DFSE vs. XCNY

Last updated Apr 1, 2026

Compare and contrast key facts about Dimensional Emerging Markets Sustainability Core 1 ETF (DFSE) and SPDR S&P Emerging Markets ex-China ETF (XCNY).

DFSE and XCNY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DFSE is an actively managed fund by Dimensional. It was launched on Nov 1, 2022. XCNY is a passively managed fund by State Street that tracks the performance of the S&P Emerging ex-China BMI. It was launched on Sep 4, 2024.

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.

DFSE vs. XCNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF	2.27%	28.22%	0.07%
XCNY SPDR S&P Emerging Markets ex-China ETF	2.45%	20.42%	-3.51%

Returns By Period

In the year-to-date period, DFSE achieves a 2.27% return, which is significantly lower than XCNY's 2.45% return.

DFSE

• 1D: 3.27%
• 1M: -8.75%
• YTD: 2.27%
• 6M: 3.96%
• 1Y: 28.74%
• 3Y*: 14.83%
• 5Y*: —
• 10Y*: —

XCNY

• 1D: 3.52%
• 1M: -7.56%
• YTD: 2.45%
• 6M: 7.28%
• 1Y: 26.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFSE vs. XCNY - Expense Ratio Comparison

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

DFSE

Dimensional Emerging Markets Sustainability Core 1 ETF

XCNY

SPDR S&P Emerging Markets ex-China ETF

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: 78
DFSE Sharpe Ratio Rank: 80
DFSE Sortino Ratio Rank: 79
DFSE Omega Ratio Rank: 78
DFSE Calmar Ratio Rank: 79
DFSE Martin Ratio Rank: 76

XCNY

XCNY Risk / Return Rank: 78
XCNY Sharpe Ratio Rank: 77
XCNY Sortino Ratio Rank: 79
XCNY Omega Ratio Rank: 77
XCNY Calmar Ratio Rank: 80
XCNY Martin Ratio Rank: 79

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.

	DFSE	XCNY	Difference
Sharpe ratio Return per unit of total volatility	1.50	1.44	+0.06
Sortino ratio Return per unit of downside risk	2.06	2.09	-0.03
Omega ratio Gain probability vs. loss probability	1.30	1.30	0.00
Calmar ratio Return relative to maximum drawdown	2.16	2.26	-0.09
Martin ratio Return relative to average drawdown	8.14	8.84	-0.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFSE vs. XCNY - Sharpe Ratio Comparison

The current DFSE Sharpe Ratio is 1.50, which is comparable to the XCNY Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of DFSE and XCNY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DFSE	XCNY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.50	1.44	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	1.10	0.69	+0.41

Correlation

The correlation between DFSE and XCNY is 0.81, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

DFSE vs. XCNY - Dividend Comparison

DFSE's dividend yield for the trailing twelve months is around 2.18%, less than XCNY's 2.62% yield.

	TTM	2025	2024	2023	2022
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF	2.18%	2.26%	2.06%	2.06%	0.36%
XCNY SPDR S&P Emerging Markets ex-China ETF	2.62%	2.68%	1.07%	0.00%	0.00%

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%
Current Drawdown Current decline from peak	-10.03%	-8.75%	-1.28%
Average Drawdown Average peak-to-trough decline	-4.07%	-4.38%	+0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	3.03%	+0.39%

Volatility

DFSE vs. XCNY - Volatility Comparison

Dimensional Emerging Markets Sustainability Core 1 ETF (DFSE) has a higher volatility of 9.85% compared to SPDR S&P Emerging Markets ex-China ETF (XCNY) at 8.99%. 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	9.85%	8.99%	+0.86%
Volatility (6M) Calculated over the trailing 6-month period	13.91%	12.38%	+1.53%
Volatility (1Y) Calculated over the trailing 1-year period	19.20%	18.81%	+0.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.09%	17.14%	-0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.09%	17.14%	-0.05%