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Relative Intelligence · US Total Market

How Dimensional - US Core Equity 2 ETF (DFAC) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on DFAC alone. It places DFAC (Dimensional - US Core Equity 2 ETF) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where DFAC stands in the market, and of the alternatives worth a closer look.

Period covered: DFAC's full trading record, from June 2021 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against DFAC →Chart DFAC vs. 22 alternatives →
On this page12 sections

Key findings

How much would $10,000 in DFAC have grown?

This chart tracks a hypothetical $10,000 investment in DFAC over the past 5 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of DFAC over the same span and DFAC's popular alternatives, among those that traded for the entire period. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: DFAC began trading on June 14, 2021, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or six other sell-offs. It covers the most recent 5 years of DFAC's record, starting at the end of September 2021.

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,089 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of DFAC; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$15,000$20,000$25,000202120222023202420252026$5,000$10,000$15,000$20,000$25,000202120222023202420252026
  • DYNF$21,051+111% total · +16.1% a year
  • LRGF$19,819+98.2% total · +14.7% a year
  • FNDX$19,177+91.8% total · +13.9% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • PRF$18,834+88.3% total · +13.5% a year
  • DFUS$18,701+87.0% total · +13.3% a year
  • AVUS$18,575+85.8% total · +13.2% a year
  • SCHB$18,104+81.0% total · +12.6% a year
  • DFAC$17,772+77.7% total · +12.2% a year
  • OMFL$15,993+59.9% total · +9.8% a year
Change the dates or add tickers to this chart in EasyCompare

DFAC at a glance

This section summarizes the key facts about the fund, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

Note: DFAC began trading on June 14, 2021, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or six other sell-offs.

The fund

Issuer
Dimensional
Began trading
June 2021
Expense ratio
0.21%per year
Assets
$88B
Category
Broad Market

Returns

Past 1 year
+17.7%total return
Past 3 years
+82.3%+22.2% a year
Past 5 years
+71.5%+11.4% a year
Best calendar year
+21.9%2023
Worst calendar year
−14.9%2022
Losing years
1 of 4full calendar years

Risk

Volatility
17.0%typical yearly swing, 5 years
Sharpe ratio
0.72return per unit of risk, 5 years
Worst decline ever
−23.1%Jan 2022 to Sep 2022
From its all-time high
−2.2%below the peak

DFAC against the whole market

Where DFAC ranks among every stock and fund, and what across the market has done better.

How does DFAC rank among all ETFs?

This section ranks DFAC on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history. Where the comparisons with its popular alternatives show how DFAC stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed ETFs with at least $100M in assets that have enough history for each measure, so the count changes from row to row; smaller ETFs and leveraged funds are left out. Lower volatility and smaller declines rank higher.

MeasureDFACRankStanding
1-year return+17.7%568 of 2,485top 23%
3-year return+82.3%526 of 1,949top 27%
5-year return+71.5%366 of 1,560top 23%
Volatility, 5 years17.0%835 of 1,560bottom 47%
Sharpe ratio, 5 years0.72481 of 1,560top 31%

What has beaten DFAC on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). DFAC sits where the dashed lines cross. Anything in the green box above and to the left earned more than DFAC with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to DFAC; faint dots are 25 more of the 39 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

