DFIC vs HDMV: Grades, Fees and Holdings Compared

Dimensional International Core Equity 2 ETF

DFICACboe

First Trust Horizon Managed Volatility Developed International ETF

HDMVDNYSE Arca

Overlap

9.6%by weight

Expense ratio

DFIC −0.58pt a year

DFIC0.22%HDMV0.80%

Avg volume · 30D

DFIC 2378.7×the volume

DFIC1.87MHDMV786

3Y return · a year

DFIC +3.1pt

DFIC+19.8%HDMV+16.7%

DFIC vs HDMV Performance

Nov 5, 2025 – Nov 5, 2026

+16.7%DFIC+16.0%HDMV

Expense ratio: DFIC 0.22%, better; HDMV 0.80%
Fund size: DFIC $15.4B; HDMV $15M
1Y total return: DFIC +16.7%, better; HDMV +16.0%
Yield (12M): DFIC 2.56%; HDMV 4.57%, better
Holdings: DFIC 4148; HDMV 157
Avg volume (30D): DFIC 1.87M sh, better; HDMV 786 sh
NAV per share: DFIC $37.82; HDMV $38.58
52W range

ETF.net Grade

Pillar letters and Scores for DFIC, HDMV, with each pillar’s weight
Pillar	DFIC	HDMV
Cost30% weight	A98Higher	F19
Mission25% weight	A100	Not scored
Risk15% weight	B67	A87Higher
Tradability15% weight	A81Higher	F16
Holdings10% weight	A91Higher	B58
Durability5% weight	A90Higher	B64

Rank among International Active Equity funds

How we build Categories ›

Same Category. DFIC and HDMV are both graded against the same 55 International Active Equity funds, so their Grades compare head to head.

International Active Equity⁠

Category · 55 funds

See all 55 ›

DFIC ranks 1st and HDMV 35th of 55 funds in the International Active Equity Category.

Rank 1AAVDEAvantis International Equity ETFScore 87
Rank 1ADFICDimensional International Core Equity 2 ETFScore 87
Rank 3AJIREJPMorgan International Research Enhanced Equity ETFScore 79
Rank 34CABLGAbacus FCF International Leaders ETFScore 41
Rank 35DHDMVFirst Trust Horizon Managed Volatility Developed International ETFScore 40
Rank 35CIVSIApplied Finance IVS International Large ETFScore 40

Our read on each fund

ETF.net Research

DFICADimensional International Core Equity 2 ETF

HDMVDFirst Trust Horizon Managed Volatility Developed International ETF

In short

DFIC No data

HDMV An active spin on the calm-stocks trade. Rather than tracking a low-vol index, the managers hand-pick developed-market shares and depositary receipts screened for low expected future volatility.

Stated mandate

DFIC No data

HDMV The Fund seeks capital appreciation through an actively managed portfolio of developed-market common stocks and depositary receipts selected for low expected volatility.

Why people hold it

DFIC No data

HDMV Forward-looking by design: holdings are chosen on expected volatility, not just a backward glance at which stocks were quiet last year.
Spread across roughly 160 developed-market stocks and depositary receipts, so no single name carries the portfolio.
Live since 2016, a real-world track record for an active strategy rather than a freshly launched idea.
Pays on a quarterly schedule, and the mandate is capital appreciation first, not income.

Worth knowing

DFIC No data

HDMV At 0.80% a year, the fee sits above the typical international active fund, and index-built rivals like AVDE and DFIC charge closer to a quarter point.
A small fund that trades lightly. Spreads can widen, so limit orders do more work here than with the giants of the category.
Low-volatility screens aim to soften the ride, not remove it. The same tilt that damps drops can leave the fund behind in sharp rallies.

Full DFIC profile⁠

Full HDMV profile⁠

DFIC vs HDMV Holdings

How DFIC and HDMV differ

Overlap by weight

9.6%

Shared holdings make up 71.4% of HDMV and 9.8% of DFIC.

