AFSM vs DFAS
First Trust Active Factor Small Cap ETF vs Dimensional US Small Cap ETF
Which is better, AFSM or DFAS?
Nearly the same fund. DFAS costs less.
DFAS has a lower expense ratio. AFSM led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.97. DFAS is less concentrated, with 2.6% of the fund in its ten largest positions against 8.6%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | AFSM | DFAS |
|---|---|---|
| Expense Ratio | 0.75% | 0.26%Best |
| AUM | $148M | $33.5B |
| Dividend Yield | 0.51% | 1.01% |
| Holdings | 322 | 3,996 |
| YTD Return | +18.98%Best | +13.95% |
| 1Y Return | +23.81%Best | +19.46% |
| 3Y Return (annualized) | +17.82%Best | +15.37% |
| 5Y Return (annualized) | +7.28%Best | +6.16% |
| Volatility (annualized) | 19.4% | 18.8%Best |
| Max Drawdown | -28.3% | -26.1%Best |
| $10,000 over 5 years | $14,210Best | $13,484 |
| Top 10 Weight | 8.6% | 2.6%Best |
| Fund Family | First Trust Portfolios (US) | Dimensional |
| Category | Equity | Equity |
| Style | Small Cap Blend | Small Cap Blend |
| Inception | Dec 4, 2019 | Dec 15, 1998 |
Volatility and max drawdown are measured over the window both funds cover: Jun 14, 2021 to Nov 13, 2026 (5.4 years).
AFSM vs DFAS growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 5.4 years both funds cover.
AFSM vs DFAS Performance
First Trust Active Factor Small Cap ETF (AFSM) is an ETF from First Trust Portfolios (US) and Dimensional US Small Cap ETF (DFAS) is an ETF from Dimensional. Over the past year AFSM returned +23.81% while DFAS returned +19.46%. Year to date, AFSM is up 18.98% versus a gain of 13.95% for DFAS.
Over three years, AFSM compounded at +17.82% per year against +15.37% for DFAS; over five years the annualized figures are +7.28% and +6.16% respectively.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
AFSM has been the more volatile fund, with annualized monthly volatility of 19.4% compared with 18.8% for DFAS. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -28.3% for AFSM and -26.1% for DFAS. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.97. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
AFSM charges 0.75% per year while DFAS charges 0.26%. On a $10,000 position that is $75 vs $26 annually, a gap of $49 per year that compounds over a long holding period. On income, AFSM currently yields 0.51% against 1.01% for DFAS.
Holdings Overlap
89.1% of AFSM's money is in holdings DFAS also owns. 16.9% of DFAS's money is in holdings AFSM also owns.
Most of AFSM is already inside DFAS. Owning both mostly buys the same companies twice.
286 positions in common, counted across the 321 positions we hold weights for in AFSM and 2,080 in DFAS, against full books of 322 and 3,996.
What only one of them owns
Our book lists 1,269 positions for DFAS that do not appear in our book for AFSM (81.0% of the fund), and 31 for AFSM that do not appear in DFAS (9.4%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in AFSM | Weight in DFAS | Difference |
|---|---|---|---|
| HALOHalozyme Therapeutics Inc | 0.81% | 0.32% | 0.49% |
| ANFAbercrombie & Fitch Co. Class A | 0.95% | 0.17% | 0.78% |
| PARRPar Pacific Holdings Inc | 0.98% | 0.08% | 0.90% |
| MATXMatson Inc | 0.88% | 0.16% | 0.72% |
| NHCNational Healthcare Corporation | 0.88% | 0.07% | 0.81% |
| KNSAKiniksa Pharmaceuticals, Ltd. | 0.87% | 0.08% | 0.79% |
| TNKTeekay Tankers Ltd Common Stock Temp Line | 0.83% | 0.06% | 0.77% |
| OSPNOnespan, Inc. | 0.86% | 0.02% | 0.84% |
| STNG:MHScorpio Tankers Inc. Common Stock | 0.72% | 0.10% | 0.62% |
| TRSTTrustco Bank Corp Ny | 0.77% | 0.02% | 0.75% |
89.1% of AFSM is already inside DFAS.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, AFSM or DFAS?
AFSM has an expense ratio of 0.75% while DFAS charges 0.26%. DFAS is the cheaper option, by $49 a year on a $10,000 investment.
Which performed better, AFSM or DFAS?
Over the past year AFSM returned +23.81% vs +19.46% for DFAS, so AFSM leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, AFSM or DFAS?
AFSM has been the more volatile fund at 19.4% annualized versus 18.8% for DFAS. Worst drawdown: AFSM -28.3% vs DFAS -26.1%.
Should I hold both AFSM and DFAS?
AFSM and DFAS have a monthly-return correlation of 0.97, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between AFSM and DFAS?
89.1% of AFSM's money is in holdings DFAS also owns. 16.9% of DFAS's is in holdings AFSM also owns. They hold 286 positions in common, counted across the 321 positions we hold weights for in AFSM and 2,080 in DFAS.
Which pays a higher dividend, AFSM or DFAS?
AFSM yields 0.51% while DFAS yields 1.01%, so DFAS currently pays the higher dividend yield.
Is DFAS better than AFSM?
DFAS has a lower expense ratio. AFSM led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.97. DFAS is less concentrated, with 2.6% of the fund in its ten largest positions against 8.6%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.