QSMLX vs. DFSVX

Last updated Aug 1, 2026

QSMLX (AQR Small Cap Multi-Style Fund) and DFSVX (DFA U.S. Small Cap Value Portfolio I) are both mutual funds - QSMLX is a Small Cap Blend Equities fund managed by AQR, while DFSVX is a Small Cap Value Equities fund actively managed by Dimensional. Over the past 10 years, QSMLX returned 11.77%/yr vs 11.67%/yr for DFSVX. Their correlation of 0.93 means they have usually moved in the same direction. QSMLX charges 0.72%/yr vs 0.30%/yr for DFSVX.

Performance

QSMLX vs. DFSVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Small Cap Multi-Style Fund (QSMLX) and DFA U.S. Small Cap Value Portfolio I (DFSVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with QSMLX having a 21.92% return and DFSVX slightly lower at 21.39%. Both investments have delivered pretty close results over the past 10 years, with QSMLX having a 11.77% annualized return and DFSVX not far behind at 11.67%.

QSMLX

• 1D: 1.05%
• 1M: -1.91%
• 6M: 15.37%
• YTD: 21.92%
• 1Y: 41.48%
• 3Y*: 18.96%
• 5Y*: 11.41%
• 10Y*: 11.77%
• ALL TIME*: 10.05%

DFSVX

• 1D: -0.08%
• 1M: 2.66%
• 6M: 13.54%
• YTD: 21.39%
• 1Y: 37.02%
• 3Y*: 15.42%
• 5Y*: 12.45%
• 10Y*: 11.67%
• ALL TIME*: 11.51%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DFSVX DFA U.S. Small Cap Value Portfolio I	$0.00	$0.00	$0.00
QSMLX AQR Small Cap Multi-Style Fund	$0.00	$0.00	$0.00

QSMLX vs. DFSVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QSMLX AQR Small Cap Multi-Style Fund	21.92%	17.41%	11.02%	24.01%	-18.31%	26.54%	17.99%	20.42%	-14.26%	9.33%
DFSVX DFA U.S. Small Cap Value Portfolio I	21.39%	8.37%	9.58%	19.02%	-3.57%	39.97%	2.24%	18.15%	-15.13%	6.82%

Correlation

The correlation between QSMLX and DFSVX is 0.80, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.80
Correlation (3Y) Balances recent behavior with more history.	0.90
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (10Y) Provides a long-term view across more market conditions.	0.92
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014	0.93

The correlation between QSMLX and DFSVX shifts across timeframes, from 0.80 (1 year) to 0.93 (all time), reflecting how their relationship changes across market environments.

Return for Risk

QSMLX vs. DFSVX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QSMLX

QSMLX Risk / Return Rank: 83
QSMLX Sharpe Ratio Rank: 79
QSMLX Sortino Ratio Rank: 77
QSMLX Omega Ratio Rank: 73
QSMLX Calmar Ratio Rank: 94
QSMLX Martin Ratio Rank: 91

DFSVX

DFSVX Risk / Return Rank: 85
DFSVX Sharpe Ratio Rank: 83
DFSVX Sortino Ratio Rank: 83
DFSVX Omega Ratio Rank: 80
DFSVX Calmar Ratio Rank: 91
DFSVX Martin Ratio Rank: 89

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

QSMLX vs. DFSVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Small Cap Multi-Style Fund (QSMLX) and DFA U.S. Small Cap Value Portfolio I (DFSVX). 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.

	QSMLX	DFSVX	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.97	-0.12
Sortino ratio: Return per unit of downside risk	2.61	2.92	-0.31
Omega ratio: Gain probability vs. loss probability	1.31	1.35	-0.04
Calmar ratio: Return relative to maximum drawdown	3.97	3.46	+0.51
Martin ratio: Return relative to average drawdown	12.83	11.56	+1.27

QSMLX vs. DFSVX - Sharpe Ratio Comparison

The current QSMLX Sharpe Ratio is 1.86, which is comparable to the DFSVX Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of QSMLX and DFSVX, 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

QSMLX vs. DFSVX - Drawdown Comparison

The maximum QSMLX drawdown since its inception was -44.38%, smaller than the maximum DFSVX drawdown of -66.70%. Use the drawdown chart below to compare losses from any high point for QSMLX and DFSVX.

Drawdown Indicators

	QSMLX	DFSVX	Difference
Max Drawdown Largest peak-to-trough decline	-44.38%	-66.70%	+22.32%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-9.59%	+0.26%
Max Drawdown (3Y) Largest decline over 3 years	-23.69%	-27.69%	+4.00%
Max Drawdown (5Y) Largest decline over 5 years	-30.21%	-27.69%	-2.52%
Max Drawdown (10Y) Largest decline over 10 years	-44.38%	-52.12%	+7.74%
Current Drawdown Current decline from peak	-4.77%	-0.77%	-4.00%
Average Drawdown Average peak-to-trough decline	-8.10%	-9.43%	+1.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	2.90%	-0.01%

Volatility

QSMLX vs. DFSVX - Volatility Comparison

AQR Small Cap Multi-Style Fund (QSMLX) has a higher volatility of 4.77% compared to DFA U.S. Small Cap Value Portfolio I (DFSVX) at 3.33%. This indicates that QSMLX's price experiences larger fluctuations and is considered to be riskier than DFSVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QSMLX	DFSVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.77%	3.33%	+1.44%
Volatility (6M) Calculated over the trailing 6-month period	14.43%	10.70%	+3.73%
Volatility (1Y) Calculated over the trailing 1-year period	19.94%	16.90%	+3.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.46%	21.20%	+1.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.19%	23.79%	-0.60%

QSMLX vs. DFSVX - Expense Ratio Comparison

QSMLX has a 0.72% expense ratio, which is higher than DFSVX's 0.30% expense ratio.

Dividends

QSMLX vs. DFSVX - Dividend Comparison

QSMLX's dividend yield for the trailing twelve months is around 8.46%, more than DFSVX's 1.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFSVX DFA U.S. Small Cap Value Portfolio I	1.50%	1.69%	1.47%	3.67%	6.77%	10.40%	1.96%	2.83%	7.54%	5.18%	4.18%	5.29%
QSMLX AQR Small Cap Multi-Style Fund	8.46%	10.31%	13.88%	6.74%	0.87%	6.13%	1.77%	0.97%	13.57%	10.71%	2.53%	0.22%

Frequently Asked Questions

Can I hold both QSMLX and DFSVX in my portfolio?

QSMLX and DFSVX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QSMLX or DFSVX?

QSMLX has higher volatility (4.77%) compared to DFSVX (3.33%). In terms of maximum drawdown, QSMLX dropped -44.38% vs DFSVX's -66.70%.

Which has better risk-adjusted returns?

DFSVX currently has the higher Sharpe Ratio (1.97 vs 1.86), 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.