DFAE vs XCNY: Grades, Fees and Holdings Compared

Dimensional Emerging Core Equity Market ETF

DFAECNYSE Arca

State Street SPDR S&P Emerging Markets ex-China ETF

XCNYCNasdaq

Overlap

32.7%by weight

Expense ratio

XCNY −0.10pt a year

DFAE0.29%XCNY0.19%

Avg volume · 30D

DFAE 1940.4×the volume

DFAE1.05MXCNY543

DFAE vs XCNY Performance

Oct 31, 2025 – Oct 30, 2026

+12.5%DFAE+14.0%XCNY

Expense ratio: DFAE 0.29%; XCNY 0.19%, better
Fund size: DFAE $9.26B; XCNY $10M
1Y total return: DFAE +12.5%; XCNY +14.0%, better
Yield (12M): DFAE 2.05%; XCNY 2.38%, better
Holdings: DFAE 6118; XCNY 1195
Avg volume (30D): DFAE 1.05M sh, better; XCNY 543 sh
NAV per share: DFAE $36.25; XCNY $32.08
52W range

ETF.net Grade

Pillar letters and Scores for DFAE, XCNY, with each pillar’s weight
Pillar	DFAE	XCNY
Cost30% weight	F21	D37Higher
Mission25% weight	A93	A100Higher
Risk15% weight	D37	B55Higher
Tradability15% weight	D37Higher	F12
Holdings10% weight	B57Higher	C51
Durability5% weight	D36Higher	F24

Rank among Emerging Markets Total Market funds

How we build Categories ›

Same Category. DFAE and XCNY are both graded against the same 5 Emerging Markets Total Market funds, so their Grades compare head to head.

Emerging Markets Total Market⁠

Category · 5 funds

See all 5 ›

XCNY ranks 4th and DFAE 5th of 5 funds in the Emerging Markets Total Market Category.

Rank 1AVWOVanguard FTSE Emerging Markets ETFScore 78
Rank 2ASCHESchwab Emerging Markets Equity ETFScore 71
Rank 3BSPEMState Street SPDR Portfolio Emerging Markets ETFScore 69
Rank 4CXCNYState Street SPDR S&P Emerging Markets ex-China ETFScore 52
Rank 5CDFAEDimensional Emerging Core Equity Market ETFScore 47

Our read on each fund

ETF.net Research

DFAECDimensional Emerging Core Equity Market ETF

XCNYCState Street SPDR S&P Emerging Markets ex-China ETF

In short

DFAE No data

XCNY Emerging markets with China removed, and unusually, small caps left in. XCNY tracks an S&P broad-market index of roughly 1,200 large, mid and small-cap companies across emerging economies, none of them China-domiciled.

Stated mandate

DFAE No data

XCNY The fund seeks to provide investment results that correspond to the price and yield performance of the S&P Emerging Ex-China BMI.

Why people hold it

DFAE No data

XCNY The index reaches down to small caps, roughly 1,200 names. Most ex-China rivals track MSCI indexes that stop at large and mid caps, about 85% of each country's float.ssga.com msci.com
It does exactly what the label says: a market-cap-weighted S&P index of emerging market companies, with China-domiciled companies excluded by rule, not by manager discretion.ssga.com
At 0.19%, the fee sits right at the median for broad emerging-market funds, and you get State Street's indexing desk behind it.

Worth knowing

DFAE No data

XCNY You pay up for the China screen. Sister fund SPEM charges 0.07% and VWO 0.06% for emerging markets with China left in.
One of the thinner-traded funds in its category. Wide-ish spreads are part of the deal, and the asset base is small for a fund this broad.
Launched in September 2024, so the tracking and trading record is still short compared with the decades-old EM funds it sits beside.

Full DFAE profile⁠

Full XCNY profile⁠

DFAE vs XCNY Holdings

How DFAE and XCNY differ

Overlap by weight

32.7%

Shared holdings make up 56.9% of XCNY and 33.4% of DFAE.

