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

> Source: EasyCompare research, https://easycompare.io/research/dfac
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

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.

## Key findings

- **What you're buying:** DFAC charges 0.21% a year; SCHB (Schwab U.S. Broad Market ETF) tracks the same thing for 0.03%. A correlation of 0.98 with VTI (Vanguard Morningstar Total Stock Market ETF) over 5 years: effectively the same bet as the larger fund.
- **Right now:** After a 20.0% loss from December 2024 to April 2025, DFAC has bounced 22.3% off the low. On the flip side, over the past 6 months, DFAC rose 7.6% against 9.1% for the S&P 500 and 11.2% for the Nasdaq 100.
- **Fund or market?:** DFAC rose 2.6% over the past 3 months, in line with the US total market ETF VTI (Vanguard Morningstar Total Stock Market ETF), which rose 3.2%. The S&P 500 rose 3.9%.
- **Long term:** DFAC's 5-year return of 71.5% puts it ahead of 77% of the ETFs with at least $100 million in assets with that much history. The S&P 500 returned 81.7%. On the flip side, DFAC turned $10,000 into $17,100 over the past 5 years, against $18,200 in the S&P 500.
- **In a crash:** The 2022 bear market took 23.1% off DFAC, against 24.5% for the S&P 500. That was more than AVUV (Avantis U.S. Small Cap Value ETF, 20.0%) but less than VTI (Vanguard Morningstar Total Stock Market ETF, 25.2%).
- **Diversification:** DFAC is more of the same, not a cushion: a correlation of 0.97 with the S&P 500 over 5 years and 0.98 with the total US market, more closely than 94% of ETFs with at least $100 million in assets. DFAC fell in 20 of the 22 months the S&P 500 fell over the past 5 years: it usually fell with it.
- **Better options**
  - **Popular alternatives:** FNDX (Schwab Fundamental U.S. Large Company ETF) 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%.
  - **Nearby categories and themes:** MGV (Vanguard Morningstar Mega Cap Value ETF, US large-cap value) earned more than DFAC with less volatility over the past 5 years: 12.6% a year at 13.4% volatility, against 11.4% a year at 17.0%.
  - **Whole market:** Few investments have done better on both counts: only 39 of the 3,633 stocks and funds worth at least $500 million earned more than DFAC with less volatility over the past 5 years, among them EFV (iShares MSCI EAFE Value ETF), FNDX (Schwab Fundamental U.S. Large Company ETF) and VYMI (Vanguard International High Dividend Yield ETF).

## 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.

- $10,000 invested in DFAC at the end of September 2021 would have grown to $17,772 by September 2026, less than the $19,000 it would have become in SPY, an S&P 500 fund.
- Seven of the eight other investments on the chart ended ahead of DFAC, and DYNF finished highest, at $21,051.

## 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.

- 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.
- Over four full calendar years, DFAC's best was 2023, when it returned 21.9%, and its worst was 2022, when it lost 14.9%. It lost money in one of those years.
- DFAC is 2.2% below its all-time high.

- Type: ETF, Broad Market (Asset Management)
- Trading since: June 14, 2021
- Assets: $88B
- Expense ratio: 0.21%
- Volatility (5 years): 17.0%; Sharpe ratio: 0.72
- Worst decline ever: −23.1%, from January 4, 2022 to September 30, 2022; back at its high by December 13, 2023

| Period | DFAC total return |
| --- | --- |
| 1 month | −0.2% |
| 3 months | +2.6% |
| 6 months | +7.6% |
| year to date | +14.2% |
| 1 year | +17.7% |
| 3 years | +82.3% |
| 5 years | +71.5% |

## 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.

- DFAC's 1-year return ranks in the top 23% of the 2,485 ETFs with at least $100 million in assets with 1 year of history.

| Measure | DFAC | Rank |
| --- | --- | --- |
| 1-year return | +17.7% | 568 of 2,485 (top 23%) |
| 3-year return | +82.3% | 526 of 1,949 (top 27%) |
| 5-year return | +71.5% | 366 of 1,560 (top 24%) |
| Volatility, 5 years | 17.0% | 835 of 1,560 (top 54%) |
| Sharpe ratio, 5 years | 0.72 | 481 of 1,560 (top 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).

