DFAL vs TVAL: Grades, Fees and Holdings Compared

Dimensional US Large Cap Core Equity Market ETF

DFALACboe

T. Rowe Price Value ETF

TVALANYSE Arca

Overlap

16.8%by weight

Expense ratio

DFAL −0.21pt a year

DFAL0.12%TVAL0.33%

Avg volume · 30D

DFAL 1.6×the volume

DFAL162KTVAL102K

DFAL vs TVAL Performance

Jul 31, 2026 – Oct 30, 2026

+1.7%DFAL+2.5%TVAL

Expense ratio: DFAL 0.12%, better; TVAL 0.33%
Fund size: DFAL $1.7B; TVAL $1.12B
1Y total return: DFAL No data; TVAL +28.7%
Yield (12M): DFAL No data; TVAL 0.93%
Holdings: DFAL 531; TVAL 142
Avg volume (30D): DFAL 162K sh, better; TVAL 102K sh
NAV per share: DFAL $51.15; TVAL $43.67
52W range

ETF.net Grade

Pillar letters and Scores for DFAL, TVAL, with each pillar’s weight
Pillar	DFAL	TVAL
Cost30% weight	A93Higher	A81
Mission25% weight	Not scored	Not scored
Risk15% weight	B64	A71Higher
Tradability15% weight	A72Higher	B56
Holdings10% weight	B61	A74Higher
Durability5% weight	B59	B66Higher

Rank among US Active Contrarian Value funds

How we build Categories ›

Same Category. DFAL and TVAL are both graded against the same 8 US Active Contrarian Value funds, so their Grades compare head to head.

US Active Contrarian Value⁠

Category · 8 funds

See all 8 ›

DFAL ranks 1st and TVAL 2nd of 8 funds in the US Active Contrarian Value Category.

Rank 1ADFALDimensional US Large Cap Core Equity Market ETFScore 76
Rank 2ATVALT. Rowe Price Value ETFScore 72
Rank 3BCSTKInvesco Comstock Contrarian Equity ETFScore 65

Our read on each fund

ETF.net Research

DFALADimensional US Large Cap Core Equity Market ETF

TVALAT. Rowe Price Value ETF

In short

DFAL No data

TVAL T. Rowe Price's value discipline in an ETF wrapper since 2023: roughly 150 hand-picked large-cap names judged undervalued on multiple financial measures, benchmarked to the Russell 1000 Value, at about half the fee of the typical active equity ETF.

Stated mandate

DFAL No data

TVAL The fund seeks long-term capital appreciation through an actively managed portfolio primarily invested in common stocks.

Why people hold it

DFAL No data

TVAL 0.33% a year, roughly half the median for active US equity ETFs. Real stock picking without the classic active price tag.troweprice.com
Genuine conviction, not closet indexing: about 150 large-cap, value-oriented stocks chosen by fundamental research, measured against the Russell 1000 Value.troweprice.com
Sits in the top tier of a peer group of hundreds of active US equity ETFs, one of the stronger all-round builds in a crowded aisle.

Worth knowing

DFAL No data

TVAL Cheap for an active fund, not cheap outright. Systematic peers like DFAU (0.12%) and AVLC (0.15%) cover US equity for less than half the cost.
Launched in 2023, so the ETF's own record is short next to the long-running value funds it competes with.troweprice.com
Built for long-term capital growth, not a paycheck: distributions are annual, and the fund discloses that part of a payout can be return of capital.

Full DFAL profile⁠

Full TVAL profile⁠

DFAL vs TVAL Holdings

How DFAL and TVAL differ

Overlap by weight

16.8%

Shared holdings make up 52.7% of TVAL and 17.0% of DFAL.

