XEF-U.TO vs. DFIC

Last updated Jul 22, 2026

XEF-U.TO (iShares Core MSCI EAFE IMI Index ETF) and DFIC (DFA Dimensional International Core Equity 2 ETF) are both exchange-traded funds - XEF-U.TO is a Global Equities fund tracking the MSCI EAFE® Investable Market Index, while DFIC is a Foreign Large Cap Equities fund actively managed by Dimensional. XEF-U.TO is passively managed, while DFIC is actively managed. Over the past 3 years, XEF-U.TO returned 15.67%/yr vs 17.87%/yr for DFIC. A 0.61 correlation means they provide meaningful diversification when combined. XEF-U.TO charges 0.21%/yr vs 0.22%/yr for DFIC.

Performance

XEF-U.TO vs. DFIC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI EAFE IMI Index ETF (XEF-U.TO) and DFA Dimensional International Core Equity 2 ETF (DFIC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XEF-U.TO achieves a 9.98% return, which is significantly lower than DFIC's 10.67% return.

XEF-U.TO

• 1D: 1.39%
• 1M: 0.15%
• 6M: 7.59%
• YTD: 9.98%
• 1Y: 20.59%
• 3Y*: 15.67%
• 5Y*: 8.63%
• 10Y*: 6.12%
• ALL TIME*: 6.79%

DFIC

• 1D: 1.27%
• 1M: 0.01%
• 6M: 7.70%
• YTD: 10.67%
• 1Y: 24.03%
• 3Y*: 17.87%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.88%

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

XEF-U.TO vs. DFIC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XEF-U.TO iShares Core MSCI EAFE IMI Index ETF	9.98%	31.70%	3.03%	16.71%	-8.03%
DFIC DFA Dimensional International Core Equity 2 ETF	10.67%	37.09%	4.10%	17.32%	-8.86%

Correlation

The correlation between XEF-U.TO and DFIC is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (All Time) Calculated using the full available price history since Mar 24, 2022	0.61

Over the past year, XEF-U.TO and DFIC have become more correlated (0.90) than their long-term average of 0.61, meaning their price movements have been converging.

Return for Risk

XEF-U.TO vs. DFIC — Risk / Return Rank

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

XEF-U.TO

XEF-U.TO Risk / Return Rank: 53
XEF-U.TO Sharpe Ratio Rank: 54
XEF-U.TO Sortino Ratio Rank: 55
XEF-U.TO Omega Ratio Rank: 53
XEF-U.TO Calmar Ratio Rank: 47
XEF-U.TO Martin Ratio Rank: 54

DFIC

DFIC Risk / Return Rank: 66
DFIC Sharpe Ratio Rank: 69
DFIC Sortino Ratio Rank: 69
DFIC Omega Ratio Rank: 68
DFIC Calmar Ratio Rank: 59
DFIC Martin Ratio Rank: 66

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.

XEF-U.TO vs. DFIC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI EAFE IMI Index ETF (XEF-U.TO) and DFA Dimensional International Core Equity 2 ETF (DFIC). 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.

	XEF-U.TO	DFIC	Difference
Sharpe ratio: Return per unit of total volatility	1.38	1.67	-0.29
Sortino ratio: Return per unit of downside risk	2.00	2.35	-0.35
Omega ratio: Gain probability vs. loss probability	1.25	1.30	-0.05
Calmar ratio: Return relative to maximum drawdown	1.80	2.19	-0.39
Martin ratio: Return relative to average drawdown	6.85	8.54	-1.69

XEF-U.TO vs. DFIC - Sharpe Ratio Comparison

The current XEF-U.TO Sharpe Ratio is 1.38, which is comparable to the DFIC Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of XEF-U.TO and DFIC, 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

XEF-U.TO vs. DFIC - Drawdown Comparison

The maximum XEF-U.TO drawdown since its inception was -46.92%, which is greater than DFIC's maximum drawdown of -24.40%. Use the drawdown chart below to compare losses from any high point for XEF-U.TO and DFIC.

Drawdown Indicators

	XEF-U.TO	DFIC	Difference
Max Drawdown Largest peak-to-trough decline	-46.92%	-24.40%	-22.52%
Max Drawdown (1Y) Largest decline over 1 year	-11.57%	-11.00%	-0.57%
Max Drawdown (3Y) Largest decline over 3 years	-13.85%	-13.14%	-0.71%
Max Drawdown (5Y) Largest decline over 5 years	-30.71%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.92%	—	—
Current Drawdown Current decline from peak	-1.46%	-1.03%	-0.43%
Average Drawdown Average peak-to-trough decline	-8.17%	-4.46%	-3.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	2.82%	+0.21%

Volatility

XEF-U.TO vs. DFIC - Volatility Comparison

iShares Core MSCI EAFE IMI Index ETF (XEF-U.TO) has a higher volatility of 3.99% compared to DFA Dimensional International Core Equity 2 ETF (DFIC) at 3.71%. This indicates that XEF-U.TO's price experiences larger fluctuations and is considered to be riskier than DFIC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XEF-U.TO	DFIC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.99%	3.71%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	13.08%	12.42%	+0.66%
Volatility (1Y) Calculated over the trailing 1-year period	15.17%	14.47%	+0.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.23%	16.18%	+1.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.46%	16.18%	+1.28%

XEF-U.TO vs. DFIC - Expense Ratio Comparison

XEF-U.TO has a 0.21% expense ratio, which is lower than DFIC's 0.22% 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

XEF-U.TO vs. DFIC - Dividend Comparison

XEF-U.TO's dividend yield for the trailing twelve months is around 2.35%, less than DFIC's 2.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFIC DFA Dimensional International Core Equity 2 ETF	2.40%	2.54%	2.87%	2.55%	1.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XEF-U.TO iShares Core MSCI EAFE IMI Index ETF	2.35%	2.44%	2.85%	2.76%	2.98%	2.43%	1.86%	2.72%	2.07%	1.62%	1.84%	1.86%

Frequently Asked Questions

Can I hold both XEF-U.TO and DFIC in my portfolio?

With a correlation of 0.90, XEF-U.TO and DFIC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, XEF-U.TO or DFIC?

On fees, XEF-U.TO is cheaper at 0.21% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XEF-U.TO or DFIC?

XEF-U.TO is cheaper with a 0.21% expense ratio, compared with 0.22% for DFIC.

What is the main difference between XEF-U.TO and DFIC?

XEF-U.TO is categorized as Global Equities, while DFIC is Foreign Large Cap Equities. They also come from different issuers: iShares and Dimensional. Their fees differ too: 0.21% for XEF-U.TO and 0.22% for DFIC.