ECNS vs. DFAE

Last updated Jun 24, 2026

ECNS (iShares MSCI China Small-Cap ETF) and DFAE (Dimensional Emerging Core Equity Market ETF) are both exchange-traded funds - ECNS is a Asia Pacific Equities fund tracking the MSCI China Small Cap Index, while DFAE is a Emerging Markets Equities fund actively managed by Dimensional. ECNS is passively managed, while DFAE is actively managed. Over the past 5 years, ECNS returned -8.08%/yr vs 8.44%/yr for DFAE. A 0.72 correlation means they provide meaningful diversification when combined. ECNS charges 0.59%/yr vs 0.35%/yr for DFAE.

Performance

ECNS vs. DFAE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI China Small-Cap ETF (ECNS) and Dimensional Emerging Core Equity Market ETF (DFAE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ECNS achieves a -9.88% return, which is significantly lower than DFAE's 21.56% return.

ECNS

• 1D: -1.92%
• 1M: -6.71%
• YTD: -9.88%
• 6M: -11.17%
• 1Y: 1.85%
• 3Y*: 6.91%
• 5Y*: -8.08%
• 10Y*: 1.55%

DFAE

• 1D: -5.77%
• 1M: 1.20%
• YTD: 21.56%
• 6M: 22.20%
• 1Y: 43.42%
• 3Y*: 22.11%
• 5Y*: 8.44%
• 10Y*: —

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

ECNS vs. DFAE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ECNS iShares MSCI China Small-Cap ETF	-9.88%	36.49%	5.64%	-23.05%	-24.58%	2.11%	4.48%
DFAE Dimensional Emerging Core Equity Market ETF	21.56%	31.48%	7.68%	12.63%	-17.52%	3.53%	5.93%

Correlation

The correlation between ECNS and DFAE is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (All Time) Calculated using the full available price history since Dec 2, 2020	0.72

The correlation between ECNS and DFAE has been stable across timeframes, ranging from 0.67 to 0.73 - a consistent structural relationship.

ECNS vs. DFAE - Sectors Allocation Comparison

Sectors	ECNS	DFAE
Healthcare	19.9%	3.1%
Industrials	18.0%	9.1%
Technology	12.6%	41.6%
Consumer Cyclical	9.3%	8.1%
Real Estate	8.7%	1.4%
Basic Materials	8.4%	7.0%
Communication Services	6.5%	5.4%
Financial Services	4.6%	15.8%
Consumer Defensive	4.2%	2.9%
Energy	3.2%	3.5%
Utilities	2.4%	2.1%

Return for Risk

ECNS vs. DFAE — Risk / Return Rank

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

ECNS

ECNS Risk / Return Rank: 10
ECNS Sharpe Ratio Rank: 10
ECNS Sortino Ratio Rank: 9
ECNS Omega Ratio Rank: 10
ECNS Calmar Ratio Rank: 9
ECNS Martin Ratio Rank: 9

DFAE

DFAE Risk / Return Rank: 66
DFAE Sharpe Ratio Rank: 64
DFAE Sortino Ratio Rank: 56
DFAE Omega Ratio Rank: 68
DFAE Calmar Ratio Rank: 71
DFAE Martin Ratio Rank: 71

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.

ECNS vs. DFAE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China Small-Cap ETF (ECNS) and Dimensional Emerging Core Equity Market ETF (DFAE). 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.

	ECNS	DFAE	Difference
Sharpe ratio: Return per unit of total volatility	0.09	2.01	-1.92
Sortino ratio: Return per unit of downside risk	0.26	2.56	-2.30
Omega ratio: Gain probability vs. loss probability	1.03	1.39	-0.35
Calmar ratio: Return relative to maximum drawdown	0.08	3.41	-3.33
Martin ratio: Return relative to average drawdown	0.18	12.56	-12.38

ECNS vs. DFAE - Sharpe Ratio Comparison

The current ECNS Sharpe Ratio is 0.09, which is lower than the DFAE Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of ECNS and DFAE, 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

ECNS vs. DFAE - Drawdown Comparison

The maximum ECNS drawdown since its inception was -63.43%, which is greater than DFAE's maximum drawdown of -32.21%. Use the drawdown chart below to compare losses from any high point for ECNS and DFAE.

Drawdown Indicators

	ECNS	DFAE	Difference
Max Drawdown Largest peak-to-trough decline	-63.43%	-32.21%	-31.22%
Max Drawdown (1Y) Largest decline over 1 year	-22.70%	-12.80%	-9.90%
Max Drawdown (3Y) Largest decline over 3 years	-31.72%	-18.12%	-13.60%
Max Drawdown (5Y) Largest decline over 5 years	-59.61%	-31.73%	-27.88%
Max Drawdown (10Y) Largest decline over 10 years	-63.43%	—	—
Current Drawdown Current decline from peak	-41.99%	-5.77%	-36.22%
Average Drawdown Average peak-to-trough decline	-29.41%	-10.25%	-19.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.24%	3.47%	+6.77%

Volatility

ECNS vs. DFAE - Volatility Comparison

The current volatility for iShares MSCI China Small-Cap ETF (ECNS) is 5.69%, while Dimensional Emerging Core Equity Market ETF (DFAE) has a volatility of 12.23%. This indicates that ECNS experiences smaller price fluctuations and is considered to be less risky than DFAE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ECNS	DFAE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.69%	12.23%	-6.54%
Volatility (6M) Calculated over the trailing 6-month period	13.59%	19.85%	-6.26%
Volatility (1Y) Calculated over the trailing 1-year period	20.68%	21.76%	-1.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.44%	18.45%	+10.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.90%	18.36%	+7.54%

ECNS vs. DFAE - Expense Ratio Comparison

ECNS has a 0.59% expense ratio, which is higher than DFAE's 0.35% expense ratio.

Dividends

ECNS vs. DFAE - Dividend Comparison

ECNS's dividend yield for the trailing twelve months is around 6.53%, more than DFAE's 1.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFAE Dimensional Emerging Core Equity Market ETF	1.80%	2.20%	2.35%	2.43%	2.85%	1.63%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%
ECNS iShares MSCI China Small-Cap ETF	6.53%	6.20%	5.98%	4.89%	3.54%	4.87%	3.59%	3.23%	6.16%	3.18%	4.29%	3.58%

Frequently Asked Questions

Can I hold both ECNS and DFAE in my portfolio?

ECNS and DFAE have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ECNS or DFAE?

DFAE has higher volatility (12.23%) compared to ECNS (5.69%). In terms of maximum drawdown, ECNS dropped -63.43% vs DFAE's -32.21%.

Which ETF is better, ECNS or DFAE?

On 5-year performance, DFAE leads with 8.44% vs -8.08% for ECNS. On fees, DFAE is cheaper at 0.35% per year. On volatility, ECNS has been the lower-risk option at 5.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ECNS or DFAE?

Over the 5-year period, DFAE has performed better with a 8.44% return vs -8.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ECNS or DFAE?

DFAE is cheaper with a 0.35% expense ratio, compared with 0.59% for ECNS.

Which ETF pays a higher dividend yield, ECNS or DFAE?

ECNS has the higher dividend yield at 6.53%, compared with 1.80% for DFAE.

What is the main difference between ECNS and DFAE?

ECNS is categorized as Asia Pacific Equities, while DFAE is Emerging Markets Equities. They also come from different issuers: iShares and Dimensional. Their fees differ too: 0.59% for ECNS and 0.35% for DFAE.

Which has better risk-adjusted returns?

DFAE currently has the higher Sharpe Ratio (2.01 vs 0.09), 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.