DVY vs. DFAT

Last updated Aug 5, 2026

DVY (iShares Select Dividend ETF) and DFAT (Dimensional U.S. Targeted Value ETF) are both exchange-traded funds - DVY is a Large Cap Value Equities fund tracking the Dow Jones U.S. Select Dividend Index, while DFAT is a Small Cap Value Equities fund actively managed by Dimensional. DVY is passively managed, while DFAT is actively managed. Over the past 5 years, DVY returned 10.91%/yr vs 12.14%/yr for DFAT. Their correlation of 0.83 means they have usually moved in the same direction. DVY charges 0.39%/yr vs 0.28%/yr for DFAT.

Performance

DVY vs. DFAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Select Dividend ETF (DVY) and Dimensional U.S. Targeted Value ETF (DFAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DVY achieves a 17.44% return, which is significantly lower than DFAT's 22.80% return.

DVY

• 1D: 0.86%
• 1M: 2.59%
• 6M: 8.58%
• YTD: 17.44%
• 1Y: 24.87%
• 3Y*: 16.53%
• 5Y*: 10.91%
• 10Y*: 10.40%
• ALL TIME*: 9.08%

DFAT

• 1D: 1.34%
• 1M: 4.37%
• 6M: 13.25%
• YTD: 22.80%
• 1Y: 36.35%
• 3Y*: 15.58%
• 5Y*: 12.14%
• 10Y*: —
• ALL TIME*: 10.76%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DFAT Dimensional U.S. Targeted Value ETF	$27.66M	$25.16M	$23.02M
DVY iShares Select Dividend ETF	$62.40M	$73.92M	$70.97M

DVY vs. DFAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DVY iShares Select Dividend ETF	17.44%	11.60%	16.24%	1.12%	1.80%	3.06%
DFAT Dimensional U.S. Targeted Value ETF	22.80%	8.73%	7.80%	20.86%	-6.23%	3.66%

Correlation

The correlation between DVY and DFAT is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.75
Correlation (3Y) Balances recent behavior with more history.	0.80
Correlation (5Y) Shows whether the relationship held over a longer period.	0.83
Correlation (All Time) Calculated using the full available price history since Jun 14, 2021	0.83

The correlation between DVY and DFAT has been stable across timeframes, ranging from 0.75 to 0.83 - a consistent structural relationship.

DVY vs. DFAT - Sectors Allocation Comparison

Sectors	DVY	DFAT
Financial Services	26.1%	29.1%
Utilities	24.2%	0.4%
Consumer Defensive	13.5%	7.3%
Consumer Cyclical	10.1%	14.1%
Energy	8.2%	10.0%
Communication Services	5.2%	1.9%
Healthcare	5.2%	7.0%
Technology	3.7%	7.9%
Industrials	2.1%	15.5%
Basic Materials	1.8%	5.5%
Real Estate	-	0.8%

Return for Risk

DVY vs. DFAT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DVY

DVY Risk / Return Rank: 85
DVY Sharpe Ratio Rank: 86
DVY Sortino Ratio Rank: 88
DVY Omega Ratio Rank: 82
DVY Calmar Ratio Rank: 86
DVY Martin Ratio Rank: 84

DFAT

DFAT Risk / Return Rank: 87
DFAT Sharpe Ratio Rank: 87
DFAT Sortino Ratio Rank: 90
DFAT Omega Ratio Rank: 86
DFAT Calmar Ratio Rank: 88
DFAT Martin Ratio Rank: 84

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DVY vs. DFAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Select Dividend ETF (DVY) and Dimensional U.S. Targeted Value ETF (DFAT). 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.

	DVY	DFAT	Difference
Sharpe ratio: Return per unit of total volatility	2.23	2.29	-0.06
Sortino ratio: Return per unit of downside risk	3.27	3.38	-0.11
Omega ratio: Gain probability vs. loss probability	1.38	1.41	-0.03
Calmar ratio: Return relative to maximum drawdown	3.63	3.82	-0.20
Martin ratio: Return relative to average drawdown	12.94	12.88	+0.06

DVY vs. DFAT - Sharpe Ratio Comparison

The current DVY Sharpe Ratio is 2.23, which is comparable to the DFAT Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of DVY and DFAT, 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

DVY vs. DFAT - Drawdown Comparison

The maximum DVY drawdown since its inception was -62.59%, which is greater than DFAT's maximum drawdown of -26.12%. Use the drawdown chart below to compare losses from any high point for DVY and DFAT.

Drawdown Indicators

	DVY	DFAT	Difference
Max Drawdown Largest peak-to-trough decline	-62.59%	-26.12%	-36.47%
Max Drawdown (1Y) Largest decline over 1 year	-6.89%	-9.55%	+2.66%
Max Drawdown (3Y) Largest decline over 3 years	-16.00%	-26.12%	+10.12%
Max Drawdown (5Y) Largest decline over 5 years	-17.54%	-26.12%	+8.58%
Max Drawdown (10Y) Largest decline over 10 years	-41.59%	—	—
Current Drawdown Current decline from peak	-1.34%	0.00%	-1.34%
Average Drawdown Average peak-to-trough decline	-8.73%	-6.11%	-2.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	2.83%	-0.90%

Volatility

DVY vs. DFAT - Volatility Comparison

iShares Select Dividend ETF (DVY) and Dimensional U.S. Targeted Value ETF (DFAT) have volatilities of 3.89% and 3.82%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DVY	DFAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.89%	3.82%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	7.98%	10.41%	-2.43%
Volatility (1Y) Calculated over the trailing 1-year period	11.25%	16.00%	-4.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.11%	21.20%	-6.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.03%	21.26%	-3.23%

DVY vs. DFAT - Expense Ratio Comparison

DVY has a 0.39% expense ratio, which is higher than DFAT's 0.28% expense ratio.

Dividends

DVY vs. DFAT - Dividend Comparison

DVY's dividend yield for the trailing twelve months is around 3.22%, more than DFAT's 1.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFAT Dimensional U.S. Targeted Value ETF	1.32%	1.55%	1.31%	1.34%	1.34%	1.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DVY iShares Select Dividend ETF	3.22%	3.65%	3.65%	3.82%	3.43%	3.12%	3.66%	3.41%	3.58%	3.00%	3.04%	3.45%

Frequently Asked Questions

Can I hold both DVY and DFAT in my portfolio?

DVY and DFAT have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DVY or DFAT?

DVY has higher volatility (3.89%) compared to DFAT (3.82%). In terms of maximum drawdown, DVY dropped -62.59% vs DFAT's -26.12%.

Which ETF is better, DVY or DFAT?

On 5-year performance, DFAT leads with 12.14% vs 10.91% for DVY. On fees, DFAT is cheaper at 0.28% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DVY or DFAT?

Over the 5-year period, DFAT has performed better with a 12.14% return vs 10.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DVY or DFAT?

DFAT is cheaper with a 0.28% expense ratio, compared with 0.39% for DVY.

Which ETF pays a higher dividend yield, DVY or DFAT?

DVY has the higher dividend yield at 3.22%, compared with 1.32% for DFAT.

What is the main difference between DVY and DFAT?

DVY is categorized as Large Cap Value Equities, while DFAT is Small Cap Value Equities. They also come from different issuers: iShares and Dimensional. Their fees differ too: 0.39% for DVY and 0.28% for DFAT.

Which has better risk-adjusted returns?

DFAT currently has the higher Sharpe Ratio (2.29 vs 2.23), 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.