IEMG vs. DFCEX
IEMG (iShares Core MSCI Emerging Markets ETF) and DFCEX (DFA Emerging Markets Core Equity Fund) are both Emerging Markets Diversified funds. Over the past 10 years, IEMG returned 9.88%/yr vs 10.10%/yr for DFCEX. Their correlation of 0.92 suggests significant overlap in exposure. IEMG charges 0.09%/yr vs 0.40%/yr for DFCEX.
Performance
IEMG vs. DFCEX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IEMG achieves a 18.97% return, which is significantly higher than DFCEX's 16.96% return. Both investments have delivered pretty close results over the past 10 years, with IEMG having a 9.88% annualized return and DFCEX not far ahead at 10.10%.
IEMG
- 1D
- 1.70%
- 1M
- -3.66%
- YTD
- 18.97%
- 6M
- 20.80%
- 1Y
- 40.80%
- 3Y*
- 20.51%
- 5Y*
- 6.57%
- 10Y*
- 9.88%
DFCEX
- 1D
- -5.11%
- 1M
- -3.17%
- YTD
- 16.96%
- 6M
- 18.95%
- 1Y
- 36.83%
- 3Y*
- 20.13%
- 5Y*
- 7.90%
- 10Y*
- 10.10%
IEMG vs. DFCEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IEMG iShares Core MSCI Emerging Markets ETF | 18.97% | 32.56% | 6.50% | 11.52% | -19.98% | -0.64% | 17.87% | 17.81% | -14.92% | 37.38% |
DFCEX DFA Emerging Markets Core Equity Fund | 16.96% | 28.79% | 7.31% | 15.45% | -16.44% | 5.82% | 13.86% | 16.03% | -15.25% | 36.55% |
Correlation
The correlation between IEMG and DFCEX is 0.87, 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 | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2012 | 0.92 |
The correlation between IEMG and DFCEX has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IEMG vs. DFCEX — Risk / Return Rank
IEMG
DFCEX
IEMG vs. DFCEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets ETF (IEMG) and DFA Emerging Markets Core Equity Fund (DFCEX). 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.
| IEMG | DFCEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | -0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.45 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.10 | 3.14 | -0.03 |
| Martin ratioReturn relative to average drawdown | 11.68 | 12.31 | -0.63 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| IEMG | DFCEX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.99 | 2.36 | -0.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.35 | 0.53 | -0.18 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.49 | 0.63 | -0.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.33 | 0.42 | -0.10 |
Drawdowns
IEMG vs. DFCEX - Drawdown Comparison
The maximum IEMG drawdown since its inception was -38.71%, smaller than the maximum DFCEX drawdown of -64.58%. Use the drawdown chart below to compare losses from any high point for IEMG and DFCEX.
Loading charts...
Drawdown Indicators
| IEMG | DFCEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.71% | -64.58% | +25.87% |
Max Drawdown (1Y)Largest decline over 1 year | -13.21% | -12.12% | -1.09% |
Max Drawdown (3Y)Largest decline over 3 years | -17.21% | -16.74% | -0.47% |
Max Drawdown (5Y)Largest decline over 5 years | -35.75% | -29.97% | -5.78% |
Max Drawdown (10Y)Largest decline over 10 years | -38.71% | -42.33% | +3.62% |
Current DrawdownCurrent decline from peak | -7.00% | -6.58% | -0.42% |
Average DrawdownAverage peak-to-trough decline | -12.97% | -12.61% | -0.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.50% | 3.07% | +0.43% |
Volatility
IEMG vs. DFCEX - Volatility Comparison
iShares Core MSCI Emerging Markets ETF (IEMG) has a higher volatility of 10.33% compared to DFA Emerging Markets Core Equity Fund (DFCEX) at 8.07%. This indicates that IEMG's price experiences larger fluctuations and is considered to be riskier than DFCEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| IEMG | DFCEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.33% | 8.07% | +2.26% |
Volatility (6M)Calculated over the trailing 6-month period | 18.35% | 14.22% | +4.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.62% | 16.08% | +4.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.62% | 14.88% | +3.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.14% | 16.01% | +4.13% |
IEMG vs. DFCEX - Expense Ratio Comparison
IEMG has a 0.09% expense ratio, which is lower than DFCEX's 0.40% expense ratio.
Dividends
IEMG vs. DFCEX - Dividend Comparison
IEMG's dividend yield for the trailing twelve months is around 2.31%, less than DFCEX's 2.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFCEX DFA Emerging Markets Core Equity Fund | 2.51% | 2.90% | 3.43% | 3.53% | 3.78% | 2.59% | 1.70% | 2.42% | 2.33% | 1.92% | 1.99% | 2.28% |
IEMG iShares Core MSCI Emerging Markets ETF | 2.31% | 2.75% | 3.20% | 2.89% | 2.71% | 3.06% | 1.87% | 3.15% | 2.76% | 2.35% | 2.28% | 2.53% |
Frequently Asked Questions
IEMG and DFCEX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEMG has higher volatility (10.33%) compared to DFCEX (8.07%). In terms of maximum drawdown, IEMG dropped -38.71% vs DFCEX's -64.58%.
DFCEX currently has the higher Sharpe Ratio (2.36 vs 1.99), 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.
Find the right allocation for IEMG and DFCEX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer