DFQTX vs. FMSDX

Last updated Jun 23, 2026

DFQTX (DFA US Core Equity 2 Portfolio I) and FMSDX (Fidelity Multi-Asset Income Fund) are both mutual funds - DFQTX is a Large Cap Blend Equities fund managed by Dimensional, while FMSDX is a Diversified Portfolio fund managed by Fidelity. Over the past 5 years, DFQTX returned 12.94%/yr vs 6.50%/yr for FMSDX. Their correlation of 0.84 suggests significant overlap in exposure. DFQTX charges 0.19%/yr vs 0.78%/yr for FMSDX.

Performance

DFQTX vs. FMSDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA US Core Equity 2 Portfolio I (DFQTX) and Fidelity Multi-Asset Income Fund (FMSDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFQTX achieves a 11.69% return, which is significantly higher than FMSDX's 7.21% return.

DFQTX

• 1D: 0.94%
• 1M: 1.40%
• YTD: 11.69%
• 6M: 10.66%
• 1Y: 28.21%
• 3Y*: 19.62%
• 5Y*: 12.94%
• 10Y*: 14.14%

FMSDX

• 1D: 0.74%
• 1M: -0.60%
• YTD: 7.21%
• 6M: 6.66%
• 1Y: 18.67%
• 3Y*: 12.18%
• 5Y*: 6.50%
• 10Y*: —

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

DFQTX vs. FMSDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
DFQTX DFA US Core Equity 2 Portfolio I	11.69%	15.99%	20.27%	21.88%	-14.21%	28.46%	15.72%	29.41%	-11.33%
FMSDX Fidelity Multi-Asset Income Fund	7.21%	14.10%	9.95%	11.75%	-13.67%	17.27%	14.56%	23.14%	-0.91%

Correlation

The correlation between DFQTX and FMSDX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Feb 26, 2018	0.84

The correlation between DFQTX and FMSDX has been stable across timeframes, ranging from 0.77 to 0.84 - a consistent structural relationship.

Return for Risk

DFQTX vs. FMSDX — Risk / Return Rank

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

DFQTX

DFQTX Risk / Return Rank: 76
DFQTX Sharpe Ratio Rank: 77
DFQTX Sortino Ratio Rank: 74
DFQTX Omega Ratio Rank: 69
DFQTX Calmar Ratio Rank: 78
DFQTX Martin Ratio Rank: 84

FMSDX

FMSDX Risk / Return Rank: 44
FMSDX Sharpe Ratio Rank: 40
FMSDX Sortino Ratio Rank: 37
FMSDX Omega Ratio Rank: 39
FMSDX Calmar Ratio Rank: 59
FMSDX Martin Ratio Rank: 47

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.

DFQTX vs. FMSDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA US Core Equity 2 Portfolio I (DFQTX) and Fidelity Multi-Asset Income Fund (FMSDX). 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.

	DFQTX	FMSDX	Difference
Sharpe ratio: Return per unit of total volatility	2.35	1.72	+0.63
Sortino ratio: Return per unit of downside risk	3.28	2.36	+0.92
Omega ratio: Gain probability vs. loss probability	1.42	1.31	+0.11
Calmar ratio: Return relative to maximum drawdown	3.36	2.81	+0.55
Martin ratio: Return relative to average drawdown	14.50	9.29	+5.21

DFQTX vs. FMSDX - Sharpe Ratio Comparison

The current DFQTX Sharpe Ratio is 2.35, which is higher than the FMSDX Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of DFQTX and FMSDX, 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

DFQTX vs. FMSDX - Drawdown Comparison

The maximum DFQTX drawdown since its inception was -59.35%, which is greater than FMSDX's maximum drawdown of -21.64%. Use the drawdown chart below to compare losses from any high point for DFQTX and FMSDX.

Drawdown Indicators

	DFQTX	FMSDX	Difference
Max Drawdown Largest peak-to-trough decline	-59.35%	-21.64%	-37.71%
Max Drawdown (1Y) Largest decline over 1 year	-8.47%	-6.47%	-2.00%
Max Drawdown (3Y) Largest decline over 3 years	-19.71%	-13.17%	-6.54%
Max Drawdown (5Y) Largest decline over 5 years	-22.64%	-18.12%	-4.52%
Max Drawdown (10Y) Largest decline over 10 years	-37.21%	—	—
Current Drawdown Current decline from peak	-0.67%	-1.84%	+1.17%
Average Drawdown Average peak-to-trough decline	-7.77%	-3.80%	-3.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	1.95%	0.00%

Volatility

DFQTX vs. FMSDX - Volatility Comparison

DFA US Core Equity 2 Portfolio I (DFQTX) and Fidelity Multi-Asset Income Fund (FMSDX) have volatilities of 4.34% and 4.15%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFQTX	FMSDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.34%	4.15%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	9.58%	8.12%	+1.46%
Volatility (1Y) Calculated over the trailing 1-year period	12.11%	10.54%	+1.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.06%	9.92%	+7.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.29%	10.65%	+7.64%

DFQTX vs. FMSDX - Expense Ratio Comparison

DFQTX has a 0.19% expense ratio, which is lower than FMSDX's 0.78% expense ratio.

Dividends

DFQTX vs. FMSDX - Dividend Comparison

DFQTX's dividend yield for the trailing twelve months is around 0.96%, less than FMSDX's 3.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFQTX DFA US Core Equity 2 Portfolio I	0.96%	1.06%	1.15%	1.74%	4.43%	4.74%	1.29%	3.50%	2.84%	1.97%	1.80%	3.78%
FMSDX Fidelity Multi-Asset Income Fund	3.51%	3.81%	3.84%	4.23%	3.74%	2.81%	1.79%	2.82%	4.36%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFQTX and FMSDX in my portfolio?

DFQTX and FMSDX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFQTX or FMSDX?

DFQTX has higher volatility (4.34%) compared to FMSDX (4.15%). In terms of maximum drawdown, DFQTX dropped -59.35% vs FMSDX's -21.64%.

Which has better risk-adjusted returns?

DFQTX currently has the higher Sharpe Ratio (2.35 vs 1.72), 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.