Level by level

Holdings110 in both9.6%
Sector11 Sectors55.0%
Countryby domicile66.2%
Asset classStocks100%

Sector

Sector weights in DFIC and HDMV, widest gap first
Sector	Gap	DFIC	HDMV
Utilities	HDMV +13.4 points	3.2%	16.6%
Real Estate	HDMV +12.3 points	1.6%	13.9%
Financials	HDMV +9.7 points	21.8%	31.5%
Materials	DFIC +9.3 points	11.0%	1.7%
Industrials	DFIC +8.5 points	19.3%	10.8%
Energy	DFIC +7.8 points	7.8%	0.0%
Technology	DFIC +7.7 points	8.4%	0.7%
Consumer Discretionary	DFIC +6.8 points	9.4%	2.6%
Health Care	DFIC +5.0 points	7.2%	2.2%
Communication	HDMV +4.9 points	4.1%	9.0%
Consumer Staples	HDMV +4.5 points	6.3%	10.8%

Country, concentration and asset class

Country by domicile

Country weights in DFIC and HDMV, widest gap first
Country	Gap	DFIC	HDMV
Canada	DFIC +11.4 points	11.4%	0.0%
Japan	DFIC +9.7 points	24.1%	14.4%
Singapore	HDMV +9.5 points	1.4%	10.9%
Hong Kong	HDMV +6.8 points	1.3%	8.1%
United Kingdom	DFIC +4.9 points	11.4%	6.5%
Spain	HDMV +2.2 points	2.8%	5.0%
Germany	DFIC +2.2 points	7.4%	5.2%
Sweden	HDMV +2.0 points	2.9%	4.9%
Other countries (20)	HDMV +7.7 points	37.3%	45.0%

Outside the US: DFIC 98% developed, 2% emerging. HDMV 100% developed, 0% emerging.

Concentration

Weight in the 10 largest Holdings

DFIC7.0%
HDMV17.9%

Securities held

DFIC4,127
HDMV150

Asset class

DFIC: Stocks
HDMV: Stocks

Holdings

Only in DFIC4,017
In both110
Only in HDMV40

Only in DFIC

4,017 securities, 89.8% of DFIC by weight

Shell PLC1.08%
Asml Holding NV0.97%
Novartis AG Adr0.78%
Totalenergies SE0.74%
Roche Holding AG0.69%
Royal Bank of Canada0.65%
Toyota Motor Corp0.45%
Banco Bilbao Vizcaya Arge0.43%
Bayer AG0.41%
Deutsche Telekom AG0.40%
Hsbc Holdings PLC0.40%
Bp PLC0.39%
Rolls-Royce Holdings PLC0.39%
Suncor Energy Inc.0.38%
Bhp Group Ltd0.38%
Toronto-Dominion Bank0.37%
Unicredit Spa0.36%
Astrazeneca PLC0.36%
Mitsubishi Ufj Financial0.34%
Basf SE0.34%
Canadian Natural Resource0.33%
Sony Group Corp0.33%
Tesco PLC0.32%
Dhl AG0.31%
Advantest Corp0.30%
Hitachi Ltd0.30%
Rio Tinto PLC0.29%
Engie SA0.29%
Infineon Technologies AG0.28%
Eni Spa0.28%
Recruit Holdings Co Ltd0.28%
Repsol SA0.27%
Orange SA0.27%
Siemens AG0.27%
National Bank of Canada0.26%
Intact Financial Corp0.26%
Bhp Group Ltd0.24%
Cenovus Energy Inc0.24%
Tokyo Electron Ltd0.24%
Cie De Saint-Gobain0.23%
Standard Chartered PLC0.23%
Barrick Mining Corp0.23%
Fairfax Financial Holding0.23%
Vinci SA0.23%
Ubs Group AG0.23%
Anheuser-Busch Inbev Sa/N0.23%
Aib Group PLC0.23%
Barclays PLC0.23%
Dbs Group Holdings Ltd0.22%
Tokio Marine Holdings Inc0.22%

