XCNY vs. DFSE

Last updated Apr 2, 2026

Compare and contrast key facts about SPDR S&P Emerging Markets ex-China ETF (XCNY) and Dimensional Emerging Markets Sustainability Core 1 ETF (DFSE).

XCNY and DFSE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XCNY is a passively managed fund by State Street that tracks the performance of the S&P Emerging ex-China BMI. It was launched on Sep 4, 2024. DFSE is an actively managed fund by Dimensional. It was launched on Nov 1, 2022.

Performance

XCNY vs. DFSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Emerging Markets ex-China ETF (XCNY) and Dimensional Emerging Markets Sustainability Core 1 ETF (DFSE). The values are adjusted to include any dividend payments, if applicable.

XCNY vs. DFSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XCNY SPDR S&P Emerging Markets ex-China ETF	2.91%	20.42%	-3.51%
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF	3.13%	28.22%	0.07%

Returns By Period

In the year-to-date period, XCNY achieves a 2.91% return, which is significantly lower than DFSE's 3.13% return.

XCNY

• 1D: 0.45%
• 1M: -5.62%
• YTD: 2.91%
• 6M: 7.19%
• 1Y: 27.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DFSE

• 1D: 0.84%
• 1M: -6.31%
• YTD: 3.13%
• 6M: 4.22%
• 1Y: 29.11%
• 3Y*: 15.15%
• 5Y*: —
• 10Y*: —

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

XCNY vs. DFSE - Expense Ratio Comparison

XCNY has a 0.15% expense ratio, which is lower than DFSE's 0.41% expense ratio.

DFSE

Dimensional Emerging Markets Sustainability Core 1 ETF

XCNY

SPDR S&P Emerging Markets ex-China ETF

Return for Risk

XCNY vs. DFSE — Risk / Return Rank

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

XCNY

XCNY Risk / Return Rank: 76
XCNY Sharpe Ratio Rank: 76
XCNY Sortino Ratio Rank: 78
XCNY Omega Ratio Rank: 76
XCNY Calmar Ratio Rank: 75
XCNY Martin Ratio Rank: 75

DFSE

DFSE Risk / Return Rank: 77
DFSE Sharpe Ratio Rank: 78
DFSE Sortino Ratio Rank: 78
DFSE Omega Ratio Rank: 76
DFSE Calmar Ratio Rank: 77
DFSE Martin Ratio Rank: 74

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.

XCNY vs. DFSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Emerging Markets ex-China ETF (XCNY) and Dimensional Emerging Markets Sustainability Core 1 ETF (DFSE). 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.

	XCNY	DFSE	Difference
Sharpe ratio Return per unit of total volatility	1.46	1.52	-0.06
Sortino ratio Return per unit of downside risk	2.12	2.09	+0.03
Omega ratio Gain probability vs. loss probability	1.30	1.30	0.00
Calmar ratio Return relative to maximum drawdown	2.32	2.32	+0.01
Martin ratio Return relative to average drawdown	8.97	8.59	+0.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XCNY vs. DFSE - Sharpe Ratio Comparison

The current XCNY Sharpe Ratio is 1.46, which is comparable to the DFSE Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of XCNY and DFSE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	XCNY	DFSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	1.52	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	1.12	-0.41

Correlation

The correlation between XCNY and DFSE is 0.81, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

XCNY vs. DFSE - Dividend Comparison

XCNY's dividend yield for the trailing twelve months is around 2.61%, more than DFSE's 2.16% yield.

	TTM	2025	2024	2023	2022
XCNY SPDR S&P Emerging Markets ex-China ETF	2.61%	2.68%	1.07%	0.00%	0.00%
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF	2.16%	2.26%	2.06%	2.06%	0.36%

Drawdowns

XCNY vs. DFSE - Drawdown Comparison

The maximum XCNY drawdown since its inception was -19.70%, roughly equal to the maximum DFSE drawdown of -19.77%. Use the drawdown chart below to compare losses from any high point for XCNY and DFSE.

Drawdown Indicators

	XCNY	DFSE	Difference
Max Drawdown Largest peak-to-trough decline	-19.70%	-19.77%	+0.07%
Max Drawdown (1Y) Largest decline over 1 year	-11.86%	-12.88%	+1.02%
Current Drawdown Current decline from peak	-8.34%	-9.28%	+0.94%
Average Drawdown Average peak-to-trough decline	-4.39%	-4.08%	-0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	3.47%	-0.40%

Volatility

XCNY vs. DFSE - Volatility Comparison

The current volatility for SPDR S&P Emerging Markets ex-China ETF (XCNY) is 8.18%, while Dimensional Emerging Markets Sustainability Core 1 ETF (DFSE) has a volatility of 8.84%. This indicates that XCNY experiences smaller price fluctuations and is considered to be less risky than DFSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XCNY	DFSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.18%	8.84%	-0.66%
Volatility (6M) Calculated over the trailing 6-month period	12.38%	13.93%	-1.55%
Volatility (1Y) Calculated over the trailing 1-year period	18.81%	19.20%	-0.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.12%	17.09%	+0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.12%	17.09%	+0.03%