- 39 ETFs worth at least $500 million sit in the green region: each earned more than DFAC over the past 5 years with smaller price swings. That is 1% of the 3,633 screened. Few investments beat it on both counts.
- Among those with at least half DFAC's swings, LVHI has the best return for its risk: 17.0% a year at 11.1% volatility, 35% less than DFAC's 17.0%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.72 for DFAC.
- Among DFAC's popular alternatives, FNDX and PRF are in the region. FNDX earned 13.5% a year against 11.4% a year for DFAC, at 14.9% volatility, 12% less than DFAC's 17.0%.

### Is there a better investment than DFAC?

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.

- 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%).
- Looking beyond its popular alternatives, MGV (US large-cap value) earned more than DFAC with less volatility over the past 5 years: 12.6% a year at 13.4% volatility, against 11.4% a year at 17.0%.

The 15 strongest of 39 investments that beat DFAC over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 5Y return | Correlation with DFAC | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| DFAC: Dimensional - US Core Equity 2 ETF (this page) |  | +11.4% | 17.0% | 0.72 | −23.1% | +71.5% |  |  |
| EPS: WisdomTree U.S. LargeCap Fund | Broad Market | +12.5% | 16.1% | 0.82 | −35.8% | +80.4% | 0.98 | Higher return, lower volatility; Higher return in most periods; Same exposure, lower expense ratio |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | International Equity | +17.0% | 11.1% | 1.48 | −32.4% | +119% | 0.63 | Higher return, lower volatility; Higher return in most periods |
| PVAL: Putnam Focused Large Cap Value ETF | US Large-Cap Value | +16.1% | 15.1% | 1.07 | −41.3% | +111% | 0.94 | Higher return, lower volatility; Higher return in most periods |
| IWX: iShares Russell Top 200 Value ETF | Broad Market | +12.7% | 13.8% | 0.94 | −35.8% | +81.4% | 0.92 | Higher return, lower volatility; Higher return in most periods |
| DIVB: iShares Core Dividend ETF | Dividend & Income | +13.9% | 15.4% | 0.93 | −36.9% | +92.0% | 0.92 | Higher return, lower volatility; Higher return in most periods |
| PWV: Invesco Large Cap Value ETF | Broad Market | +13.5% | 14.2% | 0.97 | −37.6% | +88.7% | 0.86 | Higher return, lower volatility; Higher return in most periods |
| FDRR: Fidelity Dividend ETF for Rising Rates | Dividend & Income | +12.6% | 15.0% | 0.87 | −36.5% | +81.4% | 0.94 | Higher return, lower volatility; Higher return in most periods |
| FYLD: Cambria Foreign Shareholder Yield ETF | Dividend & Income | +13.1% | 16.0% | 0.85 | −44.6% | +84.9% | 0.67 | Higher return, lower volatility; Higher return in most periods |
| IDOG: ALPS International Sector Dividend Dogs ETF | International | +14.1% | 15.6% | 0.93 | −37.3% | +93.7% | 0.64 | Higher return, lower volatility; Higher return in most periods |
| EFV: iShares MSCI EAFE Value ETF | International Equity | +13.6% | 15.9% | 0.88 | −43.2% | +89.0% | 0.71 | Higher return, lower volatility |
| HDV: iShares Core High Dividend ETF | US Dividend Equity | +12.9% | 13.0% | 1.00 | −37.0% | +83.3% | 0.68 | Higher return, lower volatility |
| FDVV: Fidelity High Dividend ETF | US Dividend Equity | +13.2% | 14.6% | 0.92 | −40.2% | +85.9% | 0.93 | Higher return, lower volatility |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | International Equity | +13.1% | 13.8% | 0.96 | −32.5% | +85.0% | 0.84 | Higher return, lower volatility |
| FDL: First Trust Morningstar Dividend Leaders Index Fund | US Dividend Equity | +13.9% | 14.4% | 0.98 | −41.4% | +91.8% | 0.69 | Higher return, lower volatility |
| JQUA: JPMorgan U.S. Quality Factor ETF | US Quality Equity | +13.6% | 15.7% | 0.89 | −32.9% | +88.9% | 0.96 | Higher return, lower volatility |

## 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.

- FNDX, PRF and GSLC were both more rewarding and calmer than DFAC over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, DFAC returned 11.4% a year, less than the S&P 500's 12.7%, with lower volatility (17.0% against 17.1%).