8.0%10.0%12.0%14.0%16.0%18.0%20.0%22.0%24.0%10.0%11.0%12.0%13.0%14.0%15.0%16.0%17.0%18.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than DFACEPS: +12.5% a year, volatility 16.1%PVAL: +16.1% a year, volatility 15.1%IWX: +12.7% a year, volatility 13.8%FDRR: +12.6% a year, volatility 15.0%FYLD: +13.1% a year, volatility 16.0%IDOG: +14.1% a year, volatility 15.6%EFV: +13.6% a year, volatility 15.9%HDV: +12.9% a year, volatility 13.0%FDVV: +13.2% a year, volatility 14.6%DBEF: +13.1% a year, volatility 13.8%FDL: +13.9% a year, volatility 14.4%JQUA: +13.6% a year, volatility 15.7%EMLP: +14.9% a year, volatility 14.5%GCOW: +14.1% a year, volatility 13.6%RWL: +13.7% a year, volatility 14.4%FTGC: +12.9% a year, volatility 15.6%DIVI: +13.4% a year, volatility 15.5%HDEF: +12.8% a year, volatility 14.2%AUSF: +13.2% a year, volatility 13.6%EQL: +13.5% a year, volatility 14.5%DTH: +13.0% a year, volatility 15.1%DGT: +13.8% a year, volatility 15.1%SIXA: +12.8% a year, volatility 12.7%QDEF: +12.7% a year, volatility 13.7%IGLD: +12.5% a year, volatility 16.1%DFAC: +11.4% a year, volatility 17.0%SPY (S&P 500): +12.7% a year, volatility 17.1%FNDX: +13.5% a year, volatility 14.9%DFUS: +12.3% a year, volatility 17.3%LRGF: +13.7% a year, volatility 17.1%DYNF: +14.7% a year, volatility 17.5%VLUE: +15.9% a year, volatility 18.4%MGV: +12.6% a year, volatility 13.4%QQQ: +14.5% a year, volatility 23.0%SCHG: +13.1% a year, volatility 22.4%LVHI: +17.0% a year, volatility 11.1%RY: +17.3% a year, volatility 18.2%KO: +14.7% a year, volatility 16.8%DIVB: +13.9% a year, volatility 15.4%PWV: +13.5% a year, volatility 14.2%FJAN: +11.1% a year, volatility 10.5%JVAL: +12.0% a year, volatility 17.2%PJUL: +10.5% a year, volatility 8.6%PRF: +13.0% a year, volatility 15.0%DFACSPY (S&P 500)FNDXDFUSLRGFDYNFVLUEMGVQQQSCHGLVHIRYKODIVBPWVFJANJVALPJULPRF5.0%10.0%15.0%20.0%25.0%10.0%12.0%14.0%16.0%18.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than DFACEPS: +12.5% a year, volatility 16.1%PVAL: +16.1% a year, volatility 15.1%IWX: +12.7% a year, volatility 13.8%FDRR: +12.6% a year, volatility 15.0%FYLD: +13.1% a year, volatility 16.0%IDOG: +14.1% a year, volatility 15.6%EFV: +13.6% a year, volatility 15.9%HDV: +12.9% a year, volatility 13.0%FDVV: +13.2% a year, volatility 14.6%DBEF: +13.1% a year, volatility 13.8%FDL: +13.9% a year, volatility 14.4%JQUA: +13.6% a year, volatility 15.7%EMLP: +14.9% a year, volatility 14.5%GCOW: +14.1% a year, volatility 13.6%RWL: +13.7% a year, volatility 14.4%FTGC: +12.9% a year, volatility 15.6%DIVI: +13.4% a year, volatility 15.5%HDEF: +12.8% a year, volatility 14.2%AUSF: +13.2% a year, volatility 13.6%EQL: +13.5% a year, volatility 14.5%DTH: +13.0% a year, volatility 15.1%DGT: +13.8% a year, volatility 15.1%SIXA: +12.8% a year, volatility 12.7%QDEF: +12.7% a year, volatility 13.7%IGLD: +12.5% a year, volatility 16.1%DFAC: +11.4% a year, volatility 17.0%SPY (S&P 500): +12.7% a year, volatility 17.1%FNDX: +13.5% a year, volatility 14.9%DFUS: +12.3% a year, volatility 17.3%LRGF: +13.7% a year, volatility 17.1%DYNF: +14.7% a year, volatility 17.5%VLUE: +15.9% a year, volatility 18.4%MGV: +12.6% a year, volatility 13.4%QQQ: +14.5% a year, volatility 23.0%SCHG: +13.1% a year, volatility 22.4%LVHI: +17.0% a year, volatility 11.1%RY: +17.3% a year, volatility 18.2%KO: +14.7% a year, volatility 16.8%DIVB: +13.9% a year, volatility 15.4%PWV: +13.5% a year, volatility 14.2%FJAN: +11.1% a year, volatility 10.5%JVAL: +12.0% a year, volatility 17.2%PJUL: +10.5% a year, volatility 8.6%PRF: +13.0% a year, volatility 15.0%DFACSPY (S&P 500)FNDXDFUSLRGFDYNFVLUEMGVQQQSCHGLVHIRYKODIVBPWVFJANJVALPJULPRF
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than DFAC?

Investments that beat DFAC over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat DFAC over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes, and, for funds, the same exposure at a lower expense ratio. It checks DFAC's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than DFAC follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than DFAC's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× DFAC's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than DFAC's.

