SMLV vs. DFSVX

Last updated Jul 22, 2026

SMLV (SPDR SSGA US Small Cap Low Volatility Index ETF) and DFSVX (DFA U.S. Small Cap Value Portfolio I) are both funds - SMLV is a Volatility Hedged Equity fund tracking the SSGA US Small Cap Low Volatility Index, while DFSVX is a Small Cap Value Equities fund actively managed by Dimensional. SMLV is passively managed, while DFSVX is actively managed. Over the past 10 years, SMLV returned 10.46%/yr vs 11.45%/yr for DFSVX. Their correlation of 0.89 suggests significant overlap in exposure. SMLV charges 0.12%/yr vs 0.30%/yr for DFSVX.

Performance

SMLV vs. DFSVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) and DFA U.S. Small Cap Value Portfolio I (DFSVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMLV achieves a 22.65% return, which is significantly higher than DFSVX's 19.81% return. Over the past 10 years, SMLV has underperformed DFSVX with an annualized return of 10.46%, while DFSVX has yielded a comparatively higher 11.45% annualized return.

SMLV

• 1D: 0.33%
• 1M: 4.96%
• 6M: 17.68%
• YTD: 22.65%
• 1Y: 28.91%
• 3Y*: 17.23%
• 5Y*: 10.60%
• 10Y*: 10.46%
• ALL TIME*: 11.09%

DFSVX

• 1D: -0.89%
• 1M: 2.78%
• 6M: 14.28%
• YTD: 19.81%
• 1Y: 30.90%
• 3Y*: 16.05%
• 5Y*: 12.39%
• 10Y*: 11.45%
• ALL TIME*: 11.48%

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

SMLV vs. DFSVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	22.65%	5.66%	16.77%	7.52%	-7.69%	27.67%	-1.55%	24.10%	-6.62%	5.68%
DFSVX DFA U.S. Small Cap Value Portfolio I	19.81%	8.37%	9.58%	19.02%	-3.57%	39.97%	2.24%	18.15%	-15.13%	6.82%

Correlation

The correlation between SMLV and DFSVX 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 Feb 21, 2013	0.89

The correlation between SMLV and DFSVX has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

Return for Risk

SMLV vs. DFSVX — Risk / Return Rank

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

SMLV

SMLV Risk / Return Rank: 81
SMLV Sharpe Ratio Rank: 78
SMLV Sortino Ratio Rank: 80
SMLV Omega Ratio Rank: 79
SMLV Calmar Ratio Rank: 89
SMLV Martin Ratio Rank: 80

DFSVX

DFSVX Risk / Return Rank: 75
DFSVX Sharpe Ratio Rank: 72
DFSVX Sortino Ratio Rank: 74
DFSVX Omega Ratio Rank: 67
DFSVX Calmar Ratio Rank: 85
DFSVX Martin Ratio Rank: 76

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.

SMLV vs. DFSVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) 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.

	SMLV	DFSVX	Difference
Sharpe ratio: Return per unit of total volatility	1.88	1.82	+0.07
Sortino ratio: Return per unit of downside risk	2.71	2.70	+0.01
Omega ratio: Gain probability vs. loss probability	1.35	1.32	+0.02
Calmar ratio: Return relative to maximum drawdown	3.96	3.22	+0.74
Martin ratio: Return relative to average drawdown	11.15	10.34	+0.81

SMLV vs. DFSVX - Sharpe Ratio Comparison

The current SMLV Sharpe Ratio is 1.88, which is comparable to the DFSVX Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of SMLV 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

SMLV vs. DFSVX - Drawdown Comparison

The maximum SMLV drawdown since its inception was -42.45%, smaller than the maximum DFSVX drawdown of -66.70%. Use the drawdown chart below to compare losses from any high point for SMLV and DFSVX.

Drawdown Indicators

	SMLV	DFSVX	Difference
Max Drawdown Largest peak-to-trough decline	-42.45%	-66.70%	+24.25%
Max Drawdown (1Y) Largest decline over 1 year	-7.34%	-9.59%	+2.25%
Max Drawdown (3Y) Largest decline over 3 years	-20.40%	-27.69%	+7.29%
Max Drawdown (5Y) Largest decline over 5 years	-20.40%	-27.69%	+7.29%
Max Drawdown (10Y) Largest decline over 10 years	-42.45%	-52.12%	+9.67%
Current Drawdown Current decline from peak	-1.26%	-1.67%	+0.41%
Average Drawdown Average peak-to-trough decline	-5.41%	-9.44%	+4.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	2.97%	-0.37%

Volatility

SMLV vs. DFSVX - Volatility Comparison

SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) has a higher volatility of 3.69% compared to DFA U.S. Small Cap Value Portfolio I (DFSVX) at 3.10%. This indicates that SMLV'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

	SMLV	DFSVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.69%	3.10%	+0.59%
Volatility (6M) Calculated over the trailing 6-month period	10.08%	11.25%	-1.17%
Volatility (1Y) Calculated over the trailing 1-year period	15.43%	17.03%	-1.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.22%	21.24%	-3.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.90%	23.79%	-2.89%

SMLV vs. DFSVX - Expense Ratio Comparison

SMLV has a 0.12% expense ratio, which is lower than DFSVX's 0.30% expense ratio.

Dividends

SMLV vs. DFSVX - Dividend Comparison

SMLV's dividend yield for the trailing twelve months is around 2.22%, more than DFSVX's 1.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFSVX DFA U.S. Small Cap Value Portfolio I	1.52%	1.69%	1.47%	3.67%	6.77%	10.40%	1.96%	2.83%	7.54%	5.18%	4.18%	5.29%
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	2.22%	2.74%	2.68%	2.68%	2.40%	2.12%	2.47%	2.62%	3.15%	7.92%	3.04%	2.63%

Frequently Asked Questions

Can I hold both SMLV and DFSVX in my portfolio?

SMLV and DFSVX 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.

Which is riskier, SMLV or DFSVX?

SMLV has higher volatility (3.69%) compared to DFSVX (3.10%). In terms of maximum drawdown, SMLV dropped -42.45% vs DFSVX's -66.70%.

Which has better risk-adjusted returns?

SMLV currently has the higher Sharpe Ratio (1.88 vs 1.82), 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.