DFAI vs QEFA: Grades, Fees and Holdings Compared

Dimensional International Core Equity Market ETF

DFAIANYSE Arca

State Street SPDR MSCI EAFE StrategicFactors ETF

QEFABNYSE Arca

Overlap

53.9%by weight

Expense ratio

DFAI −0.12pt a year

DFAI0.18%QEFA0.30%

Avg volume · 30D

DFAI 60.6×the volume

DFAI1.83MQEFA30.1K

5Y return · a year

DFAI +0.9pt

DFAI+9.1%QEFA+8.2%

DFAI vs QEFA Performance

Nov 5, 2021 – Nov 5, 2026

+54.7%DFAI+48.3%QEFA

Expense ratio: DFAI 0.18%, better; QEFA 0.30%
Fund size: DFAI $18.3B; QEFA $1.05B
1Y total return: DFAI +15.4%; QEFA +17.2%, better
Yield (12M): DFAI 2.46%; QEFA 2.73%, better
Holdings: DFAI 3762; QEFA 637
Avg volume (30D): DFAI 1.83M sh, better; QEFA 30.1K sh
NAV per share: DFAI $41.71; QEFA $101.28
52W range

ETF.net Grade

Pillar letters and Scores for DFAI, QEFA, with each pillar’s weight
Pillar	DFAI	QEFA
Cost30% weight	A91Higher	B59
Mission25% weight	B62	A98Higher
Risk15% weight	C51	B68Higher
Tradability15% weight	A81Higher	A74
Holdings10% weight	A80Higher	B60
Durability5% weight	A71	A77Higher

Rank among International Multifactor funds

How we build Categories ›

Same Category. DFAI and QEFA are both graded against the same 30 International Multifactor funds, so their Grades compare head to head.

International Multifactor⁠

Category · 30 funds

See all 30 ›

DFAI ranks 2nd and QEFA 9th of 30 funds in the International Multifactor Category.

Rank 1AGSWOGoldman Sachs ActiveBeta World Equity ETFScore 79
Rank 2ADFAIDimensional International Core Equity Market ETFScore 78
Rank 2AINTFiShares International Equity Factor ETFScore 78
Rank 9BFENIFidelity Enhanced International ETFScore 65
Rank 9BQEFAState Street SPDR MSCI EAFE StrategicFactors ETFScore 65
Rank 11BDEEFXtrackers FTSE Developed ex US Multifactor ETFScore 64

Our read on each fund

ETF.net Research

DFAIADimensional International Core Equity Market ETF

QEFABState Street SPDR MSCI EAFE StrategicFactors ETF

In short

DFAI Dimensional's take on developed markets outside the US: several thousand stocks, plus deliberate leans toward cheaper and more profitable companies. Index-fund breadth with a research desk setting the weights, priced above the plain vanilla crowd.

QEFA One ticker, three factors. QEFA holds developed-market stocks outside the US through a single MSCI index that blends low volatility, quality and value, so you don't have to pick a lane or bolt three funds together.

Stated mandate

DFAI The fund seeks long-term capital appreciation through an integrated approach combining research, portfolio design, portfolio management, and trading.

QEFA The fund seeks to track the MSCI EAFE Factor Mix A-Series Index, using a Smart Beta strategy that combines low-volatility, quality, and value exposures.

Why people hold it

DFAI Holds several thousand developed-market stocks outside the US, so no single name, sector or country steers the fund.
The tilts are in the mandate, not the marketing: it leans toward cheaper stocks and more profitable companies while still owning the broad market.
Portfolio construction is one of the stronger builds in its peer group, and the fund is a multi-billion-dollar, actively traded name that pays quarterly.

QEFA Combines low volatility, quality and value in one MSCI index instead of leaving you to buy and rebalance three single-factor funds.ssga.com
0.30% a year undercuts the typical fund in its international multifactor group, and the portfolio spreads across roughly 600 developed-market stocks.
Tracks its index tightly, one of the cleaner implementations in its peer group, and it has been running as a multi-billion-dollar fund since 2014.

Worth knowing

DFAI At 0.18% it costs many times what plain cap-weighted rivals like VEA, SPDW and SCHF charge. The tilts are what the extra buys.
MSCI World ex USA IMI is the yardstick, not a leash. Dimensional builds the portfolio its own way, so it can look and behave differently from that index.
Launched in late 2020, so its live record is shorter than the index giants', and on the whole package it lands in the lower half of its developed-core cohort.

