DHY vs. DFP
DHY (Dimensional High Yield Equity Fund) and DFP (Dimensional Financial Leaders Fund) are both mutual funds - DHY is a Dividend fund managed by Dimensional, while DFP is a Large Cap Value Equities fund managed by Dimensional. Over the past 10 years, DHY returned 5.65%/yr vs 5.90%/yr for DFP. Their 0.28 correlation means their historical movements had little consistent relationship. DHY charges 0.04%/yr vs 0.01%/yr for DFP.
Performance
DHY vs. DFP - Performance Comparison
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Returns By Period
In the year-to-date period, DHY achieves a -7.21% return, which is significantly lower than DFP's 4.35% return. Both investments have delivered pretty close results over the past 10 years, with DHY having a 5.65% annualized return and DFP not far ahead at 5.90%.
DHY
- 1D
- 0.00%
- 1M
- -1.36%
- 6M
- -8.38%
- YTD
- -7.21%
- 1Y
- -8.69%
- 3Y*
- 6.94%
- 5Y*
- 2.34%
- 10Y*
- 5.65%
- ALL TIME*
- 3.99%
DFP
- 1D
- -0.34%
- 1M
- 1.02%
- 6M
- 0.77%
- YTD
- 4.35%
- 1Y
- 8.13%
- 3Y*
- 12.23%
- 5Y*
- 0.32%
- 10Y*
- 5.90%
- ALL TIME*
- 6.42%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $935.27K | $981.38K | $1.13M | |
| $993.17K | $1.50M | $1.33M |
DHY vs. DFP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DHY Dimensional High Yield Equity Fund | -7.21% | 2.19% | 18.18% | 24.13% | -21.75% | 16.99% | 0.10% | 26.18% | -16.10% | 17.06% |
DFP Dimensional Financial Leaders Fund | 4.35% | 11.88% | 20.47% | 2.12% | -26.32% | 2.18% | 16.83% | 40.77% | -17.56% | 20.78% |
Correlation
The correlation between DHY and DFP is 0.26, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.26 |
Correlation (3Y) Balances recent behavior with more history. | 0.27 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.35 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.32 |
Correlation (All Time) Calculated using the full available price history since May 24, 2013 | 0.28 |
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Return for Risk
DHY vs. DFP — Risk / Return Rank
DHY
DFP
DHY vs. DFP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Dimensional High Yield Equity Fund (DHY) and Dimensional Financial Leaders Fund (DFP). 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.
| DHY | DFP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.63 | ||
| Sortino ratioReturn per unit of downside risk | -2.25 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.18 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.70 | 0.79 | -1.49 |
| Martin ratioReturn relative to average drawdown | -1.34 | 2.45 | -3.79 |
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Drawdowns
DHY vs. DFP - Drawdown Comparison
The maximum DHY drawdown since its inception was -71.47%, which is greater than DFP's maximum drawdown of -47.32%. Use the drawdown chart below to compare losses from any high point for DHY and DFP.
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Drawdown Indicators
| DHY | DFP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.47% | -47.32% | -24.15% |
Max Drawdown (1Y)Largest decline over 1 year | -13.03% | -9.97% | -3.06% |
Max Drawdown (3Y)Largest decline over 3 years | -13.03% | -14.27% | +1.24% |
Max Drawdown (5Y)Largest decline over 5 years | -27.23% | -38.82% | +11.59% |
Max Drawdown (10Y)Largest decline over 10 years | -41.36% | -47.32% | +5.96% |
Current DrawdownCurrent decline from peak | -10.45% | -1.98% | -8.47% |
Average DrawdownAverage peak-to-trough decline | -12.35% | -9.67% | -2.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.84% | 3.19% | +3.65% |
Volatility
DHY vs. DFP - Volatility Comparison
Dimensional High Yield Equity Fund (DHY) has a higher volatility of 5.21% compared to Dimensional Financial Leaders Fund (DFP) at 2.63%. This indicates that DHY's price experiences larger fluctuations and is considered to be riskier than DFP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DHY | DFP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.21% | 2.63% | +2.58% |
Volatility (6M)Calculated over the trailing 6-month period | 10.83% | 7.28% | +3.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.05% | 8.48% | +4.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.35% | 14.57% | +0.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.98% | 18.97% | -0.99% |
DHY vs. DFP - Expense Ratio Comparison
DHY has a 0.04% expense ratio, which is higher than DFP's 0.01% 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
DHY vs. DFP - Dividend Comparison
DHY's dividend yield for the trailing twelve months is around 10.63%, more than DFP's 7.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFP Dimensional Financial Leaders Fund | 7.40% | 6.99% | 6.81% | 7.39% | 10.54% | 7.03% | 6.36% | 6.41% | 8.75% | 7.11% | 8.16% | 8.38% |
DHY Dimensional High Yield Equity Fund | 10.63% | 9.30% | 8.69% | 9.39% | 10.57% | 7.61% | 8.68% | 9.02% | 11.20% | 9.40% | 10.52% | 12.63% |
Frequently Asked Questions
DHY and DFP have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DHY has higher volatility (5.21%) compared to DFP (2.63%). In terms of maximum drawdown, DHY dropped -71.47% vs DFP's -47.32%.
DFP currently has the higher Sharpe Ratio (0.93 vs -0.70), 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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