XSMO vs. DFAS

Last updated Jun 23, 2026

XSMO (Invesco S&P SmallCap Momentum ETF) and DFAS (Dimensional U.S. Small Cap ETF) are both exchange-traded funds - XSMO is a Momentum fund tracking the S&P SmallCap 600 Momentum Index, while DFAS is a Small Cap Blend Equities fund actively managed by Dimensional. XSMO is passively managed, while DFAS is actively managed. Over the past 5 years, XSMO returned 11.94%/yr vs 8.37%/yr for DFAS. Their correlation of 0.93 suggests significant overlap in exposure. XSMO charges 0.36%/yr vs 0.26%/yr for DFAS.

Performance

XSMO vs. DFAS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap Momentum ETF (XSMO) and Dimensional U.S. Small Cap ETF (DFAS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XSMO achieves a 25.55% return, which is significantly higher than DFAS's 15.74% return.

XSMO

• 1D: 0.32%
• 1M: 4.89%
• YTD: 25.55%
• 6M: 21.13%
• 1Y: 37.28%
• 3Y*: 25.72%
• 5Y*: 11.94%
• 10Y*: 15.36%

DFAS

• 1D: 0.12%
• 1M: 3.77%
• YTD: 15.74%
• 6M: 12.99%
• 1Y: 31.21%
• 3Y*: 16.27%
• 5Y*: 8.37%
• 10Y*: —

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

XSMO vs. DFAS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XSMO Invesco S&P SmallCap Momentum ETF	25.55%	9.80%	17.45%	21.55%	-15.44%	4.90%
DFAS Dimensional U.S. Small Cap ETF	15.74%	8.17%	10.21%	17.83%	-13.84%	4.52%

Correlation

The correlation between XSMO and DFAS 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	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jun 14, 2021	0.93

The correlation between XSMO and DFAS has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

XSMO vs. DFAS - Sectors Allocation Comparison

Sectors	XSMO	DFAS
Technology	22.1%	15.1%
Industrials	18.7%	18.9%
Healthcare	14.3%	12.0%
Financial Services	12.2%	19.2%
Consumer Cyclical	8.6%	13.0%
Basic Materials	6.0%	5.2%
Real Estate	4.9%	0.7%
Communication Services	4.5%	2.6%
Utilities	3.5%	2.8%
Energy	2.9%	6.4%
Consumer Defensive	2.4%	4.2%

Return for Risk

XSMO vs. DFAS — Risk / Return Rank

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

XSMO

XSMO Risk / Return Rank: 67
XSMO Sharpe Ratio Rank: 60
XSMO Sortino Ratio Rank: 61
XSMO Omega Ratio Rank: 54
XSMO Calmar Ratio Rank: 82
XSMO Martin Ratio Rank: 77

DFAS

DFAS Risk / Return Rank: 60
DFAS Sharpe Ratio Rank: 57
DFAS Sortino Ratio Rank: 59
DFAS Omega Ratio Rank: 52
DFAS Calmar Ratio Rank: 69
DFAS Martin Ratio Rank: 65

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.

XSMO vs. DFAS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap Momentum ETF (XSMO) and Dimensional U.S. Small Cap ETF (DFAS). 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.

	XSMO	DFAS	Difference
Sharpe ratio: Return per unit of total volatility	1.93	1.85	+0.09
Sortino ratio: Return per unit of downside risk	2.77	2.70	+0.07
Omega ratio: Gain probability vs. loss probability	1.33	1.32	+0.01
Calmar ratio: Return relative to maximum drawdown	4.21	3.35	+0.86
Martin ratio: Return relative to average drawdown	14.23	11.51	+2.72

XSMO vs. DFAS - Sharpe Ratio Comparison

The current XSMO Sharpe Ratio is 1.93, which is comparable to the DFAS Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of XSMO and DFAS, 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

XSMO vs. DFAS - Drawdown Comparison

The maximum XSMO drawdown since its inception was -58.06%, which is greater than DFAS's maximum drawdown of -26.13%. Use the drawdown chart below to compare losses from any high point for XSMO and DFAS.

Drawdown Indicators

	XSMO	DFAS	Difference
Max Drawdown Largest peak-to-trough decline	-58.06%	-26.13%	-31.93%
Max Drawdown (1Y) Largest decline over 1 year	-8.89%	-9.36%	+0.47%
Max Drawdown (3Y) Largest decline over 3 years	-24.76%	-26.13%	+1.37%
Max Drawdown (5Y) Largest decline over 5 years	-29.62%	-26.13%	-3.49%
Max Drawdown (10Y) Largest decline over 10 years	-39.39%	—	—
Current Drawdown Current decline from peak	0.00%	-0.12%	+0.12%
Average Drawdown Average peak-to-trough decline	-11.11%	-8.24%	-2.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	2.72%	-0.09%

Volatility

XSMO vs. DFAS - Volatility Comparison

Invesco S&P SmallCap Momentum ETF (XSMO) has a higher volatility of 7.19% compared to Dimensional U.S. Small Cap ETF (DFAS) at 4.70%. This indicates that XSMO's price experiences larger fluctuations and is considered to be riskier than DFAS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XSMO	DFAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.19%	4.70%	+2.49%
Volatility (6M) Calculated over the trailing 6-month period	14.89%	11.92%	+2.97%
Volatility (1Y) Calculated over the trailing 1-year period	19.41%	17.00%	+2.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.64%	20.81%	+1.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.15%	20.82%	+3.33%

XSMO vs. DFAS - Expense Ratio Comparison

XSMO has a 0.36% expense ratio, which is higher than DFAS's 0.26% expense ratio.

Dividends

XSMO vs. DFAS - Dividend Comparison

XSMO's dividend yield for the trailing twelve months is around 0.66%, less than DFAS's 0.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFAS Dimensional U.S. Small Cap ETF	0.90%	0.99%	0.93%	1.00%	1.03%	2.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XSMO Invesco S&P SmallCap Momentum ETF	0.66%	0.75%	0.63%	0.96%	1.19%	0.30%	0.82%	0.69%	0.66%	0.27%	0.30%	0.35%

Frequently Asked Questions

Can I hold both XSMO and DFAS in my portfolio?

XSMO and DFAS have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XSMO or DFAS?

XSMO has higher volatility (7.19%) compared to DFAS (4.70%). In terms of maximum drawdown, XSMO dropped -58.06% vs DFAS's -26.13%.

Which ETF is better, XSMO or DFAS?

On 5-year performance, XSMO leads with 11.94% vs 8.37% for DFAS. On fees, DFAS is cheaper at 0.26% per year. On volatility, DFAS has been the lower-risk option at 4.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XSMO or DFAS?

Over the 5-year period, XSMO has performed better with a 11.94% return vs 8.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XSMO or DFAS?

DFAS is cheaper with a 0.26% expense ratio, compared with 0.36% for XSMO.

Which ETF pays a higher dividend yield, XSMO or DFAS?

DFAS has the higher dividend yield at 0.90%, compared with 0.66% for XSMO.

What is the main difference between XSMO and DFAS?

XSMO is categorized as Momentum, while DFAS is Small Cap Blend Equities. They also come from different issuers: Invesco and Dimensional. Their fees differ too: 0.36% for XSMO and 0.26% for DFAS.

Which has better risk-adjusted returns?

XSMO currently has the higher Sharpe Ratio (1.93 vs 1.85), 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.