Level by level

Holdings93 in both16.8%
Sector11 Sectors75.6%
Countryby domicile96.4%
Asset classEquity100%

Sector

Sector weights in DFAL and TVAL, widest gap first
Sector	More in DFALMore in TVAL	DFAL	TVAL
Technology	DFAL +17.4 points	39.3%	21.9%
Communication	DFAL +6.9 points	8.9%	2.0%
Financials	TVAL +6.1 points	12.0%	18.1%
Health Care	TVAL +4.4 points	9.5%	13.9%
Energy	TVAL +3.3 points	4.3%	7.6%
Consumer Staples	TVAL +2.5 points	4.6%	7.1%
Real Estate	TVAL +2.3 points	0.2%	2.5%
Utilities	TVAL +2.0 points	2.0%	4.0%
Consumer Discretionary	TVAL +1.5 points	8.9%	10.4%
Industrials	TVAL +1.3 points	8.3%	9.6%
Materials	TVAL +0.9 points	2.1%	3.0%

Country, concentration and asset class

Country by domicile

Country weights in DFAL and TVAL, widest gap first
Country	More in DFALMore in TVAL	DFAL	TVAL
United States	DFAL +3.5 points	99.3%	95.8%
Switzerland	TVAL +1.2 points	0.3%	1.5%
United Kingdom	TVAL +0.8 points	0.1%	0.9%
France	TVAL +0.7 points	0.0%	0.7%
Other countries (5)	TVAL +0.8 points	0.3%	1.1%

Concentration

Weight in the 10 largest Holdings

DFAL34.8%
TVAL30.1%

Securities held

DFAL530
TVAL140

Asset class

DFAL: Equity
TVAL: Equity

Holdings

Only in DFAL437
In both93
Only in TVAL47

Only in DFAL

437 securities, 82.9% of DFAL by weight

Apple Inc.6.98%
NVIDIA Corp6.88%
Microsoft Corp5.54%
Amazon.com Inc.3.48%
Broadcom Inc2.30%
Alphabet Inc - Class A2.21%
Meta Platforms Inc1.98%
Micron Technology Inc.1.92%
Alphabet Inc1.78%
Eli Lilly and Company1.69%
Tesla Inc1.63%
JPMorgan Chase & Co1.42%
Advanced Micro Devices1.29%
Exxonmobil Holdings Corp1.24%
Visa Inc1.18%
Johnson & Johnson0.92%
Walmart Inc.0.87%
Mastercard Inc - A0.79%
AbbVie Inc.0.69%
Costco Wholesale Corp.0.57%
Home Depot Inc0.55%
UnitedHealth Group Inc.0.55%
Coca Cola Co.0.49%
General Electric Company0.46%
Lam Research Corp0.45%
Palantir Technologies Inc0.45%
Texas Instruments Inc.0.45%
International Business Ma0.44%
Goldman Sachs Group Inc.0.42%
Caterpillar Inc.0.41%
Kla Corp0.40%
Gilead Sciences Inc0.35%
Morgan Stanley0.34%
Rtx Corp0.34%
Verizon Communications0.33%
Amphenol Corp Class A0.32%
Palo Alto Networks Inc0.31%
Thermo Fisher Scientific.0.31%
American Express Co.0.30%
Salesforce Inc0.30%
Pepsico Inc.0.30%
Union Pac Corp.0.29%
Arista Networks Inc0.29%
General Motors0.28%
Seagate Technology Hold0.28%
Pfizer Inc.0.26%
Walt Disney Co/The0.25%
Sandisk Corp/De0.25%
Ge Vernova Llc0.25%
Abbott Laboratories0.25%

