DISV vs. DFAX

Last updated Jun 4, 2026

DISV (Dimensional International Small Cap Value ETF) and DFAX (Dimensional World ex US Core Equity 2 ETF) are both exchange-traded funds - DISV is a Foreign Small & Mid Cap Equities fund actively managed by Dimensional, while DFAX is a Foreign Large Cap Equities fund tracking the MSCI All Country World ex USA Index. DISV is actively managed, while DFAX is passively managed. Over the past 3 years, DISV returned 24.35%/yr vs 20.90%/yr for DFAX. Their correlation of 0.93 suggests significant overlap in exposure. DISV charges 0.42%/yr vs 0.30%/yr for DFAX.

Performance

DISV vs. DFAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional International Small Cap Value ETF (DISV) and Dimensional World ex US Core Equity 2 ETF (DFAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DISV achieves a 10.83% return, which is significantly lower than DFAX's 15.23% return.

DISV

• 1D: -1.06%
• 1M: 3.34%
• YTD: 10.83%
• 6M: 15.28%
• 1Y: 34.34%
• 3Y*: 24.35%
• 5Y*: —
• 10Y*: —

DFAX

• 1D: -1.00%
• 1M: 3.89%
• YTD: 15.23%
• 6M: 18.11%
• 1Y: 34.96%
• 3Y*: 20.90%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DISV vs. DFAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DISV Dimensional International Small Cap Value ETF	10.83%	47.42%	5.87%	19.52%	-9.72%
DFAX Dimensional World ex US Core Equity 2 ETF	15.23%	35.42%	4.78%	16.66%	-10.92%

Correlation

The correlation between DISV and DFAX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (All Time) Calculated using the full available price history since Mar 25, 2022	0.93

The correlation between DISV and DFAX has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

DISV vs. DFAX - Sectors Allocation Comparison

Sectors	DISV	DFAX
Financial Services	18.6%	17.9%
Basic Materials	18.3%	13.2%
Industrials	18.1%	16.1%
Consumer Cyclical	15.3%	10.9%
Energy	9.2%	6.6%
Consumer Defensive	4.3%	3.9%
Technology	4.1%	10.9%
Communication Services	3.4%	3.5%
Real Estate	3.2%	3.1%
Healthcare	3.0%	5.6%
Utilities	2.6%	4.2%

Return for Risk

DISV vs. DFAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DISV

DISV Risk / Return Rank: 65
DISV Sharpe Ratio Rank: 72
DISV Sortino Ratio Rank: 71
DISV Omega Ratio Rank: 69
DISV Calmar Ratio Rank: 54
DISV Martin Ratio Rank: 58

DFAX

DFAX Risk / Return Rank: 68
DFAX Sharpe Ratio Rank: 71
DFAX Sortino Ratio Rank: 68
DFAX Omega Ratio Rank: 71
DFAX Calmar Ratio Rank: 63
DFAX Martin Ratio Rank: 67

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DISV vs. DFAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional International Small Cap Value ETF (DISV) and Dimensional World ex US Core Equity 2 ETF (DFAX). 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.

	DISV	DFAX	Difference
Sharpe ratio Return per unit of total volatility	2.39	2.37	+0.02
Sortino ratio Return per unit of downside risk	3.28	3.17	+0.11
Omega ratio Gain probability vs. loss probability	1.43	1.43	0.00
Calmar ratio Return relative to maximum drawdown	2.72	3.16	-0.44
Martin ratio Return relative to average drawdown	10.27	12.50	-2.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DISV vs. DFAX - Sharpe Ratio Comparison

The current DISV Sharpe Ratio is 2.39, which is comparable to the DFAX Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of DISV and DFAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DISV	DFAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	2.37	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.93	0.65	+0.28

Drawdowns

DISV vs. DFAX - Drawdown Comparison

The maximum DISV drawdown since its inception was -26.77%, roughly equal to the maximum DFAX drawdown of -28.15%. Use the drawdown chart below to compare losses from any high point for DISV and DFAX.

Drawdown Indicators

	DISV	DFAX	Difference
Max Drawdown Largest peak-to-trough decline	-26.77%	-28.15%	+1.38%
Max Drawdown (1Y) Largest decline over 1 year	-12.69%	-11.11%	-1.58%
Max Drawdown (3Y) Largest decline over 3 years	-14.15%	-13.89%	-0.26%
Current Drawdown Current decline from peak	-2.48%	-1.00%	-1.48%
Average Drawdown Average peak-to-trough decline	-4.90%	-6.67%	+1.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.35%	2.80%	+0.55%

Volatility

DISV vs. DFAX - Volatility Comparison

The current volatility for Dimensional International Small Cap Value ETF (DISV) is 4.16%, while Dimensional World ex US Core Equity 2 ETF (DFAX) has a volatility of 5.27%. This indicates that DISV experiences smaller price fluctuations and is considered to be less risky than DFAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DISV	DFAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.16%	5.27%	-1.11%
Volatility (6M) Calculated over the trailing 6-month period	11.69%	12.67%	-0.98%
Volatility (1Y) Calculated over the trailing 1-year period	14.45%	14.83%	-0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.36%	15.99%	+1.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.36%	15.99%	+1.37%

DISV vs. DFAX - Expense Ratio Comparison

DISV has a 0.42% expense ratio, which is higher than DFAX's 0.30% expense ratio.

Dividends

DISV vs. DFAX - Dividend Comparison

DISV's dividend yield for the trailing twelve months is around 2.39%, more than DFAX's 2.22% yield.

Position	TTM	2025	2024	2023	2022	2021
DFAX Dimensional World ex US Core Equity 2 ETF	2.22%	2.58%	2.98%	3.01%	3.30%	1.40%
DISV Dimensional International Small Cap Value ETF	2.39%	2.69%	2.77%	2.73%	1.23%	0.00%

Frequently Asked Questions

Can I hold both DISV and DFAX in my portfolio?

With a correlation of 0.91, DISV and DFAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DISV or DFAX?

DFAX has higher volatility (5.27%) compared to DISV (4.16%). In terms of maximum drawdown, DISV dropped -26.77% vs DFAX's -28.15%.

Which ETF is better, DISV or DFAX?

On 3-year performance, DISV leads with 24.35% vs 20.90% for DFAX. On fees, DFAX is cheaper at 0.30% per year. On volatility, DISV has been the lower-risk option at 4.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DISV or DFAX?

Over the 3-year period, DISV has performed better with a 24.35% return vs 20.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DISV or DFAX?

DFAX is cheaper with a 0.30% expense ratio, compared with 0.42% for DISV.

Which ETF pays a higher dividend yield, DISV or DFAX?

DISV has the higher dividend yield at 2.39%, compared with 2.22% for DFAX.

What is the main difference between DISV and DFAX?

DISV is categorized as Foreign Small & Mid Cap Equities, while DFAX is Foreign Large Cap Equities. Their fees differ too: 0.42% for DISV and 0.30% for DFAX.

Which has better risk-adjusted returns?

DISV currently has the higher Sharpe Ratio (2.39 vs 2.37), 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.