DFIEX vs. DFEMX

Last updated Aug 2, 2026

DFIEX (DFA International Core Equity 2 Portfolio Institutional Class) and DFEMX (DFA Emerging Markets Portfolio) are both mutual funds - DFIEX is a Foreign Large Cap Equities fund managed by Dimensional, while DFEMX is a Emerging Markets Equities fund managed by Dimensional. Over the past 10 years, DFIEX returned 10.21%/yr vs 9.27%/yr for DFEMX. Their 0.80 correlation means they have sometimes moved together and sometimes differently. DFIEX charges 0.24%/yr vs 0.36%/yr for DFEMX.

Performance

DFIEX vs. DFEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA International Core Equity 2 Portfolio Institutional Class (DFIEX) and DFA Emerging Markets Portfolio (DFEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFIEX achieves a 13.00% return, which is significantly lower than DFEMX's 17.07% return. Over the past 10 years, DFIEX has outperformed DFEMX with an annualized return of 10.21%, while DFEMX has yielded a comparatively lower 9.27% annualized return.

DFIEX

• 1D: 2.44%
• 1M: 2.54%
• 6M: 7.34%
• YTD: 13.00%
• 1Y: 27.94%
• 3Y*: 18.16%
• 5Y*: 10.39%
• 10Y*: 10.21%
• ALL TIME*: 7.07%

DFEMX

• 1D: 3.65%
• 1M: -4.00%
• 6M: 8.21%
• YTD: 17.07%
• 1Y: 35.53%
• 3Y*: 18.43%
• 5Y*: 9.18%
• 10Y*: 9.27%
• ALL TIME*: 7.42%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DFEMX DFA Emerging Markets Portfolio	$0.00	$0.00	$0.00
DFIEX DFA International Core Equity 2 Portfolio Institutional Class	$0.00	$0.00	$0.00

DFIEX vs. DFEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFIEX DFA International Core Equity 2 Portfolio Institutional Class	13.00%	36.18%	3.99%	17.50%	-13.51%	13.85%	7.73%	21.70%	-17.41%	28.04%
DFEMX DFA Emerging Markets Portfolio	17.07%	33.57%	6.90%	13.08%	-16.91%	2.53%	13.89%	16.02%	-13.62%	36.57%

Correlation

The correlation between DFIEX and DFEMX is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.66
Correlation (3Y) Balances recent behavior with more history.	0.68
Correlation (5Y) Shows whether the relationship held over a longer period.	0.73
Correlation (10Y) Provides a long-term view across more market conditions.	0.75
Correlation (All Time) Calculated using the full available price history since Sep 16, 2005	0.80

The correlation between DFIEX and DFEMX shifts across timeframes, from 0.66 (1 year) to 0.80 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DFIEX vs. DFEMX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DFIEX

DFIEX Risk / Return Rank: 80
DFIEX Sharpe Ratio Rank: 81
DFIEX Sortino Ratio Rank: 79
DFIEX Omega Ratio Rank: 78
DFIEX Calmar Ratio Rank: 78
DFIEX Martin Ratio Rank: 81

DFEMX

DFEMX Risk / Return Rank: 66
DFEMX Sharpe Ratio Rank: 66
DFEMX Sortino Ratio Rank: 58
DFEMX Omega Ratio Rank: 69
DFEMX Calmar Ratio Rank: 73
DFEMX Martin Ratio Rank: 62

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DFIEX vs. DFEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA International Core Equity 2 Portfolio Institutional Class (DFIEX) and DFA Emerging Markets Portfolio (DFEMX). 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.

	DFIEX	DFEMX	Difference
Sharpe ratio: Return per unit of total volatility	1.91	1.53	+0.38
Sortino ratio: Return per unit of downside risk	2.68	2.02	+0.66
Omega ratio: Gain probability vs. loss probability	1.34	1.29	+0.05
Calmar ratio: Return relative to maximum drawdown	2.50	2.33	+0.17
Martin ratio: Return relative to average drawdown	9.75	7.75	+2.00

DFIEX vs. DFEMX - Sharpe Ratio Comparison

The current DFIEX Sharpe Ratio is 1.91, which is comparable to the DFEMX Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of DFIEX and DFEMX, 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

DFIEX vs. DFEMX - Drawdown Comparison

The maximum DFIEX drawdown since its inception was -62.22%, roughly equal to the maximum DFEMX drawdown of -62.43%. Use the drawdown chart below to compare losses from any high point for DFIEX and DFEMX.

Drawdown Indicators

	DFIEX	DFEMX	Difference
Max Drawdown Largest peak-to-trough decline	-62.22%	-62.43%	+0.21%
Max Drawdown (1Y) Largest decline over 1 year	-11.01%	-14.29%	+3.28%
Max Drawdown (3Y) Largest decline over 3 years	-12.81%	-16.12%	+3.31%
Max Drawdown (5Y) Largest decline over 5 years	-28.66%	-29.53%	+0.87%
Max Drawdown (10Y) Largest decline over 10 years	-41.04%	-40.44%	-0.60%
Current Drawdown Current decline from peak	0.00%	-11.16%	+11.16%
Average Drawdown Average peak-to-trough decline	-12.09%	-15.29%	+3.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	4.28%	-1.46%

Volatility

DFIEX vs. DFEMX - Volatility Comparison

The current volatility for DFA International Core Equity 2 Portfolio Institutional Class (DFIEX) is 4.28%, while DFA Emerging Markets Portfolio (DFEMX) has a volatility of 9.34%. This indicates that DFIEX experiences smaller price fluctuations and is considered to be less risky than DFEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFIEX	DFEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.28%	9.34%	-5.06%
Volatility (6M) Calculated over the trailing 6-month period	12.23%	20.34%	-8.11%
Volatility (1Y) Calculated over the trailing 1-year period	14.50%	21.83%	-7.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.82%	16.81%	-0.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.12%	17.01%	-0.89%

DFIEX vs. DFEMX - Expense Ratio Comparison

DFIEX has a 0.24% expense ratio, which is lower than DFEMX's 0.36% expense ratio.

Dividends

DFIEX vs. DFEMX - Dividend Comparison

DFIEX's dividend yield for the trailing twelve months is around 2.93%, more than DFEMX's 2.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFEMX DFA Emerging Markets Portfolio	2.09%	2.55%	3.14%	3.34%	3.90%	6.13%	1.45%	2.33%	2.14%	1.74%	1.92%	2.08%
DFIEX DFA International Core Equity 2 Portfolio Institutional Class	2.93%	3.22%	3.42%	3.36%	2.88%	2.98%	1.77%	2.90%	2.95%	2.49%	2.76%	4.20%

Frequently Asked Questions

Can I hold both DFIEX and DFEMX in my portfolio?

DFIEX and DFEMX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFIEX or DFEMX?

DFEMX has higher volatility (9.34%) compared to DFIEX (4.28%). In terms of maximum drawdown, DFIEX dropped -62.22% vs DFEMX's -62.43%.

Which has better risk-adjusted returns?

DFIEX currently has the higher Sharpe Ratio (1.91 vs 1.53), 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.