Screen the whole market against DFAC for any period in BetterThanSPYOpen these 17 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years5Y returntotalCorr. with DFAC?lower diversifies moreExpenseper year
DFACDimensional - US Core Equity 2 ETF · this page
+11.4%17.0%0.72−23.1%+71.5%1.000.21%
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+81.7%0.970.09%
Popular alternativesbest 4 shownThe investments people most often weigh against DFAC. 12 of 18 passed at least one test.
FNDXSchwab Fundamental U.S. Large Company ETF · US Large-Cap Value
Higher return, lower volatilityHigher return in most periods+13.5%14.9%0.93−37.7%+88.6%0.970.25%
DFUSDimensional U.S. Equity ETF · US Total Market
Higher return in most periodsSame exposure, lower expense ratio+12.3%17.3%0.76−24.6%+78.8%0.980.09%
LRGFiShares U.S. Equity Factor ETF · Broad Market
Higher return in most periodsSame exposure, lower expense ratio+13.7%17.1%0.84−36.0%+89.8%0.980.08%
DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity
Higher return, similar volatilityHigher return in most periods+14.7%17.5%0.87−34.7%+98.5%0.950.26%
Same and neighboring categories, and shared themesbest 4 shownEverything else in US Total Market and the categories next to it (US Large-Cap Equity, US Large-Cap Value, US Small-Cap Equity, Investment Grade Bonds), plus DFAC's specific themes. 31 of 84 passed at least one test.
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Higher return, similar volatilityHigher return in most periods+15.9%18.4%0.90−39.5%+109%0.870.15%
MGVVanguard Morningstar Mega Cap Value ETF · US Large-Cap Value
Higher return, lower volatility+12.6%13.4%0.95−35.4%+81.0%0.900.05%
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Higher return in most periods+14.5%23.0%0.71−35.1%+97.2%0.830.18%
SCHGSchwab U.S. Large-Cap Growth ETF · US Large-Cap Growth
Higher return in most periods+13.1%22.4%0.67−34.5%+85.4%0.850.04%
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 145 of 3,531 passed at least one test.
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
On the frontierHigher return, lower volatilityHigher return in most periods+17.0%11.1%1.48−32.4%+119%0.630.40%
RYRoyal Bank of Canada · Banks
On the frontierHigher return, similar volatilityHigher return in most periods+17.3%18.2%0.97−40.0%+122%0.66—
KOThe Coca-Cola Company · Food & Beverages
Higher return, similar volatilityHigher return in most periods+14.7%16.8%0.91−37.0%+98.2%0.33—
DIVBiShares Core Dividend ETF · Dividend & Income
Higher return, lower volatilityHigher return in most periods+13.9%15.4%0.93−36.9%+92.0%0.920.05%
PWVInvesco Large Cap Value ETF · Broad Market
Higher return, lower volatilityHigher return in most periods+13.5%14.2%0.97−37.6%+88.7%0.860.55%
FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset
On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline+11.1%10.5%1.05−13.6%+69.0%0.910.85%
JVALJPMorgan U.S. Value Factor ETF · Broad Market
Higher return in most periodsSame exposure, lower expense ratio+12.0%17.2%0.75−40.4%+76.5%0.980.12%
PJULInnovator U.S. Equity Power Buffer ETF · Broad Market
On the frontierSimilar return, lower volatility+10.5%8.6%1.20−18.2%+64.4%0.920.79%
What these numbers mean for DFAC
Annual return
DFAC returned 11.4% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $17,100. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
DFAC's volatility over the past 5 years was 17.0%, 1.0 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, DFAC's return lands within 17.0% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
DFAC's Sharpe ratio over the past 5 years was 0.72, against 0.79 for the S&P 500, so DFAC earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
DFAC's worst fall from a peak to a low over the past 10 years was 23.1%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 23.1% fall takes a 30.1% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, DFAC's monthly returns had a correlation of 0.97 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They move almost in lockstep, so holding both adds little diversification. In the table, the correlation column measures each option against DFAC instead: the lower it is, the more that option would diversify a DFAC holding. Guide: Correlation and diversification →
Show all 39 stocks and funds worth at least $500 million that earned more than DFAC with less volatility