Only in HDMV

40 securities, 28.2% of HDMV by weight

CapitaLand Integrated Commercial Trust1.89%
Groupe Bruxelles Lambert S.A.1.84%
CapitaLand Ascendas REIT1.80%
DBS Group Holdings Limited1.31%
United Overseas Bank Limited1.26%
CapitaLand Investment Limited of Singapore1.21%
Link Real Estate Investment Trust1.03%
Klepierre0.98%
Singapore Airlines Limited0.97%
Unibail-Rodamco-Westfield0.96%
Oversea-Chinese Banking Corporation Limited0.86%
Helvetia Baloise Holding AG0.85%
Scentre Group0.78%
Svenska Handelsbanken AB (Class A)0.65%
Essity Aktiebolag (Class B)0.61%
Swedbank AB (Class A)0.60%
Vicinity Centres0.60%
Gecina S.A.0.58%
Aviva Plc0.57%
M&G Plc0.56%
Heineken Holding N.V.0.55%
Investor AB (Class B)0.51%
Singapore Telecommunications Limited0.50%
Tesco Plc0.49%
L E Lundbergforetagen AB (Class B)0.49%
Bollore SE0.47%
Sino Land Company Limited0.47%
Nippon Building Fund, Inc.0.46%
Mitsubishi HC Capital Inc.0.45%
National Grid Plc0.43%
Singapore Exchange Limited0.42%
Svenska Cellulosa AB SCA (Class B)0.40%
Unilever Plc0.39%
Tele2 AB (Class B)0.37%
Skandinaviska Enskilda Banken AB (Class A)0.36%
Wilmar International Limited0.34%
Kerry Group Plc (Class A)0.33%
Carlsberg A/S (Class B)0.31%
Hikari Tsushin, Inc.0.30%
Nippon Yusen K.K.0.28%

Weight gaps

The 100 widest of 110 Holdings in both funds.

