DSM vs. DMA
DSM (Dimensional Small Cap Equity Fund) and DMA (Dimensional Managed Account Fund) are both mutual funds - DSM is a Small Cap Blend Equities fund managed by Dimensional Fund Advisors, while DMA is a Diversified Portfolio fund managed by Dimensional Fund Advisors. Over the past 3 years, DSM returned 7.17%/yr vs 22.10%/yr for DMA. At a 0.17 correlation, their price movements are largely independent. DSM charges 0.03%/yr vs 0.03%/yr for DMA.
Performance
DSM vs. DMA - Performance Comparison
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Returns By Period
In the year-to-date period, DSM achieves a 1.93% return, which is significantly higher than DMA's -10.88% return.
DSM
- 1D
- 0.49%
- 1M
- 2.67%
- YTD
- 1.93%
- 6M
- 4.64%
- 1Y
- 15.39%
- 3Y*
- 7.17%
- 5Y*
- -1.51%
- 10Y*
- 1.15%
DMA
- 1D
- -0.64%
- 1M
- 5.07%
- YTD
- -10.88%
- 6M
- -11.28%
- 1Y
- -1.92%
- 3Y*
- 22.10%
- 5Y*
- —
- 10Y*
- —
DSM vs. DMA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
DSM Dimensional Small Cap Equity Fund | 1.93% | 10.90% | 5.52% | 3.18% | -25.88% |
DMA Dimensional Managed Account Fund | -10.88% | 16.89% | 41.06% | -3.81% | -37.55% |
Correlation
The correlation between DSM and DMA is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Jan 13, 2022 | 0.17 |
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Return for Risk
DSM vs. DMA — Risk / Return Rank
DSM
DMA
DSM vs. DMA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Dimensional Small Cap Equity Fund (DSM) and Dimensional Managed Account Fund (DMA). 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.
| DSM | DMA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.61 | ||
| Sortino ratioReturn per unit of downside risk | +2.51 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 0.99 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 2.22 | -0.11 | +2.33 |
| Martin ratioReturn relative to average drawdown | 7.52 | -0.29 | +7.82 |
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Drawdowns
DSM vs. DMA - Drawdown Comparison
The maximum DSM drawdown since its inception was -49.15%, smaller than the maximum DMA drawdown of -53.24%. Use the drawdown chart below to compare losses from any high point for DSM and DMA.
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Drawdown Indicators
| DSM | DMA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.15% | -53.24% | +4.09% |
Max Drawdown (1Y)Largest decline over 1 year | -6.95% | -18.34% | +11.39% |
Max Drawdown (3Y)Largest decline over 3 years | -17.04% | -18.34% | +1.30% |
Max Drawdown (5Y)Largest decline over 5 years | -38.75% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -38.75% | — | — |
Current DrawdownCurrent decline from peak | -11.01% | -12.47% | +1.46% |
Average DrawdownAverage peak-to-trough decline | -8.28% | -25.67% | +17.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.05% | 6.56% | -4.51% |
Volatility
DSM vs. DMA - Volatility Comparison
The current volatility for Dimensional Small Cap Equity Fund (DSM) is 1.94%, while Dimensional Managed Account Fund (DMA) has a volatility of 8.23%. This indicates that DSM experiences smaller price fluctuations and is considered to be less risky than DMA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DSM | DMA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.94% | 8.23% | -6.29% |
Volatility (6M)Calculated over the trailing 6-month period | 8.02% | 13.45% | -5.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.39% | 15.21% | -4.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.45% | 27.24% | -14.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.48% | 27.24% | -13.76% |
DSM vs. DMA - Expense Ratio Comparison
DSM has a 0.03% expense ratio, which is lower than DMA's 0.03% 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%.
Dividends
DSM vs. DMA - Dividend Comparison
DSM's dividend yield for the trailing twelve months is around 4.81%, less than DMA's 16.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DMA Dimensional Managed Account Fund | 16.60% | 9.42% | 3.83% | 5.22% | 10.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
DSM Dimensional Small Cap Equity Fund | 4.81% | 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
DSM and DMA have a correlation of 0.20, 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 DSM (1.94%). In terms of maximum drawdown, DSM dropped -49.15% vs DMA's -53.24%.
DSM currently has the higher Sharpe Ratio (1.49 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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