DFIVX vs. SPEM

Last updated Jun 13, 2026

DFIVX (DFA International Value Portfolio) and SPEM (SPDR Portfolio Emerging Markets ETF) are both funds - DFIVX is a Foreign Large Cap Equities fund managed by Dimensional, while SPEM is a Emerging Markets Equities fund tracking the S&P Emerging Markets BMI. Over the past 10 years, DFIVX returned 12.11%/yr vs 9.63%/yr for SPEM. A 0.78 correlation means they provide meaningful diversification when combined. DFIVX charges 0.30%/yr vs 0.11%/yr for SPEM.

Performance

DFIVX vs. SPEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA International Value Portfolio (DFIVX) and SPDR Portfolio Emerging Markets ETF (SPEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with DFIVX having a 11.58% return and SPEM slightly lower at 11.32%. Over the past 10 years, DFIVX has outperformed SPEM with an annualized return of 12.11%, while SPEM has yielded a comparatively lower 9.63% annualized return.

DFIVX

• 1D: 2.28%
• 1M: 0.82%
• YTD: 11.58%
• 6M: 13.38%
• 1Y: 34.22%
• 3Y*: 23.51%
• 5Y*: 14.00%
• 10Y*: 12.11%

SPEM

• 1D: 0.87%
• 1M: -0.13%
• YTD: 11.32%
• 6M: 13.11%
• 1Y: 27.73%
• 3Y*: 17.37%
• 5Y*: 5.60%
• 10Y*: 9.63%

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

DFIVX vs. SPEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFIVX DFA International Value Portfolio	11.58%	45.24%	6.87%	17.83%	-3.51%	18.57%	-2.13%	15.68%	-17.49%	26.08%
SPEM SPDR Portfolio Emerging Markets ETF	11.32%	25.63%	11.40%	10.51%	-17.90%	1.51%	14.55%	19.69%	-13.26%	34.82%

Correlation

The correlation between DFIVX and SPEM is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Mar 23, 2007	0.78

The correlation between DFIVX and SPEM has been stable across timeframes, ranging from 0.72 to 0.78 - a consistent structural relationship.

Return for Risk

DFIVX vs. SPEM — Risk / Return Rank

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

DFIVX

DFIVX Risk / Return Rank: 85
DFIVX Sharpe Ratio Rank: 86
DFIVX Sortino Ratio Rank: 82
DFIVX Omega Ratio Rank: 80
DFIVX Calmar Ratio Rank: 88
DFIVX Martin Ratio Rank: 89

SPEM

SPEM Risk / Return Rank: 52
SPEM Sharpe Ratio Rank: 52
SPEM Sortino Ratio Rank: 49
SPEM Omega Ratio Rank: 53
SPEM Calmar Ratio Rank: 52
SPEM Martin Ratio Rank: 54

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.

DFIVX vs. SPEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA International Value Portfolio (DFIVX) and SPDR Portfolio Emerging Markets ETF (SPEM). 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.

	DFIVX	SPEM	Difference
Sharpe ratio: Return per unit of total volatility	2.42	1.55	+0.86
Sortino ratio: Return per unit of downside risk	3.26	2.16	+1.11
Omega ratio: Gain probability vs. loss probability	1.43	1.29	+0.14
Calmar ratio: Return relative to maximum drawdown	3.60	2.28	+1.32
Martin ratio: Return relative to average drawdown	14.00	8.16	+5.84

DFIVX vs. SPEM - Sharpe Ratio Comparison

The current DFIVX Sharpe Ratio is 2.42, which is higher than the SPEM Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of DFIVX and SPEM, 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

DFIVX vs. SPEM - Drawdown Comparison

The maximum DFIVX drawdown since its inception was -66.61%, roughly equal to the maximum SPEM drawdown of -64.41%. Use the drawdown chart below to compare losses from any high point for DFIVX and SPEM.

Drawdown Indicators

	DFIVX	SPEM	Difference
Max Drawdown Largest peak-to-trough decline	-66.61%	-64.41%	-2.20%
Max Drawdown (1Y) Largest decline over 1 year	-9.58%	-11.36%	+1.78%
Max Drawdown (3Y) Largest decline over 3 years	-14.39%	-17.62%	+3.23%
Max Drawdown (5Y) Largest decline over 5 years	-25.29%	-31.75%	+6.46%
Max Drawdown (10Y) Largest decline over 10 years	-48.11%	-36.06%	-12.05%
Current Drawdown Current decline from peak	-1.55%	-2.40%	+0.85%
Average Drawdown Average peak-to-trough decline	-12.23%	-14.73%	+2.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.46%	3.17%	-0.71%

Volatility

DFIVX vs. SPEM - Volatility Comparison

The current volatility for DFA International Value Portfolio (DFIVX) is 4.48%, while SPDR Portfolio Emerging Markets ETF (SPEM) has a volatility of 6.87%. This indicates that DFIVX experiences smaller price fluctuations and is considered to be less risky than SPEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFIVX	SPEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.48%	6.87%	-2.39%
Volatility (6M) Calculated over the trailing 6-month period	11.46%	14.21%	-2.75%
Volatility (1Y) Calculated over the trailing 1-year period	14.26%	16.67%	-2.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.36%	17.26%	-0.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.01%	18.83%	-0.82%

DFIVX vs. SPEM - Expense Ratio Comparison

DFIVX has a 0.30% expense ratio, which is higher than SPEM's 0.11% expense ratio.

Dividends

DFIVX vs. SPEM - Dividend Comparison

DFIVX's dividend yield for the trailing twelve months is around 3.77%, more than SPEM's 2.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFIVX DFA International Value Portfolio	3.77%	4.21%	3.94%	4.40%	3.78%	4.37%	2.42%	3.70%	6.60%	2.85%	3.36%	3.45%
SPEM SPDR Portfolio Emerging Markets ETF	2.49%	2.77%	2.78%	2.80%	3.38%	3.14%	1.92%	2.94%	2.34%	1.12%	1.51%	2.40%

Frequently Asked Questions

Can I hold both DFIVX and SPEM in my portfolio?

DFIVX and SPEM have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFIVX or SPEM?

SPEM has higher volatility (6.87%) compared to DFIVX (4.48%). In terms of maximum drawdown, DFIVX dropped -66.61% vs SPEM's -64.41%.

Which has better risk-adjusted returns?

DFIVX currently has the higher Sharpe Ratio (2.42 vs 1.55), 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.