Dimensional Emerging Markets Core Equity 2 ETF (DFEM) Performance
DFEM total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +14.1% since Dec 31, 2025
- 1 year
- +15.6% total return
- 3 years
- +21.0% a year
- Since first price
- +11.8% a year since 2022
DFEM trailing returns vs SPY, QQQ, AGG
| Period | DFEM total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −7.1% | −7.1% | −1.0% | −5.0% | +0.9% |
| 3 months | −2.3% | −3.0% | +3.2% | +1.9% | −0.4% |
| 6 months | −0.5% | −1.7% | +7.8% | +8.4% | −1.5% |
| YTD | +14.1% | +12.5% | +12.3% | +15.1% | −1.0% |
| 1 year | +15.6% | +13.3% | +14.4% | +15.9% | −1.1% |
| 3 years | +77.2%+21.0%/yr | +65.4% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionApr 27, 2022 | +65.3%+11.8%/yr | +48.4% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: DFEM vs SPY
From Apr 27, 2022: DFEM grew to $16,529, SPY to $19,345.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
DFEM returns by calendar year
3 of 3 full years positive. Best 2025 (+29.5%), worst 2024 (+7.5%). 2026 is year to date.
DFEM annual returns table
| Year | DFEM | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +14.1% | −13.8% | +12.3% | +15.1% | −1.0% |
| 2025 | +29.5% | −14.6% | +17.7% | +20.8% | +7.2% |
| 2024 | +7.5% | −8.9% | +24.9% | +25.6% | +1.3% |
| 2023 | +13.9% | −11.0% | +26.2% | +54.9% | +5.7% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
DFEM largest drawdowns
Now 11.0% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| May 4, 2022 | −20.8% | Oct 24, 2022 | Jul 28, 2023 | 6 months | 1.2 years |
| Oct 7, 2024 | −18.1% | Apr 8, 2025 | Jun 4, 2025 | 6 months | 8 months |
| Jun 22, 2026 | −13.8% | Jul 29, 2026 | not yet | 37 days | 4 months so far |
| Feb 25, 2026 | −12.1% | Mar 30, 2026 | Apr 17, 2026 | 33 days | 51 days |
| Jul 31, 2023 | −11.0% | Oct 27, 2023 | Feb 20, 2024 | 3 months | 7 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
DFEM risk statistics
| Statistic | 3 years | Since 2022 |
|---|---|---|
| Annualized return | +22.2% | +13.4% |
| Volatility (annualized) | 14.7% | 17.4% |
| Sharpe ratio | 1.15 | 0.58 |
| Sortino ratio | 2.12 | 0.97 |
| Best month | +12.5% | +15.9% |
| Worst month | −8.4% | −11.2% |
| Best 12 months | +50.3% | +50.3% |
| Worst 12 months | +6.1% | −6.9% |
| Positive months | 72% | 58% |
| Beta vs S&P 500 | 0.78 | — |
| Correlation with S&P 500 | 0.66 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
DFEM rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 43 | −6.9% | +14.1% | +50.3% | 95% |
| 3-year (a year) | 19 | +4.0% | +16.9% | +24.2% | 100% |
Every holding period starting at a month-end since 2022. Returns for 3 years and longer are annualized.
DFEM performance overview
Dimensional Emerging Markets Core Equity 2 ETF (DFEM) returned +15.6% over the past year, with distributions reinvested. Since its first recorded price in 2022 it has returned +11.8% a year, turning $10,000 into about $16,529. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −20.8%, from May 4, 2022 to Oct 24, 2022, and it took 9 months to get back to the old high. DFEM finished 3 of its 3 full calendar years with a gain; the best year was 2025 (+29.5%) and the worst 2024 (+7.5%). Volatility has been 17.4% a year.
Related: DFEM chart, DFEM holdings, DFEM dividends. See the DFEM overview for the latest quote and fund facts.
DFEM performance FAQ
What is the DFEM return over the past year?
DFEM returned +15.6% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 13.3%.
How much would $10,000 invested in DFEM be worth?
$10,000 invested in DFEM at its first recorded close on April 27, 2022 would be worth about $16,529 on October 23, 2026 with distributions reinvested.
What was the worst year for DFEM?
The worst calendar year was 2024, with a total return of +7.5%. The best was 2025 at +29.5%.
What is the biggest drawdown of DFEM?
The largest peak-to-trough decline was −20.8% between May 4, 2022 and October 24, 2022. It recovered to the old high on July 28, 2023, 9 months after the bottom.
How volatile is DFEM?
Over the past 3 years DFEM had an annualized volatility of 14.7% and a Sharpe ratio of 1.15 (excess return over 1–3 month T-bills per unit of risk).