Out of 3,633 tested over 5 years. The strongest 29 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline5Y returnCorr. with DFACExpense
1
EPSWisdomTree U.S. LargeCap Fund · Broad Market
Whole market+12.5%16.1%0.82−35.8%+80.4%0.980.08%
2
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+119%0.630.40%
3
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Same or nearby category+16.1%15.1%1.07−41.3%+111%0.940.56%
4
IWXiShares Russell Top 200 Value ETF · Broad Market
Whole market+12.7%13.8%0.94−35.8%+81.4%0.920.20%
5
DIVBiShares Core Dividend ETF · Dividend & Income
Whole market+13.9%15.4%0.93−36.9%+92.0%0.920.05%
6
PWVInvesco Large Cap Value ETF · Broad Market
Whole market+13.5%14.2%0.97−37.6%+88.7%0.860.55%
7
FDRRFidelity Dividend ETF for Rising Rates · Dividend & Income
Whole market+12.6%15.0%0.87−36.5%+81.4%0.940.15%
8
FYLDCambria Foreign Shareholder Yield ETF · Dividend & Income
Whole market+13.1%16.0%0.85−44.6%+84.9%0.670.59%
9
IDOGALPS International Sector Dividend Dogs ETF · International
Whole market+14.1%15.6%0.93−37.3%+93.7%0.640.50%
10
EFViShares MSCI EAFE Value ETF · International Equity
Whole market+13.6%15.9%0.88−43.2%+89.0%0.710.31%
11
HDViShares Core High Dividend ETF · US Dividend Equity
Whole market+12.9%13.0%1.00−37.0%+83.3%0.680.08%
12
FDVVFidelity High Dividend ETF · US Dividend Equity
Whole market+13.2%14.6%0.92−40.2%+85.9%0.930.15%
13
DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity
Whole market+13.1%13.8%0.96−32.5%+85.0%0.840.35%
14
FDLFirst Trust Morningstar Dividend Leaders Index Fund · US Dividend Equity
Whole market+13.9%14.4%0.98−41.4%+91.8%0.690.43%
15
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity
Whole market+13.6%15.7%0.89−32.9%+88.9%0.960.12%
16
EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure
Whole market+14.9%14.5%1.04−43.6%+101%0.700.95%
17
GCOWPacer Global Cash Cows Dividend ETF · International
Whole market+14.1%13.6%1.04−37.6%+93.4%0.610.60%
18
MGVVanguard Morningstar Mega Cap Value ETF · US Large-Cap Value
Same or nearby category+12.6%13.4%0.95−35.4%+81.0%0.900.05%
19
RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity
Same or nearby category+13.7%14.4%0.97−36.1%+90.2%0.960.39%
20
FTGCFirst Trust Global Tactical Commodity Strategy Fund · Alternatives
Whole market+12.9%15.6%0.86−35.9%+83.4%0.190.98%
21
DIVIFranklin International Core Dividend Tilt Index ETF · International
Whole market+13.4%15.5%0.89−27.7%+87.6%0.770.09%
22
HDEFXtrackers MSCI EAFE High Dividend Yield Equity ETF · International
Whole market+12.8%14.2%0.92−36.4%+82.4%0.630.09%
23
AUSFGlobal X - Adaptive U.S. Factor ETF · International
Whole market+13.2%13.6%0.99−44.2%+86.0%0.830.27%
24
EQLALPS Equal Sector Weight ETF · Broad Market
Whole market+13.5%14.5%0.94−34.2%+88.1%0.950.19%
25
DTHWisdomTree International High Dividend Fund · International
Whole market+13.0%15.1%0.89−40.8%+84.5%0.640.58%
26
DGTState Street SPDR Global Dow ETF · International
Whole market+13.8%15.1%0.94−34.4%+91.1%0.890.50%
27
SIXAETC 6 Meridian Mega Cap Equity ETF · Broad Market
Whole market+12.8%12.7%1.01−18.4%+82.3%0.880.31%
28
QDEFNorthern Trust Quality Dividend Defensive ETF · Dividend & Income
Whole market+12.7%13.7%0.94−35.7%+81.6%0.950.40%
29
IGLDFT Vest Gold Strategy Target Income ETF · Multi-Asset
Whole market+12.5%16.1%0.82−99.1%+80.3%0.200.85%

DFAC against its popular alternatives

The investments people most often weigh against DFAC, compared period by period and year by year.

How do DFAC's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at DFAC, which divides the map into what did better or worse on each measure.

Green points earned more than DFAC with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

