DFIS vs. DFAX

Last updated Jun 5, 2026

DFIS (Dimensional International Small Cap ETF) and DFAX (Dimensional World ex US Core Equity 2 ETF) are both exchange-traded funds - DFIS is a Foreign Small & Mid Cap Equities fund actively managed by Dimensional, while DFAX is a Foreign Large Cap Equities fund tracking the MSCI All Country World ex USA Index. DFIS is actively managed, while DFAX is passively managed. Over the past 3 years, DFIS returned 19.89%/yr vs 21.17%/yr for DFAX. Their correlation of 0.94 suggests significant overlap in exposure. DFIS charges 0.39%/yr vs 0.30%/yr for DFAX.

Performance

DFIS vs. DFAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional International Small Cap ETF (DFIS) and Dimensional World ex US Core Equity 2 ETF (DFAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFIS achieves a 11.25% return, which is significantly lower than DFAX's 15.50% return.

DFIS

• 1D: 0.88%
• 1M: 2.95%
• YTD: 11.25%
• 6M: 14.62%
• 1Y: 28.32%
• 3Y*: 19.89%
• 5Y*: —
• 10Y*: —

DFAX

• 1D: 0.24%
• 1M: 2.61%
• YTD: 15.50%
• 6M: 18.24%
• 1Y: 34.48%
• 3Y*: 21.17%
• 5Y*: —
• 10Y*: —

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

DFIS vs. DFAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DFIS Dimensional International Small Cap ETF	11.25%	37.49%	3.80%	15.19%	-12.94%
DFAX Dimensional World ex US Core Equity 2 ETF	15.50%	35.42%	4.78%	16.66%	-10.92%

Correlation

The correlation between DFIS and DFAX is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (All Time) Calculated using the full available price history since Mar 25, 2022	0.94

The correlation between DFIS and DFAX has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

DFIS vs. DFAX - Sectors Allocation Comparison

Sectors	DFIS	DFAX
Industrials	23.9%	16.1%
Basic Materials	14.2%	13.2%
Consumer Cyclical	13.5%	10.9%
Financial Services	12.0%	17.9%
Technology	9.6%	10.9%
Energy	6.0%	6.6%
Healthcare	5.2%	5.6%
Consumer Defensive	5.0%	3.9%
Real Estate	3.7%	3.1%
Communication Services	3.6%	3.5%
Utilities	3.3%	4.2%

Return for Risk

DFIS vs. DFAX — Risk / Return Rank

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

DFIS

DFIS Risk / Return Rank: 55
DFIS Sharpe Ratio Rank: 58
DFIS Sortino Ratio Rank: 58
DFIS Omega Ratio Rank: 58
DFIS Calmar Ratio Rank: 47
DFIS Martin Ratio Rank: 53

DFAX

DFAX Risk / Return Rank: 70
DFAX Sharpe Ratio Rank: 73
DFAX Sortino Ratio Rank: 70
DFAX Omega Ratio Rank: 73
DFAX Calmar Ratio Rank: 64
DFAX Martin Ratio Rank: 68

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.

DFIS vs. DFAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional International Small Cap ETF (DFIS) and Dimensional World ex US Core Equity 2 ETF (DFAX). 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.

	DFIS	DFAX	Difference
Sharpe ratio: Return per unit of total volatility	1.96	2.34	-0.38
Sortino ratio: Return per unit of downside risk	2.73	3.14	-0.40
Omega ratio: Gain probability vs. loss probability	1.35	1.43	-0.08
Calmar ratio: Return relative to maximum drawdown	2.29	3.12	-0.83
Martin ratio: Return relative to average drawdown	8.82	12.33	-3.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFIS vs. DFAX - Sharpe Ratio Comparison

The current DFIS Sharpe Ratio is 1.96, which is comparable to the DFAX Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of DFIS and DFAX, 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

	DFIS	DFAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	2.34	-0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.65	+0.03

Drawdowns

DFIS vs. DFAX - Drawdown Comparison

The maximum DFIS drawdown since its inception was -27.23%, roughly equal to the maximum DFAX drawdown of -28.15%. Use the drawdown chart below to compare losses from any high point for DFIS and DFAX.

Drawdown Indicators

	DFIS	DFAX	Difference
Max Drawdown Largest peak-to-trough decline	-27.23%	-28.15%	+0.92%
Max Drawdown (1Y) Largest decline over 1 year	-12.44%	-11.11%	-1.33%
Max Drawdown (3Y) Largest decline over 3 years	-13.55%	-13.89%	+0.34%
Current Drawdown Current decline from peak	-1.04%	-0.76%	-0.28%
Average Drawdown Average peak-to-trough decline	-6.17%	-6.67%	+0.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.22%	2.80%	+0.42%

Volatility

DFIS vs. DFAX - Volatility Comparison

The current volatility for Dimensional International Small Cap ETF (DFIS) is 4.72%, while Dimensional World ex US Core Equity 2 ETF (DFAX) has a volatility of 5.10%. This indicates that DFIS experiences smaller price fluctuations and is considered to be less risky than DFAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFIS	DFAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.72%	5.10%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	12.06%	12.67%	-0.61%
Volatility (1Y) Calculated over the trailing 1-year period	14.53%	14.82%	-0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.32%	15.98%	+1.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.32%	15.98%	+1.34%

DFIS vs. DFAX - Expense Ratio Comparison

DFIS has a 0.39% expense ratio, which is higher than DFAX's 0.30% expense ratio.

Dividends

DFIS vs. DFAX - Dividend Comparison

DFIS's dividend yield for the trailing twelve months is around 2.00%, less than DFAX's 2.21% yield.

Position	TTM	2025	2024	2023	2022	2021
DFAX Dimensional World ex US Core Equity 2 ETF	2.21%	2.58%	2.98%	3.01%	3.30%	1.40%
DFIS Dimensional International Small Cap ETF	2.00%	2.23%	2.19%	2.36%	1.13%	0.00%

Frequently Asked Questions

Can I hold both DFIS and DFAX in my portfolio?

With a correlation of 0.93, DFIS and DFAX 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, DFIS or DFAX?

DFAX has higher volatility (5.10%) compared to DFIS (4.72%). In terms of maximum drawdown, DFIS dropped -27.23% vs DFAX's -28.15%.

Which ETF is better, DFIS or DFAX?

On 3-year performance, DFAX leads with 21.17% vs 19.89% for DFIS. On fees, DFAX is cheaper at 0.30% per year. On volatility, DFIS has been the lower-risk option at 4.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFIS or DFAX?

Over the 3-year period, DFAX has performed better with a 21.17% return vs 19.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFIS or DFAX?

DFAX is cheaper with a 0.30% expense ratio, compared with 0.39% for DFIS.

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

DFAX has the higher dividend yield at 2.21%, compared with 2.00% for DFIS.

What is the main difference between DFIS and DFAX?

DFIS is categorized as Foreign Small & Mid Cap Equities, while DFAX is Foreign Large Cap Equities. Their fees differ too: 0.39% for DFIS and 0.30% for DFAX.

Which has better risk-adjusted returns?

DFAX currently has the higher Sharpe Ratio (2.34 vs 1.96), 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.