[Rebelgecko]

However DCA also underperforms investing a lump sum all at once (most of the time)

[roflyear]

In absolute terms yes, but DCA also gives you less risk (direct easy to understand ways - you still have some of your $ - and less easy to understand ways, such as market declines means you have a lower cost basis).

Risk-adjusted, I wonder what the performance is like?

[tunesmith]

That's not DCA.