QEFA Thinly traded for its size. Spreads can widen during US hours, when the European and Japanese markets its stocks trade on are closed.
Cheaper seats in the same aisle: INTF charges 0.16% and FDEV 0.18%.
EAFE is developed markets only. No US stocks, no emerging markets, and payouts arrive once or twice a year rather than quarterly.

Full DFAI profile⁠

Full QEFA profile⁠

DFAI vs QEFA Holdings

How DFAI and QEFA differ

Overlap by weight

53.9%

Shared holdings make up 95.0% of QEFA and 65.6% of DFAI.

Level by level

Holdings562 in both53.9%
Countryby domicile87.6%
Sector11 Sectors87.7%
Asset classStocks100%

Sector

Sector weights in DFAI and QEFA, widest gap first
Sector	Gap	DFAI	QEFA
Health Care	QEFA +5.2 points	8.7%	13.9%
Materials	DFAI +4.2 points	8.9%	4.7%
Consumer Staples	QEFA +3.7 points	6.2%	9.9%
Financials	DFAI +3.5 points	24.6%	21.1%
Technology	DFAI +1.7 points	10.5%	8.8%
Industrials	DFAI +1.5 points	17.7%	16.2%
Energy	DFAI +1.3 points	7.1%	5.8%
Communication	QEFA +1.2 points	3.6%	4.8%
Consumer Discretionary	QEFA +1.1 points	7.7%	8.8%
Utilities	QEFA +0.9 points	3.7%	4.6%
Real Estate	QEFA +0.3 points	1.2%	1.5%

Country, concentration and asset class

Country by domicile

Country weights in DFAI and QEFA, widest gap first
Country	Gap	DFAI	QEFA
Canada	DFAI +11.2 points	11.2%	0.0%
Switzerland	QEFA +3.8 points	8.8%	12.6%
United Kingdom	QEFA +2.4 points	11.8%	14.2%
Singapore	QEFA +1.2 points	1.4%	2.6%
Hong Kong	QEFA +1.0 points	1.4%	2.4%
France	QEFA +0.7 points	6.6%	7.3%
Israel	QEFA +0.7 points	1.2%	1.9%
Denmark	QEFA +0.6 points	1.5%	2.1%
Other countries (19)	QEFA +0.9 points	56.1%	57.0%

Outside the US: DFAI 99% developed, 1% emerging. QEFA 98% developed, 2% emerging.

Concentration

Weight in the 10 largest Holdings

DFAI9.6%
QEFA15.4%

Securities held

DFAI3,743
QEFA624

Asset class

DFAI: Stocks
QEFA: Stocks

Holdings

Only in DFAI3,181
In both562
Only in QEFA62

Only in DFAI

3,181 securities, 34.0% of DFAI by weight

Asml Holding NV1.69%
Novartis AG Adr0.71%
Royal Bank of Canada0.65%
Toronto-Dominion Bank0.53%
Canadian Natural Resource0.36%
Bank of Nova Scotia/The0.35%
Suncor Energy Inc.0.34%
Royal Bank of Canada0.32%
Enbridge Inc0.28%
Agnico Eagle Mines Ltd0.27%
Banco Bilbao Vizcaya Arge0.26%
Bank of Montreal0.26%
Tesco PLC0.24%
Compass Group PLC0.24%
Dhl AG0.24%
Ubs Group AG0.23%
Barrick Mining Corp0.21%
Canadian Imperial Bank of0.21%
Shopify Inc0.21%
Shopify Inc- Class A0.21%
National Bank of Canada0.20%
Brookfield Corp0.19%
Dollarama Inc0.19%
Fairfax Financial Holding0.19%
Canadian National Railway0.18%
Bhp Group Ltd0.18%
Intact Financial Corp0.17%
Alimentation Couche0.17%
Canadian Pacific Kansas C0.16%
Sunbelt Rentals Holdings0.16%
Deutsche Bank AG0.16%
Toronto-Dominion Bank/The0.15%
Swiss Life Holding AG0.15%
Manulife Financial Corp0.15%
Canadian Imperial Bank of0.14%
Bank of Montreal0.14%
Wheaton Precious Metals C0.14%
Ferrari NV0.13%
Sun Life Financial Inc0.13%
Waste Connections Inc0.13%
Banco Santander SA0.13%
Nutrien Ltd0.12%
Constellation Software In0.12%
Tc Energy Corp0.12%
Sumitomo Mitsui Financial0.12%
Alcon Inc0.12%
Michelin0.11%
Swedbank Ab0.11%
Commerzbank Ag-Tend0.11%
Manulife Financial Corp0.11%

