MSCGX vs. DFSCX

Last updated Jun 24, 2026

MSCGX (Mercer US Small/Mid Cap Equity Fund) and DFSCX (DFA U.S. Micro Cap Portfolio) are both Small Cap Blend Equities funds. Over the past 5 years, MSCGX returned 7.50%/yr vs 9.96%/yr for DFSCX. Their correlation of 0.87 suggests significant overlap in exposure. MSCGX charges 0.48%/yr vs 0.41%/yr for DFSCX.

Performance

MSCGX vs. DFSCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Mercer US Small/Mid Cap Equity Fund (MSCGX) and DFA U.S. Micro Cap Portfolio (DFSCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSCGX achieves a 15.68% return, which is significantly lower than DFSCX's 20.66% return.

MSCGX

• 1D: 0.63%
• 1M: 4.05%
• YTD: 15.68%
• 6M: 13.63%
• 1Y: 26.03%
• 3Y*: 16.04%
• 5Y*: 7.50%
• 10Y*: —

DFSCX

• 1D: 0.16%
• 1M: 4.93%
• YTD: 20.66%
• 6M: 18.44%
• 1Y: 38.20%
• 3Y*: 19.05%
• 5Y*: 9.96%
• 10Y*: 11.87%

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

MSCGX vs. DFSCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MSCGX Mercer US Small/Mid Cap Equity Fund	15.68%	6.52%	13.39%	15.35%	-16.91%	24.32%	12.40%	5.34%
DFSCX DFA U.S. Micro Cap Portfolio	20.66%	9.65%	11.43%	17.93%	-12.49%	33.70%	6.61%	5.01%

Correlation

The correlation between MSCGX and DFSCX is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Apr 12, 2019	0.87

The correlation between MSCGX and DFSCX has been stable across timeframes, ranging from 0.84 to 0.91 - a consistent structural relationship.

Return for Risk

MSCGX vs. DFSCX — Risk / Return Rank

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

MSCGX

MSCGX Risk / Return Rank: 59
MSCGX Sharpe Ratio Rank: 51
MSCGX Sortino Ratio Rank: 55
MSCGX Omega Ratio Rank: 43
MSCGX Calmar Ratio Rank: 79
MSCGX Martin Ratio Rank: 67

DFSCX

DFSCX Risk / Return Rank: 78
DFSCX Sharpe Ratio Rank: 73
DFSCX Sortino Ratio Rank: 74
DFSCX Omega Ratio Rank: 59
DFSCX Calmar Ratio Rank: 94
DFSCX Martin Ratio Rank: 89

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.

MSCGX vs. DFSCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mercer US Small/Mid Cap Equity Fund (MSCGX) and DFA U.S. Micro Cap Portfolio (DFSCX). 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.

	MSCGX	DFSCX	Difference
Sharpe ratio: Return per unit of total volatility	1.94	2.28	-0.34
Sortino ratio: Return per unit of downside risk	2.87	3.28	-0.41
Omega ratio: Gain probability vs. loss probability	1.33	1.39	-0.06
Calmar ratio: Return relative to maximum drawdown	3.41	4.95	-1.54
Martin ratio: Return relative to average drawdown	12.29	16.06	-3.76

MSCGX vs. DFSCX - Sharpe Ratio Comparison

The current MSCGX Sharpe Ratio is 1.94, which is comparable to the DFSCX Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of MSCGX and DFSCX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MSCGX vs. DFSCX - Drawdown Comparison

The maximum MSCGX drawdown since its inception was -41.30%, smaller than the maximum DFSCX drawdown of -63.07%. Use the drawdown chart below to compare losses from any high point for MSCGX and DFSCX.

Drawdown Indicators

	MSCGX	DFSCX	Difference
Max Drawdown Largest peak-to-trough decline	-41.30%	-63.07%	+21.77%
Max Drawdown (1Y) Largest decline over 1 year	-9.22%	-8.17%	-1.05%
Max Drawdown (3Y) Largest decline over 3 years	-24.28%	-27.01%	+2.73%
Max Drawdown (5Y) Largest decline over 5 years	-35.66%	-27.01%	-8.65%
Max Drawdown (10Y) Largest decline over 10 years	—	-46.88%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-12.65%	-9.89%	-2.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.47%	2.51%	-0.04%

Volatility

MSCGX vs. DFSCX - Volatility Comparison

Mercer US Small/Mid Cap Equity Fund (MSCGX) and DFA U.S. Micro Cap Portfolio (DFSCX) have volatilities of 4.56% and 4.54%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSCGX	DFSCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.56%	4.54%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	11.83%	11.91%	-0.08%
Volatility (1Y) Calculated over the trailing 1-year period	16.23%	17.75%	-1.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.85%	21.00%	+2.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.44%	22.66%	+2.78%

MSCGX vs. DFSCX - Expense Ratio Comparison

MSCGX has a 0.48% expense ratio, which is higher than DFSCX's 0.41% expense ratio.

Dividends

MSCGX vs. DFSCX - Dividend Comparison

MSCGX's dividend yield for the trailing twelve months is around 6.66%, more than DFSCX's 0.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFSCX DFA U.S. Micro Cap Portfolio	0.79%	1.03%	0.97%	2.48%	5.16%	10.77%	0.87%	2.80%	5.50%	5.05%	0.90%	6.33%
MSCGX Mercer US Small/Mid Cap Equity Fund	6.66%	7.71%	10.73%	3.77%	8.42%	20.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSCGX and DFSCX in my portfolio?

MSCGX and DFSCX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSCGX or DFSCX?

MSCGX has higher volatility (4.56%) compared to DFSCX (4.54%). In terms of maximum drawdown, MSCGX dropped -41.30% vs DFSCX's -63.07%.

Which has better risk-adjusted returns?

DFSCX currently has the higher Sharpe Ratio (2.28 vs 1.94), 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.