IBCA vs. DFCF

Last updated Jun 5, 2026

IBCA (iShares iBonds Dec 2035 Term Corporate ETF) and DFCF (Dimensional Core Fixed Income ETF) are both Intermediate Core Bond funds. IBCA is passively managed, while DFCF is actively managed. Over the past year, IBCA returned 6.02% vs 5.32% for DFCF. Their correlation of 0.93 suggests significant overlap in exposure. IBCA charges 0.10%/yr vs 0.17%/yr for DFCF.

Performance

IBCA vs. DFCF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2035 Term Corporate ETF (IBCA) and Dimensional Core Fixed Income ETF (DFCF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IBCA achieves a 0.39% return, which is significantly lower than DFCF's 0.54% return.

IBCA

• 1D: 0.20%
• 1M: 0.33%
• YTD: 0.39%
• 6M: 0.35%
• 1Y: 6.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DFCF

• 1D: 0.17%
• 1M: 0.27%
• YTD: 0.54%
• 6M: 0.56%
• 1Y: 5.32%
• 3Y*: 4.85%
• 5Y*: —
• 10Y*: —

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

IBCA vs. DFCF - Yearly Performance Comparison

	2026 (YTD)	2025
IBCA iShares iBonds Dec 2035 Term Corporate ETF	0.39%	7.15%
DFCF Dimensional Core Fixed Income ETF	0.54%	5.75%

Correlation

The correlation between IBCA and DFCF is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	0.93

The correlation between IBCA and DFCF has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

Return for Risk

IBCA vs. DFCF — Risk / Return Rank

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

IBCA

IBCA Risk / Return Rank: 36
IBCA Sharpe Ratio Rank: 35
IBCA Sortino Ratio Rank: 35
IBCA Omega Ratio Rank: 33
IBCA Calmar Ratio Rank: 40
IBCA Martin Ratio Rank: 39

DFCF

DFCF Risk / Return Rank: 38
DFCF Sharpe Ratio Rank: 39
DFCF Sortino Ratio Rank: 39
DFCF Omega Ratio Rank: 36
DFCF Calmar Ratio Rank: 40
DFCF Martin Ratio Rank: 38

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.

IBCA vs. DFCF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2035 Term Corporate ETF (IBCA) and Dimensional Core Fixed Income ETF (DFCF). 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.

	IBCA	DFCF	Difference
Sharpe ratio: Return per unit of total volatility	1.23	1.35	-0.12
Sortino ratio: Return per unit of downside risk	1.82	1.98	-0.16
Omega ratio: Gain probability vs. loss probability	1.22	1.23	-0.02
Calmar ratio: Return relative to maximum drawdown	1.90	1.92	-0.02
Martin ratio: Return relative to average drawdown	6.04	5.81	+0.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBCA vs. DFCF - Sharpe Ratio Comparison

The current IBCA Sharpe Ratio is 1.23, which is comparable to the DFCF Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of IBCA and DFCF, 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

	IBCA	DFCF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.23	1.35	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	1.10	0.04	+1.06

Drawdowns

IBCA vs. DFCF - Drawdown Comparison

The maximum IBCA drawdown since its inception was -3.48%, smaller than the maximum DFCF drawdown of -19.56%. Use the drawdown chart below to compare losses from any high point for IBCA and DFCF.

Drawdown Indicators

	IBCA	DFCF	Difference
Max Drawdown Largest peak-to-trough decline	-3.48%	-19.56%	+16.08%
Max Drawdown (1Y) Largest decline over 1 year	-3.19%	-2.79%	-0.40%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.05%	—
Current Drawdown Current decline from peak	-1.23%	-1.30%	+0.07%
Average Drawdown Average peak-to-trough decline	-0.81%	-8.03%	+7.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.00%	0.92%	+0.08%

Volatility

IBCA vs. DFCF - Volatility Comparison

iShares iBonds Dec 2035 Term Corporate ETF (IBCA) has a higher volatility of 1.62% compared to Dimensional Core Fixed Income ETF (DFCF) at 1.36%. This indicates that IBCA's price experiences larger fluctuations and is considered to be riskier than DFCF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBCA	DFCF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.62%	1.36%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	3.63%	2.91%	+0.72%
Volatility (1Y) Calculated over the trailing 1-year period	4.96%	3.99%	+0.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.75%	6.46%	-0.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.75%	6.46%	-0.71%

IBCA vs. DFCF - Expense Ratio Comparison

IBCA has a 0.10% expense ratio, which is lower than DFCF's 0.17% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IBCA vs. DFCF - Dividend Comparison

IBCA's dividend yield for the trailing twelve months is around 4.66%, more than DFCF's 4.30% yield.

Position	TTM	2025	2024	2023	2022	2021
DFCF Dimensional Core Fixed Income ETF	4.30%	4.48%	4.61%	4.51%	3.27%	0.16%
IBCA iShares iBonds Dec 2035 Term Corporate ETF	4.66%	3.19%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IBCA and DFCF in my portfolio?

With a correlation of 0.95, IBCA and DFCF 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.

Which is riskier, IBCA or DFCF?

IBCA has higher volatility (1.62%) compared to DFCF (1.36%). In terms of maximum drawdown, IBCA dropped -3.48% vs DFCF's -19.56%.

Which ETF is better, IBCA or DFCF?

On 1-year performance, IBCA leads with 6.02% vs 5.32% for DFCF. On fees, IBCA is cheaper at 0.10% per year. On volatility, DFCF has been the lower-risk option at 1.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBCA or DFCF?

Over the 1-year period, IBCA has performed better with a 6.02% return vs 5.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBCA or DFCF?

IBCA is cheaper with a 0.10% expense ratio, compared with 0.17% for DFCF.

Which ETF pays a higher dividend yield, IBCA or DFCF?

IBCA has the higher dividend yield at 4.66%, compared with 4.30% for DFCF.

What is the main difference between IBCA and DFCF?

They also come from different issuers: iShares and Dimensional. Their fees differ too: 0.10% for IBCA and 0.17% for DFCF.

Which has better risk-adjusted returns?

DFCF currently has the higher Sharpe Ratio (1.35 vs 1.23), 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.