### 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.

- FNDX and PRF outperformed DFAC in every long-term period and in all but one short-term period, the most consistent record in the group.
- Two of the 22 popular alternatives, FNDX and PRF, outperformed DFAC in at least 3 of 5 short-term and 2 of 2 long-term timeframes.

| Investment | 1Y return | 3Y return | 5Y return | Periods ahead of DFAC | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- |
| DFAC: Dimensional - US Core Equity 2 ETF (this page) | +17.7% | +82.3% | +71.5% |  |  | 0.72 |
| FNDX: Schwab Fundamental U.S. Large Company ETF | +25.4% | +88.2% | +88.6% | 5/5 short-term, 2/2 long-term | all-weather | 0.93 |
| PRF: Invesco RAFI US 1000 ETF | +25.5% | +90.1% | +84.3% | 5/5 short-term, 2/2 long-term | all-weather | 0.90 |
| [DYNF](https://easycompare.io/research/dynf): iShares U.S. Equity Factor Rotation Active ETF | +17.1% | +106% | +98.5% | 2/5 short-term, 2/2 long-term |  | 0.87 |
| LRGF: iShares U.S. Equity Factor ETF | +15.0% | +91.5% | +89.8% | 2/5 short-term, 2/2 long-term |  | 0.84 |
| DFUS: Dimensional U.S. Equity ETF | +15.7% | +88.9% | +78.8% | 2/5 short-term, 2/2 long-term |  | 0.76 |
| SPTM: State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF | +15.7% | +87.2% | +78.6% | 2/5 short-term, 2/2 long-term |  | 0.77 |
| AVUS: Avantis U.S. Equity ETF | +19.9% | +87.2% | +77.9% | 2/5 short-term, 2/2 long-term |  | 0.76 |
| DFAU: Dimensional - US Core Equity Market ETF | +16.2% | +86.3% | +76.9% | 2/5 short-term, 2/2 long-term |  | 0.76 |
| AVLC: Avantis U.S. Large Cap Equity ETF | +19.6% | +91.9% | — | 3/5 short-term, 1/2 long-term |  | — |
| [SCHB](https://easycompare.io/research/schb): Schwab U.S. Broad Market ETF | +15.2% | +88.0% | +72.9% | 2/5 short-term, 1/2 long-term |  | 0.72 |
| [ITOT](https://easycompare.io/research/itot): iShares Core S&P Total U.S. Stock Market ETF | +15.2% | +88.0% | +72.7% | 2/5 short-term, 1/2 long-term |  | 0.72 |
| [VTI](https://easycompare.io/research/vti): Vanguard Morningstar Total Stock Market ETF | +15.2% | +87.9% | +72.6% | 2/5 short-term, 1/2 long-term |  | 0.71 |
| OMFL: Invesco Russell 1000 Dynamic Multifactor ETF | +19.5% | +66.6% | +54.1% | 5/5 short-term, 0/2 long-term |  | 0.61 |
| DFLV: Dimensional - US Large Cap Value ETF | +28.6% | +82.7% | — | 5/5 short-term, 0/2 long-term |  | — |
| GSLC: Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | +14.0% | +83.5% | +73.1% | 2/5 short-term, 0/2 long-term |  | 0.74 |
| AVUV: Avantis U.S. Small Cap Value ETF | +24.4% | +70.2% | +64.9% | 2/5 short-term, 0/2 long-term |  | 0.56 |
| DFAT: Dimensional - US Targeted Value ETF | +20.5% | +64.5% | +57.8% | 2/5 short-term, 0/2 long-term |  | 0.54 |
| DFEM: Dimensional - Emerging Markets Core Equity 2 ETF | +18.3% | +80.9% | — | 1/5 short-term, 0/2 long-term |  | — |
| DFAX: Dimensional World ex U.S. Core Equity 2 ETF | +17.9% | +82.8% | +59.3% | 0/5 short-term, 0/2 long-term |  | 0.66 |
| DFAS: Dimensional - US Small Cap ETF | +15.5% | +62.0% | +41.2% | 0/5 short-term, 0/2 long-term |  | 0.44 |
| [BND](https://easycompare.io/research/bnd): Vanguard Total Bond Market ETF | −2.1% | +15.7% | −1.8% | 0/5 short-term, 0/2 long-term |  | -0.03 |
| DFIC: Dimensional - International Core Equity 2 ETF | +17.1% | +82.4% | — | 0/5 short-term, 0/2 long-term |  | — |