Only in TVAL

47 securities, 47.1% of TVAL by weight

Amazon.com Inc Common Stock USD.016.07%
Apple Inc Common Stock USD.000015.92%
Microsoft Corp Common Stock USD.000006255.42%
Exxonmobil Holdings Corp Common Stock2.17%
JPMorgan Chase & Co Common Stock USD1.01.88%
Johnson & Johnson Common Stock USD1.01.84%
UnitedHealth Group Inc Common Stock USD.011.43%
Gilead Sciences Inc Common Stock USD.0011.35%
BlackRock Inc Common Stock USD.011.07%
Stanley Black & Decker Inc Common Stock USD2.50.99%
Boeing Co/The Common Stock USD5.00.86%
Thermo Fisher Scientific Inc Common Stock USD1.00.85%
McDonald’s Corp Common Stock USD.010.85%
Visa Inc Class A Shares Common Stock USD.00010.79%
Walt Disney Co/The Common Stock USD.010.78%
AbbVie Inc Common Stock USD.010.76%
Home Depot Inc Common Stock USD.050.74%
Advanced Micro Devices Common Stock USD.010.73%
Walmart Inc Common Stock USD.10.69%
Meta Platforms Inc Class A Common Stock USD.0000060.68%
Totalenergies SE Common Stock0.67%
Vivmark Residential Reit USD.010.65%
Morgan Stanley Common Stock USD.010.63%
Coca Cola Co/The Common Stock USD.250.61%
Salesforce Inc Common Stock USD.0010.60%
Texas Instruments Inc Common Stock USD1.00.57%
Public Storage Reit USD.10.53%
Rtx Corp Common Stock USD1.00.49%
Astrazeneca PLC Common Stock0.47%
Equitable Holdings Inc Common Stock USD.010.46%
Unilever PLC Sponsored Adr Adr0.45%
General Electric Common Stock USD.010.43%
Goldman Sachs Group Inc Common Stock USD.010.42%
Rexford Industrial Realty In Reit USD.010.39%
Agco Corp Common Stock USD.010.38%
Taiwan Semiconductor Sp Adr Adr0.37%
Allstate Corp Common Stock USD.010.36%
Skyworks Solutions Inc Common Stock USD.250.35%
Rpm International Inc Common Stock USD.010.34%
Nextera Energy Inc Common Stock USD.010.30%
American Express Co Common Stock USD.20.29%
Prologis Inc Reit USD.010.26%
Ventas Inc Reit USD.250.26%
Intl Business Machines Corp Common Stock USD.20.25%
Verizon Communications Inc Common Stock USD.10.25%
Siemens AG Spons Adr Adr0.24%
Ge Vernova Inc Common Stock USD.010.16%

Weight gaps

All 93 Holdings in both funds, largest gap first.