5.0%7.5%10.0%12.5%15.0%17.5%20.0%22.5%−2.0%0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityDFAC: 11.4% a year, volatility 17.0%SPY (S&P 500): 12.7% a year, volatility 17.1%FNDX: 13.5% a year, volatility 14.9%PRF: 13.0% a year, volatility 15.0%GSLC: 11.6% a year, volatility 16.7%AVUV: 10.5% a year, volatility 22.1%DFAT: 9.6% a year, volatility 21.0%DFAS: 7.1% a year, volatility 20.5%DYNF: 14.7% a year, volatility 17.5%LRGF: 13.7% a year, volatility 17.1%DFUS: 12.3% a year, volatility 17.3%AVUS: 12.2% a year, volatility 17.2%SCHB: 11.6% a year, volatility 17.3%OMFL: 9.0% a year, volatility 16.4%DFAX: 9.8% a year, volatility 16.1%BND: −0.4% a year, volatility 6.1%DFACSPY (S&P 500)FNDXPRFGSLCAVUVDFATDFASDYNFLRGFDFUSOMFLDFAXBND5.0%10.0%15.0%20.0%25.0%−5.0%0.0%5.0%10.0%15.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityDFAC: 11.4% a year, volatility 17.0%SPY (S&P 500): 12.7% a year, volatility 17.1%FNDX: 13.5% a year, volatility 14.9%PRF: 13.0% a year, volatility 15.0%GSLC: 11.6% a year, volatility 16.7%AVUV: 10.5% a year, volatility 22.1%DFAT: 9.6% a year, volatility 21.0%DFAS: 7.1% a year, volatility 20.5%DYNF: 14.7% a year, volatility 17.5%LRGF: 13.7% a year, volatility 17.1%DFUS: 12.3% a year, volatility 17.3%AVUS: 12.2% a year, volatility 17.2%SCHB: 11.6% a year, volatility 17.3%OMFL: 9.0% a year, volatility 16.4%DFAX: 9.8% a year, volatility 16.1%BND: −0.4% a year, volatility 6.1%DFACSPY (S&P 500)FNDXPRFGSLCAVUVDFATDFASDYNFLRGFOMFLDFAXBND
All figures
InvestmentAnnual returnVolatility
DYNF iShares U.S. Equity Factor Rotation Active ETF+14.7%17.5%
LRGF iShares U.S. Equity Factor ETF+13.7%17.1%
FNDX Schwab Fundamental U.S. Large Company ETF+13.5%14.9%
PRF Invesco RAFI US 1000 ETF+13.0%15.0%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
DFUS Dimensional U.S. Equity ETF+12.3%17.3%
AVUS Avantis U.S. Equity ETF+12.2%17.2%
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF+11.6%16.7%
SCHB Schwab U.S. Broad Market ETF+11.6%17.3%
DFAC This pageDimensional - US Core Equity 2 ETF+11.4%17.0%
AVUV Avantis U.S. Small Cap Value ETF+10.5%22.1%
DFAX Dimensional World ex U.S. Core Equity 2 ETF+9.8%16.1%
DFAT Dimensional - US Targeted Value ETF+9.6%21.0%
OMFL Invesco Russell 1000 Dynamic Multifactor ETF+9.0%16.4%
DFAS Dimensional - US Small Cap ETF+7.1%20.5%
BND Vanguard Total Bond Market ETF−0.4%6.1%
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Has DFAC consistently beaten its popular alternatives?

This section compares DFAC with the investments people most often weigh against it, checking each one over seven periods from one month to five years. Counting how often an alternative earned more than DFAC helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than DFAC over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 2 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
DFAC Dimensional - US Core Equity 2 ETF (this page)—−0.2%+2.6%+7.6%+14.2%+17.7%+82.3%+71.5%17.0%0.72−23.1%0.21%$88B—
FNDX QualifiedSchwab Fundamental U.S. Large Company ETF5/5 short2/2 longAll-weather+1.6%+4.7%+11.9%+20.5%+25.4%+88.2%+88.6%14.9%0.93−37.7%0.25%$28B83%
PRF QualifiedInvesco RAFI US 1000 ETF5/5 short2/2 longAll-weather+1.2%+4.2%+11.7%+20.2%+25.5%+90.1%+84.3%15.0%0.90−38.1%0.34%$10B87%
DYNF Broad MarketiShares U.S. Equity Factor Rotation Active ETF2/5 short2/2 long−1.9%+3.4%+9.1%+14.1%+17.1%+106%+98.5%17.5%0.87−34.7%0.26%$42B85%
LRGF Broad MarketiShares U.S. Equity Factor ETF2/5 short2/2 long−0.5%+4.3%+10.1%+13.9%+15.0%+91.5%+89.8%17.1%0.84−36.0%0.08%$3.7B87%
DFUS Broad MarketDimensional U.S. Equity ETF2/5 short2/2 long−0.7%+3.5%+8.7%+13.3%+15.7%+88.9%+78.8%17.3%0.76−24.6%0.09%$21B88%
SPTM Broad MarketState Street SPDR Portfolio S&P 1500 Composite Stock Market ETF2/5 short2/2 long−0.6%+3.4%+8.4%+13.3%+15.7%+87.2%+78.6%16.9%0.77−34.7%0.03%$14B89%
AVUS Broad MarketAvantis U.S. Equity ETF2/5 short2/2 long−0.6%+2.3%+8.0%+15.8%+19.9%+87.2%+77.9%17.2%0.76−37.0%0.15%$15B95%
DFAU Broad MarketDimensional - US Core Equity Market ETF2/5 short2/2 long−0.5%+3.3%+8.4%+13.5%+16.2%+86.3%+76.9%17.1%0.76−23.6%0.12%$13B91%
AVLC Broad MarketAvantis U.S. Large Cap Equity ETF3/5 short1/2 long−0.6%+3.0%+8.8%+15.9%+19.6%+91.9%———−19.6%0.15%$1.6B93%
SCHB Broad MarketSchwab U.S. Broad Market ETF2/5 short1/2 long−0.9%+3.2%+8.3%+13.1%+15.2%+88.0%+72.9%17.3%0.72−35.3%0.03%$44B87%
ITOT Broad MarketiShares Core S&P Total U.S. Stock Market ETF2/5 short1/2 long−0.8%+3.2%+8.2%+13.1%+15.2%+88.0%+72.7%17.4%0.72−35.0%0.03%$96B88%
VTI Broad MarketVanguard Morningstar Total Stock Market ETF2/5 short1/2 long−0.8%+3.2%+8.3%+13.1%+15.2%+87.9%+72.6%17.5%0.71−35.0%0.03%$2.3T87%
OMFL Broad MarketInvesco Russell 1000 Dynamic Multifactor ETF5/5 short0/2 long+1.5%+4.5%+10.3%+16.6%+19.5%+66.6%+54.1%16.4%0.61−33.2%0.29%$4.8B85%
DFLV Broad MarketDimensional - US Large Cap Value ETF5/5 short0/2 long+1.1%+4.8%+12.0%+21.5%+28.6%+82.7%———−16.8%0.21%$7.2B76%
GSLC Broad MarketGoldman Sachs ActiveBeta U.S. Large Cap Equity ETF2/5 short0/2 long0.0%+4.2%+8.5%+11.9%+14.0%+83.5%+73.1%16.7%0.74−33.7%0.09%$15B85%
AVUV Broad MarketAvantis U.S. Small Cap Value ETF2/5 short0/2 long−0.4%−2.6%+3.0%+18.4%+24.4%+70.2%+64.9%22.1%0.56−49.4%0.25%$31B66%
DFAT Broad MarketDimensional - US Targeted Value ETF2/5 short0/2 long0.0%−1.7%+3.6%+15.3%+20.5%+64.5%+57.8%21.0%0.54−26.1%0.33%$30B69%
DFEM InternationalDimensional - Emerging Markets Core Equity 2 ETF1/5 short0/2 long−6.4%+1.7%+0.6%+14.2%+18.3%+80.9%———−20.8%0.39%$9.3B86%
DFAX InternationalDimensional World ex U.S. Core Equity 2 ETF0/5 short0/2 long−3.6%+2.3%+1.1%+12.0%+17.9%+82.8%+59.3%16.1%0.66−28.1%0.28%$12B80%
DFAS Broad MarketDimensional - US Small Cap ETF0/5 short0/2 long−0.9%−2.2%+2.0%+12.4%+15.5%+62.0%+41.2%20.5%0.44−26.1%0.31%$34B80%
BND BondsVanguard Total Bond Market ETF0/5 short0/2 long−0.6%−2.0%−2.8%−1.8%−2.1%+15.7%−1.8%6.1%-0.03−18.6%0.03%$389B—
DFIC InternationalDimensional - International Core Equity 2 ETF0/5 short0/2 long−1.9%+2.2%+1.5%+10.6%+17.1%+82.4%———−24.4%0.22%$15B73%
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How did DFAC do year by year?

