DFREX vs. DFIHX

Last updated Jun 4, 2026

DFREX (DFA Real Estate Securities Portfolio Class I) and DFIHX (DFA One Year Fixed Income Portfolio) are both mutual funds - DFREX is a REIT fund managed by Dimensional, while DFIHX is a Ultrashort Bond fund managed by Dimensional. Over the past 10 years, DFREX returned 5.71%/yr vs 1.98%/yr for DFIHX. At a 0.01 correlation, their price movements are largely independent. DFREX charges 0.18%/yr vs 0.13%/yr for DFIHX.

Performance

DFREX vs. DFIHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Real Estate Securities Portfolio Class I (DFREX) and DFA One Year Fixed Income Portfolio (DFIHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFREX achieves a 11.42% return, which is significantly higher than DFIHX's 1.52% return. Over the past 10 years, DFREX has outperformed DFIHX with an annualized return of 5.71%, while DFIHX has yielded a comparatively lower 1.98% annualized return.

DFREX

• 1D: 0.30%
• 1M: -0.45%
• YTD: 11.42%
• 6M: 10.51%
• 1Y: 11.39%
• 3Y*: 9.79%
• 5Y*: 3.06%
• 10Y*: 5.71%

DFIHX

• 1D: 0.00%
• 1M: 0.30%
• YTD: 1.52%
• 6M: 1.83%
• 1Y: 3.65%
• 3Y*: 4.46%
• 5Y*: 2.76%
• 10Y*: 1.98%

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

DFREX vs. DFIHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFREX DFA Real Estate Securities Portfolio Class I	11.42%	1.52%	5.52%	11.20%	-24.93%	41.88%	-5.03%	28.12%	-3.01%	4.25%
DFIHX DFA One Year Fixed Income Portfolio	1.52%	3.41%	5.41%	4.98%	-1.19%	-0.19%	0.62%	2.44%	1.87%	0.94%

Correlation

The correlation between DFREX and DFIHX is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (10Y) Calculated over the trailing 10-year period	0.07
Correlation (All Time) Calculated using the full available price history since Jan 6, 1993	0.01

Return for Risk

DFREX vs. DFIHX — Risk / Return Rank

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

DFREX

DFREX Risk / Return Rank: 12
DFREX Sharpe Ratio Rank: 11
DFREX Sortino Ratio Rank: 10
DFREX Omega Ratio Rank: 10
DFREX Calmar Ratio Rank: 14
DFREX Martin Ratio Rank: 14

DFIHX

DFIHX Risk / Return Rank: 99
DFIHX Sharpe Ratio Rank: 99
DFIHX Sortino Ratio Rank: 99
DFIHX Omega Ratio Rank: 100
DFIHX Calmar Ratio Rank: 98
DFIHX Martin Ratio Rank: 99

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.

DFREX vs. DFIHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Real Estate Securities Portfolio Class I (DFREX) and DFA One Year Fixed Income Portfolio (DFIHX). 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.

	DFREX	DFIHX	Difference
Sharpe ratio: Return per unit of total volatility	0.85	5.17	-4.32
Sortino ratio: Return per unit of downside risk	1.21	8.94	-7.73
Omega ratio: Gain probability vs. loss probability	1.15	7.53	-6.38
Calmar ratio: Return relative to maximum drawdown	1.32	9.49	-8.17
Martin ratio: Return relative to average drawdown	4.10	57.84	-53.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFREX vs. DFIHX - Sharpe Ratio Comparison

The current DFREX Sharpe Ratio is 0.85, which is lower than the DFIHX Sharpe Ratio of 5.17. The chart below compares the historical Sharpe Ratios of DFREX and DFIHX, 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

	DFREX	DFIHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.85	5.17	-4.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	2.78	-2.61
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	2.50	-2.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	1.52	-1.15

Drawdowns

DFREX vs. DFIHX - Drawdown Comparison

The maximum DFREX drawdown since its inception was -74.36%, which is greater than DFIHX's maximum drawdown of -2.53%. Use the drawdown chart below to compare losses from any high point for DFREX and DFIHX.

Drawdown Indicators

	DFREX	DFIHX	Difference
Max Drawdown Largest peak-to-trough decline	-74.36%	-2.53%	-71.83%
Max Drawdown (1Y) Largest decline over 1 year	-8.40%	-0.39%	-8.01%
Max Drawdown (3Y) Largest decline over 3 years	-17.64%	-0.49%	-17.15%
Max Drawdown (5Y) Largest decline over 5 years	-33.11%	-2.26%	-30.85%
Max Drawdown (10Y) Largest decline over 10 years	-41.49%	-2.26%	-39.23%
Current Drawdown Current decline from peak	-2.91%	0.00%	-2.91%
Average Drawdown Average peak-to-trough decline	-11.34%	-0.15%	-11.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.69%	0.06%	+2.63%

Volatility

DFREX vs. DFIHX - Volatility Comparison

DFA Real Estate Securities Portfolio Class I (DFREX) has a higher volatility of 3.79% compared to DFA One Year Fixed Income Portfolio (DFIHX) at 0.16%. This indicates that DFREX's price experiences larger fluctuations and is considered to be riskier than DFIHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFREX	DFIHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.79%	0.16%	+3.63%
Volatility (6M) Calculated over the trailing 6-month period	9.51%	0.43%	+9.08%
Volatility (1Y) Calculated over the trailing 1-year period	13.07%	0.72%	+12.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.69%	1.00%	+17.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.30%	0.80%	+19.50%

DFREX vs. DFIHX - Expense Ratio Comparison

DFREX has a 0.18% expense ratio, which is higher than DFIHX's 0.13% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

DFREX vs. DFIHX - Dividend Comparison

DFREX's dividend yield for the trailing twelve months is around 2.60%, less than DFIHX's 3.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFIHX DFA One Year Fixed Income Portfolio	3.58%	3.26%	4.99%	3.37%	1.07%	0.00%	0.62%	2.12%	1.85%	1.13%	0.66%	0.51%
DFREX DFA Real Estate Securities Portfolio Class I	2.60%	2.84%	2.97%	3.59%	6.24%	2.56%	3.36%	2.23%	4.88%	1.89%	2.83%	2.86%

Frequently Asked Questions

Can I hold both DFREX and DFIHX in my portfolio?

DFREX and DFIHX have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFREX or DFIHX?

DFREX has higher volatility (3.79%) compared to DFIHX (0.16%). In terms of maximum drawdown, DFREX dropped -74.36% vs DFIHX's -2.53%.

Which has better risk-adjusted returns?

DFIHX currently has the higher Sharpe Ratio (5.17 vs 0.85), 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.