FPAG vs. DFAI

Last updated Jun 4, 2026

FPAG (FPA Global Equity ETF) and DFAI (Dimensional International Core Equity Market ETF) are both Global Equities funds. Both are actively managed. Over the past 3 years, FPAG returned 21.24%/yr vs 18.12%/yr for DFAI. Their correlation of 0.83 suggests significant overlap in exposure. FPAG charges 0.49%/yr vs 0.18%/yr for DFAI.

Performance

FPAG vs. DFAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FPA Global Equity ETF (FPAG) and Dimensional International Core Equity Market ETF (DFAI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPAG achieves a 7.57% return, which is significantly lower than DFAI's 9.16% return.

FPAG

• 1D: -0.60%
• 1M: 4.07%
• YTD: 7.57%
• 6M: 8.13%
• 1Y: 25.35%
• 3Y*: 21.24%
• 5Y*: —
• 10Y*: —

DFAI

• 1D: -0.84%
• 1M: 2.67%
• YTD: 9.16%
• 6M: 11.79%
• 1Y: 24.65%
• 3Y*: 18.12%
• 5Y*: 9.36%
• 10Y*: —

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

FPAG vs. DFAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FPAG FPA Global Equity ETF	7.57%	25.17%	15.64%	29.55%	-17.87%	2.93%
DFAI Dimensional International Core Equity Market ETF	9.16%	34.04%	4.68%	17.60%	-12.95%	3.36%

Correlation

The correlation between FPAG and DFAI is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (All Time) Calculated using the full available price history since Dec 20, 2021	0.83

The correlation between FPAG and DFAI has been stable across timeframes, ranging from 0.81 to 0.83 - a consistent structural relationship.

FPAG vs. DFAI - Sectors Allocation Comparison

Sectors	FPAG	DFAI
Communication Services	17.8%	3.7%
Basic Materials	14.6%	8.8%
Technology	12.9%	9.3%
Industrials	12.2%	19.5%
Healthcare	12.0%	8.8%
Consumer Cyclical	10.6%	8.6%
Financial Services	9.5%	22.5%
Consumer Defensive	8.9%	6.4%
Energy	1.4%	6.8%
Utilities	0.2%	4.0%
Real Estate	0.0%	1.5%

Return for Risk

FPAG vs. DFAI — Risk / Return Rank

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

FPAG

FPAG Risk / Return Rank: 48
FPAG Sharpe Ratio Rank: 50
FPAG Sortino Ratio Rank: 51
FPAG Omega Ratio Rank: 49
FPAG Calmar Ratio Rank: 42
FPAG Martin Ratio Rank: 47

DFAI

DFAI Risk / Return Rank: 49
DFAI Sharpe Ratio Rank: 50
DFAI Sortino Ratio Rank: 50
DFAI Omega Ratio Rank: 50
DFAI Calmar Ratio Rank: 45
DFAI Martin Ratio Rank: 52

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.

FPAG vs. DFAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FPA Global Equity ETF (FPAG) and Dimensional International Core Equity Market ETF (DFAI). 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.

	FPAG	DFAI	Difference
Sharpe ratio: Return per unit of total volatility	1.74	1.76	-0.02
Sortino ratio: Return per unit of downside risk	2.51	2.49	+0.02
Omega ratio: Gain probability vs. loss probability	1.31	1.32	-0.01
Calmar ratio: Return relative to maximum drawdown	2.10	2.26	-0.16
Martin ratio: Return relative to average drawdown	7.94	8.87	-0.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPAG vs. DFAI - Sharpe Ratio Comparison

The current FPAG Sharpe Ratio is 1.74, which is comparable to the DFAI Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of FPAG and DFAI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FPAG	DFAI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	1.76	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.59	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.78	-0.12

Drawdowns

FPAG vs. DFAI - Drawdown Comparison

The maximum FPAG drawdown since its inception was -28.43%, roughly equal to the maximum DFAI drawdown of -27.44%. Use the drawdown chart below to compare losses from any high point for FPAG and DFAI.

Drawdown Indicators

	FPAG	DFAI	Difference
Max Drawdown Largest peak-to-trough decline	-28.43%	-27.44%	-0.99%
Max Drawdown (1Y) Largest decline over 1 year	-12.14%	-10.95%	-1.19%
Max Drawdown (3Y) Largest decline over 3 years	-18.06%	-13.25%	-4.81%
Max Drawdown (5Y) Largest decline over 5 years	—	-27.44%	—
Current Drawdown Current decline from peak	-0.60%	-1.61%	+1.01%
Average Drawdown Average peak-to-trough decline	-6.37%	-5.12%	-1.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	2.79%	+0.41%

Volatility

FPAG vs. DFAI - Volatility Comparison

The current volatility for FPA Global Equity ETF (FPAG) is 4.16%, while Dimensional International Core Equity Market ETF (DFAI) has a volatility of 4.45%. This indicates that FPAG experiences smaller price fluctuations and is considered to be less risky than DFAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPAG	DFAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.16%	4.45%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	11.38%	11.68%	-0.30%
Volatility (1Y) Calculated over the trailing 1-year period	14.64%	14.08%	+0.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.39%	15.92%	+3.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.39%	15.70%	+3.69%

FPAG vs. DFAI - Expense Ratio Comparison

FPAG has a 0.49% expense ratio, which is higher than DFAI's 0.18% expense ratio.

Dividends

FPAG vs. DFAI - Dividend Comparison

FPAG's dividend yield for the trailing twelve months is around 1.41%, less than DFAI's 2.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
DFAI Dimensional International Core Equity Market ETF	2.26%	2.45%	2.72%	2.64%	2.72%	2.06%	0.09%
FPAG FPA Global Equity ETF	1.41%	1.99%	1.42%	1.51%	1.22%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FPAG and DFAI in my portfolio?

FPAG and DFAI have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPAG or DFAI?

DFAI has higher volatility (4.45%) compared to FPAG (4.16%). In terms of maximum drawdown, FPAG dropped -28.43% vs DFAI's -27.44%.

Which ETF is better, FPAG or DFAI?

On 3-year performance, FPAG leads with 21.24% vs 18.12% for DFAI. On fees, DFAI is cheaper at 0.18% per year. On volatility, FPAG has been the lower-risk option at 4.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPAG or DFAI?

Over the 3-year period, FPAG has performed better with a 21.24% return vs 18.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPAG or DFAI?

DFAI is cheaper with a 0.18% expense ratio, compared with 0.49% for FPAG.

Which ETF pays a higher dividend yield, FPAG or DFAI?

DFAI has the higher dividend yield at 2.26%, compared with 1.41% for FPAG.

What is the main difference between FPAG and DFAI?

They also come from different issuers: FPA and Dimensional. Their fees differ too: 0.49% for FPAG and 0.18% for DFAI.

Which has better risk-adjusted returns?

DFAI currently has the higher Sharpe Ratio (1.76 vs 1.74), 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.