SPY vs. DFCEX

Last updated Jun 14, 2026

SPY (State Street SPDR S&P 500 ETF) and DFCEX (DFA Emerging Markets Core Equity Fund) are both funds - SPY is a S&P 500 fund tracking the S&P 500 Index, while DFCEX is a Emerging Markets Diversified fund managed by Dimensional. Over the past 10 years, SPY returned 15.42%/yr vs 10.70%/yr for DFCEX. A 0.72 correlation means they provide meaningful diversification when combined. SPY charges 0.09%/yr vs 0.40%/yr for DFCEX.

Performance

SPY vs. DFCEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 ETF (SPY) and DFA Emerging Markets Core Equity Fund (DFCEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPY achieves a 9.07% return, which is significantly lower than DFCEX's 19.71% return. Over the past 10 years, SPY has outperformed DFCEX with an annualized return of 15.42%, while DFCEX has yielded a comparatively lower 10.70% annualized return.

SPY

• 1D: 0.54%
• 1M: -0.86%
• YTD: 9.07%
• 6M: 9.42%
• 1Y: 25.67%
• 3Y*: 20.86%
• 5Y*: 13.36%
• 10Y*: 15.42%

DFCEX

• 1D: 3.55%
• 1M: -1.08%
• YTD: 19.71%
• 6M: 22.15%
• 1Y: 39.30%
• 3Y*: 20.53%
• 5Y*: 8.46%
• 10Y*: 10.70%

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

SPY vs. DFCEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPY State Street SPDR S&P 500 ETF	9.07%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%
DFCEX DFA Emerging Markets Core Equity Fund	19.71%	28.79%	7.31%	15.45%	-16.44%	5.82%	13.86%	16.03%	-15.25%	36.55%

Correlation

The correlation between SPY and DFCEX is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Apr 8, 2005	0.72

The correlation between SPY and DFCEX has been stable across timeframes, ranging from 0.63 to 0.72 - a consistent structural relationship.

Return for Risk

SPY vs. DFCEX — Risk / Return Rank

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

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 71
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 76

DFCEX

DFCEX Risk / Return Rank: 81
DFCEX Sharpe Ratio Rank: 83
DFCEX Sortino Ratio Rank: 77
DFCEX Omega Ratio Rank: 81
DFCEX Calmar Ratio Rank: 82
DFCEX Martin Ratio Rank: 81

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.

SPY vs. DFCEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) and DFA Emerging Markets Core Equity Fund (DFCEX). 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.

	SPY	DFCEX	Difference
Sharpe ratio: Return per unit of total volatility	1.98	2.30	-0.32
Sortino ratio: Return per unit of downside risk	2.68	2.99	-0.31
Omega ratio: Gain probability vs. loss probability	1.36	1.44	-0.08
Calmar ratio: Return relative to maximum drawdown	2.74	3.15	-0.41
Martin ratio: Return relative to average drawdown	12.39	11.98	+0.41

SPY vs. DFCEX - Sharpe Ratio Comparison

The current SPY Sharpe Ratio is 1.98, which is comparable to the DFCEX Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of SPY and DFCEX, 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

SPY vs. DFCEX - Drawdown Comparison

The maximum SPY drawdown since its inception was -55.19%, smaller than the maximum DFCEX drawdown of -64.58%. Use the drawdown chart below to compare losses from any high point for SPY and DFCEX.

Drawdown Indicators

	SPY	DFCEX	Difference
Max Drawdown Largest peak-to-trough decline	-55.19%	-64.58%	+9.39%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-12.12%	+3.24%
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	-16.74%	-2.02%
Max Drawdown (5Y) Largest decline over 5 years	-24.50%	-29.76%	+5.26%
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	-42.33%	+8.61%
Current Drawdown Current decline from peak	-2.35%	-4.38%	+2.03%
Average Drawdown Average peak-to-trough decline	-9.04%	-12.60%	+3.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	3.17%	-1.20%

Volatility

SPY vs. DFCEX - Volatility Comparison

The current volatility for State Street SPDR S&P 500 ETF (SPY) is 4.34%, while DFA Emerging Markets Core Equity Fund (DFCEX) has a volatility of 8.90%. This indicates that SPY experiences smaller price fluctuations and is considered to be less risky than DFCEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPY	DFCEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.34%	8.90%	-4.56%
Volatility (6M) Calculated over the trailing 6-month period	9.58%	14.80%	-5.22%
Volatility (1Y) Calculated over the trailing 1-year period	12.29%	16.59%	-4.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.12%	15.00%	+2.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.96%	16.04%	+1.92%

SPY vs. DFCEX - Expense Ratio Comparison

SPY has a 0.09% expense ratio, which is lower than DFCEX's 0.40% expense ratio.

Dividends

SPY vs. DFCEX - Dividend Comparison

SPY's dividend yield for the trailing twelve months is around 1.00%, less than DFCEX's 2.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFCEX DFA Emerging Markets Core Equity Fund	2.46%	2.90%	3.43%	3.53%	3.78%	2.59%	1.70%	2.42%	2.33%	1.92%	1.99%	2.28%
SPY State Street SPDR S&P 500 ETF	1.00%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both SPY and DFCEX in my portfolio?

SPY and DFCEX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPY or DFCEX?

DFCEX has higher volatility (8.90%) compared to SPY (4.34%). In terms of maximum drawdown, SPY dropped -55.19% vs DFCEX's -64.58%.

Which has better risk-adjusted returns?

DFCEX currently has the higher Sharpe Ratio (2.30 vs 1.98), 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.