DFSHX vs. DFGFX

Last updated Jun 4, 2026

DFSHX (DFA Selectively Hedged Global Fixed Income Portfolio) and DFGFX (DFA Two Year Global Fixed Income Portfolio) are both Global Bonds funds from Dimensional. Over the past 10 years, DFSHX returned 2.14%/yr vs 1.81%/yr for DFGFX. At a 0.34 correlation, their price movements are largely independent. Both charge a 0.16% expense ratio.

Performance

DFSHX vs. DFGFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Selectively Hedged Global Fixed Income Portfolio (DFSHX) and DFA Two Year Global Fixed Income Portfolio (DFGFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with DFSHX having a 1.62% return and DFGFX slightly lower at 1.60%. Over the past 10 years, DFSHX has outperformed DFGFX with an annualized return of 2.14%, while DFGFX has yielded a comparatively lower 1.81% annualized return.

DFSHX

• 1D: 0.11%
• 1M: 0.75%
• YTD: 1.62%
• 6M: 1.78%
• 1Y: 4.38%
• 3Y*: 5.18%
• 5Y*: 1.99%
• 10Y*: 2.14%

DFGFX

• 1D: 0.00%
• 1M: 0.51%
• YTD: 1.60%
• 6M: 1.90%
• 1Y: 2.64%
• 3Y*: 4.29%
• 5Y*: 2.30%
• 10Y*: 1.81%

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

DFSHX vs. DFGFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFSHX DFA Selectively Hedged Global Fixed Income Portfolio	1.62%	4.84%	5.66%	5.55%	-6.24%	-0.82%	2.33%	4.82%	1.83%	2.61%
DFGFX DFA Two Year Global Fixed Income Portfolio	1.60%	2.89%	5.36%	4.95%	-2.62%	-0.37%	0.88%	2.87%	1.91%	0.93%

Correlation

The correlation between DFSHX and DFGFX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Aug 6, 2012	0.34

The correlation between DFSHX and DFGFX shifts across timeframes, from 0.12 (3 years) to 0.48 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

DFSHX vs. DFGFX — Risk / Return Rank

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

DFSHX

DFSHX Risk / Return Rank: 86
DFSHX Sharpe Ratio Rank: 88
DFSHX Sortino Ratio Rank: 92
DFSHX Omega Ratio Rank: 95
DFSHX Calmar Ratio Rank: 76
DFSHX Martin Ratio Rank: 78

DFGFX

DFGFX Risk / Return Rank: 40
DFGFX Sharpe Ratio Rank: 34
DFGFX Sortino Ratio Rank: 19
DFGFX Omega Ratio Rank: 98
DFGFX Calmar Ratio Rank: 26
DFGFX Martin Ratio Rank: 23

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.

DFSHX vs. DFGFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Selectively Hedged Global Fixed Income Portfolio (DFSHX) and DFA Two Year Global Fixed Income Portfolio (DFGFX). 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.

	DFSHX	DFGFX	Difference
Sharpe ratio Return per unit of total volatility	2.90	1.69	+1.21
Sortino ratio Return per unit of downside risk	4.58	1.84	+2.73
Omega ratio Gain probability vs. loss probability	1.81	2.36	-0.55
Calmar ratio Return relative to maximum drawdown	3.44	1.89	+1.55
Martin ratio Return relative to average drawdown	14.63	5.81	+8.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFSHX vs. DFGFX - Sharpe Ratio Comparison

The current DFSHX Sharpe Ratio is 2.90, which is higher than the DFGFX Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of DFSHX and DFGFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DFSHX	DFGFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.90	1.69	+1.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	1.28	-0.68
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	1.34	-0.53
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	2.29	-1.79

Drawdowns

DFSHX vs. DFGFX - Drawdown Comparison

The maximum DFSHX drawdown since its inception was -9.58%, which is greater than DFGFX's maximum drawdown of -4.00%. Use the drawdown chart below to compare losses from any high point for DFSHX and DFGFX.

Drawdown Indicators

	DFSHX	DFGFX	Difference
Max Drawdown Largest peak-to-trough decline	-9.58%	-4.00%	-5.58%
Max Drawdown (1Y) Largest decline over 1 year	-1.28%	-1.41%	+0.13%
Max Drawdown (3Y) Largest decline over 3 years	-4.18%	-2.12%	-2.06%
Max Drawdown (5Y) Largest decline over 5 years	-9.58%	-4.00%	-5.58%
Max Drawdown (10Y) Largest decline over 10 years	-9.58%	-4.00%	-5.58%
Current Drawdown Current decline from peak	-0.11%	0.00%	-0.11%
Average Drawdown Average peak-to-trough decline	-2.29%	-0.23%	-2.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	0.46%	-0.16%

Volatility

DFSHX vs. DFGFX - Volatility Comparison

DFA Selectively Hedged Global Fixed Income Portfolio (DFSHX) has a higher volatility of 0.70% compared to DFA Two Year Global Fixed Income Portfolio (DFGFX) at 0.28%. This indicates that DFSHX's price experiences larger fluctuations and is considered to be riskier than DFGFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFSHX	DFGFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.70%	0.28%	+0.42%
Volatility (6M) Calculated over the trailing 6-month period	1.36%	0.52%	+0.84%
Volatility (1Y) Calculated over the trailing 1-year period	1.52%	1.58%	-0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.37%	1.81%	+1.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.65%	1.36%	+1.29%

DFSHX vs. DFGFX - Expense Ratio Comparison

Both DFSHX and DFGFX have an expense ratio of 0.16%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

DFSHX vs. DFGFX - Dividend Comparison

DFSHX's dividend yield for the trailing twelve months is around 4.19%, more than DFGFX's 3.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFGFX DFA Two Year Global Fixed Income Portfolio	3.10%	2.67%	4.77%	3.19%	1.17%	0.23%	0.57%	2.24%	2.21%	1.54%	0.65%	0.02%
DFSHX DFA Selectively Hedged Global Fixed Income Portfolio	4.19%	4.26%	4.50%	3.90%	0.04%	1.77%	0.03%	2.52%	3.23%	1.75%	1.63%	1.11%

Frequently Asked Questions

Can I hold both DFSHX and DFGFX in my portfolio?

DFSHX and DFGFX have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFSHX or DFGFX?

DFSHX has higher volatility (0.70%) compared to DFGFX (0.28%). In terms of maximum drawdown, DFSHX dropped -9.58% vs DFGFX's -4.00%.

Which has better risk-adjusted returns?

DFSHX currently has the higher Sharpe Ratio (2.90 vs 1.69), 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.