DHY vs. DMA
DHY (Dimensional High Yield Equity Fund) and DMA (Dimensional Managed Account Fund) are both mutual funds - DHY is a Dividend fund managed by Dimensional, while DMA is a Diversified Portfolio fund managed by Dimensional. Over the past 3 years, DHY returned 6.94%/yr vs 23.79%/yr for DMA. Their 0.14 correlation means their historical movements had little consistent relationship. DHY charges 0.04%/yr vs 0.03%/yr for DMA.
Performance
DHY vs. DMA - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with DHY having a -7.21% return and DMA slightly lower at -7.49%.
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%
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) |
|---|---|---|---|
| $993.17K | $1.50M | $1.33M | |
| $169.87K | $140.11K | $169.40K |
DHY vs. DMA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
DHY Dimensional High Yield Equity Fund | -7.21% | 2.19% | 18.18% | 24.13% | -22.07% |
DMA Dimensional Managed Account Fund | -7.49% | 16.89% | 41.06% | -3.81% | -37.55% |
Correlation
The correlation between DHY and DMA is 0.12, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.12 |
Correlation (3Y) Balances recent behavior with more history. | 0.09 |
Correlation (All Time) Calculated using the full available price history since Jan 13, 2022 | 0.14 |
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Return for Risk
DHY vs. DMA — Risk / Return Rank
DHY
DMA
DHY vs. DMA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Dimensional High Yield Equity Fund (DHY) 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.
| DHY | DMA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.71 | ||
| Sortino ratioReturn per unit of downside risk | -1.05 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.02 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | -0.70 | 0.00 | -0.71 |
| Martin ratioReturn relative to average drawdown | -1.34 | 0.01 | -1.35 |
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Drawdowns
DHY vs. DMA - Drawdown Comparison
The maximum DHY drawdown since its inception was -71.47%, which is greater than DMA's maximum drawdown of -53.24%. Use the drawdown chart below to compare losses from any high point for DHY and DMA.
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Drawdown Indicators
| DHY | DMA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.47% | -53.24% | -18.23% |
Max Drawdown (1Y)Largest decline over 1 year | -13.03% | -18.34% | +5.31% |
Max Drawdown (3Y)Largest decline over 3 years | -13.03% | -18.34% | +5.31% |
Max Drawdown (5Y)Largest decline over 5 years | -27.23% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -41.36% | — | — |
Current DrawdownCurrent decline from peak | -10.45% | -9.14% | -1.31% |
Average DrawdownAverage peak-to-trough decline | -12.35% | -25.27% | +12.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.84% | 7.19% | -0.35% |
Volatility
DHY vs. DMA - Volatility Comparison
Dimensional High Yield Equity Fund (DHY) has a higher volatility of 5.21% compared to Dimensional Managed Account Fund (DMA) at 4.12%. This indicates that DHY's price experiences larger fluctuations and is considered to be riskier 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
| DHY | DMA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.21% | 4.12% | +1.09% |
Volatility (6M)Calculated over the trailing 6-month period | 10.83% | 14.14% | -3.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.05% | 15.64% | -2.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.35% | 27.01% | -11.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.98% | 27.01% | -9.03% |
DHY vs. DMA - Expense Ratio Comparison
DHY 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
DHY vs. DMA - Dividend Comparison
DHY's dividend yield for the trailing twelve months is around 10.63%, less than DMA's 16.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
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
DHY and DMA have a correlation of 0.12, 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 DMA (4.12%). In terms of maximum drawdown, DHY dropped -71.47% vs DMA's -53.24%.
DMA currently has the higher Sharpe Ratio (0.01 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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