DMA vs. DHF

Last updated Apr 1, 2026

Compare and contrast key facts about Dimensional Managed Account Fund (DMA) and Dimensional High Yield Fund (DHF).

DMA is managed by Dimensional Fund Advisors. It was launched on Mar 16, 2012. DHF is managed by Dimensional Fund Advisors. It was launched on Jan 1, 2013.

Performance

DMA vs. DHF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional Managed Account Fund (DMA) and Dimensional High Yield Fund (DHF). The values are adjusted to include any dividend payments, if applicable.

DMA vs. DHF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DMA Dimensional Managed Account Fund	-5.96%	16.89%	41.06%	-3.81%	-15.90%
DHF Dimensional High Yield Fund	-0.19%	5.67%	21.12%	15.00%	-23.69%

Returns By Period

In the year-to-date period, DMA achieves a -5.96% return, which is significantly lower than DHF's -0.19% return.

DMA

• 1D: 0.00%
• 1M: -3.49%
• YTD: -5.96%
• 6M: 0.97%
• 1Y: 8.74%
• 3Y*: 18.18%
• 5Y*: —
• 10Y*: —

DHF

• 1D: 4.27%
• 1M: -1.28%
• YTD: -0.19%
• 6M: -1.76%
• 1Y: 4.04%
• 3Y*: 13.00%
• 5Y*: 3.57%
• 10Y*: 6.48%

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

DMA vs. DHF - Expense Ratio Comparison

DMA has a 0.03% expense ratio, which is lower than DHF's 0.04% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

DHF

Dimensional High Yield Fund

DMA

Dimensional Managed Account Fund

Return for Risk

DMA vs. DHF — Risk / Return Rank

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

DMA

DMA Risk / Return Rank: 20
DMA Sharpe Ratio Rank: 17
DMA Sortino Ratio Rank: 20
DMA Omega Ratio Rank: 21
DMA Calmar Ratio Rank: 20
DMA Martin Ratio Rank: 22

DHF

DHF Risk / Return Rank: 12
DHF Sharpe Ratio Rank: 11
DHF Sortino Ratio Rank: 10
DHF Omega Ratio Rank: 10
DHF Calmar Ratio Rank: 16
DHF Martin Ratio Rank: 16

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.

DMA vs. DHF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Managed Account Fund (DMA) and Dimensional High Yield Fund (DHF). 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.

	DMA	DHF	Difference
Sharpe ratio Return per unit of total volatility	0.49	0.28	+0.22
Sortino ratio Return per unit of downside risk	0.88	0.47	+0.41
Omega ratio Gain probability vs. loss probability	1.13	1.07	+0.06
Calmar ratio Return relative to maximum drawdown	0.61	0.48	+0.13
Martin ratio Return relative to average drawdown	2.39	1.60	+0.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DMA vs. DHF - Sharpe Ratio Comparison

The current DMA Sharpe Ratio is 0.49, which is higher than the DHF Sharpe Ratio of 0.28. The chart below compares the historical Sharpe Ratios of DMA and DHF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DMA	DHF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.49	0.28	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.23	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.37	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.14	+0.09

Correlation

The correlation between DMA and DHF is 0.20, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

DMA vs. DHF - Dividend Comparison

DMA's dividend yield for the trailing twelve months is around 13.69%, more than DHF's 8.61% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DMA Dimensional Managed Account Fund	13.69%	9.42%	3.83%	5.22%	10.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DHF Dimensional High Yield Fund	8.61%	8.47%	8.14%	7.86%	10.12%	8.24%	8.60%	8.52%	10.41%	8.98%	9.76%	11.30%

Drawdowns

DMA vs. DHF - Drawdown Comparison

The maximum DMA drawdown since its inception was -38.85%, smaller than the maximum DHF drawdown of -71.32%. Use the drawdown chart below to compare losses from any high point for DMA and DHF.

Drawdown Indicators

	DMA	DHF	Difference
Max Drawdown Largest peak-to-trough decline	-38.85%	-71.32%	+32.47%
Max Drawdown (1Y) Largest decline over 1 year	-12.71%	-9.84%	-2.87%
Max Drawdown (5Y) Largest decline over 5 years	—	-37.82%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.94%	—
Current Drawdown Current decline from peak	-7.64%	-4.35%	-3.29%
Average Drawdown Average peak-to-trough decline	-11.26%	-23.15%	+11.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.38%	3.04%	+0.34%

Volatility

DMA vs. DHF - Volatility Comparison

The current volatility for Dimensional Managed Account Fund (DMA) is 5.19%, while Dimensional High Yield Fund (DHF) has a volatility of 6.29%. This indicates that DMA experiences smaller price fluctuations and is considered to be less risky than DHF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DMA	DHF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.19%	6.29%	-1.10%
Volatility (6M) Calculated over the trailing 6-month period	8.94%	9.45%	-0.51%
Volatility (1Y) Calculated over the trailing 1-year period	17.78%	14.65%	+3.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.34%	15.72%	+8.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.34%	17.75%	+6.59%