This table shows each investment's total return in every full calendar year since 2022, along with where DFAC ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with DFAC and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: DFAC began trading on June 14, 2021, so the table starts with 2022, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or six other sell-offs.

Newest year first. Green marks a year in which the fund came out ahead of DFAC; gray means the two finished within a fraction of a point. The rank row places DFAC among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of DFAC2025202420232022
DFAC This pageDimensional - US Core Equity 2 ETF—+15.7%+19.6%+21.9%−14.9%
Rank among alternativesTop quarter in 0 of 414 of 198 of 197 of 1811 of 15
SPY S&P 500State Street SPDR S&P 500 ETF3 of 4+17.7%+24.9%+26.2%−18.2%
FNDX Schwab Fundamental U.S. Large Company ETF2 of 4+16.9%+16.7%+18.3%−7.0%
PRF Invesco RAFI US 1000 ETF2 of 4+18.4%+16.7%+15.7%−7.8%
DYNF iShares U.S. Equity Factor Rotation Active ETF3 of 4+20.0%+30.3%+36.2%−20.3%
LRGF iShares U.S. Equity Factor ETF3 of 4+16.5%+26.6%+25.8%−14.8%
DFUS Dimensional U.S. Equity ETF3 of 4+17.4%+24.3%+26.4%−18.3%
AVUS Avantis U.S. Equity ETF3 of 4+16.7%+20.4%+21.8%−13.8%
AVLC Avantis U.S. Large Cap Equity ETF2 of 2+17.6%+22.8%——
SCHB Schwab U.S. Broad Market ETF3 of 4+16.9%+23.9%+26.1%−19.4%
OMFL Invesco Russell 1000 Dynamic Multifactor ETF1 of 4+13.6%+6.8%+21.6%−14.0%
DFLV Dimensional - US Large Cap Value ETF0 of 3+15.9%+12.9%+12.3%—
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF2 of 4+16.2%+24.2%+25.1%−18.7%
AVUV Avantis U.S. Small Cap Value ETF2 of 4+7.4%+9.3%+22.8%−4.9%
DFAT Dimensional - US Targeted Value ETF1 of 4+8.7%+7.8%+20.9%−6.2%
DFEM Dimensional - Emerging Markets Core Equity 2 ETF1 of 3+29.5%+7.6%+13.9%—
DFAX Dimensional World ex U.S. Core Equity 2 ETF1 of 4+35.4%+4.8%+16.6%−14.5%
DFAS Dimensional - US Small Cap ETF1 of 4+8.2%+10.2%+17.8%−13.9%
BND Vanguard Total Bond Market ETF1 of 4+7.1%+1.4%+5.7%−13.1%
DFIC Dimensional - International Core Equity 2 ETF1 of 3+37.0%+4.1%+17.3%—
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Risk and diversification

