DHF vs. DMO
DHF (Dimensional High Yield Fund) and DMO (Dimensional Multi-Asset Fund) are both mutual funds - DHF is a High Yield Bonds fund managed by Dimensional, while DMO is a Global Allocation fund managed by Dimensional. Over the past 10 years, DHF returned 5.12%/yr vs 3.75%/yr for DMO. Their 0.23 correlation means their historical movements had little consistent relationship. Both charge a 0.04% expense ratio.
Performance
DHF vs. DMO - Performance Comparison
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Returns By Period
In the year-to-date period, DHF achieves a -1.04% return, which is significantly lower than DMO's 0.98% return. Over the past 10 years, DHF has outperformed DMO with an annualized return of 5.12%, while DMO has yielded a comparatively lower 3.75% annualized 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%
DMO
- 1D
- -0.10%
- 1M
- -2.44%
- 6M
- 0.79%
- YTD
- 0.98%
- 1Y
- -0.66%
- 3Y*
- 11.17%
- 5Y*
- 4.03%
- 10Y*
- 3.75%
- ALL TIME*
- 8.24%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $832.38K | $682.80K | $613.20K | |
| $406.77K | $422.33K | $418.75K |
DHF vs. DMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DHF Dimensional High Yield Fund | -1.04% | 5.67% | 21.12% | 15.00% | -22.70% | 10.35% | 6.46% | 24.68% | -11.11% | 8.43% |
DMO Dimensional Multi-Asset Fund | 0.98% | 6.95% | 20.24% | 16.79% | -21.64% | 17.12% | -22.32% | 9.10% | -2.04% | 23.46% |
Correlation
The correlation between DHF and DMO 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. | 0.22 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.27 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.23 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2010 | 0.23 |
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Return for Risk
DHF vs. DMO — Risk / Return Rank
DHF
DMO
DHF vs. DMO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Dimensional High Yield Fund (DHF) and Dimensional Multi-Asset Fund (DMO). 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 | DMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.00 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.01 | -0.05 | +0.04 |
| Martin ratioReturn relative to average drawdown | -0.03 | -0.12 | +0.09 |
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Drawdowns
DHF vs. DMO - Drawdown Comparison
The maximum DHF drawdown since its inception was -71.32%, which is greater than DMO's maximum drawdown of -49.16%. Use the drawdown chart below to compare losses from any high point for DHF and DMO.
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Drawdown Indicators
| DHF | DMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.32% | -49.16% | -22.16% |
Max Drawdown (1Y)Largest decline over 1 year | -8.66% | -8.37% | -0.29% |
Max Drawdown (3Y)Largest decline over 3 years | -11.81% | -9.04% | -2.77% |
Max Drawdown (5Y)Largest decline over 5 years | -34.99% | -29.04% | -5.95% |
Max Drawdown (10Y)Largest decline over 10 years | -42.94% | -49.16% | +6.22% |
Current DrawdownCurrent decline from peak | -5.16% | -5.13% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -22.91% | -9.55% | -13.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.38% | 3.58% | -0.20% |
Volatility
DHF vs. DMO - Volatility Comparison
Dimensional High Yield Fund (DHF) has a higher volatility of 2.90% compared to Dimensional Multi-Asset Fund (DMO) at 1.47%. This indicates that DHF's price experiences larger fluctuations and is considered to be riskier than DMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DHF | DMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.90% | 1.47% | +1.43% |
Volatility (6M)Calculated over the trailing 6-month period | 9.39% | 7.76% | +1.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.90% | 10.06% | +1.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.97% | 12.64% | +2.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.72% | 19.91% | -2.19% |
DHF vs. DMO - Expense Ratio Comparison
Both DHF and DMO have an expense ratio of 0.04%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
DHF vs. DMO - Dividend Comparison
DHF's dividend yield for the trailing twelve months is around 8.94%, less than DMO's 14.31% 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% |
DMO Dimensional Multi-Asset Fund | 14.31% | 14.01% | 12.92% | 11.46% | 11.51% | 8.88% | 10.95% | 9.63% | 18.93% | 13.30% | 13.19% | 14.09% |
Frequently Asked Questions
DHF and DMO 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.
DHF has higher volatility (2.90%) compared to DMO (1.47%). In terms of maximum drawdown, DHF dropped -71.32% vs DMO's -49.16%.
DHF currently has the higher Sharpe Ratio (-0.01 vs -0.04), 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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