Only in QEFA

62 securities, 4.8% of QEFA by weight

Compass Group PLC0.48%
Tesco PLC0.30%
Helvetia Baloise Holding AG0.26%
3I Group PLC0.24%
Groupe Bruxelles Lambert NV0.22%
Japan Post Bank Co Ltd0.21%
Nippon Yusen Kk0.20%
Generali0.19%
Investor Ab B Shs0.19%
Nippon Building Fund Inc0.18%
Kyocera Corp0.18%
Dhl AG0.16%
Check Point Software Tech0.15%
Stellantis NV0.14%
Kawasaki Kisen Kaisha Ltd0.13%
Nordea Bank Abp0.12%
Ryanair Holdings PLC0.08%
Mitsubishi Hc Capital Inc0.08%
Michelin (Cgde)0.08%
Swedbank Ab A Shares0.07%
Dassault Systemes SE0.07%
Jardine Matheson Holdings0.07%
Orix Corp0.06%
Yangzijiang Shipbuilding0.06%
Sino Land Co0.05%
Softbank Group Corp0.05%
Recordati Industria Chimica0.05%
Exor NV0.04%
Securitas Ab B Shs0.04%
Heineken Holding NV0.04%
Stmicroelectronics NV0.04%
Swiss Life Holding AG Reg0.04%
Hennes & Mauritz Ab B Shs0.03%
Spotify Technology SA0.03%
Upm Kymmene Oyj0.03%
Scentre Group0.03%
Futu Holdings Ltd Adr0.03%
Klepierre0.03%
Industrivarden Ab C Shs0.02%
Intl Consolidated Airline Di0.02%
Link Reit0.02%
Unibail Rodamco Westfield0.02%
Magnum Ice Cream Co Nv/The0.02%
Hongkong Land Holdings Ltd0.02%
Segro PLC0.02%
Sumitomo Metal Mining Co Ltd0.02%
Capitaland Integrated Commer0.02%
Goodman Group0.02%
Land Securities Group PLC0.02%
Tenaris SA0.02%

Weight gaps

The 100 widest of 562 Holdings in both funds.

