IBGA vs. DFCF

Last updated Jun 4, 2026

IBGA (iShares iBonds Dec 2044 Term Treasury ETF) and DFCF (Dimensional Core Fixed Income ETF) are both Intermediate Core Bond funds. IBGA is passively managed, while DFCF is actively managed. Over the past year, IBGA returned 5.33% vs 5.78% for DFCF. Their correlation of 0.93 suggests significant overlap in exposure. IBGA charges 0.07%/yr vs 0.17%/yr for DFCF.

Performance

IBGA vs. DFCF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2044 Term Treasury ETF (IBGA) 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, IBGA achieves a -0.37% return, which is significantly lower than DFCF's 0.37% return.

IBGA

• 1D: -0.41%
• 1M: 0.62%
• YTD: -0.37%
• 6M: -1.42%
• 1Y: 5.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DFCF

• 1D: -0.19%
• 1M: 0.32%
• YTD: 0.37%
• 6M: 0.21%
• 1Y: 5.78%
• 3Y*: 4.79%
• 5Y*: —
• 10Y*: —

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

IBGA vs. DFCF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IBGA iShares iBonds Dec 2044 Term Treasury ETF	-0.37%	6.09%	-1.41%
DFCF Dimensional Core Fixed Income ETF	0.37%	7.89%	1.77%

Correlation

The correlation between IBGA and DFCF is 0.92, 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	0.92
Correlation (All Time) Calculated using the full available price history since Jun 13, 2024	0.93

The correlation between IBGA and DFCF has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

Return for Risk

IBGA vs. DFCF — Risk / Return Rank

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

IBGA

IBGA Risk / Return Rank: 20
IBGA Sharpe Ratio Rank: 20
IBGA Sortino Ratio Rank: 20
IBGA Omega Ratio Rank: 19
IBGA Calmar Ratio Rank: 20
IBGA Martin Ratio Rank: 20

DFCF

DFCF Risk / Return Rank: 40
DFCF Sharpe Ratio Rank: 40
DFCF Sortino Ratio Rank: 41
DFCF Omega Ratio Rank: 38
DFCF Calmar Ratio Rank: 42
DFCF Martin Ratio Rank: 40

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.

IBGA vs. DFCF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2044 Term Treasury ETF (IBGA) 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.

	IBGA	DFCF	Difference
Sharpe ratio: Return per unit of total volatility	0.65	1.46	-0.80
Sortino ratio: Return per unit of downside risk	0.99	2.14	-1.15
Omega ratio: Gain probability vs. loss probability	1.11	1.25	-0.14
Calmar ratio: Return relative to maximum drawdown	0.81	2.08	-1.27
Martin ratio: Return relative to average drawdown	2.23	6.32	-4.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBGA vs. DFCF - Sharpe Ratio Comparison

The current IBGA Sharpe Ratio is 0.65, which is lower than the DFCF Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of IBGA 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

	IBGA	DFCF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.65	1.46	-0.80
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.04	+0.18

Drawdowns

IBGA vs. DFCF - Drawdown Comparison

The maximum IBGA drawdown since its inception was -11.69%, smaller than the maximum DFCF drawdown of -19.56%. Use the drawdown chart below to compare losses from any high point for IBGA and DFCF.

Drawdown Indicators

	IBGA	DFCF	Difference
Max Drawdown Largest peak-to-trough decline	-11.69%	-19.56%	+7.87%
Max Drawdown (1Y) Largest decline over 1 year	-6.60%	-2.79%	-3.81%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.05%	—
Current Drawdown Current decline from peak	-4.67%	-1.46%	-3.21%
Average Drawdown Average peak-to-trough decline	-5.05%	-8.04%	+2.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	0.92%	+1.48%

Volatility

IBGA vs. DFCF - Volatility Comparison

iShares iBonds Dec 2044 Term Treasury ETF (IBGA) has a higher volatility of 2.59% compared to Dimensional Core Fixed Income ETF (DFCF) at 1.36%. This indicates that IBGA'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

	IBGA	DFCF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.59%	1.36%	+1.23%
Volatility (6M) Calculated over the trailing 6-month period	5.68%	2.90%	+2.78%
Volatility (1Y) Calculated over the trailing 1-year period	8.21%	3.99%	+4.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.86%	6.46%	+3.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.86%	6.46%	+3.40%

IBGA vs. DFCF - Expense Ratio Comparison

IBGA has a 0.07% 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

IBGA vs. DFCF - Dividend Comparison

IBGA's dividend yield for the trailing twelve months is around 4.66%, more than DFCF's 4.31% yield.

Position	TTM	2025	2024	2023	2022	2021
DFCF Dimensional Core Fixed Income ETF	4.31%	4.48%	4.61%	4.51%	3.27%	0.16%
IBGA iShares iBonds Dec 2044 Term Treasury ETF	4.66%	4.49%	2.03%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IBGA and DFCF in my portfolio?

With a correlation of 0.92, IBGA 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, IBGA or DFCF?

IBGA has higher volatility (2.59%) compared to DFCF (1.36%). In terms of maximum drawdown, IBGA dropped -11.69% vs DFCF's -19.56%.

Which ETF is better, IBGA or DFCF?

On 1-year performance, DFCF leads with 5.78% vs 5.33% for IBGA. On fees, IBGA is cheaper at 0.07% 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, IBGA or DFCF?

Over the 1-year period, DFCF has performed better with a 5.78% return vs 5.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBGA or DFCF?

IBGA is cheaper with a 0.07% expense ratio, compared with 0.17% for DFCF.

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

IBGA has the higher dividend yield at 4.66%, compared with 4.31% for DFCF.

What is the main difference between IBGA and DFCF?

They also come from different issuers: iShares and Dimensional. Their fees differ too: 0.07% for IBGA and 0.17% for DFCF.

Which has better risk-adjusted returns?

DFCF currently has the higher Sharpe Ratio (1.46 vs 0.65), 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.