DFSE vs. XCNY

Last updated Jul 12, 2026

DFSE (Dimensional Emerging Markets Sustainability Core 1 ETF) and XCNY (SPDR S&P Emerging Markets ex-China ETF) are both Emerging Markets Diversified funds. DFSE is actively managed, while XCNY is passively managed. Over the past year, DFSE returned 30.02% vs 32.02% for XCNY. Their correlation of 0.83 suggests significant overlap in exposure. DFSE charges 0.41%/yr vs 0.15%/yr for XCNY.

Performance

DFSE vs. XCNY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional Emerging Markets Sustainability Core 1 ETF (DFSE) and SPDR S&P Emerging Markets ex-China ETF (XCNY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFSE achieves a 17.42% return, which is significantly lower than XCNY's 20.19% return.

DFSE

• 1D: 0.66%
• 1M: -1.47%
• 6M: 13.61%
• YTD: 17.42%
• 1Y: 30.02%
• 3Y*: 18.92%
• 5Y*: —
• 10Y*: —

XCNY

• 1D: 0.60%
• 1M: 2.05%
• 6M: 17.22%
• YTD: 20.19%
• 1Y: 32.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFSE vs. XCNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF	17.42%	28.22%	0.22%
XCNY SPDR S&P Emerging Markets ex-China ETF	20.19%	20.42%	-3.63%

Correlation

The correlation between DFSE and XCNY is 0.88, 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	0.88
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	0.83

The correlation between DFSE and XCNY has been stable across timeframes, ranging from 0.83 to 0.88 - a consistent structural relationship.

Return for Risk

DFSE vs. XCNY — Risk / Return Rank

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

DFSE

DFSE Risk / Return Rank: 54
DFSE Sharpe Ratio Rank: 51
DFSE Sortino Ratio Rank: 47
DFSE Omega Ratio Rank: 54
DFSE Calmar Ratio Rank: 58
DFSE Martin Ratio Rank: 57

XCNY

XCNY Risk / Return Rank: 66
XCNY Sharpe Ratio Rank: 67
XCNY Sortino Ratio Rank: 63
XCNY Omega Ratio Rank: 68
XCNY Calmar Ratio Rank: 67
XCNY Martin Ratio Rank: 68

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.

DFSE vs. XCNY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Emerging Markets Sustainability Core 1 ETF (DFSE) and SPDR S&P Emerging Markets ex-China ETF (XCNY). 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.

	DFSE	XCNY	Difference
Sharpe ratio: Return per unit of total volatility	1.40	1.73	-0.33
Sortino ratio: Return per unit of downside risk	1.92	2.37	-0.44
Omega ratio: Gain probability vs. loss probability	1.27	1.32	-0.05
Calmar ratio: Return relative to maximum drawdown	2.31	2.67	-0.37
Martin ratio: Return relative to average drawdown	7.90	9.77	-1.88

DFSE vs. XCNY - Sharpe Ratio Comparison

The current DFSE Sharpe Ratio is 1.40, which is comparable to the XCNY Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of DFSE and XCNY, 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

DFSE vs. XCNY - Drawdown Comparison

The maximum DFSE drawdown since its inception was -19.77%, roughly equal to the maximum XCNY drawdown of -19.70%. Use the drawdown chart below to compare losses from any high point for DFSE and XCNY.

Drawdown Indicators

	DFSE	XCNY	Difference
Max Drawdown Largest peak-to-trough decline	-19.77%	-19.70%	-0.07%
Max Drawdown (1Y) Largest decline over 1 year	-12.88%	-11.86%	-1.02%
Max Drawdown (3Y) Largest decline over 3 years	-19.77%	—	—
Current Drawdown Current decline from peak	-4.58%	-2.64%	-1.94%
Average Drawdown Average peak-to-trough decline	-4.00%	-4.07%	+0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.76%	3.24%	+0.52%

Volatility

DFSE vs. XCNY - Volatility Comparison

Dimensional Emerging Markets Sustainability Core 1 ETF (DFSE) has a higher volatility of 9.31% compared to SPDR S&P Emerging Markets ex-China ETF (XCNY) at 7.67%. This indicates that DFSE's price experiences larger fluctuations and is considered to be riskier than XCNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFSE	XCNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.31%	7.67%	+1.64%
Volatility (6M) Calculated over the trailing 6-month period	19.22%	16.68%	+2.54%
Volatility (1Y) Calculated over the trailing 1-year period	21.15%	18.33%	+2.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.28%	18.43%	-0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.28%	18.43%	-0.15%

DFSE vs. XCNY - Expense Ratio Comparison

DFSE has a 0.41% expense ratio, which is higher than XCNY's 0.15% expense ratio.

Dividends

DFSE vs. XCNY - Dividend Comparison

DFSE's dividend yield for the trailing twelve months is around 1.88%, less than XCNY's 2.23% yield.

Position	TTM	2025	2024	2023	2022
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF	1.88%	2.26%	2.06%	2.06%	0.36%
XCNY SPDR S&P Emerging Markets ex-China ETF	2.23%	2.68%	1.07%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFSE and XCNY in my portfolio?

DFSE and XCNY have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFSE or XCNY?

DFSE has higher volatility (9.31%) compared to XCNY (7.67%). In terms of maximum drawdown, DFSE dropped -19.77% vs XCNY's -19.70%.

Which ETF is better, DFSE or XCNY?

On 1-year performance, XCNY leads with 32.02% vs 30.02% for DFSE. On fees, XCNY is cheaper at 0.15% per year. On volatility, XCNY has been the lower-risk option at 7.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFSE or XCNY?

Over the 1-year period, XCNY has performed better with a 32.02% return vs 30.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFSE or XCNY?

XCNY is cheaper with a 0.15% expense ratio, compared with 0.41% for DFSE.

Which ETF pays a higher dividend yield, DFSE or XCNY?

XCNY has the higher dividend yield at 2.23%, compared with 1.88% for DFSE.

What is the main difference between DFSE and XCNY?

They also come from different issuers: Dimensional and State Street. Their fees differ too: 0.41% for DFSE and 0.15% for XCNY.

Which has better risk-adjusted returns?

XCNY currently has the higher Sharpe Ratio (1.73 vs 1.40), 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.