40%, smaller than the maximum DFIS drawdown of -27.23%. Use the drawdown chart below to compare losses from any high point for DFIC and DFIS.

Drawdown Indicators

	DFIC	DFIS	Difference
Max Drawdown Largest peak-to-trough decline	-24.40%	-27.23%	+2.83%
Max Drawdown (1Y) Largest decline over 1 year	-11.00%	-12.44%	+1.44%
Max Drawdown (3Y) Largest decline over 3 years	-13.14%	-13.55%	+0.41%
Current Drawdown Current decline from peak	-1.32%	-1.91%	+0.59%
Average Drawdown Average peak-to-trough decline	-4.55%	-6.17%	+1.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.76%	3.22%	-0.46%

Volatility

DFIC vs. DFIS - Volatility Comparison

The current volatility for DFA Dimensional International Core Equity 2 ETF (DFIC) is 4.34%, while Dimensional International Small Cap ETF (DFIS) has a volatility of 4.71%. This indicates that DFIC experiences smaller price fluctuations and is considered to be less risky than DFIS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFIC	DFIS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.34%	4.71%	-0.37%
Volatility (6M) Calculated over the trailing 6-month period	11.50%	12.04%	-0.54%
Volatility (1Y) Calculated over the trailing 1-year period	13.85%	14.54%	-0.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.21%	17.32%	-1.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.21%	17.32%	-1.11%

DFIC vs. DFIS - Expense Ratio Comparison

DFIC has a 0.23% expense ratio, which is lower than DFIS's 0.39% expense ratio.

Dividends

DFIC vs. DFIS - Dividend Comparison

DFIC's dividend yield for the trailing twelve months is around 2.27%, more than DFIS's 2.02% yield.

Position	TTM	2025	2024	2023	2022
DFIC DFA Dimensional International Core Equity 2 ETF	2.27%	2.54%	2.87%	2.55%	1.47%
DFIS Dimensional International Small Cap ETF	2.02%	2.23%	2.19%	2.36%	1.13%

Frequently Asked Questions

Can I hold both DFIC and DFIS in my portfolio?

With a correlation of 0.96, DFIC and DFIS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DFIC or DFIS?

DFIS has higher volatility (4.71%) compared to DFIC (4.34%). In terms of maximum drawdown, DFIC dropped -24.40% vs DFIS's -27.23%.

Which ETF is better, DFIC or DFIS?

On 3-year performance, DFIC leads with 19.43% vs 19.32% for DFIS. On fees, DFIC is cheaper at 0.23% per year. On volatility, DFIC has been the lower-risk option at 4.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFIC or DFIS?

Over the 3-year period, DFIC has performed better with a 19.43% return vs 19.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFIC or DFIS?

DFIC is cheaper with a 0.23% expense ratio, compared with 0.39% for DFIS.

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

DFIC has the higher dividend yield at 2.27%, compared with 2.02% for DFIS.

What is the main difference between DFIC and DFIS?

DFIC is categorized as Foreign Large Cap Equities, while DFIS is Foreign Small & Mid Cap Equities. Their fees differ too: 0.23% for DFIC and 0.39% for DFIS.

Which has better risk-adjusted returns?

DFIC currently has the higher Sharpe Ratio (1.98 vs 1.94), 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.