Level by level

Holdings389 in both32.7%
Countryby domicile60.0%
Sector11 Sectors91.2%
Asset classEquity100%

Sector

Sector weights in DFAE and XCNY, widest gap first
Sector	More in DFAEMore in XCNY	DFAE	XCNY
Financials	XCNY +4.6 points	17.2%	21.8%
Consumer Discretionary	DFAE +2.5 points	7.5%	5.0%
Industrials	DFAE +2.2 points	8.6%	6.4%
Communication	DFAE +1.9 points	5.4%	3.5%
Technology	DFAE +1.8 points	41.2%	39.4%
Materials	XCNY +1.5 points	6.8%	8.3%
Utilities	XCNY +0.9 points	2.0%	2.9%
Consumer Staples	XCNY +0.7 points	2.8%	3.5%
Health Care	DFAE +0.6 points	3.5%	2.9%
Real Estate	XCNY +0.6 points	1.4%	2.0%
Energy	XCNY +0.6 points	3.6%	4.2%

Country, concentration and asset class

Country by domicile

Country weights in DFAE and XCNY, widest gap first
Country	More in DFAEMore in XCNY	DFAE	XCNY
South Korea	DFAE +19.3 points	19.3%	0.0%
China	DFAE +19.1 points	19.1%	0.0%
Taiwan	XCNY +17.3 points	31.7%	49.0%
India	XCNY +10.8 points	13.0%	23.8%
South Africa	XCNY +2.8 points	3.7%	6.5%
Brazil	XCNY +2.3 points	3.8%	6.1%
Mexico	XCNY +1.6 points	1.6%	3.2%
Malaysia	XCNY +1.4 points	1.2%	2.6%
Other countries (13)	XCNY +2.2 points	6.5%	8.7%

Outside the US: DFAE 0% developed, 100% emerging. XCNY 0% developed, 100% emerging.

Concentration

Weight in the 10 largest Holdings

DFAE30.8%
XCNY30.0%

Securities held

DFAE6,091
XCNY1,174

Asset class

DFAE: Equity
XCNY: Equity

Holdings

Only in DFAE5,702
In both389
Only in XCNY785

Only in DFAE

5,702 securities, 66.5% of DFAE by weight

Samsung Electronics Co5.21%
Sk Hynix Inc4.70%
Tencent Holdings Ltd2.02%
Alibaba Group Holding Ltd1.06%
China Construction Bank C0.85%
Samsung Electronics Co Lt0.76%
Industrial & Commercial B0.49%
Bharti Airtel Ltd0.48%
Icici Bank Ltd0.46%
Samsung Electro-Mechanics0.40%
Bank of China Ltd0.39%
Ping An Insurance Group C0.37%
Reliance Industries Ltd0.36%
Alibaba Group Hld0.35%
Hdfc Bank Ltd0.32%
Ase Technology Holding Co0.31%
Al Rajhi Bank0.31%
Xiaomi Corp0.31%
Hdfc Bank Ltd0.29%
Saudi Arabian Oil Co0.28%
Petroleo Brasileiro SA0.28%
Pdd Holdings Inc0.27%
Hana Financial Group Inc0.27%
Meituan0.26%
Petrochina Co Ltd0.26%
Hyundai Motor Co0.25%
Lenovo Group Ltd0.25%
Netease Inc0.24%
Kb Financial Group Inc0.24%
China Merchants Bank Co L0.23%
Vale SA0.22%
Byd Co Ltd0.22%
Anglogold0.22%
Mahindra & Mahindra Ltd0.22%
Grupo Mexico Sab De Cv0.21%
Axis Bank Ltd0.21%
Samsung Sdi Co Ltd0.20%
Grupo Financiero Banorte0.20%
Mtn Group Ltd0.20%
United Microelectronics C0.19%
Standard Bank Group Ltd0.19%
Kuwait Finance House Kscp0.19%
Shinhan Financial Group0.19%
Firstrand Ltd0.18%
The Saudi National Bank0.18%
Zijin Mining Group Co Ltd0.18%
Reliance Industries Ltd0.18%
Agricultural Bank of Chin0.17%
Kotak Mahindra Bank Ltd0.17%
Natl Bk of Kuwait0.16%

Only in XCNY

785 securities, 43.0% of XCNY by weight

Reliance Industries Limited0.95%
Hdfc Bank Limited0.92%
Icici Bank Ltd0.86%
Bharti Airtel Ltd0.64%
Al Rajhi Bank0.55%
Infosys Ltd0.49%
Saudi Arabian Oil Co0.45%
Grupo Mexico Sab De Cv Ser B0.45%
Naspers Ltd N Shs0.43%
Delta Electronics Thai Nvdr0.35%
Otp Bank PLC0.34%
Firstrand Ltd0.34%
Axis Bank Ltd0.34%
Grupo Financiero Banorte O0.33%
The Saudi National Bank0.33%
Mahindra & Mahindra Ltd0.33%
Kuwait Finance House0.32%
Bajaj Finance Ltd0.30%
Kotak Mahindra Bank Ltd0.30%
Capitec Limited0.30%
National Bank of Kuwait0.29%
Eternal Ltd0.29%
Standard Bank Group Ltd0.29%
America Movil Sab De C Ser B0.28%
First Abu Dhabi Bank Pjsc0.26%
Titan Co Ltd0.24%
Mtn Group Ltd0.23%
Emirates Telecom Group Co0.23%
Qatar National Bank0.23%
Saudi Telecom Co0.23%
Fomento Economico Mexica Ubd0.22%
Saudi Arabian Mining Co0.22%
Sun Pharmaceutical Indus0.21%
Southern Copper Corp0.21%
Public Bank Berhad0.20%
Malayan Banking Bhd0.20%
Cemex Sab Cpo0.19%
Hindustan Unilever Ltd0.19%
Bharat Electronics Ltd0.19%
Maruti Suzuki India Ltd0.18%
Bajel Projects Ltd0.18%
Hcl Technologies Ltd0.18%
Sai Life Sciences Ltd0.17%
Laurus Labs Ltd0.17%
Akums Drugs & Pharmaceutical0.17%
Abu Dhabi Commercial Bank0.16%
Adani Ports and Special Econ0.16%
Itausa SA0.16%
Ultratech Cement Ltd0.16%
Hindalco Industries Ltd0.16%

Weight gaps

The 100 widest of 389 Holdings in both funds.

Holding weights in DFAE and XCNY, widest gap first
Holding	More in DFAEMore in XCNY	DFAE	XCNY
Taiwan Semiconductor Manu	XCNY +6.24 points	13.70%	19.94%
Mediatek Inc	XCNY +1.37 points	1.16%	2.53%
Ase Technology Holding Co	XCNY +0.78 points	0.31%	1.09%
Delta Electronics Inc	XCNY +0.70 points	0.56%	1.26%
Credicorp LtdBAP	XCNY +0.39 points	0.12%	0.51%
Vale SA	XCNY +0.39 points	0.05%	0.44%
Petroleo Brasileiro SA	XCNY +0.36 points	0.12%	0.48%
Unimicron Technology Corp	XCNY +0.34 points	0.33%	0.67%
Accton Technology Corp	XCNY +0.33 points	0.23%	0.56%
Nu Holdings Ltd/Cayman IsNU	XCNY +0.32 points	0.15%	0.47%
Hon Hai Precision Industr	XCNY +0.31 points	0.80%	1.11%
United Microelectronics C	XCNY +0.31 points	0.20%	0.52%
Itau Unibanco Holding SA	XCNY +0.30 points	0.15%	0.45%
Tripod Technology Corp	XCNY +0.27 points	0.07%	0.34%
Ctbc Financial Holding Co	XCNY +0.23 points	0.32%	0.55%
Zhen Ding Technology Hold	XCNY +0.22 points	0.11%	0.33%
Nan Ya Plastics Corp	XCNY +0.20 points	0.40%	0.60%
Chunghwa Telecom Co Ltd	XCNY +0.16 points	0.09%	0.25%
Gigabyte Technology Co Lt	XCNY +0.16 points	0.06%	0.22%
Elite Semiconductor Micro	XCNY +0.15 points	0.03%	0.18%
Yuanta Financial Holding	XCNY +0.15 points	0.22%	0.37%
Powszechna Kasa Oszczedno	XCNY +0.14 points	0.16%	0.30%
Fubon Financial Holding C	XCNY +0.14 points	0.35%	0.49%
Realtek Semiconductor Cor	XCNY +0.14 points	0.11%	0.25%
Gold Fields LtdGFI	XCNY +0.13 points	0.24%	0.37%
Cathay Financial Holding	XCNY +0.14 points	0.27%	0.41%
Ts Financial Holding Co	XCNY +0.13 points	0.26%	0.39%
Wiwynn Corp	DFAE +0.13 points	0.19%	0.06%
Tata Consultancy Services	XCNY +0.13 points	0.17%	0.30%
Larsen & Toubro Ltd	XCNY +0.13 points	0.18%	0.31%
Advantech Co Ltd	XCNY +0.12 points	0.09%	0.21%
Asustek Computer Inc	XCNY +0.12 points	0.18%	0.30%
Nanya Technology Corp	XCNY +0.11 points	0.19%	0.30%
Embraer SA	XCNY +0.12 points	0.04%	0.16%
Powertech Technology Inc	XCNY +0.11 points	0.06%	0.17%
Gulf Development Pcl	XCNY +0.12 points	0.04%	0.16%
Ambev SA	XCNY +0.11 points	0.02%	0.13%
E.sun Financial Holding C	XCNY +0.11 points	0.20%	0.31%
Sinopac Financial Holding	XCNY +0.11 points	0.16%	0.27%
Emirates Nbd Bank Pjsc	XCNY +0.11 points	0.13%	0.24%
Bank Central Asia Tbk Pt	XCNY +0.10 points	0.07%	0.17%
Mega Financial Holding Co	XCNY +0.10 points	0.14%	0.24%
Banco Bradesco SA	XCNY +0.10 points	0.06%	0.16%
Lite-On Technology Corp	XCNY +0.10 points	0.14%	0.24%
Cia De Saneamento Basico	XCNY +0.10 points	0.05%	0.15%
Sociedad Quimica Y Minera	XCNY +0.10 points	<0.01%	0.10%
Ntpc Ltd	XCNY +0.09 points	0.09%	0.18%
Nichidenbo Corp	XCNY +0.09 points	<0.01%	0.10%
King Yuan Electronics Co	XCNY +0.09 points	0.09%	0.18%
Bank Rakyat Indonesia Per	XCNY +0.09 points	0.04%	0.13%
Lpp SA	XCNY +0.09 points	0.05%	0.14%
Wt Microelectronics Co Lt	XCNY +0.09 points	0.05%	0.14%
Kasikornbank Pcl	XCNY +0.09 points	0.02%	0.11%
Nuvoton Technology Corp	XCNY +0.08 points	<0.01%	0.08%
Hua Nan Financial Holding	XCNY +0.09 points	0.11%	0.20%
Kgi Financial Holding Co	XCNY +0.09 points	0.16%	0.25%
Banco Btg Pactual SA	XCNY +0.08 points	0.08%	0.16%
Banco De Chile	XCNY +0.08 points	0.01%	0.09%
Novatek Microelectronics	XCNY +0.08 points	0.11%	0.19%
Pan Jit International Inc	XCNY +0.08 points	0.01%	0.09%
Global Unichip Corp	DFAE +0.08 points	0.14%	0.06%
Compeq Manufacturing Co L	XCNY +0.08 points	0.06%	0.14%
Weg SA	XCNY +0.07 points	0.09%	0.16%
Petroleo Brasileiro SA	XCNY +0.07 points	0.34%	0.41%
Micro-Star International	XCNY +0.07 points	0.03%	0.10%
State Bank of India	XCNY +0.06 points	0.14%	0.20%
Sigurd Microelectronics C	XCNY +0.07 points	0.08%	0.15%
Banco Santander Brasil SA	DFAE +0.07 points	0.09%	0.02%
Largan Precision Co Ltd	DFAE +0.06 points	0.15%	0.09%
B3 SA - Brasil Bolsa Balc	XCNY +0.06 points	0.11%	0.17%
Greatek Electronics Inc	XCNY +0.06 points	0.01%	0.07%
Formosa Plastics Corp	XCNY +0.06 points	0.08%	0.14%
Airtac International Grou	XCNY +0.06 points	0.04%	0.10%
Quanta Computer Inc	XCNY +0.06 points	0.24%	0.30%
Allis Electric Co Ltd	XCNY +0.05 points	<0.01%	0.06%
Aurotek Corp	XCNY +0.06 points	<0.01%	0.06%
Bank Polska Kasa Opieki’s	XCNY +0.05 points	0.09%	0.14%
Shanghai Commercial & Sav	XCNY +0.06 points	0.05%	0.11%
Inventec Corp	XCNY +0.06 points	0.04%	0.10%
Da Cin Construction Co Lt	XCNY +0.05 points	<0.01%	0.06%
Bharat Heavy Electricals	XCNY +0.06 points	0.03%	0.09%
Bank Mandiri Persero Tbk	XCNY +0.06 points	0.05%	0.11%
Wisdom Marine Lines Co Lt	XCNY +0.05 points	0.01%	0.06%
Eneva SA	XCNY +0.05 points	0.04%	0.09%
Axia Energia	XCNY +0.05 points	0.07%	0.12%
Kghm Polska Miedz SA	XCNY +0.05 points	0.08%	0.13%
Shinkong Insurance Co Ltd	XCNY +0.05 points	<0.01%	0.05%
Powerchip Semiconductor M	XCNY +0.05 points	0.06%	0.11%
Dubai Electricity & Water	XCNY +0.05 points	0.02%	0.07%
Global Brands Manufacture	XCNY +0.04 points	<0.01%	0.05%
Chicony Electronics Co Lt	XCNY +0.04 points	0.02%	0.06%
Chipmos Technologies Inc	XCNY +0.04 points	0.02%	0.06%
First Financial Holding C	XCNY +0.04 points	0.13%	0.17%
Rede D'or Sao Luiz SA	XCNY +0.04 points	0.03%	0.07%
Tata Motors Passenger Veh	XCNY +0.04 points	0.02%	0.06%
Feng Tay Enterprise Co Lt	XCNY +0.04 points	<0.01%	0.04%
Tong Yang Industry Co Ltd	XCNY +0.04 points	<0.01%	0.05%
Supreme Electronics Co Lt	XCNY +0.05 points	0.01%	0.06%
Flexium Interconnect Inc	XCNY +0.04 points	<0.01%	0.05%
Banco Santander Chile	XCNY +0.05 points	0.01%	0.06%

