DSM vs. DIAX

Last updated Jun 3, 2026

DSM (Dimensional Small Cap Equity Fund) and DIAX (Dimensional International Core Equity Fund) are both mutual funds - DSM is a Small Cap Blend Equities fund managed by Dimensional Fund Advisors, while DIAX is a International Equity fund managed by Dimensional Fund Advisors. At a 0.15 correlation, their price movements are largely independent. DSM charges 0.03%/yr vs 0.01%/yr for DIAX.

Performance

DSM vs. DIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional Small Cap Equity Fund (DSM) and Dimensional International Core Equity Fund (DIAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DSM

• 1D: 0.00%
• 1M: 1.75%
• YTD: 1.26%
• 6M: 6.30%
• 1Y: 15.52%
• 3Y*: 7.46%
• 5Y*: -1.43%
• 10Y*: 1.32%

DIAX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DSM vs. DIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DSM Dimensional Small Cap Equity Fund	1.26%	10.90%	5.52%	3.18%	-27.04%	10.89%	3.32%	20.57%	-13.60%	12.79%
DIAX Dimensional International Core Equity Fund	-5.70%	10.13%	16.51%	-2.11%	-6.11%	24.72%	-6.85%	16.99%	-8.53%	33.77%

Correlation

The correlation between DSM and DIAX is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (10Y) Calculated over the trailing 10-year period	0.17
Correlation (All Time) Calculated using the full available price history since Dec 4, 2014	0.15

Return for Risk

DSM vs. DIAX — Risk / Return Rank

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

DSM

DSM Risk / Return Rank: 32
DSM Sharpe Ratio Rank: 27
DSM Sortino Ratio Rank: 34
DSM Omega Ratio Rank: 28
DSM Calmar Ratio Rank: 36
DSM Martin Ratio Rank: 34

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.

DSM vs. DIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Small Cap Equity Fund (DSM) and Dimensional International Core Equity Fund (DIAX). 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.

	DSM	DIAX	Difference
Sharpe ratio Return per unit of total volatility	1.49	—	—
Sortino ratio Return per unit of downside risk	2.45	—	—
Omega ratio Gain probability vs. loss probability	1.28	—	—
Calmar ratio Return relative to maximum drawdown	2.26	—	—
Martin ratio Return relative to average drawdown	7.70	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	DSM	DIAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.12	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.10	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	—	—

Drawdowns

Drawdown Indicators

	DSM	DIAX	Difference
Max Drawdown Largest peak-to-trough decline	-49.15%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-6.95%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-17.04%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-38.75%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.75%	—	—
Current Drawdown Current decline from peak	-11.59%	—	—
Average Drawdown Average peak-to-trough decline	-8.27%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	—	—

Volatility

Volatility by Period

	DSM	DIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.71%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.27%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.46%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.45%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.49%	—	—

DSM vs. DIAX - Expense Ratio Comparison

DSM has a 0.03% expense ratio, which is higher than DIAX's 0.01% 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

DSM vs. DIAX - Dividend Comparison

DSM's dividend yield for the trailing twelve months is around 4.71%, less than DIAX's 8.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DIAX Dimensional International Core Equity Fund	8.54%	7.89%	7.71%	8.19%	7.39%	6.15%	7.33%	6.68%	7.69%	5.63%	6.95%	7.41%
DSM Dimensional Small Cap Equity Fund	4.71%	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

Can I hold both DSM and DIAX in my portfolio?

DSM and DIAX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.