Holding weights in DFAI and QEFA, widest gap first
Holding	Gap	DFAI	QEFA
Novartis AG	QEFA +1.83 points	0.29%	2.12%
Asml Holding NV	QEFA +1.48 points	0.36%	1.84%
Astrazeneca PLCAZN.L	QEFA +0.89 points	0.86%	1.75%
Roche Holding AG	QEFA +0.86 points	1.18%	2.04%
Unilever PLCULVR.L	QEFA +0.83 points	0.41%	1.24%
Nestle SA	QEFA +0.74 points	0.92%	1.66%
Zurich Insurance Group AG	QEFA +0.68 points	0.37%	1.05%
Sap SE	QEFA +0.66 points	0.59%	1.25%
Novo Nordisk A/S	QEFA +0.55 points	0.30%	0.85%
Secom Co Ltd	QEFA +0.53 points	0.07%	0.60%
Equinor Asa	QEFA +0.50 points	0.12%	0.62%
Takeda Pharmaceutical Co	QEFA +0.48 points	0.23%	0.71%
Allianz SE	QEFA +0.45 points	0.64%	1.09%
British American TobaccoBATS.L	QEFA +0.43 points	0.35%	0.78%
Gsk PLCGSK.L	QEFA +0.43 points	0.37%	0.80%
Sampo PLC	QEFA +0.43 points	0.12%	0.55%
Air Liquide SA	QEFA +0.42 points	0.37%	0.79%
Eni Spa	QEFA +0.42 points	0.22%	0.64%
Abb Ltd	QEFA +0.42 points	0.33%	0.75%
L'oreal SA	QEFA +0.41 points	0.31%	0.72%
Swisscom AG	QEFA +0.39 points	0.14%	0.53%
Obic Co Ltd	QEFA +0.39 points	0.04%	0.43%
Industria De Diseno Texti	QEFA +0.38 points	0.24%	0.62%
Iberdrola SA	QEFA +0.37 points	0.39%	0.76%
Ferrari NV	QEFA +0.36 points	0.01%	0.37%
Bhp Group Ltd	QEFA +0.35 points	0.56%	0.91%
Clp Holdings Ltd	QEFA +0.35 points	0.05%	0.40%
Hsbc Holdings PLCHSBA.L	DFAI +0.34 points	0.98%	0.64%
Siemens AG	DFAI +0.34 points	0.57%	0.23%
Oversea-Chinese Banking C	QEFA +0.33 points	0.22%	0.55%
Muenchener Rueckversicher	QEFA +0.33 points	0.30%	0.63%
Ntt Inc	QEFA +0.32 points	0.10%	0.42%
Safran SA	DFAI +0.32 points	0.38%	0.06%
Boc Hong Kong Holdings Lt	QEFA +0.31 points	0.08%	0.39%
Power Assets Holdings Ltd	QEFA +0.31 points	0.04%	0.35%
Hitachi Ltd	DFAI +0.30 points	0.44%	0.14%
Lvmh Moet Hennessy Louis	QEFA +0.30 points	0.21%	0.51%
Swiss Prime Site AG	QEFA +0.30 points	0.06%	0.36%
Dbs Group Holdings Ltd	QEFA +0.30 points	0.36%	0.66%
Siemens Energy AG	DFAI +0.30 points	0.32%	0.02%
Fast Retailing Co Ltd	QEFA +0.28 points	0.28%	0.56%
Mitsubishi Ufj Financial	DFAI +0.28 points	0.74%	0.46%
Softbank Corp	QEFA +0.28 points	0.16%	0.44%
Japan Tobacco Inc	QEFA +0.28 points	0.16%	0.44%
Bae Systems PLCBA.L	QEFA +0.28 points	0.21%	0.49%
Wesfarmers Ltd	QEFA +0.26 points	0.21%	0.47%
East Japan Railway Co	QEFA +0.26 points	0.09%	0.35%
Bank Hapoalim Bm	QEFA +0.25 points	0.13%	0.38%
Koninklijke Ahold Delhaiz	QEFA +0.25 points	0.14%	0.39%
Keyence Corp	QEFA +0.25 points	0.17%	0.42%
Csl Ltd	QEFA +0.25 points	0.11%	0.36%
Shionogi & Co Ltd	QEFA +0.24 points	0.07%	0.31%
Kddi Corp	QEFA +0.24 points	0.20%	0.44%
Singapore Exchange Ltd	QEFA +0.24 points	0.06%	0.30%
Tryg A/S	QEFA +0.24 points	0.03%	0.27%
Totalenergies SE	QEFA +0.23 points	0.67%	0.90%
Central Japan Railway Co	QEFA +0.23 points	0.08%	0.31%
Aia Group Ltd	DFAI +0.23 points	0.32%	0.09%
Advantest Corp	QEFA +0.23 points	0.57%	0.80%
Medibank Pvt Ltd	QEFA +0.22 points	0.04%	0.26%
Deutsche Boerse AG	QEFA +0.22 points	0.26%	0.48%
Kone Oyj	QEFA +0.21 points	0.09%	0.30%
Recruit Holdings Co Ltd	QEFA +0.22 points	0.54%	0.76%
Orange SA	QEFA +0.22 points	0.18%	0.40%
Schindler Holding AG	QEFA +0.22 points	0.04%	0.26%
Airbus SE	QEFA +0.21 points	0.35%	0.56%
Honda Motor Co Ltd	QEFA +0.21 points	0.09%	0.30%
Poste Italiane Spa	QEFA +0.20 points	0.10%	0.30%
Bridgestone Corp	QEFA +0.20 points	0.12%	0.32%
United Overseas Bank Ltd	QEFA +0.20 points	0.12%	0.32%
Lonza Group AG	DFAI +0.20 points	0.24%	0.04%
Kao Corp	QEFA +0.19 points	0.10%	0.29%
Omv AG	QEFA +0.19 points	0.06%	0.25%
Infineon Technologies AG	DFAI +0.19 points	0.24%	0.05%
Transurban Group	QEFA +0.19 points	0.09%	0.28%
Elbit Systems Ltd	QEFA +0.18 points	0.02%	0.20%
Relx PLCREL.L	QEFA +0.18 points	0.23%	0.41%
Roche Holding AG	QEFA +0.19 points	0.03%	0.22%
Daito Trust Construction	QEFA +0.19 points	0.03%	0.22%
Otsuka Holdings Co Ltd	QEFA +0.18 points	0.11%	0.29%
Canon Inc	QEFA +0.18 points	0.07%	0.25%
Teva Pharmaceutical IndusTEVA	QEFA +0.18 points	0.07%	0.25%
Otsuka Corp	QEFA +0.17 points	0.03%	0.20%
Verbund AG	QEFA +0.17 points	0.02%	0.19%
Commonwealth Bank of Aust	DFAI +0.17 points	0.51%	0.34%
Kioxia Holdings Corp	DFAI +0.16 points	0.18%	0.02%
Koninklijke Kpn NV	QEFA +0.17 points	0.11%	0.28%
Mizuho Financial Group In	DFAI +0.16 points	0.34%	0.18%
Astellas Pharma Inc	QEFA +0.17 points	0.13%	0.30%
Nomura Research Institute	QEFA +0.16 points	0.06%	0.22%
Rio Tinto PLCRIO.L	QEFA +0.16 points	0.27%	0.43%
Schneider Electric SE	QEFA +0.16 points	0.38%	0.54%
Sanofi	QEFA +0.16 points	0.30%	0.46%
Hkt Trust & Hkt Ltd	QEFA +0.15 points	0.03%	0.18%
Anglo American Ord NpvAAL.L	DFAI +0.16 points	0.19%	0.03%
Nintendo Co Ltd	QEFA +0.15 points	0.12%	0.27%
Swire Pacific Ltd	QEFA +0.15 points	0.01%	0.16%
Hoya Corp	QEFA +0.15 points	0.19%	0.34%
Telstra Corp Ltd	QEFA +0.15 points	0.05%	0.20%
Danone SA	QEFA +0.15 points	0.18%	0.33%

