DFIS vs. FSCOX

Last updated Jun 5, 2026

DFIS (Dimensional International Small Cap ETF) and FSCOX (Fidelity International Small Cap Opportunities Fund) are both Foreign Small & Mid Cap Equities funds. Over the past 3 years, DFIS returned 19.89%/yr vs 14.33%/yr for FSCOX. Their correlation of 0.90 suggests significant overlap in exposure. DFIS charges 0.39%/yr vs 1.23%/yr for FSCOX.

Performance

DFIS vs. FSCOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional International Small Cap ETF (DFIS) and Fidelity International Small Cap Opportunities Fund (FSCOX). 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 higher than FSCOX's 7.11% return.

DFIS

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

FSCOX

• 1D: -0.55%
• 1M: 1.52%
• YTD: 7.11%
• 6M: 8.81%
• 1Y: 15.78%
• 3Y*: 14.33%
• 5Y*: 4.63%
• 10Y*: 8.99%

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

DFIS vs. FSCOX - 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%
FSCOX Fidelity International Small Cap Opportunities Fund	7.11%	25.05%	4.08%	16.99%	-13.56%

Correlation

The correlation between DFIS and FSCOX is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (All Time) Calculated using the full available price history since Mar 25, 2022	0.90

The correlation between DFIS and FSCOX has been stable across timeframes, ranging from 0.87 to 0.90 - a consistent structural relationship.

Return for Risk

DFIS vs. FSCOX — 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

FSCOX

FSCOX Risk / Return Rank: 19
FSCOX Sharpe Ratio Rank: 18
FSCOX Sortino Ratio Rank: 19
FSCOX Omega Ratio Rank: 18
FSCOX Calmar Ratio Rank: 18
FSCOX Martin Ratio Rank: 19

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. FSCOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional International Small Cap ETF (DFIS) and Fidelity International Small Cap Opportunities Fund (FSCOX). 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	FSCOX	Difference
Sharpe ratio: Return per unit of total volatility	1.96	1.23	+0.73
Sortino ratio: Return per unit of downside risk	2.73	1.82	+0.92
Omega ratio: Gain probability vs. loss probability	1.35	1.22	+0.13
Calmar ratio: Return relative to maximum drawdown	2.29	1.53	+0.76
Martin ratio: Return relative to average drawdown	8.82	5.10	+3.72
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. FSCOX - Sharpe Ratio Comparison

The current DFIS Sharpe Ratio is 1.96, which is higher than the FSCOX Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of DFIS and FSCOX, 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	FSCOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	1.23	+0.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.28	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.56	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.38	+0.30

Drawdowns

DFIS vs. FSCOX - Drawdown Comparison

The maximum DFIS drawdown since its inception was -27.23%, smaller than the maximum FSCOX drawdown of -72.65%. Use the drawdown chart below to compare losses from any high point for DFIS and FSCOX.

Drawdown Indicators

	DFIS	FSCOX	Difference
Max Drawdown Largest peak-to-trough decline	-27.23%	-72.65%	+45.42%
Max Drawdown (1Y) Largest decline over 1 year	-12.44%	-11.02%	-1.42%
Max Drawdown (3Y) Largest decline over 3 years	-13.55%	-14.69%	+1.14%
Max Drawdown (5Y) Largest decline over 5 years	—	-40.75%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.75%	—
Current Drawdown Current decline from peak	-1.04%	-1.56%	+0.52%
Average Drawdown Average peak-to-trough decline	-6.17%	-18.51%	+12.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.22%	3.29%	-0.07%

Volatility

DFIS vs. FSCOX - Volatility Comparison

Dimensional International Small Cap ETF (DFIS) has a higher volatility of 4.72% compared to Fidelity International Small Cap Opportunities Fund (FSCOX) at 4.36%. This indicates that DFIS's price experiences larger fluctuations and is considered to be riskier than FSCOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFIS	FSCOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.72%	4.36%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	12.06%	10.88%	+1.18%
Volatility (1Y) Calculated over the trailing 1-year period	14.53%	13.72%	+0.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.32%	16.74%	+0.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.32%	16.10%	+1.22%

DFIS vs. FSCOX - Expense Ratio Comparison

DFIS has a 0.39% expense ratio, which is lower than FSCOX's 1.23% expense ratio.

Dividends

DFIS vs. FSCOX - Dividend Comparison

DFIS's dividend yield for the trailing twelve months is around 2.00%, less than FSCOX's 11.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFIS Dimensional International Small Cap ETF	2.00%	2.23%	2.19%	2.36%	1.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FSCOX Fidelity International Small Cap Opportunities Fund	11.25%	12.05%	6.41%	3.73%	6.40%	8.83%	0.00%	1.09%	2.99%	1.31%	1.43%	0.47%

Frequently Asked Questions

Can I hold both DFIS and FSCOX in my portfolio?

DFIS and FSCOX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFIS or FSCOX?

DFIS has higher volatility (4.72%) compared to FSCOX (4.36%). In terms of maximum drawdown, DFIS dropped -27.23% vs FSCOX's -72.65%.

Which has better risk-adjusted returns?

DFIS currently has the higher Sharpe Ratio (1.96 vs 1.23), 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.