DFIP vs. SHY
DFIP (Dimensional Inflation-Protected Securities ETF) and SHY (iShares 1-3 Year Treasury Bond ETF) are both exchange-traded funds - DFIP is a Inflation-Protected Bonds fund actively managed by Dimensional, while SHY is a Government Bonds fund tracking the ICE US Treasury 1-3 Year Index. DFIP is actively managed, while SHY is passively managed. Over the past 3 years, DFIP returned 4.12%/yr vs 4.04%/yr for SHY. A 0.73 correlation means they provide meaningful diversification when combined. DFIP charges 0.11%/yr vs 0.15%/yr for SHY.
Performance
DFIP vs. SHY - Performance Comparison
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Returns By Period
In the year-to-date period, DFIP achieves a 1.51% return, which is significantly higher than SHY's 0.50% return.
DFIP
- 1D
- 0.02%
- 1M
- -0.12%
- YTD
- 1.51%
- 6M
- 1.14%
- 1Y
- 4.69%
- 3Y*
- 4.12%
- 5Y*
- —
- 10Y*
- —
SHY
- 1D
- 0.07%
- 1M
- 0.10%
- YTD
- 0.50%
- 6M
- 0.84%
- 1Y
- 3.20%
- 3Y*
- 4.04%
- 5Y*
- 1.73%
- 10Y*
- 1.66%
DFIP vs. SHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
DFIP Dimensional Inflation-Protected Securities ETF | 1.51% | 7.54% | 1.72% | 4.07% | -12.39% | -0.05% |
SHY iShares 1-3 Year Treasury Bond ETF | 0.50% | 4.95% | 3.92% | 4.16% | -3.88% | -0.19% |
Correlation
The correlation between DFIP and SHY is 0.74, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2021 | 0.73 |
The correlation between DFIP and SHY has been stable across timeframes, ranging from 0.73 to 0.78 - a consistent structural relationship.
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Return for Risk
DFIP vs. SHY — Risk / Return Rank
DFIP
SHY
DFIP vs. SHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Dimensional Inflation-Protected Securities ETF (DFIP) and iShares 1-3 Year Treasury Bond ETF (SHY). 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.
| DFIP | SHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.04 | ||
| Sortino ratioReturn per unit of downside risk | -1.85 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.49 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 2.29 | 3.62 | -1.33 |
| Martin ratioReturn relative to average drawdown | 6.98 | 14.74 | -7.75 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DFIP | SHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.38 | 2.42 | -1.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.88 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 1.06 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.04 | 1.29 | -1.25 |
Drawdowns
DFIP vs. SHY - Drawdown Comparison
The maximum DFIP drawdown since its inception was -14.96%, which is greater than SHY's maximum drawdown of -5.71%. Use the drawdown chart below to compare losses from any high point for DFIP and SHY.
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Drawdown Indicators
| DFIP | SHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.96% | -5.71% | -9.25% |
Max Drawdown (1Y)Largest decline over 1 year | -2.06% | -0.89% | -1.17% |
Max Drawdown (3Y)Largest decline over 3 years | -4.82% | -0.97% | -3.85% |
Max Drawdown (5Y)Largest decline over 5 years | — | -5.71% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -5.71% | — |
Current DrawdownCurrent decline from peak | -0.44% | -0.23% | -0.21% |
Average DrawdownAverage peak-to-trough decline | -6.94% | -0.52% | -6.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.68% | 0.22% | +0.46% |
Volatility
DFIP vs. SHY - Volatility Comparison
Dimensional Inflation-Protected Securities ETF (DFIP) has a higher volatility of 0.93% compared to iShares 1-3 Year Treasury Bond ETF (SHY) at 0.35%. This indicates that DFIP's price experiences larger fluctuations and is considered to be riskier than SHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DFIP | SHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | 0.35% | +0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 2.32% | 0.93% | +1.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.44% | 1.34% | +2.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.81% | 1.98% | +4.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.81% | 1.57% | +5.24% |
DFIP vs. SHY - Expense Ratio Comparison
DFIP has a 0.11% expense ratio, which is lower than SHY's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
DFIP vs. SHY - Dividend Comparison
DFIP's dividend yield for the trailing twelve months is around 3.88%, more than SHY's 3.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFIP Dimensional Inflation-Protected Securities ETF | 3.88% | 4.70% | 3.69% | 3.68% | 5.97% | 0.56% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SHY iShares 1-3 Year Treasury Bond ETF | 3.68% | 3.81% | 3.92% | 2.99% | 1.30% | 0.26% | 0.94% | 2.12% | 1.72% | 0.98% | 0.71% | 0.54% |
Frequently Asked Questions
DFIP and SHY have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DFIP has higher volatility (0.93%) compared to SHY (0.35%). In terms of maximum drawdown, DFIP dropped -14.96% vs SHY's -5.71%.
On 3-year performance, DFIP leads with 4.12% vs 4.04% for SHY. On fees, DFIP is cheaper at 0.11% per year. On volatility, SHY has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DFIP has performed better with a 4.12% return vs 4.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DFIP is cheaper with a 0.11% expense ratio, compared with 0.15% for SHY.
DFIP has the higher dividend yield at 3.88%, compared with 3.68% for SHY.
DFIP is categorized as Inflation-Protected Bonds, while SHY is Government Bonds. They also come from different issuers: Dimensional and iShares. Their fees differ too: 0.11% for DFIP and 0.15% for SHY.
SHY currently has the higher Sharpe Ratio (2.42 vs 1.38), 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.
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