All 3,869 DFAI holdings⁠All 624 QEFA 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.

DFAI vs QEFA Cost

Overpaying QEFA vs DFAI

$2,400

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

DFAI 0.18%
$3,749
QEFA 0.30%
$6,149

Amount$10,000

Years30 years

Cost over time

DFAI 0.18%
QEFA 0.30%
Overpaying

Year by year

Year	DFAI	QEFA	Overpaying
10	$328	$545	$217
20	$1,281	$2,113	$832
30	$3,749	$6,149	$2,400

Expense ratio

0.18%DFAI, cheaper
0.30%QEFA

DFAI0.18%QEFA0.30%

0.15%0.80%

Middle half of International Multifactor funds
Median 0.34%

DFAI 3rd cheapest of 30 funds

QEFA 12th cheapest of 30 funds

DFAI vs QEFA Dividends

Last 12 months to Nov 5, 2026

Yield (12M): DFAI 2.46%; QEFA 2.73%, better
Payout (12M): DFAI $1.01; QEFA $2.74
Last payment: DFAI $0.18; QEFA $1.50
Ex-dividend: DFAI Sep 22, 2026; QEFA Jun 1, 2026
Paid on: DFAI Sep 24, 2026; QEFA Jun 5, 2026
Frequency: DFAI Quarterly; QEFA Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

DFAIQuarterly · 24 paymentsAll DFAI payments⁠

QEFATwice a year · 19 paymentsAll QEFA payments⁠

DFAI vs QEFA Risk

Fall from peak · 5 years

DFAI
QEFA

Risk facts

VolatilityStd dev, 3 years: DFAI 11.6%QEFA 11.0%, better
Return per unit of riskSharpe ratio, 3 years: DFAI 1.33, betterQEFA 1.22
Worst fallMax drawdown, 5 years: DFAI −27.4%QEFA −27.3%, better
Market sensitivityBeta, 5 years: DFAI 0.91QEFA 0.80; Market = 1

DFAI and QEFA in the news

All news⁠

New ETFs
Avantis Investors' Avantis U.S. Core Equity ETF AVUC overlaps a fund it already runs
Oct 16, 2026DFAI

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DFAI vs QEFA

In short

Stated mandate

Why people hold it

Worth knowing

How DFAI and QEFA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DFAI

Only in QEFA

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Avantis Investors' Avantis U.S. Core Equity ETF AVUC overlaps a fund it already runs

How DFAI and QEFA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DFAI

Only in QEFA

Weight gaps