DHF vs. DMA
DHF (Dimensional High Yield Fund) and DMA (Dimensional Managed Account Fund) are both mutual funds - DHF is a High Yield Bonds fund managed by Dimensional, while DMA is a Diversified Portfolio fund managed by Dimensional. Over the past 3 years, DHF returned 10.31%/yr vs 23.79%/yr for DMA. Their 0.20 correlation means their historical movements had little consistent relationship. DHF charges 0.04%/yr vs 0.03%/yr for DMA.
Performance
DHF vs. DMA - Performance Comparison
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Returns By Period
In the year-to-date period, DHF achieves a -1.04% return, which is significantly higher than DMA's -7.49% return.
DHF
- 1D
- 0.43%
- 1M
- -2.18%
- 6M
- -3.76%
- YTD
- -1.04%
- 1Y
- -0.51%
- 3Y*
- 10.31%
- 5Y*
- 0.44%
- 10Y*
- 5.12%
- ALL TIME*
- 2.91%
DMA
- 1D
- -0.27%
- 1M
- -0.14%
- 6M
- -8.54%
- YTD
- -7.49%
- 1Y
- 0.42%
- 3Y*
- 23.79%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -1.91%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $832.38K | $682.80K | $613.20K | |
| $169.87K | $140.11K | $169.40K |
DHF vs. DMA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
DHF Dimensional High Yield Fund | -1.04% | 5.67% | 21.12% | 15.00% | -24.06% |
DMA Dimensional Managed Account Fund | -7.49% | 16.89% | 41.06% | -3.81% | -37.55% |
Correlation
The correlation between DHF and DMA is 0.21, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.21 |
Correlation (3Y) Balances recent behavior with more history. | 0.18 |
Correlation (All Time) Calculated using the full available price history since Jan 13, 2022 | 0.20 |
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Return for Risk
DHF vs. DMA — Risk / Return Rank
DHF
DMA
DHF vs. DMA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Dimensional High Yield Fund (DHF) and Dimensional Managed Account Fund (DMA). 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.
| DHF | DMA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.02 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.01 | 0.00 | -0.02 |
| Martin ratioReturn relative to average drawdown | -0.03 | 0.01 | -0.05 |
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Drawdowns
DHF vs. DMA - Drawdown Comparison
The maximum DHF drawdown since its inception was -71.32%, which is greater than DMA's maximum drawdown of -53.24%. Use the drawdown chart below to compare losses from any high point for DHF and DMA.
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Drawdown Indicators
| DHF | DMA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.32% | -53.24% | -18.08% |
Max Drawdown (1Y)Largest decline over 1 year | -8.66% | -18.34% | +9.68% |
Max Drawdown (3Y)Largest decline over 3 years | -11.81% | -18.34% | +6.53% |
Max Drawdown (5Y)Largest decline over 5 years | -34.99% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -42.94% | — | — |
Current DrawdownCurrent decline from peak | -5.16% | -9.14% | +3.98% |
Average DrawdownAverage peak-to-trough decline | -22.91% | -25.27% | +2.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.38% | 7.19% | -3.81% |
Volatility
DHF vs. DMA - Volatility Comparison
The current volatility for Dimensional High Yield Fund (DHF) is 2.90%, while Dimensional Managed Account Fund (DMA) has a volatility of 4.12%. This indicates that DHF experiences smaller price fluctuations and is considered to be less risky than DMA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DHF | DMA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.90% | 4.12% | -1.22% |
Volatility (6M)Calculated over the trailing 6-month period | 9.39% | 14.14% | -4.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.90% | 15.64% | -3.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.97% | 27.01% | -12.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.72% | 27.01% | -9.29% |
DHF vs. DMA - Expense Ratio Comparison
DHF has a 0.04% expense ratio, which is higher than DMA's 0.03% 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
DHF vs. DMA - Dividend Comparison
DHF's dividend yield for the trailing twelve months is around 8.94%, less than DMA's 16.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DHF Dimensional High Yield Fund | 8.94% | 8.47% | 8.14% | 7.86% | 10.12% | 8.24% | 8.60% | 8.52% | 10.41% | 8.98% | 9.76% | 11.30% |
DMA Dimensional Managed Account Fund | 16.62% | 9.42% | 3.83% | 5.22% | 10.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DHF and DMA have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DMA has higher volatility (4.12%) compared to DHF (2.90%). In terms of maximum drawdown, DHF dropped -71.32% vs DMA's -53.24%.
DMA currently has the higher Sharpe Ratio (0.01 vs -0.01), 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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