Holding weights in DFAL and TVAL, widest gap first
Holding	More in DFALMore in TVAL	DFAL	TVAL
ConocophillipsCOP	TVAL +1.65 points	0.34%	1.99%
Csx CorpCSX	TVAL +1.37 points	0.17%	1.54%
Chubb LimitedCB	TVAL +1.34 points	0.17%	1.51%
Colgate-Palmolive CoCL	TVAL +1.18 points	0.14%	1.32%
The Charles Schwab Corp.SCHW	TVAL +1.15 points	0.23%	1.38%
Procter & Gamble Co/ThePG	TVAL +1.15 points	0.57%	1.72%
The Southern CompanySO	TVAL +1.14 points	0.14%	1.28%
Elevance Health IncELV	TVAL +1.12 points	0.12%	1.24%
U.s. BancorpUSB	TVAL +1.04 points	0.13%	1.17%
New Linde PLCLIN	TVAL +1.00 points	0.36%	1.36%
Philip Morris IntlPM	TVAL +0.99 points	0.43%	1.42%
Metlife Inc.MET	TVAL +0.91 points	0.15%	1.06%
Cvs Health CorpCVS	TVAL +0.75 points	0.15%	0.90%
Wells Fargo & Co.WFC	TVAL +0.75 points	0.34%	1.09%
Ameren Corp.AEE	TVAL +0.74 points	0.05%	0.79%
Cisco Systems Inc.CSCO	TVAL +0.74 points	0.61%	1.35%
Fortive CorporationFTV	TVAL +0.72 points	0.02%	0.74%
Intel CorpINTC	TVAL +0.71 points	0.52%	1.23%
L3HARRIS Technologies IncLHX	TVAL +0.69 points	0.10%	0.79%
Merck & Company IncMRK	TVAL +0.65 points	0.50%	1.15%
Ulta Beauty IncULTA	TVAL +0.62 points	0.06%	0.68%
Citigroup Inc.C	TVAL +0.61 points	0.28%	0.89%
Capital One FinancialCOF	TVAL +0.58 points	0.17%	0.75%
Teledyne Technologies IncTDY	TVAL +0.56 points	0.06%	0.62%
Cf Industries HoldingsCF	TVAL +0.53 points	0.05%	0.58%
Slb LtdSLB	TVAL +0.50 points	0.16%	0.66%
Viatris IncVTRS	TVAL +0.46 points	0.04%	0.50%
Mondelez IntlMDLZ	TVAL +0.45 points	0.15%	0.60%
Waters Corp.WAT	TVAL +0.44 points	0.08%	0.52%
Qualcomm Inc.QCOM	TVAL +0.42 points	0.32%	0.74%
Huntington BancsharesHBAN	TVAL +0.41 points	0.06%	0.47%
Keysight Technologies IncKEYS	TVAL +0.42 points	0.10%	0.52%
Middleby CorpMIDD	TVAL +0.41 points	<0.01%	0.41%
Sempra EnergySRE	TVAL +0.37 points	0.10%	0.47%
Entergy CorpETR	TVAL +0.37 points	0.09%	0.46%
Parker-Hannifin CorpPH	TVAL +0.34 points	0.16%	0.50%
Te Connectivity PLCTEL	TVAL +0.31 points	0.15%	0.46%
East West Bancorp IncEWBC	TVAL +0.31 points	0.01%	0.32%
Deere & Co.DE	TVAL +0.31 points	0.24%	0.55%
International PaperIP	TVAL +0.30 points	0.03%	0.33%
Marriott Intl Class AMAR	TVAL +0.29 points	0.11%	0.40%
Expand Energy CorpEXE	TVAL +0.27 points	0.05%	0.32%
Us Foods Holding CorpUSFD	TVAL +0.27 points	0.05%	0.32%
Hca Healthcare IncHCA	TVAL +0.26 points	0.10%	0.36%
Freeport-Mcmoran Inc.FCX	TVAL +0.26 points	0.13%	0.39%
Equinix IncEQIX	TVAL +0.25 points	0.04%	0.29%
Quest Diagnostics Inc.DGX	TVAL +0.25 points	0.06%	0.31%
Tenet Healthcare Corp.THC	TVAL +0.24 points	0.05%	0.29%
Analog Devices Inc.ADI	TVAL +0.22 points	0.30%	0.52%
Steel Dynamics IncSTLD	TVAL +0.22 points	0.08%	0.30%
Ametek IncAME	TVAL +0.21 points	0.09%	0.30%
S&P Global IncSPGI	TVAL +0.21 points	0.17%	0.38%
Eaton Corp PLCETN	TVAL +0.21 points	0.21%	0.42%
Technipfmc PLCFTI	TVAL +0.20 points	0.06%	0.26%
Xcel Energy IncXEL	TVAL +0.20 points	0.09%	0.29%
Bristol-Myers Squibb Co.BMY	TVAL +0.18 points	0.22%	0.40%
Dell Technologies IncDELL	TVAL +0.19 points	0.22%	0.41%
Rockwell Automation Inc.ROK	TVAL +0.16 points	0.10%	0.26%
Diamondback Energy IncFANG	TVAL +0.16 points	0.12%	0.28%
Tjx Companies Inc.TJX	TVAL +0.16 points	0.21%	0.37%
Td Synnex CorpSNX	TVAL +0.15 points	0.04%	0.19%
Robinhood Markets IncHOOD	TVAL +0.15 points	0.08%	0.23%
Hartford Insurance GroupHIG	TVAL +0.16 points	0.09%	0.25%
Ferguson Enterprises IncFERG	TVAL +0.15 points	0.11%	0.26%
Mckesson Corp.MCK	TVAL +0.15 points	0.15%	0.30%
Packaging Corp of AmericaPKG	TVAL +0.14 points	0.05%	0.19%
Hilton Worldwide HoldHLT	TVAL +0.14 points	0.15%	0.29%
Grainger W.w. Inc.GWW	TVAL +0.14 points	0.12%	0.26%
Bank of New York MellonBNY	TVAL +0.14 points	0.16%	0.30%
Northrop Grumman Corp.NOC	TVAL +0.13 points	0.15%	0.28%
Atmos Energy CorpATO	TVAL +0.13 points	0.05%	0.18%
Wabtec CorpWAB	TVAL +0.13 points	0.08%	0.21%
Ingersoll Rand IncIR	TVAL +0.12 points	0.06%	0.18%
Applied Materials Inc.AMAT	DFAL +0.11 points	0.49%	0.38%
Motorola Solutions Inc.MSI	TVAL +0.11 points	0.16%	0.27%
Transdigm Group IncTDG	TVAL +0.11 points	0.11%	0.22%
Vylor SpincoVYLR	TVAL +0.09 points	0.09%	0.18%
Marsh & Mclennan Cos IncMRSH	TVAL +0.09 points	0.17%	0.26%
Cbre Group IncCBRE	TVAL +0.09 points	0.07%	0.16%
Stryker CorpSYK	TVAL +0.08 points	0.15%	0.23%
Constellation Energy CorpCEG	TVAL +0.08 points	0.11%	0.19%
Chevron Corp.CVX	TVAL +0.08 points	0.67%	0.75%
Cheniere Energy IncLNG	TVAL +0.08 points	0.14%	0.22%
Ross Stores Inc.ROST	TVAL +0.07 points	0.15%	0.22%
Progressive CorpPGR	DFAL +0.06 points	0.24%	0.18%
Vertex PharmaceuticalsVRTX	TVAL +0.05 points	0.19%	0.24%
AT&T Inc.T	TVAL +0.06 points	0.20%	0.26%
Danaher Corp.DHR	TVAL +0.05 points	0.20%	0.25%
Amgen IncAMGN	DFAL +0.04 points	0.42%	0.38%
Regeneron PharmaceuticalsREGN	TVAL +0.04 points	0.15%	0.19%
Berkshire Hathaway Cl-BBRK.B	TVAL +0.04 points	1.34%	1.38%
Bank of America CorpBAC	DFAL +0.02 points	0.44%	0.42%
Eog Resources Inc.EOG	TVAL +0.02 points	0.22%	0.24%

