Performance Difference between Monthly/Quarterly/Bi-Annual DCA?

Dollar cost averaging reduces short-term volatility. With higher frequency, it reduces the average. Here are 5 examples for better understanding:

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Dollar Cost Averaging

As you can see, the direction in which the asset moves has a direct impact on whether dollar cost averaging works (or not). The frequency will merely alter the average value.

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Historically, stock market has an uptrend so the earlier you invest, the more your returns. At the same time, the purpose of DCA is to average out the market prices, and that is better achived with more investments during a period. If your purpose is to reduce the volatility, then it would be better to go with a shorter time frame. If your purpose is for more returns, then you could go with a longer time frame based on past performance.