### 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.

- DFAC finished ahead of the S&P 500 in one of its four full calendar years, and behind it in each of the last three.
- Among its popular alternatives, DYNF came out ahead of DFAC most often, in three of the four years both traded.
- Ranked against its popular alternatives each year, DFAC finished in the top quarter in no of four years and in the bottom quarter in no. In 2025, it ranked 14 of 19.

| Year | DFAC | SPY |
| --- | --- | --- |
| 2025 | +15.7% | +17.7% |
| 2024 | +19.6% | +24.9% |
| 2023 | +21.9% | +26.2% |
| 2022 | −14.9% | −18.2% |

## 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.

- In three of DFAC's five worst declines, it fell less than the S&P 500 did over the same dates.
- The longest climb back to a previous high took 15 months, after DFAC fell 23.1% from January to September 2022.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −23.1% | January 4, 2022 | September 30, 2022 | December 13, 2023 | −24.3% | 2022 bear market |
| −20.0% | December 4, 2024 | April 8, 2025 | July 3, 2025 | −17.8% |  |
| −8.5% | February 9, 2026 | March 30, 2026 | April 15, 2026 | −8.7% |  |
| −8.3% | July 16, 2024 | August 5, 2024 | September 19, 2024 | −8.4% |  |
| −5.8% | March 28, 2024 | April 19, 2024 | May 15, 2024 | −5.3% |  |

### 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.

- Among its popular alternatives, FNDX held up best, falling less than DFAC in all two crashes they both traded through.
- DFAC began trading after the 2008 financial crisis, but two of its popular alternatives lived through it. The mildest fall among them was BND's 9.3%, against 55.2% for the S&P 500.
- DFAC fell less than the S&P 500 in one of the two crashes it has traded through. The clearest case was the 2022 bear market, when DFAC fell 23.1% and the S&P 500 fell 24.5%.

| Crash | Dates | DFAC fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | not trading | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | not trading | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | not trading | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | not trading | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | not trading | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | not trading | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | not trading | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | not trading | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −23.1% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −4.9% | −3.4% |

### 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.

- Nine of the 14 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than DFAC's 0.94, led by DYNF, FNDX and LRGF.
- DFAX took just 80% of the S&P 500's losses, against 102% for DFAC, while still keeping 79% of its gains.
- Over the past 5 years, DFAC captured 97% of the S&P 500's gains in rising months and 102% of its losses in falling months, with a beta of 0.98. Its share of the market's losses was slightly larger than its share of the gains.

Measured over the past 5 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| DFAC: Dimensional - US Core Equity 2 ETF (this page) | 97.0% | 102% | 0.98 |
| FNDX: Schwab Fundamental U.S. Large Company ETF | 95.0% | 90.0% | 0.88 |
| PRF: Invesco RAFI US 1000 ETF | 93.0% | 90.0% | 0.88 |
| [DYNF](https://easycompare.io/research/dynf): iShares U.S. Equity Factor Rotation Active ETF | 106% | 97.0% | 1.02 |
| LRGF: iShares U.S. Equity Factor ETF | 100% | 95.0% | 0.98 |
| DFUS: Dimensional U.S. Equity ETF | 100% | 101% | 1.01 |
| AVUS: Avantis U.S. Equity ETF | 99.0% | 101% | 1.00 |
| [SCHB](https://easycompare.io/research/schb): Schwab U.S. Broad Market ETF | 99.0% | 104% | 1.02 |
| OMFL: Invesco Russell 1000 Dynamic Multifactor ETF | 87.0% | 99.0% | 0.94 |
| GSLC: Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | 97.0% | 101% | 0.98 |
| AVUV: Avantis U.S. Small Cap Value ETF | 98.0% | 111% | 1.02 |
| DFAT: Dimensional - US Targeted Value ETF | 94.0% | 110% | 0.99 |
| DFAX: Dimensional World ex U.S. Core Equity 2 ETF | 79.0% | 80.0% | 0.76 |
| DFAS: Dimensional - US Small Cap ETF | 91.0% | 116% | 1.03 |
| [BND](https://easycompare.io/research/bnd): Vanguard Total Bond Market ETF | 19.0% | 39.0% | 0.26 |

