Fund Evaluator:
DFA One-Year Fixed-Income I (DFIHX)
Follow This Fund
Best Performing in Ultrashort Bond Over the Last Year
| 5.6% | Medlst Shrt Dur Inv (SEMRX) |
| 4.9% | T. Rowe Price Ultra Short-Term Bond Z (TRZWX) |
| 4.4% | Touchstone Ultra Short Dur F/I Y (TSYYX) |
| 4.4% | Angel Oak UltraShort Income A (AOUAX) |
| 4.4% | Western Asset Ultra-Short Income A (ARMZX) |
Fund Details
DFA One-Year Fixed-Income I Overview
DFA One-Year Fixed-Income I (DFIHX) is an actively managed Taxable Bond Ultrashort Bond fund. Dimensional Fund Advisors launched the fund in 1983.
The investment seeks a stable real return in excess of the rate of inflation with a minimum of risk. The fund invests in a universe of high quality fixed income securities that mature in one year or less from the date of settlement. It invests in certificates of deposit, commercial paper, bankers' acceptances, notes and bonds. It is authorized to invest more than 25% of its total assets in U.S. Treasury bonds, bills and notes, and obligations of federal agencies and instrumentalities. It may purchase or sell futures contracts and options on futures contracts, to hedge its interest rate exposure or for non-hedging purposes.
About DFA One-Year Fixed-Income I (DFIHX)
There are 3 members of the management team with an average tenure of 18.82 years: David Plecha (1989), Ryan Haselton (2021), Joseph Kolerich (2012). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and ICE BofA US 3M Trsy Bill TR USD index with a weighting of 100%. DFA One-Year Fixed-Income I has 178 securities in its portfolio. The top 10 holdings constitute 27.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
DFA One-Year Fixed-Income I is part of the Fixed Income global asset class and is within the Taxable Bond fund group. DFA One-Year Fixed-Income I has 37.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 76.2% (38.2% domestic bond, 37.9% foreign bond and 0.0% convertible bond). DFA One-Year Fixed-Income I has 23.9% of the portfolio in cash.
Assets Under Management
The fund has $4 billion in total assets, which is above the $950 million average for the Ultrashort Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
DFIHX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The DFA One-Year Fixed-Income I expense ratio is low compared to funds in the Ultrashort Bond category. DFA One-Year Fixed-Income I has an expense ratio of 0.12%, which is 73% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. DFA One-Year Fixed-Income I has a portfolio turnover rate of 78%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 77% for the Ultrashort Bond category.
Recently, in the month of July 2026, DFA One-Year Fixed-Income I returned 0.3%, which earned it a grade of C, as the Ultrashort Bond category had an average return of 0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
DFA One-Year Fixed-Income I has a trailing yield of 3.86%, which is below the 4.21% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
DFA One-Year Fixed-Income I Grades
Year to date, the fund has returned 2.0%, 0.1 percentage points worse than the category, which translates into a grade of D. The fund has returned 3.8% over the past year (grade of D), 4.7% over the past three years (grade of F) and 3.0% per year over the past five years (grade of F) and 2.1% per year over the past 10 years (grade of F).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about DFA One-Year Fixed-Income I, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
DFIHX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DFIHX Return (NAV) | 0.3% | 0.8% | 3.8% | 4.7% | 3.0% | 2.1% |
| DFIHX Grade | C | F | D | F | F | F |
| +/- Category | 0.0% | -0.2% | -0.3% | -0.5% | -0.6% | -0.6% |
| Ultrashort Bond Avg | 0.3% | 0.9% | 4.1% | 5.2% | 3.6% | 2.7% |
| DFIHX Tax Cost Ratio | na | na | 1.6% | 1.8% | 1.3% | 0.9% |
DFIHX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DFIHX Return (NAV) | 2.0% | 4.4% | 5.4% | 5.0% | -1.2% | -0.2% | 0.6% | 2.4% | 1.9% | 0.9% | 0.8% |
| DFIHX Grade | D | F | D | F | F | F | F | F | B | F | F |
| +/- Category | -0.1% | -0.5% | -0.4% | -0.9% | -1.0% | -0.3% | -0.9% | -0.6% | 0.2% | -0.6% | -0.7% |
| Ultrashort Bond Avg | 2.1% | 4.9% | 5.9% | 5.9% | -0.2% | 0.1% | 1.5% | 3.1% | 1.7% | 1.6% | 1.5% |
| Risk Measures | |
| Standard Deviation: | 0.3% |
| Total Risk Index: | 0.02 - Low |
| Category Risk Index: | 0.49 - Low |
| Category Risk Grade: | A (8% Rank) |
| Beta: | 0.00 |
| R-Squared: | 1% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 3.9% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $4461 Mil |
| Fund Total Assets: | $4,461 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 78% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 36.6 years | |||
| Average Tenure: 18.8 years | |||
| Managers (Year): Plecha David (1989), Kolerich Joseph (2012), Haselton Ryan (2021) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 178 |
| % in Top 10 Holdings: | 27.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 37.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 38.2% |
| Foreign Bond: | 37.9% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 23.9% |
Purchase Information
| Fund Family: | Dimensional Fund Advisors |
| Phone Number: | 888-576-1167 |
| Website: | www.dimensional.com |
| Status: | Open |
| Inception Date: | July 25, 1983 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.12% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 0.45% |
| Share Class: | DFA One-Year Fixed-Income I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