All DFAL holdings⁠All 148 TVAL 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.

DFAL vs TVAL Cost

Overpaying TVAL vs DFAL

$4,217

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

DFAL 0.12%
$2,520
TVAL 0.33%
$6,737

Amount$10,000

Years30 years

Cost over time

DFAL 0.12%
TVAL 0.33%
Overpaying

Year by year

Year	DFAL	TVAL	Overpaying
10	$220	$598	$378
20	$859	$2,318	$1,459
30	$2,520	$6,737	$4,217

Expense ratio

0.12%DFAL, cheaper
0.33%TVAL

DFAL0.12%TVAL0.33%

0.12%0.85%

Middle half of US Active Contrarian Value funds
Median 0.54%

DFAL cheapest of 8 funds

TVAL 2nd cheapest of 8 funds

DFAL vs TVAL Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DFAL No data; TVAL 0.93%
Payout (12M): DFAL No data; TVAL $0.41
Last payment: DFAL $0.09; TVAL $0.41
Ex-dividend: DFAL Sep 22, 2026; TVAL Dec 23, 2025
Paid on: DFAL Sep 24, 2026; TVAL Dec 26, 2025
Frequency: DFAL Irregular; TVAL Annual

Distribution history

Per share, 2023 to 2026, same scale for both

DFALIrregular · 1 paymentAll DFAL payments⁠

TVALAnnual · 3 paymentsAll TVAL payments⁠

DFAL vs TVAL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DFAL No dataTVAL 11.8%
Return per unit of riskSharpe ratio, 3 years: DFAL No dataTVAL 1.44
Worst fallMax drawdown, 5 years: DFAL No dataTVAL −14.8%since Jun 2023
Market sensitivityBeta, 5 years: DFAL 0.90TVAL 0.80; Market = 1

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