DFSTX vs. DFAS

Last updated Jun 23, 2026

DFSTX (DFA U.S. Small Cap Portfolio) and DFAS (Dimensional U.S. Small Cap ETF) are both Small Cap Blend Equities funds from Dimensional. Over the past 5 years, DFSTX returned 9.43%/yr vs 8.37%/yr for DFAS. With a 1.00 correlation, they move nearly in lockstep. DFSTX charges 0.27%/yr vs 0.26%/yr for DFAS.

Performance

DFSTX vs. DFAS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA U.S. Small Cap Portfolio (DFSTX) 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, DFSTX achieves a 16.82% return, which is significantly higher than DFAS's 15.74% return.

DFSTX

• 1D: 1.45%
• 1M: 3.94%
• YTD: 16.82%
• 6M: 13.96%
• 1Y: 31.88%
• 3Y*: 15.95%
• 5Y*: 9.43%
• 10Y*: 11.18%

DFAS

• 1D: 0.12%
• 1M: 3.77%
• YTD: 15.74%
• 6M: 12.99%
• 1Y: 31.21%
• 3Y*: 16.27%
• 5Y*: 8.37%
• 10Y*: —

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

DFSTX vs. DFAS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DFSTX DFA U.S. Small Cap Portfolio	16.82%	8.07%	11.50%	17.66%	-13.50%	4.10%
DFAS Dimensional U.S. Small Cap ETF	15.74%	8.17%	10.21%	17.83%	-13.84%	4.52%

Correlation

The correlation between DFSTX and DFAS is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jun 14, 2021	1.00

The correlation between DFSTX and DFAS has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

DFSTX vs. DFAS — Risk / Return Rank

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

DFSTX

DFSTX Risk / Return Rank: 58
DFSTX Sharpe Ratio Rank: 49
DFSTX Sortino Ratio Rank: 51
DFSTX Omega Ratio Rank: 43
DFSTX Calmar Ratio Rank: 81
DFSTX Martin Ratio Rank: 65

DFAS

DFAS Risk / Return Rank: 60
DFAS Sharpe Ratio Rank: 57
DFAS Sortino Ratio Rank: 59
DFAS Omega Ratio Rank: 52
DFAS Calmar Ratio Rank: 69
DFAS Martin Ratio Rank: 65

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.

DFSTX vs. DFAS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA U.S. Small Cap Portfolio (DFSTX) 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.

	DFSTX	DFAS	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.85	+0.05
Sortino ratio: Return per unit of downside risk	2.76	2.70	+0.07
Omega ratio: Gain probability vs. loss probability	1.33	1.32	+0.01
Calmar ratio: Return relative to maximum drawdown	3.51	3.35	+0.16
Martin ratio: Return relative to average drawdown	11.94	11.51	+0.43

DFSTX vs. DFAS - Sharpe Ratio Comparison

The current DFSTX Sharpe Ratio is 1.90, which is comparable to the DFAS Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of DFSTX 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

DFSTX vs. DFAS - Drawdown Comparison

The maximum DFSTX drawdown since its inception was -60.99%, which is greater than DFAS's maximum drawdown of -26.13%. Use the drawdown chart below to compare losses from any high point for DFSTX and DFAS.

Drawdown Indicators

	DFSTX	DFAS	Difference
Max Drawdown Largest peak-to-trough decline	-60.99%	-26.13%	-34.86%
Max Drawdown (1Y) Largest decline over 1 year	-9.16%	-9.36%	+0.20%
Max Drawdown (3Y) Largest decline over 3 years	-25.91%	-26.13%	+0.22%
Max Drawdown (5Y) Largest decline over 5 years	-25.91%	-26.13%	+0.22%
Max Drawdown (10Y) Largest decline over 10 years	-44.78%	—	—
Current Drawdown Current decline from peak	-0.15%	-0.12%	-0.03%
Average Drawdown Average peak-to-trough decline	-8.76%	-8.24%	-0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.68%	2.72%	-0.04%

Volatility

DFSTX vs. DFAS - Volatility Comparison

DFA U.S. Small Cap Portfolio (DFSTX) has a higher volatility of 4.95% compared to Dimensional U.S. Small Cap ETF (DFAS) at 4.70%. This indicates that DFSTX's price experiences larger fluctuations and is considered to be riskier than DFAS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFSTX	DFAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.95%	4.70%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	11.94%	11.92%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	16.97%	17.00%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.58%	20.81%	-0.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.10%	20.82%	+1.28%

DFSTX vs. DFAS - Expense Ratio Comparison

DFSTX has a 0.27% expense ratio, which is higher than DFAS's 0.26% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

DFSTX vs. DFAS - Dividend Comparison

DFSTX's dividend yield for the trailing twelve months is around 0.93%, more than DFAS's 0.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFAS Dimensional U.S. Small Cap ETF	0.90%	0.99%	0.93%	1.00%	1.03%	2.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DFSTX DFA U.S. Small Cap Portfolio	0.93%	1.08%	1.05%	2.45%	5.18%	6.39%	1.08%	3.30%	5.16%	4.56%	3.10%	5.90%

Frequently Asked Questions

Can I hold both DFSTX and DFAS in my portfolio?

With a correlation of 0.99, DFSTX and DFAS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DFSTX or DFAS?

DFSTX has higher volatility (4.95%) compared to DFAS (4.70%). In terms of maximum drawdown, DFSTX dropped -60.99% vs DFAS's -26.13%.

Which has better risk-adjusted returns?

DFSTX currently has the higher Sharpe Ratio (1.90 vs 1.85), 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.