DFSCX vs. FDM

Last updated Jun 23, 2026

DFSCX (DFA U.S. Micro Cap Portfolio) and FDM (First Trust Dow Jones Select MicroCap Index Fund) are both Small Cap Blend Equities funds. Over the past 10 years, DFSCX returned 11.56%/yr vs 12.20%/yr for FDM. Their correlation of 0.93 suggests significant overlap in exposure. DFSCX charges 0.41%/yr vs 0.60%/yr for FDM.

Performance

DFSCX vs. FDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA U.S. Micro Cap Portfolio (DFSCX) and First Trust Dow Jones Select MicroCap Index Fund (FDM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFSCX achieves a 20.47% return, which is significantly higher than FDM's 13.00% return. Over the past 10 years, DFSCX has underperformed FDM with an annualized return of 11.56%, while FDM has yielded a comparatively higher 12.20% annualized return.

DFSCX

• 1D: 1.64%
• 1M: 4.76%
• YTD: 20.47%
• 6M: 17.63%
• 1Y: 39.85%
• 3Y*: 17.89%
• 5Y*: 10.59%
• 10Y*: 11.56%

FDM

• 1D: 0.29%
• 1M: 3.86%
• YTD: 13.00%
• 6M: 10.95%
• 1Y: 31.34%
• 3Y*: 19.66%
• 5Y*: 9.59%
• 10Y*: 12.20%

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

DFSCX vs. FDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFSCX DFA U.S. Micro Cap Portfolio	20.47%	9.65%	11.43%	17.93%	-12.49%	33.70%	6.61%	20.68%	-11.60%	10.92%
FDM First Trust Dow Jones Select MicroCap Index Fund	13.00%	18.64%	13.00%	12.76%	-11.61%	35.08%	-4.04%	27.45%	-13.53%	8.72%

Correlation

The correlation between DFSCX and FDM is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Sep 30, 2005	0.93

The correlation between DFSCX and FDM has been stable across timeframes, ranging from 0.87 to 0.94 - a consistent structural relationship.

Return for Risk

DFSCX vs. FDM — Risk / Return Rank

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

DFSCX

DFSCX Risk / Return Rank: 77
DFSCX Sharpe Ratio Rank: 71
DFSCX Sortino Ratio Rank: 73
DFSCX Omega Ratio Rank: 58
DFSCX Calmar Ratio Rank: 93
DFSCX Martin Ratio Rank: 88

FDM

FDM Risk / Return Rank: 55
FDM Sharpe Ratio Rank: 50
FDM Sortino Ratio Rank: 51
FDM Omega Ratio Rank: 46
FDM Calmar Ratio Rank: 70
FDM Martin Ratio Rank: 59

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.

DFSCX vs. FDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA U.S. Micro Cap Portfolio (DFSCX) and First Trust Dow Jones Select MicroCap Index Fund (FDM). 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.

	DFSCX	FDM	Difference
Sharpe ratio: Return per unit of total volatility	2.26	1.67	+0.59
Sortino ratio: Return per unit of downside risk	3.25	2.43	+0.82
Omega ratio: Gain probability vs. loss probability	1.39	1.29	+0.09
Calmar ratio: Return relative to maximum drawdown	4.90	3.39	+1.51
Martin ratio: Return relative to average drawdown	15.89	10.21	+5.67

DFSCX vs. FDM - Sharpe Ratio Comparison

The current DFSCX Sharpe Ratio is 2.26, which is higher than the FDM Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of DFSCX and FDM, 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

DFSCX vs. FDM - Drawdown Comparison

The maximum DFSCX drawdown since its inception was -63.07%, roughly equal to the maximum FDM drawdown of -63.45%. Use the drawdown chart below to compare losses from any high point for DFSCX and FDM.

Drawdown Indicators

	DFSCX	FDM	Difference
Max Drawdown Largest peak-to-trough decline	-63.07%	-63.45%	+0.38%
Max Drawdown (1Y) Largest decline over 1 year	-8.17%	-9.30%	+1.13%
Max Drawdown (3Y) Largest decline over 3 years	-27.01%	-23.47%	-3.54%
Max Drawdown (5Y) Largest decline over 5 years	-27.01%	-23.74%	-3.27%
Max Drawdown (10Y) Largest decline over 10 years	-46.88%	-47.76%	+0.88%
Current Drawdown Current decline from peak	0.00%	-0.51%	+0.51%
Average Drawdown Average peak-to-trough decline	-9.89%	-11.32%	+1.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.51%	3.08%	-0.57%

Volatility

DFSCX vs. FDM - Volatility Comparison

DFA U.S. Micro Cap Portfolio (DFSCX) and First Trust Dow Jones Select MicroCap Index Fund (FDM) have volatilities of 4.87% and 4.77%, 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

	DFSCX	FDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.87%	4.77%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	11.92%	13.23%	-1.31%
Volatility (1Y) Calculated over the trailing 1-year period	17.72%	18.87%	-1.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.02%	21.40%	-0.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.66%	23.38%	-0.72%

DFSCX vs. FDM - Expense Ratio Comparison

DFSCX has a 0.41% expense ratio, which is lower than FDM's 0.60% expense ratio.

Dividends

DFSCX vs. FDM - Dividend Comparison

DFSCX's dividend yield for the trailing twelve months is around 0.80%, less than FDM's 1.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFSCX DFA U.S. Micro Cap Portfolio	0.80%	1.03%	0.97%	2.48%	5.16%	10.77%	0.87%	2.80%	5.50%	5.05%	0.90%	6.33%
FDM First Trust Dow Jones Select MicroCap Index Fund	1.22%	1.43%	1.56%	1.81%	1.80%	1.08%	1.68%	1.37%	1.26%	0.97%	1.13%	1.45%

Frequently Asked Questions

Can I hold both DFSCX and FDM in my portfolio?

DFSCX and FDM 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, DFSCX or FDM?

DFSCX has higher volatility (4.87%) compared to FDM (4.77%). In terms of maximum drawdown, DFSCX dropped -63.07% vs FDM's -63.45%.

Which has better risk-adjusted returns?

DFSCX currently has the higher Sharpe Ratio (2.26 vs 1.67), 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.