DHY vs. DSM
DHY (Dimensional High Yield Equity Fund) and DSM (Dimensional Small Cap Equity Fund) are both mutual funds - DHY is a Dividend fund managed by Dimensional, while DSM is a Small Cap Blend Equities fund managed by Dimensional. Over the past 10 years, DHY returned 5.65%/yr vs 0.56%/yr for DSM. Their 0.15 correlation means their historical movements had little consistent relationship. DHY charges 0.04%/yr vs 0.03%/yr for DSM.
Performance
DHY vs. DSM - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, DHY achieves a -7.21% return, which is significantly lower than DSM's -2.91% return. Over the past 10 years, DHY has outperformed DSM with an annualized return of 5.65%, while DSM has yielded a comparatively lower 0.56% annualized return.
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%
DSM
- 1D
- -0.34%
- 1M
- -5.37%
- 6M
- -3.59%
- YTD
- -2.91%
- 1Y
- 10.44%
- 3Y*
- 5.25%
- 5Y*
- -2.96%
- 10Y*
- 0.56%
- ALL TIME*
- 4.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $993.17K | $1.50M | $1.33M | |
| $844.38K | $760.60K | $673.67K |
DHY vs. DSM - 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% |
DSM Dimensional Small Cap Equity Fund | -2.91% | 10.90% | 5.52% | 3.18% | -27.04% | 10.89% | 3.32% | 20.57% | -13.60% | 12.79% |
Correlation
The correlation between DHY and DSM is 0.14, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.15 |
Correlation (3Y) Balances recent behavior with more history. | 0.14 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.20 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.20 |
Correlation (All Time) Calculated using the full available price history since Jul 29, 1998 | 0.15 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
DHY vs. DSM — Risk / Return Rank
DHY
DSM
DHY vs. DSM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Dimensional High Yield Equity Fund (DHY) and Dimensional Small Cap Equity Fund (DSM). 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 | DSM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.72 | ||
| Sortino ratioReturn per unit of downside risk | -2.64 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.19 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.70 | 1.51 | -2.21 |
| Martin ratioReturn relative to average drawdown | -1.34 | 5.03 | -6.37 |
Loading charts...
Drawdowns
DHY vs. DSM - Drawdown Comparison
The maximum DHY drawdown since its inception was -71.47%, which is greater than DSM's maximum drawdown of -49.15%. Use the drawdown chart below to compare losses from any high point for DHY and DSM.
Loading charts...
Drawdown Indicators
| DHY | DSM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.47% | -49.15% | -22.32% |
Max Drawdown (1Y)Largest decline over 1 year | -13.03% | -6.95% | -6.08% |
Max Drawdown (3Y)Largest decline over 3 years | -13.03% | -14.66% | +1.63% |
Max Drawdown (5Y)Largest decline over 5 years | -27.23% | -38.75% | +11.52% |
Max Drawdown (10Y)Largest decline over 10 years | -41.36% | -38.75% | -2.61% |
Current DrawdownCurrent decline from peak | -10.45% | -15.24% | +4.79% |
Average DrawdownAverage peak-to-trough decline | -12.35% | -8.29% | -4.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.84% | 2.08% | +4.76% |
Volatility
DHY vs. DSM - Volatility Comparison
Dimensional High Yield Equity Fund (DHY) has a higher volatility of 5.21% compared to Dimensional Small Cap Equity Fund (DSM) at 2.05%. This indicates that DHY's price experiences larger fluctuations and is considered to be riskier than DSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| DHY | DSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.21% | 2.05% | +3.16% |
Volatility (6M)Calculated over the trailing 6-month period | 10.83% | 7.64% | +3.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.05% | 10.32% | +2.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.35% | 12.43% | +2.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.98% | 13.39% | +4.59% |
DHY vs. DSM - Expense Ratio Comparison
DHY has a 0.04% expense ratio, which is higher than DSM'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. DSM - Dividend Comparison
DHY's dividend yield for the trailing twelve months is around 10.63%, more than DSM's 5.20% 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% |
DSM Dimensional Small Cap Equity Fund | 5.20% | 4.07% | 3.72% | 4.27% | 5.95% | 4.31% | 4.57% | 5.19% | 6.11% | 5.82% | 6.19% | 6.17% |
Frequently Asked Questions
DHY and DSM have a correlation of 0.14, 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 DSM (2.05%). In terms of maximum drawdown, DHY dropped -71.47% vs DSM's -49.15%.
DSM currently has the higher Sharpe Ratio (1.02 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.
Find the right allocation for DHY and DSM
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer