XEF-U.TO vs. DFIC

Last updated Jul 1, 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 16.27%/yr vs 18.62%/yr for DFIC. A 0.60 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

The year-to-date returns for both stocks are quite close, with XEF-U.TO having a 9.71% return and DFIC slightly lower at 9.67%.

XEF-U.TO

• 1D: 0.58%
• 1M: 0.04%
• YTD: 9.71%
• 6M: 9.26%
• 1Y: 19.86%
• 3Y*: 16.27%
• 5Y*: 8.67%
• 10Y*: 6.52%

DFIC

• 1D: 0.30%
• 1M: -1.40%
• YTD: 9.67%
• 6M: 9.13%
• 1Y: 22.90%
• 3Y*: 18.62%
• 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	9.71%	31.70%	3.03%	16.71%	-8.03%
DFIC DFA Dimensional International Core Equity 2 ETF	9.67%	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	0.70
Correlation (All Time) Calculated using the full available price history since Mar 24, 2022	0.60

Over the past year, XEF-U.TO and DFIC have become more correlated (0.90) than their long-term average of 0.60, 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: 43
XEF-U.TO Sharpe Ratio Rank: 43
XEF-U.TO Sortino Ratio Rank: 43
XEF-U.TO Omega Ratio Rank: 43
XEF-U.TO Calmar Ratio Rank: 39
XEF-U.TO Martin Ratio Rank: 46

DFIC

DFIC Risk / Return Rank: 53
DFIC Sharpe Ratio Rank: 55
DFIC Sortino Ratio Rank: 54
DFIC Omega Ratio Rank: 55
DFIC Calmar Ratio Rank: 48
DFIC Martin Ratio Rank: 55

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	1.34	1.61	-0.27
Sortino ratio: Return per unit of downside risk	1.96	2.27	-0.31
Omega ratio: Gain probability vs. loss probability	1.25	1.29	-0.04
Calmar ratio: Return relative to maximum drawdown	1.74	2.09	-0.35
Martin ratio: Return relative to average drawdown	6.64	8.18	-1.54

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

The current XEF-U.TO Sharpe Ratio is 1.34, which is comparable to the DFIC Sharpe Ratio of 1.61. 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	-0.82%	-1.88%	+1.06%
Average Drawdown Average peak-to-trough decline	-8.20%	-4.50%	-3.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	2.81%	+0.20%

Volatility

XEF-U.TO vs. DFIC - Volatility Comparison

iShares Core MSCI EAFE IMI Index ETF (XEF-U.TO) and DFA Dimensional International Core Equity 2 ETF (DFIC) have volatilities of 4.99% and 4.78%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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	4.99%	4.78%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	12.88%	12.21%	+0.67%
Volatility (1Y) Calculated over the trailing 1-year period	15.00%	14.32%	+0.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.20%	16.22%	+0.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.45%	16.22%	+1.23%

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 2.36%, less than DFIC's 2.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFIC DFA Dimensional International Core Equity 2 ETF	2.43%	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	2.36%	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.