FMNEX vs. DFIV
FMNEX (RBB Free Market International Equity Fund) and DFIV (Dimensional International Value ETF) are both funds - FMNEX is a Foreign Small & Mid Cap Equities fund managed by RBB Fund, while DFIV is a Foreign Large Cap Equities fund actively managed by Dimensional. Over the past 3 years, FMNEX returned 18.97%/yr vs 23.26%/yr for DFIV. Their correlation of 0.95 means they have usually moved in the same direction. FMNEX charges 0.56%/yr vs 0.27%/yr for DFIV.
Performance
FMNEX vs. DFIV - Performance Comparison
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Returns By Period
In the year-to-date period, FMNEX achieves a 12.93% return, which is significantly lower than DFIV's 16.68% return.
FMNEX
- 1D
- 2.63%
- 1M
- 2.33%
- 6M
- 6.11%
- YTD
- 12.93%
- 1Y
- 30.75%
- 3Y*
- 18.97%
- 5Y*
- 11.56%
- 10Y*
- 9.84%
- ALL TIME*
- 5.78%
DFIV
- 1D
- -0.47%
- 1M
- 4.37%
- 6M
- 10.06%
- YTD
- 16.68%
- 1Y
- 37.44%
- 3Y*
- 23.26%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 16.12%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $76.53M | $67.72M | $67.89M | |
| $0.00 | $0.00 | $0.00 |
FMNEX vs. DFIV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FMNEX RBB Free Market International Equity Fund | 12.93% | 42.81% | 2.15% | 16.13% | -10.54% | -0.86% |
DFIV Dimensional International Value ETF | 16.68% | 45.36% | 7.26% | 17.75% | -3.70% | 0.50% |
Correlation
The correlation between FMNEX and DFIV is 0.92, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.92 |
Correlation (3Y) Balances recent behavior with more history. | 0.94 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2021 | 0.95 |
The correlation between FMNEX and DFIV has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.
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Return for Risk
FMNEX vs. DFIV — Risk / Return Rank
FMNEX
DFIV
FMNEX vs. DFIV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for RBB Free Market International Equity Fund (FMNEX) and Dimensional International Value ETF (DFIV). 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.
| FMNEX | DFIV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.62 | ||
| Sortino ratioReturn per unit of downside risk | -0.81 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.48 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.65 | 3.86 | -1.21 |
| Martin ratioReturn relative to average drawdown | 9.81 | 14.96 | -5.15 |
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Drawdowns
FMNEX vs. DFIV - Drawdown Comparison
The maximum FMNEX drawdown since its inception was -59.76%, which is greater than DFIV's maximum drawdown of -25.42%. Use the drawdown chart below to compare losses from any high point for FMNEX and DFIV.
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Drawdown Indicators
| FMNEX | DFIV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.76% | -25.42% | -34.34% |
Max Drawdown (1Y)Largest decline over 1 year | -11.38% | -9.66% | -1.72% |
Max Drawdown (3Y)Largest decline over 3 years | -13.46% | -14.72% | +1.26% |
Max Drawdown (5Y)Largest decline over 5 years | -26.61% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -47.35% | — | — |
Current DrawdownCurrent decline from peak | -0.11% | -0.47% | +0.36% |
Average DrawdownAverage peak-to-trough decline | -12.11% | -4.37% | -7.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.07% | 2.49% | +0.58% |
Volatility
FMNEX vs. DFIV - Volatility Comparison
RBB Free Market International Equity Fund (FMNEX) has a higher volatility of 4.68% compared to Dimensional International Value ETF (DFIV) at 3.89%. This indicates that FMNEX's price experiences larger fluctuations and is considered to be riskier than DFIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMNEX | DFIV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.68% | 3.89% | +0.79% |
Volatility (6M)Calculated over the trailing 6-month period | 12.54% | 11.59% | +0.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.61% | 13.91% | +0.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.64% | 16.55% | -0.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.91% | 16.55% | -0.64% |
FMNEX vs. DFIV - Expense Ratio Comparison
FMNEX has a 0.56% expense ratio, which is higher than DFIV's 0.27% expense ratio.
Dividends
FMNEX vs. DFIV - Dividend Comparison
FMNEX's dividend yield for the trailing twelve months is around 4.15%, more than DFIV's 2.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFIV Dimensional International Value ETF | 2.58% | 2.92% | 3.88% | 3.93% | 3.84% | 2.30% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FMNEX RBB Free Market International Equity Fund | 4.15% | 4.69% | 0.00% | 2.49% | 3.46% | 1.31% | 3.03% | 2.56% | 4.12% | 3.30% | 3.17% | 3.60% |
Frequently Asked Questions
With a correlation of 0.92, FMNEX and DFIV move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
FMNEX has higher volatility (4.68%) compared to DFIV (3.89%). In terms of maximum drawdown, FMNEX dropped -59.76% vs DFIV's -25.42%.
DFIV currently has the higher Sharpe Ratio (2.69 vs 2.07), 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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