DFSI vs. DWX

Last updated Jun 4, 2026

DFSI (Dimensional International Sustainability Core 1 ETF) and DWX (SPDR S&P International Dividend ETF) are both Foreign Large Cap Equities funds. DFSI is actively managed, while DWX is passively managed. Over the past 3 years, DFSI returned 16.80%/yr vs 14.97%/yr for DWX. Their correlation of 0.80 suggests significant overlap in exposure. DFSI charges 0.24%/yr vs 0.45%/yr for DWX.

Performance

DFSI vs. DWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional International Sustainability Core 1 ETF (DFSI) and SPDR S&P International Dividend ETF (DWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFSI achieves a 5.54% return, which is significantly lower than DWX's 6.23% return.

DFSI

• 1D: -0.92%
• 1M: 2.26%
• YTD: 5.54%
• 6M: 8.46%
• 1Y: 19.10%
• 3Y*: 16.80%
• 5Y*: —
• 10Y*: —

DWX

• 1D: -0.29%
• 1M: 0.58%
• YTD: 6.23%
• 6M: 8.31%
• 1Y: 15.79%
• 3Y*: 14.97%
• 5Y*: 7.13%
• 10Y*: 7.29%

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

DFSI vs. DWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DFSI Dimensional International Sustainability Core 1 ETF	5.54%	33.62%	4.98%	17.86%	11.99%
DWX SPDR S&P International Dividend ETF	6.23%	31.62%	2.56%	14.74%	10.32%

Correlation

The correlation between DFSI and DWX is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (All Time) Calculated using the full available price history since Nov 3, 2022	0.80

The correlation between DFSI and DWX has been stable across timeframes, ranging from 0.77 to 0.80 - a consistent structural relationship.

DFSI vs. DWX - Sectors Allocation Comparison

Sectors	DFSI	DWX
Industrials	27.9%	10.2%
Financial Services	27.7%	16.4%
Consumer Cyclical	14.2%	6.2%
Consumer Defensive	8.1%	12.6%
Basic Materials	7.4%	2.3%
Healthcare	3.7%	4.5%
Real Estate	3.4%	10.5%
Technology	3.0%	2.8%
Communication Services	1.8%	12.8%
Utilities	1.7%	11.3%
Energy	1.3%	10.4%

Return for Risk

DFSI vs. DWX — Risk / Return Rank

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

DFSI

DFSI Risk / Return Rank: 35
DFSI Sharpe Ratio Rank: 36
DFSI Sortino Ratio Rank: 35
DFSI Omega Ratio Rank: 36
DFSI Calmar Ratio Rank: 32
DFSI Martin Ratio Rank: 38

DWX

DWX Risk / Return Rank: 39
DWX Sharpe Ratio Rank: 41
DWX Sortino Ratio Rank: 40
DWX Omega Ratio Rank: 41
DWX Calmar Ratio Rank: 37
DWX Martin Ratio Rank: 38

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.

DFSI vs. DWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional International Sustainability Core 1 ETF (DFSI) and SPDR S&P International Dividend ETF (DWX). 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.

	DFSI	DWX	Difference
Sharpe ratio: Return per unit of total volatility	1.28	1.47	-0.19
Sortino ratio: Return per unit of downside risk	1.88	2.06	-0.18
Omega ratio: Gain probability vs. loss probability	1.24	1.27	-0.03
Calmar ratio: Return relative to maximum drawdown	1.57	1.85	-0.28
Martin ratio: Return relative to average drawdown	5.94	6.01	-0.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFSI vs. DWX - Sharpe Ratio Comparison

The current DFSI Sharpe Ratio is 1.28, which is comparable to the DWX Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of DFSI and DWX, 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

	DFSI	DWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.28	1.47	-0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.59	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.36	0.12	+1.24

Drawdowns

DFSI vs. DWX - Drawdown Comparison

The maximum DFSI drawdown since its inception was -12.82%, smaller than the maximum DWX drawdown of -66.86%. Use the drawdown chart below to compare losses from any high point for DFSI and DWX.

Drawdown Indicators

	DFSI	DWX	Difference
Max Drawdown Largest peak-to-trough decline	-12.82%	-66.86%	+54.04%
Max Drawdown (1Y) Largest decline over 1 year	-12.26%	-8.59%	-3.67%
Max Drawdown (3Y) Largest decline over 3 years	-12.82%	-10.65%	-2.17%
Max Drawdown (5Y) Largest decline over 5 years	—	-26.96%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.05%	—
Current Drawdown Current decline from peak	-3.15%	-4.12%	+0.97%
Average Drawdown Average peak-to-trough decline	-2.62%	-14.13%	+11.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.22%	2.63%	+0.59%

Volatility

DFSI vs. DWX - Volatility Comparison

Dimensional International Sustainability Core 1 ETF (DFSI) has a higher volatility of 4.63% compared to SPDR S&P International Dividend ETF (DWX) at 2.92%. This indicates that DFSI's price experiences larger fluctuations and is considered to be riskier than DWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFSI	DWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.63%	2.92%	+1.71%
Volatility (6M) Calculated over the trailing 6-month period	12.67%	8.66%	+4.01%
Volatility (1Y) Calculated over the trailing 1-year period	14.97%	10.80%	+4.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.24%	12.20%	+3.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.24%	15.09%	+0.15%

DFSI vs. DWX - Expense Ratio Comparison

DFSI has a 0.24% expense ratio, which is lower than DWX's 0.45% expense ratio.

Dividends

DFSI vs. DWX - Dividend Comparison

DFSI's dividend yield for the trailing twelve months is around 2.14%, less than DWX's 4.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFSI Dimensional International Sustainability Core 1 ETF	2.14%	2.23%	2.39%	2.10%	0.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DWX SPDR S&P International Dividend ETF	4.20%	4.44%	4.31%	4.12%	4.68%	3.89%	3.84%	4.40%	5.06%	3.85%	5.25%	5.81%

Frequently Asked Questions

Can I hold both DFSI and DWX in my portfolio?

DFSI and DWX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFSI or DWX?

DFSI has higher volatility (4.63%) compared to DWX (2.92%). In terms of maximum drawdown, DFSI dropped -12.82% vs DWX's -66.86%.

Which ETF is better, DFSI or DWX?

On 3-year performance, DFSI leads with 16.80% vs 14.97% for DWX. On fees, DFSI is cheaper at 0.24% per year. On volatility, DWX has been the lower-risk option at 2.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFSI or DWX?

Over the 3-year period, DFSI has performed better with a 16.80% return vs 14.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFSI or DWX?

DFSI is cheaper with a 0.24% expense ratio, compared with 0.45% for DWX.

Which ETF pays a higher dividend yield, DFSI or DWX?

DWX has the higher dividend yield at 4.20%, compared with 2.14% for DFSI.

What is the main difference between DFSI and DWX?

They also come from different issuers: Dimensional and State Street. Their fees differ too: 0.24% for DFSI and 0.45% for DWX.

Which has better risk-adjusted returns?

DWX currently has the higher Sharpe Ratio (1.47 vs 1.28), 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.