DFSCX vs. SPSM

Last updated Aug 2, 2026

DFSCX (DFA U.S. Micro Cap Portfolio) and SPSM (State Street SPDR Portfolio S&P 600 Small Cap ETF) are both Small Cap Blend Equities funds. Over the past 10 years, DFSCX returned 11.33%/yr vs 10.94%/yr for SPSM. Their 0.96 correlation means they have historically moved very closely together. DFSCX charges 0.41%/yr vs 0.03%/yr for SPSM.

Performance

DFSCX vs. SPSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA U.S. Micro Cap Portfolio (DFSCX) and State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFSCX achieves a 23.22% return, which is significantly higher than SPSM's 21.58% return. Both investments have delivered pretty close results over the past 10 years, with DFSCX having a 11.33% annualized return and SPSM not far behind at 10.94%.

DFSCX

• 1D: 0.65%
• 1M: -0.44%
• 6M: 16.44%
• YTD: 23.22%
• 1Y: 39.55%
• 3Y*: 16.34%
• 5Y*: 10.88%
• 10Y*: 11.33%
• ALL TIME*: 12.45%

SPSM

• 1D: 0.00%
• 1M: -0.67%
• 6M: 15.19%
• YTD: 21.58%
• 1Y: 36.02%
• 3Y*: 13.49%
• 5Y*: 7.48%
• 10Y*: 10.94%
• ALL TIME*: 10.05%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DFSCX DFA U.S. Micro Cap Portfolio	$0.00	$0.00	$0.00
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF	$90.54M	$95.75M	$94.53M

DFSCX vs. SPSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFSCX DFA U.S. Micro Cap Portfolio	23.22%	9.65%	11.43%	17.93%	-12.49%	33.70%	6.61%	20.68%	-11.60%	10.92%
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF	21.58%	6.11%	8.55%	16.11%	-16.12%	26.67%	11.69%	25.85%	-11.17%	15.44%

Correlation

The correlation between DFSCX and SPSM is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.98
Correlation (3Y) Balances recent behavior with more history.	0.99
Correlation (5Y) Shows whether the relationship held over a longer period.	0.99
Correlation (10Y) Provides a long-term view across more market conditions.	0.98
Correlation (All Time) Calculated using the full available price history since Jul 9, 2013	0.96

The correlation between DFSCX and SPSM has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.

Return for Risk

DFSCX vs. SPSM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DFSCX

DFSCX Risk / Return Rank: 88
DFSCX Sharpe Ratio Rank: 85
DFSCX Sortino Ratio Rank: 85
DFSCX Omega Ratio Rank: 80
DFSCX Calmar Ratio Rank: 96
DFSCX Martin Ratio Rank: 94

SPSM

SPSM Risk / Return Rank: 86
SPSM Sharpe Ratio Rank: 85
SPSM Sortino Ratio Rank: 86
SPSM Omega Ratio Rank: 82
SPSM Calmar Ratio Rank: 90
SPSM Martin Ratio Rank: 88

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DFSCX vs. SPSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA U.S. Micro Cap Portfolio (DFSCX) and State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM). 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	SPSM	Difference
Sharpe ratio: Return per unit of total volatility	2.06	1.97	+0.09
Sortino ratio: Return per unit of downside risk	3.04	2.87	+0.17
Omega ratio: Gain probability vs. loss probability	1.36	1.34	+0.01
Calmar ratio: Return relative to maximum drawdown	4.35	3.89	+0.47
Martin ratio: Return relative to average drawdown	14.57	13.32	+1.25

DFSCX vs. SPSM - Sharpe Ratio Comparison

The current DFSCX Sharpe Ratio is 2.06, which is comparable to the SPSM Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of DFSCX and SPSM, 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. SPSM - Drawdown Comparison

The maximum DFSCX drawdown since its inception was -63.07%, which is greater than SPSM's maximum drawdown of -42.89%. Use the drawdown chart below to compare losses from any high point for DFSCX and SPSM.

Drawdown Indicators

	DFSCX	SPSM	Difference
Max Drawdown Largest peak-to-trough decline	-63.07%	-42.89%	-20.18%
Max Drawdown (1Y) Largest decline over 1 year	-8.17%	-8.72%	+0.55%
Max Drawdown (3Y) Largest decline over 3 years	-27.01%	-27.94%	+0.93%
Max Drawdown (5Y) Largest decline over 5 years	-27.01%	-27.94%	+0.93%
Max Drawdown (10Y) Largest decline over 10 years	-46.88%	-42.89%	-3.99%
Current Drawdown Current decline from peak	-1.63%	-1.91%	+0.28%
Average Drawdown Average peak-to-trough decline	-9.87%	-7.84%	-2.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.46%	2.54%	-0.08%

Volatility

DFSCX vs. SPSM - Volatility Comparison

DFA U.S. Micro Cap Portfolio (DFSCX) and State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM) have volatilities of 3.50% and 3.45%, 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	SPSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.50%	3.45%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	11.52%	11.63%	-0.11%
Volatility (1Y) Calculated over the trailing 1-year period	17.30%	17.29%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.85%	21.27%	-0.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.59%	22.94%	-0.35%

DFSCX vs. SPSM - Expense Ratio Comparison

DFSCX has a 0.41% expense ratio, which is higher than SPSM's 0.03% expense ratio.

Dividends

DFSCX vs. SPSM - Dividend Comparison

DFSCX's dividend yield for the trailing twelve months is around 0.86%, less than SPSM's 1.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFSCX DFA U.S. Micro Cap Portfolio	0.86%	1.03%	0.97%	2.48%	5.16%	10.77%	0.87%	2.80%	5.50%	5.05%	0.90%	6.33%
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF	1.39%	1.62%	1.85%	1.61%	1.38%	1.40%	1.34%	1.58%	1.82%	1.51%	1.49%	2.37%

Frequently Asked Questions

Can I hold both DFSCX and SPSM in my portfolio?

With a correlation of 0.98, DFSCX and SPSM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DFSCX or SPSM?

DFSCX has higher volatility (3.50%) compared to SPSM (3.45%). In terms of maximum drawdown, DFSCX dropped -63.07% vs SPSM's -42.89%.

Which has better risk-adjusted returns?

DFSCX currently has the higher Sharpe Ratio (2.06 vs 1.97), 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.