DFSTX vs. SMLF
DFSTX (DFA U.S. Small Cap Portfolio) and SMLF (iShares MSCI USA Small-Cap Multifactor ETF) are both Small Cap Blend Equities funds. Over the past 10 years, DFSTX returned 10.93%/yr vs 12.36%/yr for SMLF. Their correlation of 0.91 suggests significant overlap in exposure. DFSTX charges 0.27%/yr vs 0.30%/yr for SMLF.
Performance
DFSTX vs. SMLF - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with DFSTX having a 14.69% return and SMLF slightly lower at 14.46%. Over the past 10 years, DFSTX has underperformed SMLF with an annualized return of 10.93%, while SMLF has yielded a comparatively higher 12.36% annualized return.
DFSTX
- 1D
- 0.76%
- 1M
- 3.51%
- YTD
- 14.69%
- 6M
- 13.91%
- 1Y
- 29.09%
- 3Y*
- 16.25%
- 5Y*
- 8.13%
- 10Y*
- 10.93%
SMLF
- 1D
- -0.72%
- 1M
- 4.07%
- YTD
- 14.46%
- 6M
- 14.20%
- 1Y
- 30.98%
- 3Y*
- 19.85%
- 5Y*
- 10.89%
- 10Y*
- 12.36%
DFSTX vs. SMLF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DFSTX DFA U.S. Small Cap Portfolio | 14.69% | 8.07% | 11.50% | 17.66% | -13.50% | 30.50% | 11.19% | 21.78% | -13.20% | 11.19% |
SMLF iShares MSCI USA Small-Cap Multifactor ETF | 14.46% | 12.30% | 16.33% | 19.99% | -12.19% | 26.53% | 8.38% | 21.56% | -8.42% | 12.70% |
Correlation
The correlation between DFSTX and SMLF is 0.95 - 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 | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since May 1, 2015 | 0.91 |
The correlation between DFSTX and SMLF has been stable across timeframes, ranging from 0.91 to 0.97 - a consistent structural relationship.
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Return for Risk
DFSTX vs. SMLF — Risk / Return Rank
DFSTX
SMLF
DFSTX vs. SMLF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DFA U.S. Small Cap Portfolio (DFSTX) and iShares MSCI USA Small-Cap Multifactor ETF (SMLF). 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.
| DFSTX | SMLF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.31 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.42 | 3.57 | -0.15 |
| Martin ratioReturn relative to average drawdown | 11.58 | 12.27 | -0.69 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DFSTX | SMLF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.87 | 1.81 | +0.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.40 | 0.52 | -0.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.50 | 0.57 | -0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.54 | -0.04 |
Drawdowns
DFSTX vs. SMLF - Drawdown Comparison
The maximum DFSTX drawdown since its inception was -60.99%, which is greater than SMLF's maximum drawdown of -41.89%. Use the drawdown chart below to compare losses from any high point for DFSTX and SMLF.
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Drawdown Indicators
| DFSTX | SMLF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.99% | -41.89% | -19.10% |
Max Drawdown (1Y)Largest decline over 1 year | -9.16% | -8.71% | -0.45% |
Max Drawdown (3Y)Largest decline over 3 years | -25.91% | -26.28% | +0.37% |
Max Drawdown (5Y)Largest decline over 5 years | -25.91% | -26.28% | +0.37% |
Max Drawdown (10Y)Largest decline over 10 years | -44.78% | -41.89% | -2.89% |
Current DrawdownCurrent decline from peak | 0.00% | -0.72% | +0.72% |
Average DrawdownAverage peak-to-trough decline | -8.77% | -6.60% | -2.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.69% | 2.53% | +0.16% |
Volatility
DFSTX vs. SMLF - Volatility Comparison
The current volatility for DFA U.S. Small Cap Portfolio (DFSTX) is 4.45%, while iShares MSCI USA Small-Cap Multifactor ETF (SMLF) has a volatility of 4.80%. This indicates that DFSTX experiences smaller price fluctuations and is considered to be less risky than SMLF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DFSTX | SMLF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.45% | 4.80% | -0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 11.57% | 12.31% | -0.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.76% | 17.21% | -0.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.56% | 21.09% | -0.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.08% | 21.78% | +0.30% |
DFSTX vs. SMLF - Expense Ratio Comparison
DFSTX has a 0.27% expense ratio, which is lower than SMLF's 0.30% expense ratio.
Dividends
DFSTX vs. SMLF - Dividend Comparison
DFSTX's dividend yield for the trailing twelve months is around 0.95%, less than SMLF's 1.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFSTX DFA U.S. Small Cap Portfolio | 0.95% | 1.08% | 1.05% | 2.45% | 5.18% | 6.39% | 1.08% | 3.30% | 5.16% | 4.56% | 3.10% | 5.90% |
SMLF iShares MSCI USA Small-Cap Multifactor ETF | 1.03% | 1.14% | 1.33% | 1.13% | 1.23% | 1.07% | 1.33% | 1.39% | 1.17% | 0.93% | 0.78% | 0.79% |
Frequently Asked Questions
With a correlation of 0.95, DFSTX and SMLF 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.
SMLF has higher volatility (4.80%) compared to DFSTX (4.45%). In terms of maximum drawdown, DFSTX dropped -60.99% vs SMLF's -41.89%.
DFSTX currently has the higher Sharpe Ratio (1.87 vs 1.81), 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.
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