EPEM vs. DFEV

Last updated Jun 24, 2026

EPEM (Harbor Emerging Markets Equity ETF) and DFEV (Dimensional Emerging Markets Value ETF) are both Emerging Markets Diversified funds. Both are actively managed. Over the past year, EPEM returned 47.71% vs 48.75% for DFEV. Their correlation of 0.89 suggests significant overlap in exposure. EPEM charges 0.84%/yr vs 0.43%/yr for DFEV.

Performance

EPEM vs. DFEV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Emerging Markets Equity ETF (EPEM) and Dimensional Emerging Markets Value ETF (DFEV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EPEM achieves a 24.23% return, which is significantly lower than DFEV's 25.45% return.

EPEM

• 1D: -4.50%
• 1M: 1.19%
• YTD: 24.23%
• 6M: 26.37%
• 1Y: 47.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DFEV

• 1D: -5.33%
• 1M: 2.00%
• YTD: 25.45%
• 6M: 26.35%
• 1Y: 48.75%
• 3Y*: 24.39%
• 5Y*: —
• 10Y*: —

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

EPEM vs. DFEV - Yearly Performance Comparison

	2026 (YTD)	2025
EPEM Harbor Emerging Markets Equity ETF	24.23%	20.73%
DFEV Dimensional Emerging Markets Value ETF	25.45%	20.13%

Correlation

The correlation between EPEM and DFEV is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025	0.89

The correlation between EPEM and DFEV has been stable across timeframes, ranging from 0.89 to 0.89 - a consistent structural relationship.

Return for Risk

EPEM vs. DFEV — Risk / Return Rank

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

EPEM

EPEM Risk / Return Rank: 76
EPEM Sharpe Ratio Rank: 79
EPEM Sortino Ratio Rank: 70
EPEM Omega Ratio Rank: 79
EPEM Calmar Ratio Rank: 77
EPEM Martin Ratio Rank: 76

DFEV

DFEV Risk / Return Rank: 80
DFEV Sharpe Ratio Rank: 81
DFEV Sortino Ratio Rank: 73
DFEV Omega Ratio Rank: 83
DFEV Calmar Ratio Rank: 84
DFEV Martin Ratio Rank: 81

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.

EPEM vs. DFEV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Emerging Markets Equity ETF (EPEM) and Dimensional Emerging Markets Value ETF (DFEV). 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.

	EPEM	DFEV	Difference
Sharpe ratio: Return per unit of total volatility	2.26	2.45	-0.19
Sortino ratio: Return per unit of downside risk	2.85	3.09	-0.24
Omega ratio: Gain probability vs. loss probability	1.42	1.47	-0.05
Calmar ratio: Return relative to maximum drawdown	3.61	4.31	-0.70
Martin ratio: Return relative to average drawdown	13.04	15.41	-2.37

EPEM vs. DFEV - Sharpe Ratio Comparison

The current EPEM Sharpe Ratio is 2.26, which is comparable to the DFEV Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of EPEM and DFEV, 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

EPEM vs. DFEV - Drawdown Comparison

The maximum EPEM drawdown since its inception was -13.27%, smaller than the maximum DFEV drawdown of -18.49%. Use the drawdown chart below to compare losses from any high point for EPEM and DFEV.

Drawdown Indicators

	EPEM	DFEV	Difference
Max Drawdown Largest peak-to-trough decline	-13.27%	-18.49%	+5.22%
Max Drawdown (1Y) Largest decline over 1 year	-13.27%	-11.35%	-1.92%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.94%	—
Current Drawdown Current decline from peak	-5.73%	-5.33%	-0.40%
Average Drawdown Average peak-to-trough decline	-2.08%	-4.63%	+2.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.67%	3.17%	+0.50%

Volatility

EPEM vs. DFEV - Volatility Comparison

The current volatility for Harbor Emerging Markets Equity ETF (EPEM) is 10.67%, while Dimensional Emerging Markets Value ETF (DFEV) has a volatility of 11.67%. This indicates that EPEM experiences smaller price fluctuations and is considered to be less risky than DFEV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EPEM	DFEV	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.67%	11.67%	-1.00%
Volatility (6M) Calculated over the trailing 6-month period	18.89%	18.08%	+0.81%
Volatility (1Y) Calculated over the trailing 1-year period	21.19%	20.00%	+1.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.91%	17.09%	+3.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.91%	17.09%	+3.82%

EPEM vs. DFEV - Expense Ratio Comparison

EPEM has a 0.84% expense ratio, which is higher than DFEV's 0.43% expense ratio.

Dividends

EPEM vs. DFEV - Dividend Comparison

EPEM's dividend yield for the trailing twelve months is around 2.95%, more than DFEV's 2.09% yield.

Position	TTM	2025	2024	2023	2022
DFEV Dimensional Emerging Markets Value ETF	2.09%	2.69%	3.17%	3.47%	3.35%
EPEM Harbor Emerging Markets Equity ETF	2.95%	3.66%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EPEM and DFEV in my portfolio?

EPEM and DFEV have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EPEM or DFEV?

DFEV has higher volatility (11.67%) compared to EPEM (10.67%). In terms of maximum drawdown, EPEM dropped -13.27% vs DFEV's -18.49%.

Which ETF is better, EPEM or DFEV?

On 1-year performance, DFEV leads with 48.75% vs 47.71% for EPEM. On fees, DFEV is cheaper at 0.43% per year. On volatility, EPEM has been the lower-risk option at 10.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EPEM or DFEV?

Over the 1-year period, DFEV has performed better with a 48.75% return vs 47.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPEM or DFEV?

DFEV is cheaper with a 0.43% expense ratio, compared with 0.84% for EPEM.

Which ETF pays a higher dividend yield, EPEM or DFEV?

EPEM has the higher dividend yield at 2.95%, compared with 2.09% for DFEV.

What is the main difference between EPEM and DFEV?

They also come from different issuers: Harbor and Dimensional. Their fees differ too: 0.84% for EPEM and 0.43% for DFEV.

Which has better risk-adjusted returns?

DFEV currently has the higher Sharpe Ratio (2.45 vs 2.26), 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.