DFRSX vs. IAE

Last updated Jun 4, 2026

DFRSX (DFA Asia Pacific Small Company) and IAE (Voya Asia Pacific High Dividend Equity Income Fund) are both Asia Pacific Equities funds. Over the past 10 years, DFRSX returned 6.91%/yr vs 11.82%/yr for IAE. A 0.60 correlation means they provide meaningful diversification when combined. DFRSX charges 0.42%/yr vs 0.02%/yr for IAE.

Performance

DFRSX vs. IAE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Asia Pacific Small Company (DFRSX) and Voya Asia Pacific High Dividend Equity Income Fund (IAE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFRSX achieves a 5.26% return, which is significantly lower than IAE's 30.87% return. Over the past 10 years, DFRSX has underperformed IAE with an annualized return of 6.91%, while IAE has yielded a comparatively higher 11.82% annualized return.

DFRSX

• 1D: 0.40%
• 1M: 1.21%
• YTD: 5.26%
• 6M: 6.40%
• 1Y: 30.22%
• 3Y*: 14.36%
• 5Y*: 4.27%
• 10Y*: 6.91%

IAE

• 1D: 3.16%
• 1M: 14.39%
• YTD: 30.87%
• 6M: 31.14%
• 1Y: 52.74%
• 3Y*: 29.70%
• 5Y*: 11.69%
• 10Y*: 11.82%

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

DFRSX vs. IAE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFRSX DFA Asia Pacific Small Company	5.26%	34.73%	0.27%	3.99%	-16.96%	12.59%	14.24%	13.30%	-15.48%	25.17%
IAE Voya Asia Pacific High Dividend Equity Income Fund	30.87%	35.90%	14.60%	9.06%	-13.97%	3.60%	13.77%	9.62%	-11.31%	30.19%

Correlation

The correlation between DFRSX and IAE is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Mar 29, 2007	0.60

The correlation between DFRSX and IAE has been stable across timeframes, ranging from 0.55 to 0.61 - a consistent structural relationship.

Return for Risk

DFRSX vs. IAE — Risk / Return Rank

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

DFRSX

DFRSX Risk / Return Rank: 37
DFRSX Sharpe Ratio Rank: 43
DFRSX Sortino Ratio Rank: 39
DFRSX Omega Ratio Rank: 42
DFRSX Calmar Ratio Rank: 32
DFRSX Martin Ratio Rank: 27

IAE

IAE Risk / Return Rank: 75
IAE Sharpe Ratio Rank: 79
IAE Sortino Ratio Rank: 68
IAE Omega Ratio Rank: 73
IAE Calmar Ratio Rank: 86
IAE Martin Ratio Rank: 70

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.

DFRSX vs. IAE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Asia Pacific Small Company (DFRSX) and Voya Asia Pacific High Dividend Equity Income Fund (IAE). 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.

	DFRSX	IAE	Difference
Sharpe ratio: Return per unit of total volatility	1.92	2.61	-0.69
Sortino ratio: Return per unit of downside risk	2.63	3.44	-0.80
Omega ratio: Gain probability vs. loss probability	1.35	1.48	-0.14
Calmar ratio: Return relative to maximum drawdown	2.11	4.12	-2.01
Martin ratio: Return relative to average drawdown	6.56	13.41	-6.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFRSX vs. IAE - Sharpe Ratio Comparison

The current DFRSX Sharpe Ratio is 1.92, which is comparable to the IAE Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of DFRSX and IAE, 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

	DFRSX	IAE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.92	2.61	-0.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	0.66	-0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.61	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.23	+0.10

Drawdowns

DFRSX vs. IAE - Drawdown Comparison

The maximum DFRSX drawdown since its inception was -69.06%, which is greater than IAE's maximum drawdown of -60.72%. Use the drawdown chart below to compare losses from any high point for DFRSX and IAE.

Drawdown Indicators

	DFRSX	IAE	Difference
Max Drawdown Largest peak-to-trough decline	-69.06%	-60.72%	-8.34%
Max Drawdown (1Y) Largest decline over 1 year	-14.20%	-12.86%	-1.34%
Max Drawdown (3Y) Largest decline over 3 years	-21.29%	-16.19%	-5.10%
Max Drawdown (5Y) Largest decline over 5 years	-30.18%	-32.87%	+2.69%
Max Drawdown (10Y) Largest decline over 10 years	-46.25%	-42.44%	-3.81%
Current Drawdown Current decline from peak	-5.32%	0.00%	-5.32%
Average Drawdown Average peak-to-trough decline	-17.22%	-13.75%	-3.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.55%	3.94%	+0.61%

Volatility

DFRSX vs. IAE - Volatility Comparison

The current volatility for DFA Asia Pacific Small Company (DFRSX) is 3.79%, while Voya Asia Pacific High Dividend Equity Income Fund (IAE) has a volatility of 6.57%. This indicates that DFRSX experiences smaller price fluctuations and is considered to be less risky than IAE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFRSX	IAE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.79%	6.57%	-2.78%
Volatility (6M) Calculated over the trailing 6-month period	12.55%	16.11%	-3.56%
Volatility (1Y) Calculated over the trailing 1-year period	15.64%	20.33%	-4.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.27%	17.80%	-0.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.03%	19.41%	-2.38%

DFRSX vs. IAE - Expense Ratio Comparison

DFRSX has a 0.42% expense ratio, which is higher than IAE's 0.02% expense ratio.

Dividends

DFRSX vs. IAE - Dividend Comparison

DFRSX's dividend yield for the trailing twelve months is around 4.67%, less than IAE's 9.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFRSX DFA Asia Pacific Small Company	4.67%	4.92%	4.66%	4.70%	9.99%	12.82%	2.91%	4.56%	3.48%	4.01%	3.79%	3.96%
IAE Voya Asia Pacific High Dividend Equity Income Fund	9.23%	11.61%	13.37%	10.65%	14.03%	10.60%	9.97%	9.88%	9.61%	7.82%	11.14%	12.74%

Frequently Asked Questions

Can I hold both DFRSX and IAE in my portfolio?

DFRSX and IAE have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFRSX or IAE?

IAE has higher volatility (6.57%) compared to DFRSX (3.79%). In terms of maximum drawdown, DFRSX dropped -69.06% vs IAE's -60.72%.

Which has better risk-adjusted returns?

IAE currently has the higher Sharpe Ratio (2.61 vs 1.92), 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.