All 6,147 DFAE holdings⁠All 1,168 XCNY holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DFAE vs XCNY Cost

Overpaying DFAE vs XCNY

$2,000

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

DFAE 0.29%
$5,952
XCNY 0.19%
$3,952

Amount$10,000

Years30 years

Cost over time

DFAE 0.29%
XCNY 0.19%
Overpaying

Year by year

Year	DFAE	XCNY	Overpaying
10	$527	$347	$180
20	$2,044	$1,351	$693
30	$5,952	$3,952	$2,000

Expense ratio

0.29%DFAE
0.19%XCNY, cheaper

XCNY0.19%DFAE0.29%

0.06%0.29%

Middle half of Emerging Markets Total Market funds
Median 0.07%

XCNY 4th cheapest of 5 funds

DFAE 5th cheapest of 5 funds

DFAE vs XCNY Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DFAE 2.05%; XCNY 2.38%, better
Payout (12M): DFAE $0.74; XCNY $0.75
Last payment: DFAE $0.27; XCNY $0.28
Ex-dividend: DFAE Sep 22, 2026; XCNY Jun 22, 2026
Paid on: DFAE Sep 24, 2026; XCNY Jun 26, 2026
Frequency: DFAE Quarterly; XCNY Twice a year

Distribution history

Per share, 2020 to 2026, same scale for both

DFAEQuarterly · 24 paymentsAll DFAE payments⁠

XCNYTwice a year · 5 paymentsAll XCNY payments⁠

DFAE vs XCNY Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DFAE 15.7%XCNY 14.9%since Oct 2024
Return per unit of riskSharpe ratio, 3 years: DFAE 1.01XCNY 0.58since Oct 2024
Worst fallMax drawdown, 5 years: DFAE −29.1%XCNY −19.4%since Sep 2024
Market sensitivityBeta, 5 years: DFAE 1.10XCNY 0.77; Market = 1

Popular comparisons

DFAECvsVWOA
Dimensional Emerging Core Equity Market ETF · Vanguard FTSE Emerging Markets ETF
Expense ratio
0.29% · 0.06%
Category
XCNYCvsVWOA
State Street SPDR S&P Emerging Markets ex-China ETF · Vanguard FTSE Emerging Markets ETF
Expense ratio
0.19% · 0.06%
Category
DFAECvsSCHEA
Dimensional Emerging Core Equity Market ETF · Schwab Emerging Markets Equity ETF
Expense ratio
0.29% · 0.06%
Category
XCNYCvsSCHEA
State Street SPDR S&P Emerging Markets ex-China ETF · Schwab Emerging Markets Equity ETF
Expense ratio
0.19% · 0.06%
Category
DFAECvsSPEMB
Dimensional Emerging Core Equity Market ETF · State Street SPDR Portfolio Emerging Markets ETF
Expense ratio
0.29% · 0.07%
Category
XCNYCvsSPEMB
State Street SPDR S&P Emerging Markets ex-China ETF · State Street SPDR Portfolio Emerging Markets ETF
Expense ratio
0.19% · 0.07%
Category