Holding weights in DFIC and HDMV, widest gap first
Holding	Gap	DFIC	HDMV
Clp Holdings Ltd	HDMV +2.04 points	0.02%	2.06%
Tryg A/S	HDMV +1.97 points	0.06%	2.03%
Hong Kong & China Gas Co	HDMV +1.68 points	0.03%	1.71%
Telstra Corp Ltd	HDMV +1.67 points	0.03%	1.70%
Iberdrola SA	HDMV +1.65 points	0.09%	1.74%
Power Assets Holdings Ltd	HDMV +1.64 points	0.02%	1.66%
Ntt Inc	HDMV +1.49 points	0.03%	1.52%
Asr Nederland NV	HDMV +1.34 points	0.15%	1.49%
Getlink SE	HDMV +1.28 points	0.01%	1.29%
Snam Spa	HDMV +1.27 points	0.05%	1.32%
Redeia Corp SA American	HDMV +1.25 points	0.03%	1.28%
Swiss Prime Site AG	HDMV +1.24 points	0.13%	1.37%
Softbank Corp	HDMV +1.11 points	0.09%	1.20%
Ageas Sa/Nv	HDMV +1.07 points	0.11%	1.18%
Swisscom AG	HDMV +1.04 points	0.20%	1.24%
Terna Rete Elettrica Nazi	HDMV +1.02 points	0.06%	1.08%
Swiss Life Holding AG	HDMV +0.98 points	0.13%	1.11%
Dnb Bank Asa	HDMV +0.93 points	0.04%	0.97%
Ck Infrastructure Holding	HDMV +0.90 points	0.01%	0.91%
Zurich Insurance Group AG	HDMV +0.89 points	0.24%	1.13%
Nn Group NV	HDMV +0.84 points	0.21%	1.05%
Koninklijke Kpn NV	HDMV +0.80 points	0.18%	0.98%
Axa SA	HDMV +0.79 points	0.10%	0.89%
Medibank Pvt Ltd	HDMV +0.75 points	0.03%	0.78%
Mtr Corp Ltd	HDMV +0.69 points	0.01%	0.70%
Air Liquide SA	HDMV +0.68 points	0.18%	0.86%
Generali	HDMV +0.67 points	0.07%	0.74%
Henkel AG & Co Kgaa	HDMV +0.66 points	0.03%	0.69%
Auckland International Ai	HDMV +0.67 points	0.01%	0.68%
Gjensidige Forsikring Asa	HDMV +0.65 points	<0.01%	0.65%
Sekisui House Ltd	HDMV +0.63 points	0.05%	0.68%
Naturgy Energy Group SA	HDMV +0.62 points	0.04%	0.66%
Schindler Holding AG	HDMV +0.60 points	0.04%	0.64%
Sgs SA	HDMV +0.58 points	0.12%	0.70%
Novartis AG	HDMV +0.58 points	0.07%	0.65%
Contact Energy Ltd	HDMV +0.57 points	0.01%	0.58%
Hannover Rueck SE	HDMV +0.57 points	0.10%	0.67%
Daiwa House Industry Co L	HDMV +0.55 points	0.13%	0.68%
Washington H Soul Pattins	HDMV +0.54 points	0.01%	0.55%
West Japan Railway Co	HDMV +0.53 points	0.02%	0.55%
Lottery Corp Ltd/The	HDMV +0.53 points	0.03%	0.56%
Orkla Asa	HDMV +0.52 points	0.02%	0.54%
Telia Co Ab	HDMV +0.51 points	0.07%	0.58%
Suntory Beverage & Food L	HDMV +0.51 points	0.01%	0.52%
Bunzl PLCBNZL.L	HDMV +0.50 points	0.06%	0.56%
Bkw AG	HDMV +0.49 points	0.01%	0.50%
Hong Kong Exchanges & Cle	HDMV +0.48 points	0.10%	0.58%
Mapfre SA	HDMV +0.48 points	0.04%	0.52%
J Sainsbury PLCSBRY.L	HDMV +0.47 points	0.09%	0.56%
Kao Corp	HDMV +0.45 points	0.07%	0.52%
Asahi Group Holdings Ltd	HDMV +0.45 points	0.05%	0.50%
Mowi Asa	HDMV +0.45 points	0.01%	0.46%
Secom Co Ltd	HDMV +0.44 points	0.03%	0.47%
Takeda Pharmaceutical Co	HDMV +0.44 points	0.14%	0.58%
Ck Asset Holdings Ltd	HDMV +0.43 points	0.04%	0.47%
Italgas Spa	HDMV +0.42 points	0.05%	0.47%
Suncorp Group Ltd	HDMV +0.42 points	0.07%	0.49%
Veolia Environnement SA	HDMV +0.41 points	0.06%	0.47%
Allianz SE	HDMV +0.41 points	0.52%	0.93%
Endesa SA	HDMV +0.40 points	0.05%	0.45%
Canon Inc	HDMV +0.39 points	0.04%	0.43%
Standard Life PLCSDLF.L	HDMV +0.38 points	0.05%	0.43%
Heineken NV	HDMV +0.38 points	0.09%	0.47%
Talanx AG	HDMV +0.38 points	0.07%	0.45%
Anz Group Holdings	HDMV +0.38 points	0.12%	0.50%
Aegon Ltd	HDMV +0.38 points	0.01%	0.39%
Boc Hong Kong Holdings Lt	HDMV +0.37 points	0.03%	0.40%
Coca-Cola Europacific ParCCEP	HDMV +0.36 points	0.05%	0.41%
Coles Group Ltd	HDMV +0.36 points	0.07%	0.43%
Wesfarmers Ltd	HDMV +0.36 points	0.10%	0.46%
Muenchener Rueckversicher	HDMV +0.36 points	0.26%	0.62%
Daito Trust Construction	HDMV +0.34 points	0.05%	0.39%
Westpac Banking Corp	HDMV +0.34 points	0.15%	0.49%
Danske Bank A/S	HDMV +0.33 points	0.11%	0.44%
Poste Italiane Spa	HDMV +0.32 points	0.13%	0.45%
Severn Trent PLCSVT.L	HDMV +0.32 points	0.06%	0.38%
Koninklijke Ahold Delhaiz	HDMV +0.32 points	0.13%	0.45%
Swiss Re AG	HDMV +0.31 points	0.23%	0.54%
Aena Sme SA	HDMV +0.31 points	0.06%	0.37%
Amundi SA	HDMV +0.29 points	0.05%	0.34%
Geberit AG	HDMV +0.29 points	0.13%	0.42%
Hulic Co Ltd	HDMV +0.28 points	0.04%	0.32%
Tokyo Gas Co Ltd	HDMV +0.27 points	0.03%	0.30%
Osaka Gas Co Ltd	HDMV +0.27 points	0.02%	0.29%
Alfa Laval Ab	HDMV +0.27 points	0.02%	0.29%
Danone SA	HDMV +0.27 points	0.11%	0.38%
Haleon PLCHLN.L	HDMV +0.27 points	0.13%	0.40%
Japan Tobacco Inc	HDMV +0.26 points	0.11%	0.37%
Deutsche Boerse AG	HDMV +0.25 points	0.19%	0.44%
Enel Spa	HDMV +0.25 points	0.16%	0.41%
Nestle SA	DFIC +0.25 points	0.68%	0.43%
Bridgestone Corp	HDMV +0.25 points	0.10%	0.35%
Ana Holdings Inc	HDMV +0.24 points	<0.01%	0.25%
Gea Group AG	HDMV +0.23 points	0.12%	0.35%
Hankyu Hanshin Holdings I	HDMV +0.22 points	0.03%	0.25%
Siemens Healthineers AG	HDMV +0.22 points	0.07%	0.29%
East Japan Railway Co	HDMV +0.21 points	0.04%	0.26%
Kirin Holdings Co Ltd	HDMV +0.21 points	0.07%	0.28%
Fresenius SE & Co Kgaa	HDMV +0.21 points	0.11%	0.32%
Nippon Steel Corp	HDMV +0.20 points	0.07%	0.27%

