XEF-U.TO vs. DFIC

Last updated Jun 4, 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 15.95%/yr vs 19.43%/yr for DFIC. A 0.58 correlation means they provide meaningful diversification when combined. XEF-U.TO charges 0.21%/yr vs 0.23%/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 8.45% return, which is significantly lower than DFIC's 10.29% return.

XEF-U.TO

• 1D: -0.76%
• 1M: 3.58%
• YTD: 8.45%
• 6M: 10.90%
• 1Y: 20.77%
• 3Y*: 15.95%
• 5Y*: 7.17%
• 10Y*: —

DFIC

• 1D: -0.71%
• 1M: 2.87%
• YTD: 10.29%
• 6M: 13.30%
• 1Y: 27.29%
• 3Y*: 19.43%
• 5Y*: —
• 10Y*: —

*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	8.45%	31.24%	2.23%	15.90%	-8.70%
DFIC DFA Dimensional International Core Equity 2 ETF	10.29%	37.09%	4.10%	17.32%	-9.27%

Correlation

The correlation between XEF-U.TO and DFIC 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	0.67
Correlation (All Time) Calculated using the full available price history since Mar 25, 2022	0.58

Over the past year, XEF-U.TO and DFIC have become more correlated (0.87) than their long-term average of 0.58, 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: 38
XEF-U.TO Sharpe Ratio Rank: 38
XEF-U.TO Sortino Ratio Rank: 37
XEF-U.TO Omega Ratio Rank: 38
XEF-U.TO Calmar Ratio Rank: 36
XEF-U.TO Martin Ratio Rank: 42

DFIC

DFIC Risk / Return Rank: 55
DFIC Sharpe Ratio Rank: 57
DFIC Sortino Ratio Rank: 57
DFIC Omega Ratio Rank: 57
DFIC Calmar Ratio Rank: 49
DFIC Martin Ratio Rank: 56

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.

	XEF-U.TO	DFIC	Difference
Sharpe ratio: Return per unit of total volatility	1.38	1.98	-0.60
Sortino ratio: Return per unit of downside risk	1.96	2.76	-0.80
Omega ratio: Gain probability vs. loss probability	1.26	1.36	-0.10
Calmar ratio: Return relative to maximum drawdown	1.80	2.49	-0.69
Martin ratio: Return relative to average drawdown	6.90	9.90	-3.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current XEF-U.TO Sharpe Ratio is 1.38, which is lower than the DFIC Sharpe Ratio of 1.98. 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.

Sharpe Ratios by Period

	XEF-U.TO	DFIC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	1.98	-0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.81	-0.13

Drawdowns

XEF-U.TO vs. DFIC - Drawdown Comparison

The maximum XEF-U.TO drawdown since its inception was -33.72%, 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	-33.72%	-24.40%	-9.32%
Max Drawdown (1Y) Largest decline over 1 year	-11.67%	-11.00%	-0.67%
Max Drawdown (3Y) Largest decline over 3 years	-13.48%	-13.14%	-0.34%
Max Drawdown (5Y) Largest decline over 5 years	-31.18%	—	—
Current Drawdown Current decline from peak	-1.58%	-1.32%	-0.26%
Average Drawdown Average peak-to-trough decline	-5.61%	-4.55%	-1.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	2.76%	+0.27%

Volatility

XEF-U.TO vs. DFIC - Volatility Comparison

iShares Core MSCI EAFE IMI Index ETF (XEF-U.TO) has a higher volatility of 5.01% compared to DFA Dimensional International Core Equity 2 ETF (DFIC) at 4.34%. 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	5.01%	4.34%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	12.61%	11.50%	+1.11%
Volatility (1Y) Calculated over the trailing 1-year period	15.24%	13.85%	+1.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.28%	16.21%	+5.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.41%	16.21%	+8.20%

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

XEF-U.TO has a 0.21% expense ratio, which is lower than DFIC's 0.23% 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 1.63%, less than DFIC's 2.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
DFIC DFA Dimensional International Core Equity 2 ETF	2.27%	2.54%	2.87%	2.55%	1.47%	0.00%	0.00%	0.00%
XEF-U.TO iShares Core MSCI EAFE IMI Index ETF	1.63%	1.77%	2.05%	2.09%	2.27%	1.94%	1.41%	0.77%

Frequently Asked Questions

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

XEF-U.TO and DFIC 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 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 0.23% 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 0.23% for DFIC.