DMA vs. FRGAX
DMA (Dimensional Managed Account Fund) and FRGAX (Fidelity 70% Allocation Fund) are both Diversified Portfolio funds. Over the past 3 years, DMA returned 22.10%/yr vs 15.75%/yr for FRGAX. At a 0.31 correlation, their price movements are largely independent. DMA charges 0.03%/yr vs 0.02%/yr for FRGAX.
Performance
DMA vs. FRGAX - Performance Comparison
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Returns By Period
In the year-to-date period, DMA achieves a -10.88% return, which is significantly lower than FRGAX's 8.57% return.
DMA
- 1D
- -0.64%
- 1M
- 5.07%
- YTD
- -10.88%
- 6M
- -11.28%
- 1Y
- -1.92%
- 3Y*
- 22.10%
- 5Y*
- —
- 10Y*
- —
FRGAX
- 1D
- -0.22%
- 1M
- 1.04%
- YTD
- 8.57%
- 6M
- 8.05%
- 1Y
- 20.59%
- 3Y*
- 15.75%
- 5Y*
- —
- 10Y*
- —
DMA vs. FRGAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
DMA Dimensional Managed Account Fund | -10.88% | 16.89% | 41.06% | -3.81% | 2.97% |
FRGAX Fidelity 70% Allocation Fund | 8.57% | 17.10% | 12.91% | 17.57% | -1.63% |
Correlation
The correlation between DMA and FRGAX is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Nov 22, 2022 | 0.31 |
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Return for Risk
DMA vs. FRGAX — Risk / Return Rank
DMA
FRGAX
DMA vs. FRGAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Dimensional Managed Account Fund (DMA) and Fidelity 70% Allocation Fund (FRGAX). 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.
| DMA | FRGAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.37 | ||
| Sortino ratioReturn per unit of downside risk | -3.22 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.42 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | 3.06 | -3.17 |
| Martin ratioReturn relative to average drawdown | -0.29 | 13.35 | -13.64 |
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Drawdowns
DMA vs. FRGAX - Drawdown Comparison
The maximum DMA drawdown since its inception was -53.24%, which is greater than FRGAX's maximum drawdown of -11.77%. Use the drawdown chart below to compare losses from any high point for DMA and FRGAX.
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Drawdown Indicators
| DMA | FRGAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.24% | -11.77% | -41.47% |
Max Drawdown (1Y)Largest decline over 1 year | -18.34% | -7.03% | -11.31% |
Max Drawdown (3Y)Largest decline over 3 years | -18.34% | -11.77% | -6.57% |
Current DrawdownCurrent decline from peak | -12.47% | -0.73% | -11.74% |
Average DrawdownAverage peak-to-trough decline | -25.67% | -1.58% | -24.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.56% | 1.61% | +4.95% |
Volatility
DMA vs. FRGAX - Volatility Comparison
Dimensional Managed Account Fund (DMA) has a higher volatility of 8.23% compared to Fidelity 70% Allocation Fund (FRGAX) at 3.80%. This indicates that DMA's price experiences larger fluctuations and is considered to be riskier than FRGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DMA | FRGAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.23% | 3.80% | +4.43% |
Volatility (6M)Calculated over the trailing 6-month period | 13.45% | 7.93% | +5.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.21% | 9.62% | +5.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.24% | 10.41% | +16.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.24% | 10.41% | +16.83% |
DMA vs. FRGAX - Expense Ratio Comparison
DMA has a 0.03% expense ratio, which is higher than FRGAX's 0.02% 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
DMA vs. FRGAX - Dividend Comparison
DMA's dividend yield for the trailing twelve months is around 16.60%, more than FRGAX's 1.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
DMA Dimensional Managed Account Fund | 16.60% | 9.42% | 3.83% | 5.22% | 10.14% |
FRGAX Fidelity 70% Allocation Fund | 1.85% | 2.00% | 2.01% | 1.77% | 1.71% |
Frequently Asked Questions
DMA and FRGAX have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DMA has higher volatility (8.23%) compared to FRGAX (3.80%). In terms of maximum drawdown, DMA dropped -53.24% vs FRGAX's -11.77%.
FRGAX currently has the higher Sharpe Ratio (2.24 vs -0.13), 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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