### 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).

- Moving a fifth of the money in DFAC into DBMF would have cut the portfolio's volatility by 22% over the past 5 years while keeping its annual return (+12.2% for DFAC alone, +12.2% for the mix).
- Among large ETFs, GLD, XLE and DBMF have moved largely independently of DFAC over the past 5 years, with correlations of 0.39 or lower, and each still earned a positive 5-year return.
- In 2022, the one year DFAC lost money (-14.9%), DBMF returned +21.6%.

| Investment | Correlation with DFAC | 5Y return | Volatility | Sharpe | Rose in DFAC's 1 down years |
| --- | --- | --- | --- | --- | --- |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.16 | +126% | 18.9% | 0.96 | 0 of 1 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.39 | +177% | 25.5% | 0.93 | 1 of 1 |
| DBMF: iMGP DBi Managed Futures Strategy ETF | -0.24 | +59.7% | 12.4% | 0.82 | 1 of 1 |
| DBA: Invesco DB Agriculture Fund | 0.20 | +66.4% | 13.8% | 0.81 | 1 of 1 |
| GDX: VanEck Gold Miners ETF | 0.30 | +181% | 38.2% | 0.73 | 0 of 1 |
| USO: United States Oil Fund, LP | 0.02 | +176% | 37.7% | 0.73 | 1 of 1 |
| FLSP: Franklin Systematic Style Premia ETF | 0.04 | +49.8% | 13.4% | 0.68 | 1 of 1 |
| PDBC: Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 0.12 | +73.9% | 19.3% | 0.67 | 1 of 1 |

## 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.

## More research

- [iShares U.S. Equity Factor Rotation Active ETF (DYNF) Performance, Alternatives and Market Rank](https://easycompare.io/research/dynf)
- [Schwab U.S. Broad Market ETF (SCHB) Performance, Alternatives and Market Rank](https://easycompare.io/research/schb)
- [iShares Core S&P Total U.S. Stock Market ETF (ITOT) Performance, Alternatives and Market Rank](https://easycompare.io/research/itot)
- [Vanguard Morningstar Total Stock Market ETF (VTI) Performance, Alternatives and Market Rank](https://easycompare.io/research/vti)
- [Vanguard Total Bond Market ETF (BND) Performance, Alternatives and Market Rank](https://easycompare.io/research/bnd)
- [Schwab U.S. Dividend Equity ETF (SCHD) Performance, Alternatives and Market Rank](https://easycompare.io/research/schd)
- [NVIDIA (NVDA) Performance, Alternatives and Market Rank](https://easycompare.io/research/nvda)
- [Apple (AAPL) Performance, Alternatives and Market Rank](https://easycompare.io/research/aapl)
- [Alphabet (GOOG) Performance, Alternatives and Market Rank](https://easycompare.io/research/goog)
- [Microsoft (MSFT) Performance, Alternatives and Market Rank](https://easycompare.io/research/msft)
- [Amazon.com (AMZN) Performance, Alternatives and Market Rank](https://easycompare.io/research/amzn)
- [Taiwan Semiconductor Manufacturing (TSM) Performance, Alternatives and Market Rank](https://easycompare.io/research/tsm)

## Explore further

- Full page with charts: https://easycompare.io/research/dfac
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against DFAC live: https://betterthanspy.com/?b=DFAC&utm_source=easycompare&utm_medium=research