DFSD vs. DFAS

Last updated Jun 24, 2026

DFSD (Dimensional Short-Duration Fixed Income ETF) and DFAS (Dimensional U.S. Small Cap ETF) are both exchange-traded funds - DFSD is a Short-Term Bond fund actively managed by Dimensional, while DFAS is a Small Cap Blend Equities fund actively managed by Dimensional. Both are actively managed. Over the past 3 years, DFSD returned 5.16%/yr vs 15.91%/yr for DFAS. At a 0.22 correlation, their price movements are largely independent. DFSD charges 0.16%/yr vs 0.26%/yr for DFAS.

Performance

DFSD vs. DFAS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional Short-Duration Fixed Income ETF (DFSD) and Dimensional U.S. Small Cap ETF (DFAS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFSD achieves a 0.22% return, which is significantly lower than DFAS's 14.69% return.

DFSD

• 1D: -0.44%
• 1M: -0.17%
• YTD: 0.22%
• 6M: 0.39%
• 1Y: 3.30%
• 3Y*: 5.16%
• 5Y*: —
• 10Y*: —

DFAS

• 1D: -0.91%
• 1M: 2.82%
• YTD: 14.69%
• 6M: 12.40%
• 1Y: 28.52%
• 3Y*: 15.91%
• 5Y*: 7.86%
• 10Y*: —

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

DFSD vs. DFAS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DFSD Dimensional Short-Duration Fixed Income ETF	0.22%	6.59%	4.60%	6.09%	-5.87%	-0.05%
DFAS Dimensional U.S. Small Cap ETF	14.69%	8.17%	10.21%	17.83%	-13.84%	-3.25%

Correlation

The correlation between DFSD and DFAS is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (All Time) Calculated using the full available price history since Nov 16, 2021	0.22

The correlation between DFSD and DFAS shifts across timeframes, from 0.22 (all time) to 0.36 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DFSD vs. DFAS — Risk / Return Rank

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

DFSD

DFSD Risk / Return Rank: 52
DFSD Sharpe Ratio Rank: 51
DFSD Sortino Ratio Rank: 55
DFSD Omega Ratio Rank: 54
DFSD Calmar Ratio Rank: 48
DFSD Martin Ratio Rank: 52

DFAS

DFAS Risk / Return Rank: 56
DFAS Sharpe Ratio Rank: 51
DFAS Sortino Ratio Rank: 54
DFAS Omega Ratio Rank: 47
DFAS Calmar Ratio Rank: 64
DFAS Martin Ratio Rank: 61

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.

DFSD vs. DFAS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Short-Duration Fixed Income ETF (DFSD) and Dimensional U.S. Small Cap ETF (DFAS). 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.

	DFSD	DFAS	Difference
Sharpe ratio: Return per unit of total volatility	1.67	1.69	-0.02
Sortino ratio: Return per unit of downside risk	2.48	2.49	-0.01
Omega ratio: Gain probability vs. loss probability	1.32	1.29	+0.03
Calmar ratio: Return relative to maximum drawdown	2.26	3.06	-0.80
Martin ratio: Return relative to average drawdown	8.48	10.51	-2.03

DFSD vs. DFAS - Sharpe Ratio Comparison

The current DFSD Sharpe Ratio is 1.67, which is comparable to the DFAS Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of DFSD and DFAS, 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

DFSD vs. DFAS - Drawdown Comparison

The maximum DFSD drawdown since its inception was -8.45%, smaller than the maximum DFAS drawdown of -26.13%. Use the drawdown chart below to compare losses from any high point for DFSD and DFAS.

Drawdown Indicators

	DFSD	DFAS	Difference
Max Drawdown Largest peak-to-trough decline	-8.45%	-26.13%	+17.68%
Max Drawdown (1Y) Largest decline over 1 year	-1.47%	-9.36%	+7.89%
Max Drawdown (3Y) Largest decline over 3 years	-1.47%	-26.13%	+24.66%
Max Drawdown (5Y) Largest decline over 5 years	—	-26.13%	—
Current Drawdown Current decline from peak	-0.83%	-1.03%	+0.20%
Average Drawdown Average peak-to-trough decline	-2.05%	-8.23%	+6.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.39%	2.72%	-2.33%

Volatility

DFSD vs. DFAS - Volatility Comparison

The current volatility for Dimensional Short-Duration Fixed Income ETF (DFSD) is 0.78%, while Dimensional U.S. Small Cap ETF (DFAS) has a volatility of 4.84%. This indicates that DFSD experiences smaller price fluctuations and is considered to be less risky than DFAS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFSD	DFAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.78%	4.84%	-4.06%
Volatility (6M) Calculated over the trailing 6-month period	1.59%	11.96%	-10.37%
Volatility (1Y) Calculated over the trailing 1-year period	1.98%	17.00%	-15.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.78%	20.81%	-18.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.78%	20.82%	-18.04%

DFSD vs. DFAS - Expense Ratio Comparison

DFSD has a 0.16% expense ratio, which is lower than DFAS's 0.26% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

DFSD vs. DFAS - Dividend Comparison

DFSD's dividend yield for the trailing twelve months is around 3.99%, more than DFAS's 0.91% yield.

Position	TTM	2025	2024	2023	2022	2021
DFAS Dimensional U.S. Small Cap ETF	0.91%	0.99%	0.93%	1.00%	1.03%	2.87%
DFSD Dimensional Short-Duration Fixed Income ETF	3.99%	4.12%	4.81%	3.89%	2.12%	0.11%

Frequently Asked Questions

Can I hold both DFSD and DFAS in my portfolio?

DFSD and DFAS have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFSD or DFAS?

DFAS has higher volatility (4.84%) compared to DFSD (0.78%). In terms of maximum drawdown, DFSD dropped -8.45% vs DFAS's -26.13%.

Which ETF is better, DFSD or DFAS?

On 3-year performance, DFAS leads with 15.91% vs 5.16% for DFSD. On fees, DFSD is cheaper at 0.16% per year. On volatility, DFSD has been the lower-risk option at 0.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFSD or DFAS?

Over the 3-year period, DFAS has performed better with a 15.91% return vs 5.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFSD or DFAS?

DFSD is cheaper with a 0.16% expense ratio, compared with 0.26% for DFAS.

Which ETF pays a higher dividend yield, DFSD or DFAS?

DFSD has the higher dividend yield at 3.99%, compared with 0.91% for DFAS.

What is the main difference between DFSD and DFAS?

DFSD is categorized as Short-Term Bond, while DFAS is Small Cap Blend Equities. Their fees differ too: 0.16% for DFSD and 0.26% for DFAS.

Which has better risk-adjusted returns?

DFAS currently has the higher Sharpe Ratio (1.69 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.