How DFAC has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were DFAC's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents DFAC's five deepest drawdowns since it began trading in 2021, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Note: DFAC began trading on June 14, 2021, so this list cannot include the dot-com bust, the 2008 financial crisis or six other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.

Green means DFAC fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringDFAC fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2022 bear market−23.1%−24.3%Jan 2022Sep 20228 monthsDec 202315 months
No named crash−20.0%−17.8%Dec 2024Apr 20254 monthsJul 20253 months
No named crash−8.5%−8.7%Feb 2026Mar 20261 monthApr 20261 month
No named crash−8.3%−8.4%Jul 2024Aug 20241 monthSep 20241 month
No named crash−5.8%−5.3%Mar 2024Apr 20241 monthMay 20241 month

How did DFAC do in stock market crashes?

This section measures how far DFAC, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: DFAC began trading on June 14, 2021, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or six other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than DFAC.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
DFAC This pageDimensional - US Core Equity 2 ETF—−4.9%−23.1%Not yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF1 of 2−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
FNDX Schwab Fundamental U.S. Large Company ETF2 of 2−4.2%−19.1%−37.4%−19.6%−6.2%−12.4%————
PRF Invesco RAFI US 1000 ETF1 of 2−4.6%−19.7%−38.0%−19.7%−6.4%−13.6%−19.4%−1.5%−60.1%—
DYNF iShares U.S. Equity Factor Rotation Active ETF1 of 2−3.6%−26.0%−34.7%———————
LRGF iShares U.S. Equity Factor ETF2 of 2−4.1%−21.6%−36.0%−21.3%−6.2%−15.2%————
DFUS Dimensional U.S. Equity ETF1 of 2−3.9%−24.5%————————
AVUS Avantis U.S. Equity ETF1 of 2−5.2%−22.2%−37.0%———————
SCHB Schwab U.S. Broad Market ETF1 of 2−4.0%−25.3%−35.3%−20.5%−6.2%−14.5%−19.0%−1.6%——
OMFL Invesco Russell 1000 Dynamic Multifactor ETF2 of 2−2.2%−21.5%−32.8%−18.2%−6.1%—————
DFLV Dimensional - US Large Cap Value ETF0 of 1−5.6%—————————
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF1 of 2−3.4%−24.6%−33.7%−19.6%−6.1%—————
AVUV Avantis U.S. Small Cap Value ETF1 of 2−9.3%−20.0%−46.9%———————
DFAT Dimensional - US Targeted Value ETF1 of 2−8.7%−19.4%————————
DFEM Dimensional - Emerging Markets Core Equity 2 ETF1 of 1−2.6%—————————
DFAX Dimensional World ex U.S. Core Equity 2 ETF1 of 2−2.7%−27.9%————————
DFAS Dimensional - US Small Cap ETF0 of 2−7.2%−23.2%————————
BND Vanguard Total Bond Market ETF2 of 20.0%−14.6%−8.7%−1.1%−0.9%−1.5%−1.1%−0.2%−9.3%—
DFIC Dimensional - International Core Equity 2 ETF1 of 1−2.9%—————————
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How closely does DFAC move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares DFAC with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 5 years.

