DFIV vs. DFAX

Last updated Aug 4, 2026

DFIV (Dimensional International Value ETF) and DFAX (Dimensional World ex US Core Equity 2 ETF) are both Foreign Large Cap Equities funds from Dimensional. Both are actively managed. Over the past 3 years, DFIV returned 23.78%/yr vs 19.09%/yr for DFAX. Their correlation of 0.92 means they have usually moved in the same direction. DFIV charges 0.27%/yr vs 0.28%/yr for DFAX.

Performance

DFIV vs. DFAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional International Value ETF (DFIV) 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, DFIV achieves a 16.64% return, which is significantly higher than DFAX's 13.53% return.

DFIV

• 1D: -0.03%
• 1M: 4.34%
• 6M: 9.34%
• YTD: 16.64%
• 1Y: 37.39%
• 3Y*: 23.78%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.08%

DFAX

• 1D: 0.58%
• 1M: 0.08%
• 6M: 6.63%
• YTD: 13.53%
• 1Y: 28.61%
• 3Y*: 19.09%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.72%

*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)
DFAX Dimensional World ex US Core Equity 2 ETF	$31.87M	$29.77M	$28.92M
DFIV Dimensional International Value ETF	$79.30M	$68.23M	$67.86M

DFIV vs. DFAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DFIV Dimensional International Value ETF	16.64%	45.36%	7.26%	17.75%	-3.70%	0.50%
DFAX Dimensional World ex US Core Equity 2 ETF	13.53%	35.42%	4.78%	16.66%	-14.48%	-2.10%

Correlation

The correlation between DFIV and DFAX is 0.87, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.87
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (All Time) Calculated using the full available price history since Sep 13, 2021	0.92

The correlation between DFIV and DFAX has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

DFIV vs. DFAX - Sectors Allocation Comparison

Sectors	DFIV	DFAX
Financial Services	34.3%	18.5%
Energy	14.1%	5.6%
Basic Materials	10.5%	9.8%
Industrials	9.8%	17.2%
Consumer Cyclical	9.7%	9.2%
Healthcare	5.4%	5.9%
Consumer Defensive	5.2%	5.0%
Communication Services	4.0%	4.2%
Technology	3.1%	19.9%
Utilities	2.3%	2.8%
Real Estate	1.7%	1.8%

Return for Risk

DFIV vs. DFAX — Risk / Return Rank

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

DFIV

DFIV Risk / Return Rank: 92
DFIV Sharpe Ratio Rank: 94
DFIV Sortino Ratio Rank: 94
DFIV Omega Ratio Rank: 93
DFIV Calmar Ratio Rank: 90
DFIV Martin Ratio Rank: 91

DFAX

DFAX Risk / Return Rank: 74
DFAX Sharpe Ratio Rank: 75
DFAX Sortino Ratio Rank: 72
DFAX Omega Ratio Rank: 75
DFAX Calmar Ratio Rank: 72
DFAX Martin Ratio Rank: 75

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.

DFIV vs. DFAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional International Value ETF (DFIV) 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.

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.

	DFIV	DFAX	Difference
Sharpe ratio: Return per unit of total volatility	2.71	1.74	+0.96
Sortino ratio: Return per unit of downside risk	3.67	2.37	+1.30
Omega ratio: Gain probability vs. loss probability	1.49	1.32	+0.17
Calmar ratio: Return relative to maximum drawdown	3.89	2.59	+1.30
Martin ratio: Return relative to average drawdown	15.07	9.50	+5.58

DFIV vs. DFAX - Sharpe Ratio Comparison

The current DFIV Sharpe Ratio is 2.71, which is higher than the DFAX Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of DFIV 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.

Drawdowns

DFIV vs. DFAX - Drawdown Comparison

The maximum DFIV drawdown since its inception was -25.42%, smaller than the maximum DFAX drawdown of -28.15%. Use the drawdown chart below to compare losses from any high point for DFIV and DFAX.

Drawdown Indicators

	DFIV	DFAX	Difference
Max Drawdown Largest peak-to-trough decline	-25.42%	-28.15%	+2.73%
Max Drawdown (1Y) Largest decline over 1 year	-9.66%	-11.11%	+1.45%
Max Drawdown (3Y) Largest decline over 3 years	-14.72%	-13.89%	-0.83%
Current Drawdown Current decline from peak	-0.50%	-2.46%	+1.96%
Average Drawdown Average peak-to-trough decline	-4.36%	-6.54%	+2.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	3.02%	-0.53%

Volatility

DFIV vs. DFAX - Volatility Comparison

The current volatility for Dimensional International Value ETF (DFIV) is 3.64%, while Dimensional World ex US Core Equity 2 ETF (DFAX) has a volatility of 5.32%. This indicates that DFIV 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

	DFIV	DFAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.64%	5.32%	-1.68%
Volatility (6M) Calculated over the trailing 6-month period	11.53%	14.66%	-3.13%
Volatility (1Y) Calculated over the trailing 1-year period	13.91%	16.53%	-2.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.55%	16.17%	+0.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.55%	16.17%	+0.38%

DFIV vs. DFAX - Expense Ratio Comparison

DFIV has a 0.27% expense ratio, which is lower than DFAX's 0.28% expense ratio.

Dividends

DFIV vs. DFAX - Dividend Comparison

DFIV's dividend yield for the trailing twelve months is around 2.58%, more than DFAX's 2.34% yield.

Position	TTM	2025	2024	2023	2022	2021
DFAX Dimensional World ex US Core Equity 2 ETF	2.34%	2.58%	2.98%	3.01%	3.30%	1.40%
DFIV Dimensional International Value ETF	2.58%	2.92%	3.88%	3.93%	3.84%	2.30%

Frequently Asked Questions

Can I hold both DFIV and DFAX in my portfolio?

DFIV and DFAX 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, DFIV or DFAX?

DFAX has higher volatility (5.32%) compared to DFIV (3.64%). In terms of maximum drawdown, DFIV dropped -25.42% vs DFAX's -28.15%.

Which ETF is better, DFIV or DFAX?

On 3-year performance, DFIV leads with 23.78% vs 19.09% for DFAX. On fees, DFIV is cheaper at 0.27% per year. On volatility, DFIV has been the lower-risk option at 3.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFIV or DFAX?

Over the 3-year period, DFIV has performed better with a 23.78% return vs 19.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFIV or DFAX?

DFIV is cheaper with a 0.27% expense ratio, compared with 0.28% for DFAX.

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

DFIV has the higher dividend yield at 2.58%, compared with 2.34% for DFAX.

What is the main difference between DFIV and DFAX?

Their fees differ too: 0.27% for DFIV and 0.28% for DFAX.

Which has better risk-adjusted returns?

DFIV currently has the higher Sharpe Ratio (2.71 vs 1.74), 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.