All 4,139 DFIC holdings⁠All 150 HDMV 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.

DFIC vs HDMV Cost

Overpaying HDMV vs DFIC

$10,788

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

DFIC 0.22%
$4,558
HDMV 0.80%
$15,346

Amount$10,000

Years30 years

Cost over time

DFIC 0.22%
HDMV 0.80%
Overpaying

Year by year

Year	DFIC	HDMV	Overpaying
10	$401	$1,422	$1,021
20	$1,561	$5,393	$3,832
30	$4,558	$15,346	$10,788

Expense ratio

0.22%DFIC, cheaper
0.80%HDMV

DFIC0.22%HDMV0.80%

0.00%1.49%

Middle half of International Active Equity funds
Median 0.55%

DFIC 2nd cheapest of 55 funds

HDMV 43rd cheapest of 55 funds

DFIC vs HDMV Dividends

Last 12 months to Nov 5, 2026

Yield (12M): DFIC 2.56%; HDMV 4.57%, better
Payout (12M): DFIC $0.96; HDMV $1.75
Last payment: DFIC $0.19; HDMV $0.77
Ex-dividend: DFIC Sep 22, 2026; HDMV Sep 24, 2026
Paid on: DFIC Sep 24, 2026; HDMV Sep 30, 2026
Frequency: DFIC Quarterly; HDMV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

DFICQuarterly · 18 paymentsAll DFIC payments⁠

HDMVQuarterly · 37 paymentsAll HDMV payments⁠

DFIC vs HDMV Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DFIC 11.9%HDMV 11.8%, better
Return per unit of riskSharpe ratio, 3 years: DFIC 1.35, betterHDMV 1.03
Worst fallMax drawdown, 5 years: DFIC −24.4%since Mar 2022HDMV −23.3%
Market sensitivityBeta, 5 years: DFIC 0.92HDMV 0.63; Market = 1

DFIC and HDMV in the news

All news⁠

Launch Roundup
Issuers filed 2x ETFs on unlisted stocks and moved to convert $10 billion of munis
Sep 18, 2026HDMV
ETF Filings
Causeway files its first ETFs into a 0.22% to 0.39% category, its own fee blank
Sep 18, 2026DFIC
ETF Filings
First Trust to liquidate HDMV, a $15 million international low-volatility ETF
Sep 14, 2026HDMV
ETF Filings
First Trust to liquidate Horizon Managed Volatility Small/Mid ETF in January
Sep 14, 2026HDMV

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DFIC vs HDMV

In short

Stated mandate

Why people hold it