DODEX vs. DFIV

Last updated Jun 24, 2026

DODEX (Dodge & Cox Emerging Markets Stock Fund) and DFIV (Dimensional International Value ETF) are both funds - DODEX is a Emerging Markets Diversified fund managed by Dodge & Cox, while DFIV is a Foreign Large Cap Equities fund actively managed by Dimensional. Over the past 3 years, DODEX returned 25.90%/yr vs 22.72%/yr for DFIV. A 0.67 correlation means they provide meaningful diversification when combined. DODEX charges 0.70%/yr vs 0.27%/yr for DFIV.

Performance

DODEX vs. DFIV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dodge & Cox Emerging Markets Stock Fund (DODEX) and Dimensional International Value ETF (DFIV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DODEX achieves a 25.94% return, which is significantly higher than DFIV's 8.43% return.

DODEX

• 1D: 0.89%
• 1M: 4.53%
• YTD: 25.94%
• 6M: 26.80%
• 1Y: 54.38%
• 3Y*: 25.90%
• 5Y*: 10.31%
• 10Y*: —

DFIV

• 1D: -2.74%
• 1M: -2.79%
• YTD: 8.43%
• 6M: 8.10%
• 1Y: 30.90%
• 3Y*: 22.72%
• 5Y*: —
• 10Y*: —

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

DODEX vs. DFIV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DODEX Dodge & Cox Emerging Markets Stock Fund	25.94%	38.64%	7.47%	13.37%	-14.91%	-5.20%
DFIV Dimensional International Value ETF	8.43%	45.36%	7.26%	17.75%	-3.70%	0.50%

Correlation

The correlation between DODEX and DFIV is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (All Time) Calculated using the full available price history since Sep 13, 2021	0.67

The correlation between DODEX and DFIV shifts across timeframes, from 0.55 (1 year) to 0.67 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DODEX vs. DFIV — Risk / Return Rank

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

DODEX

DODEX Risk / Return Rank: 94
DODEX Sharpe Ratio Rank: 98
DODEX Sortino Ratio Rank: 92
DODEX Omega Ratio Rank: 91
DODEX Calmar Ratio Rank: 94
DODEX Martin Ratio Rank: 93

DFIV

DFIV Risk / Return Rank: 68
DFIV Sharpe Ratio Rank: 70
DFIV Sortino Ratio Rank: 67
DFIV Omega Ratio Rank: 68
DFIV Calmar Ratio Rank: 67
DFIV Martin Ratio Rank: 69

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.

DODEX vs. DFIV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dodge & Cox Emerging Markets Stock Fund (DODEX) and Dimensional International Value ETF (DFIV). 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.

	DODEX	DFIV	Difference
Sharpe ratio: Return per unit of total volatility	3.47	2.17	+1.30
Sortino ratio: Return per unit of downside risk	4.32	2.95	+1.37
Omega ratio: Gain probability vs. loss probability	1.64	1.39	+0.25
Calmar ratio: Return relative to maximum drawdown	4.98	3.21	+1.77
Martin ratio: Return relative to average drawdown	18.35	12.28	+6.07

DODEX vs. DFIV - Sharpe Ratio Comparison

The current DODEX Sharpe Ratio is 3.47, which is higher than the DFIV Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of DODEX and DFIV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DODEX vs. DFIV - Drawdown Comparison

The maximum DODEX drawdown since its inception was -37.01%, which is greater than DFIV's maximum drawdown of -25.42%. Use the drawdown chart below to compare losses from any high point for DODEX and DFIV.

Drawdown Indicators

	DODEX	DFIV	Difference
Max Drawdown Largest peak-to-trough decline	-37.01%	-25.42%	-11.59%
Max Drawdown (1Y) Largest decline over 1 year	-10.97%	-9.66%	-1.31%
Max Drawdown (3Y) Largest decline over 3 years	-16.15%	-14.72%	-1.43%
Max Drawdown (5Y) Largest decline over 5 years	-36.02%	—	—
Current Drawdown Current decline from peak	0.00%	-3.78%	+3.78%
Average Drawdown Average peak-to-trough decline	-12.69%	-4.45%	-8.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	2.52%	+0.45%

Volatility

DODEX vs. DFIV - Volatility Comparison

Dodge & Cox Emerging Markets Stock Fund (DODEX) has a higher volatility of 7.37% compared to Dimensional International Value ETF (DFIV) at 4.96%. This indicates that DODEX's price experiences larger fluctuations and is considered to be riskier than DFIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DODEX	DFIV	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.37%	4.96%	+2.41%
Volatility (6M) Calculated over the trailing 6-month period	13.74%	11.79%	+1.95%
Volatility (1Y) Calculated over the trailing 1-year period	15.77%	14.32%	+1.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.06%	16.67%	+0.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.96%	16.67%	+0.29%

DODEX vs. DFIV - Expense Ratio Comparison

DODEX has a 0.70% expense ratio, which is higher than DFIV's 0.27% expense ratio.

Dividends

DODEX vs. DFIV - Dividend Comparison

DODEX's dividend yield for the trailing twelve months is around 2.25%, less than DFIV's 2.63% yield.

Position	TTM	2025	2024	2023	2022	2021
DFIV Dimensional International Value ETF	2.63%	2.92%	3.88%	3.93%	3.84%	2.30%
DODEX Dodge & Cox Emerging Markets Stock Fund	2.25%	2.83%	1.94%	1.92%	1.93%	1.38%

Frequently Asked Questions

Can I hold both DODEX and DFIV in my portfolio?

DODEX and DFIV have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DODEX or DFIV?

DODEX has higher volatility (7.37%) compared to DFIV (4.96%). In terms of maximum drawdown, DODEX dropped -37.01% vs DFIV's -25.42%.

Which has better risk-adjusted returns?

DODEX currently has the higher Sharpe Ratio (3.47 vs 2.17), 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.