DFCA vs IVV
DFCA vs IVV
Dimensional California Municipal Bond ETF vs iShares Core S&P 500 ETF
Quick Verdict
IVV has a lower expense ratio. IVV delivered stronger 1-year returns. IVV offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | DFCA | IVV | Winner |
|---|---|---|---|
| Expense Ratio | 0.19% | 0.03% | |
| AUM | $707M | $865.2B | |
| Dividend Yield | 2.73% | 1.09% | |
| Holdings | 434 | 508 | |
| YTD Return | +0.67% | +13.80% | |
| 1Y Return | +3.71% | +23.70% | |
| 3Y Return (annualized) | +2.75% | +21.49% | |
| 5Y Return (annualized) | - | +13.43% | |
| Volatility (annualized) | 3.2% | 15.1% | |
| Max Drawdown | -3.3% | -56.5% | |
| Fund Family | Dimensional | iShares by BlackRock (US) | |
| Category | Tax Preferred | Equity | |
| Inception | Jun 26, 2023 | May 15, 2000 |
DFCA vs IVV Performance
Dimensional California Municipal Bond ETF (DFCA) is a ETF from Dimensional and iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US). Over the past year DFCA returned +3.71% while IVV returned +23.70%. Year to date, DFCA is up 0.67% versus a gain of 13.80% for IVV.
Over three years, DFCA compounded at +2.75% per year against +21.49% for IVV. Across the full 3-year window we track, IVV has the edge at +7.05% annualized vs +2.51%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 15.1% compared with 3.2% for DFCA. 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 -3.3% for DFCA and -56.5% for IVV. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.67. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
DFCA charges 0.19% per year while IVV charges 0.03%. On a $10,000 position that is $19 vs $3 annually, a gap of $16 per year that compounds over a long holding period. On income, DFCA currently yields 2.73% against 1.09% for IVV.
Holdings Overlap
DFCA and IVV share 0 holdings out of 593 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, DFCA or IVV?
DFCA has an expense ratio of 0.19% while IVV charges 0.03%. IVV is the cheaper option. On a $10,000 investment, that is $16 per year of difference.
Which performed better, DFCA or IVV?
Over the past year DFCA returned +3.71% vs +23.70% for IVV, so IVV leads on 1-year performance. Over the longest common window we track (3 years), DFCA annualized +2.51% vs +7.05% for IVV. Past performance does not guarantee future results.
Which is riskier, DFCA or IVV?
IVV has been the more volatile fund at 15.1% annualized versus 3.2% for DFCA. Worst drawdown: DFCA -3.3% vs IVV -56.5%.
Should I hold both DFCA and IVV?
DFCA and IVV have a monthly-return correlation of 0.67, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between DFCA and IVV?
DFCA and IVV share 0 common holdings with a 0.0% weight overlap. Combined, they hold 593 unique securities.
Which pays a higher dividend, DFCA or IVV?
DFCA yields 2.73% while IVV yields 1.09%, so DFCA currently pays the higher dividend yield.
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