PSHZF vs. DEMSX

Last updated Jun 5, 2026

PSHZF (Pershing Square Holdings Ltd) is a stock, while DEMSX (DFA Emerging Markets Small Cap Portfolio) is Emerging Markets Diversified fund managed by Dimensional. Over the past 10 years, PSHZF returned 14.27%/yr vs 9.34%/yr for DEMSX. At a 0.35 correlation, their price movements are largely independent.

Performance

PSHZF vs. DEMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pershing Square Holdings Ltd (PSHZF) and DFA Emerging Markets Small Cap Portfolio (DEMSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSHZF achieves a -16.97% return, which is significantly lower than DEMSX's 10.80% return. Over the past 10 years, PSHZF has outperformed DEMSX with an annualized return of 14.27%, while DEMSX has yielded a comparatively lower 9.34% annualized return.

PSHZF

• 1D: 1.97%
• 1M: -2.05%
• YTD: -16.97%
• 6M: -18.64%
• 1Y: 2.28%
• 3Y*: 17.38%
• 5Y*: 9.58%
• 10Y*: 14.27%

DEMSX

• 1D: -0.64%
• 1M: -0.81%
• YTD: 10.80%
• 6M: 11.82%
• 1Y: 22.40%
• 3Y*: 14.65%
• 5Y*: 6.78%
• 10Y*: 9.34%

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

PSHZF vs. DEMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSHZF Pershing Square Holdings Ltd	-16.97%	36.74%	4.57%	37.43%	-15.13%	17.80%	89.27%	53.54%	-8.09%	-5.08%
DEMSX DFA Emerging Markets Small Cap Portfolio	10.80%	19.01%	4.92%	16.32%	-15.30%	19.54%	13.82%	14.89%	-17.55%	33.32%

Correlation

The correlation between PSHZF and DEMSX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Feb 11, 2015	0.35

Return for Risk

PSHZF vs. DEMSX — Risk / Return Rank

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

PSHZF

PSHZF Risk / Return Rank: 42
PSHZF Sharpe Ratio Rank: 45
PSHZF Sortino Ratio Rank: 38
PSHZF Omega Ratio Rank: 37
PSHZF Calmar Ratio Rank: 44
PSHZF Martin Ratio Rank: 44

DEMSX

DEMSX Risk / Return Rank: 38
DEMSX Sharpe Ratio Rank: 38
DEMSX Sortino Ratio Rank: 35
DEMSX Omega Ratio Rank: 40
DEMSX Calmar Ratio Rank: 37
DEMSX Martin Ratio Rank: 37

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.

PSHZF vs. DEMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pershing Square Holdings Ltd (PSHZF) and DFA Emerging Markets Small Cap Portfolio (DEMSX). 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.

	PSHZF	DEMSX	Difference
Sharpe ratio: Return per unit of total volatility	0.10	1.78	-1.68
Sortino ratio: Return per unit of downside risk	0.31	2.48	-2.17
Omega ratio: Gain probability vs. loss probability	1.04	1.34	-0.31
Calmar ratio: Return relative to maximum drawdown	0.10	2.29	-2.19
Martin ratio: Return relative to average drawdown	0.23	8.13	-7.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSHZF vs. DEMSX - Sharpe Ratio Comparison

The current PSHZF Sharpe Ratio is 0.10, which is lower than the DEMSX Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of PSHZF and DEMSX, 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

	PSHZF	DEMSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.10	1.78	-1.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.51	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.63	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.61	-0.32

Drawdowns

PSHZF vs. DEMSX - Drawdown Comparison

The maximum PSHZF drawdown since its inception was -56.97%, smaller than the maximum DEMSX drawdown of -66.70%. Use the drawdown chart below to compare losses from any high point for PSHZF and DEMSX.

Drawdown Indicators

	PSHZF	DEMSX	Difference
Max Drawdown Largest peak-to-trough decline	-56.97%	-66.70%	+9.73%
Max Drawdown (1Y) Largest decline over 1 year	-22.81%	-10.30%	-12.51%
Max Drawdown (3Y) Largest decline over 3 years	-25.66%	-17.21%	-8.45%
Max Drawdown (5Y) Largest decline over 5 years	-31.46%	-24.40%	-7.06%
Max Drawdown (10Y) Largest decline over 10 years	-32.96%	-47.28%	+14.32%
Current Drawdown Current decline from peak	-19.70%	-2.49%	-17.21%
Average Drawdown Average peak-to-trough decline	-23.15%	-13.60%	-9.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.04%	2.89%	+7.15%

Volatility

PSHZF vs. DEMSX - Volatility Comparison

Pershing Square Holdings Ltd (PSHZF) has a higher volatility of 6.05% compared to DFA Emerging Markets Small Cap Portfolio (DEMSX) at 4.78%. This indicates that PSHZF's price experiences larger fluctuations and is considered to be riskier than DEMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSHZF	DEMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.05%	4.78%	+1.27%
Volatility (6M) Calculated over the trailing 6-month period	17.54%	11.00%	+6.54%
Volatility (1Y) Calculated over the trailing 1-year period	22.51%	13.23%	+9.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.37%	13.29%	+11.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.16%	14.79%	+10.37%

Dividends

PSHZF vs. DEMSX - Dividend Comparison

PSHZF's dividend yield for the trailing twelve months is around 1.30%, less than DEMSX's 3.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEMSX DFA Emerging Markets Small Cap Portfolio	3.45%	3.79%	3.27%	2.94%	4.47%	10.20%	2.25%	3.11%	5.02%	3.41%	3.74%	3.24%
PSHZF Pershing Square Holdings Ltd	1.30%	1.01%	1.21%	1.12%	1.38%	1.14%	1.35%	1.57%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PSHZF and DEMSX in my portfolio?

PSHZF and DEMSX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSHZF or DEMSX?

PSHZF has higher volatility (6.05%) compared to DEMSX (4.78%). In terms of maximum drawdown, PSHZF dropped -56.97% vs DEMSX's -66.70%.

Which has better risk-adjusted returns?

DEMSX currently has the higher Sharpe Ratio (1.78 vs 0.10), 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.