SGOV vs. DFIEX

Last updated Jul 21, 2026

SGOV (iShares 0-3 Month Treasury Bond ETF) and DFIEX (DFA International Core Equity 2 Portfolio Institutional Class) are both funds - SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index, while DFIEX is a Foreign Large Cap Equities fund managed by Dimensional. Over the past 5 years, SGOV returned 3.63%/yr vs 10.21%/yr for DFIEX. At a correlation of -0.04, they often move in opposite directions. SGOV charges 0.09%/yr vs 0.24%/yr for DFIEX.

Performance

SGOV vs. DFIEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 0-3 Month Treasury Bond ETF (SGOV) and DFA International Core Equity 2 Portfolio Institutional Class (DFIEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SGOV achieves a 1.99% return, which is significantly lower than DFIEX's 10.01% return.

SGOV

• 1D: 0.01%
• 1M: 0.29%
• 6M: 1.80%
• YTD: 1.99%
• 1Y: 3.87%
• 3Y*: 4.64%
• 5Y*: 3.63%
• 10Y*: —
• ALL TIME*: 2.96%

DFIEX

• 1D: -0.36%
• 1M: -0.58%
• 6M: 6.19%
• YTD: 10.01%
• 1Y: 23.93%
• 3Y*: 17.29%
• 5Y*: 10.21%
• 10Y*: 10.11%
• ALL TIME*: 6.94%

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

SGOV vs. DFIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SGOV iShares 0-3 Month Treasury Bond ETF	1.99%	4.24%	5.27%	5.12%	1.58%	0.04%	0.04%
DFIEX DFA International Core Equity 2 Portfolio Institutional Class	10.01%	36.18%	3.99%	17.50%	-13.51%	13.85%	29.51%

Correlation

The correlation between SGOV and DFIEX is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (5Y) Calculated over the trailing 5-year period	-0.02
Correlation (All Time) Calculated using the full available price history since May 28, 2020	-0.04

Return for Risk

SGOV vs. DFIEX — Risk / Return Rank

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

SGOV

SGOV Risk / Return Rank: 100
SGOV Sharpe Ratio Rank: 100
SGOV Sortino Ratio Rank: 100
SGOV Omega Ratio Rank: 100
SGOV Calmar Ratio Rank: 100
SGOV Martin Ratio Rank: 100

DFIEX

DFIEX Risk / Return Rank: 51
DFIEX Sharpe Ratio Rank: 53
DFIEX Sortino Ratio Rank: 53
DFIEX Omega Ratio Rank: 50
DFIEX Calmar Ratio Rank: 47
DFIEX Martin Ratio Rank: 50

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.

SGOV vs. DFIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 0-3 Month Treasury Bond ETF (SGOV) and DFA International Core Equity 2 Portfolio Institutional Class (DFIEX). 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.

	SGOV	DFIEX	Difference
Sharpe ratio: Return per unit of total volatility	20.84	1.65	+19.18
Sortino ratio: Return per unit of downside risk	382.82	2.34	+380.48
Omega ratio: Gain probability vs. loss probability	383.06	1.30	+381.76
Calmar ratio: Return relative to maximum drawdown	390.94	2.17	+388.77
Martin ratio: Return relative to average drawdown	6,193.70	8.34	+6,185.36

SGOV vs. DFIEX - Sharpe Ratio Comparison

The current SGOV Sharpe Ratio is 20.84, which is higher than the DFIEX Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of SGOV and DFIEX, 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

SGOV vs. DFIEX - Drawdown Comparison

The maximum SGOV drawdown since its inception was -0.03%, smaller than the maximum DFIEX drawdown of -62.22%. Use the drawdown chart below to compare losses from any high point for SGOV and DFIEX.

Drawdown Indicators

	SGOV	DFIEX	Difference
Max Drawdown Largest peak-to-trough decline	-0.03%	-62.22%	+62.19%
Max Drawdown (1Y) Largest decline over 1 year	-0.01%	-11.01%	+11.00%
Max Drawdown (3Y) Largest decline over 3 years	-0.01%	-12.81%	+12.80%
Max Drawdown (5Y) Largest decline over 5 years	-0.03%	-28.66%	+28.63%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.04%	—
Current Drawdown Current decline from peak	0.00%	-1.34%	+1.34%
Average Drawdown Average peak-to-trough decline	-0.00%	-12.11%	+12.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	2.85%	-2.85%

Volatility

SGOV vs. DFIEX - Volatility Comparison

The current volatility for iShares 0-3 Month Treasury Bond ETF (SGOV) is 0.05%, while DFA International Core Equity 2 Portfolio Institutional Class (DFIEX) has a volatility of 3.80%. This indicates that SGOV experiences smaller price fluctuations and is considered to be less risky than DFIEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGOV	DFIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	3.80%	-3.75%
Volatility (6M) Calculated over the trailing 6-month period	0.13%	12.10%	-11.97%
Volatility (1Y) Calculated over the trailing 1-year period	0.19%	14.43%	-14.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.24%	15.82%	-15.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.24%	16.10%	-15.86%

SGOV vs. DFIEX - Expense Ratio Comparison

SGOV has a 0.09% expense ratio, which is lower than DFIEX's 0.24% 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

SGOV vs. DFIEX - Dividend Comparison

SGOV's dividend yield for the trailing twelve months is around 3.80%, more than DFIEX's 3.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFIEX DFA International Core Equity 2 Portfolio Institutional Class	3.01%	3.22%	3.42%	3.36%	2.88%	2.98%	1.77%	2.90%	2.95%	2.49%	2.76%	4.20%
SGOV iShares 0-3 Month Treasury Bond ETF	3.80%	4.10%	5.10%	4.87%	1.45%	0.03%	0.05%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SGOV and DFIEX in my portfolio?

SGOV and DFIEX have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SGOV or DFIEX?

DFIEX has higher volatility (3.80%) compared to SGOV (0.05%). In terms of maximum drawdown, SGOV dropped -0.03% vs DFIEX's -62.22%.

Which has better risk-adjusted returns?

SGOV currently has the higher Sharpe Ratio (20.84 vs 1.65), 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.