Monthly total returns over the past 5 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than DFAC's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
DFAC This pageDimensional - US Core Equity 2 ETF97%102%0.940.98
DYNF iShares U.S. Equity Factor Rotation Active ETF106%97%1.091.02
FNDX Schwab Fundamental U.S. Large Company ETF95%90%1.060.88
LRGF iShares U.S. Equity Factor ETF100%95%1.050.98
PRF Invesco RAFI US 1000 ETF93%90%1.040.88
DFAX Dimensional World ex U.S. Core Equity 2 ETF79%80%0.990.76
DFUS Dimensional U.S. Equity ETF100%101%0.981.01
AVUS Avantis U.S. Equity ETF99%101%0.981.00
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF97%101%0.960.98
SCHB Schwab U.S. Broad Market ETF99%104%0.951.02
AVUV Avantis U.S. Small Cap Value ETF98%111%0.891.02
OMFL Invesco Russell 1000 Dynamic Multifactor ETF87%99%0.880.94
DFAT Dimensional - US Targeted Value ETF94%110%0.860.99
DFAS Dimensional - US Small Cap ETF91%116%0.781.03
BND Vanguard Total Bond Market ETF19%39%0.480.26
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What diversifies DFAC?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with DFAC's. Because such investments tend not to fall at the same time, pairing DFAC with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which DFAC lost money. The last two columns show a portfolio that is 80% DFAC and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe202280/20 mix volatility80/20 mix annual return
DFAC Dimensional - US Core Equity 2 ETF (this page)1.00+71.5%0.72−14.9%15.9%+12.2%
GLD CommoditiesSPDR Gold Shares0.16+126%0.96−0.8%13.7%+13.8%
XLE EnergyState Street Energy Select Sector SPDR ETF0.39+177%0.93+64.4%15.5%+14.8%
DBMF AlternativesiMGP DBi Managed Futures Strategy ETF-0.24+59.7%0.82+21.6%12.3%+12.2%
DBA AlternativesInvesco DB Agriculture Fund0.20+66.4%0.81+2.5%13.3%+12.2%
GDX MaterialsVanEck Gold Miners ETF0.30+181%0.73−9.0%16.6%+16.0%
USO CommoditiesUnited States Oil Fund, LP0.02+176%0.73+29.0%14.9%+15.5%
FLSP AlternativesFranklin Systematic Style Premia ETF0.04+49.8%0.68+0.5%12.9%+11.7%
PDBC AlternativesInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF0.12+73.9%0.67+19.3%13.6%+12.7%

Stocks

InvestmentCorrelation5Y returnSharpe202280/20 mix volatility80/20 mix annual return
DFAC Dimensional - US Core Equity 2 ETF (this page)1.00+71.5%0.72−14.9%15.9%+12.2%
CAH Medical - DistributionCardinal Health, Inc.0.33+479%1.55+54.1%15.3%+17.5%
MCK Medical - DistributionMcKesson Corporation0.23+413%1.44+51.8%14.7%+17.0%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.32+690%1.41+86.6%16.0%+19.6%
ATI Manufacturing - Metal FabricationATI Inc.0.42+1,008%1.34+87.5%18.8%+22.5%
PBR Oil & Gas IntegratedPetróleo Brasileiro S.A. - Petrobras0.18+667%1.28+55.4%15.9%+19.4%
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Common questions

What was DFAC's worst drawdown?

DFAC's deepest decline since it began trading in 2021 was 23.1%, from January to September 2022. It took 15 months from the low to climb back to its old high. Because DFAC launched in June 2021, that record does not include the dot-com bust, the 2008 financial crisis or six other sell-offs.

What were DFAC's best and worst years?

Over four full calendar years, DFAC's best year was 2023, when it returned 21.9%. Its worst was 2022, with a return of -14.9%.

Is there a better investment than DFAC?

Among DFAC's popular alternatives, FNDX earned more than DFAC with less volatility over the past 5 years: 13.5% a year at 14.9% volatility, against 11.4% a year at 17.0%. A cheaper fund that has kept up over the past 5 years is SCHB (0.03% a year against 0.21%).

Is DFAC more volatile than the S&P 500?

No. DFAC's volatility over the past 5 years was 17.0%, 1.0 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, DFAC's return lands within 17.0% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is DFAC's Sharpe ratio?

DFAC's Sharpe ratio over the past 5 years was 0.72, against 0.79 for the S&P 500, so DFAC earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is DFAC with the S&P 500?

Over the past 5 years, DFAC's monthly returns had a correlation of 0.97 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They move almost in lockstep, so holding both adds little diversification. In the table, the correlation column measures each option against DFAC instead: the lower it is, the more that option would diversify a DFAC holding.

What are the best alternatives to DFAC?

Of the 22 popular alternatives we compared, two outperformed DFAC in at least 3 of 5 short-term and 2 of 2 long-term timeframes, with dividends reinvested: FNDX and PRF.

Did DFAC outperform the S&P 500?

DFAC finished ahead of the S&P 500 (SPY) in one of four full calendar years. In 2025, it returned +15.7%, against +17.7% for the index.

How did DFAC do in stock market crashes?

DFAC fell less than the S&P 500 (SPY) in one of the two major crashes it has traded through, and further in one. The clearest case was the 2022 bear market, when DFAC fell 23.1% and the S&P 500 fell 24.5%.

What diversifies DFAC?

These had a low correlation with DFAC over the past 5 years and still earned a positive 5-year return: among large ETFs, GLD (correlation 0.16), XLE (correlation 0.39) and DBMF (correlation -0.24); among large stocks, CAH (correlation 0.33), MCK (correlation 0.23) and MPC (correlation 0.32). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to DFAC

Other stocks and ETFs