BIV vs. DFAPX
Compare and contrast key facts about Vanguard Intermediate-Term Bond Index ETF (BIV) and DFA Investment Grade Portfolio (DFAPX).
BIV is a passively managed fund by Vanguard that tracks the performance of the Bloomberg U.S. 5–10 Year Government/Credit Float Adjusted Bond Index. It was launched on Apr 3, 2007. DFAPX is managed by Dimensional. It was launched on Mar 7, 2011.
Performance
BIV vs. DFAPX - Performance Comparison
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BIV vs. DFAPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIV Vanguard Intermediate-Term Bond Index ETF | -0.23% | 8.52% | 1.57% | 6.07% | -13.21% | -2.40% | 9.67% | 10.34% | -0.19% | 3.65% |
DFAPX DFA Investment Grade Portfolio | -0.34% | 7.22% | 1.81% | 6.84% | -12.92% | -1.57% | 9.19% | 9.97% | -0.24% | 3.37% |
Returns By Period
In the year-to-date period, BIV achieves a -0.23% return, which is significantly higher than DFAPX's -0.34% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: BIV at 2.04% and DFAPX at 2.04%.
BIV
- 1D
- 0.32%
- 1M
- -2.03%
- YTD
- -0.23%
- 6M
- 0.87%
- 1Y
- 4.99%
- 3Y*
- 3.99%
- 5Y*
- 0.54%
- 10Y*
- 2.04%
DFAPX
- 1D
- 0.45%
- 1M
- -2.17%
- YTD
- -0.34%
- 6M
- 0.41%
- 1Y
- 4.02%
- 3Y*
- 4.07%
- 5Y*
- 0.67%
- 10Y*
- 2.04%
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BIV vs. DFAPX - Expense Ratio Comparison
BIV has a 0.03% expense ratio, which is lower than DFAPX's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Return for Risk
BIV vs. DFAPX — Risk / Return Rank
BIV
DFAPX
BIV vs. DFAPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Bond Index ETF (BIV) and DFA Investment Grade Portfolio (DFAPX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| BIV | DFAPX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.10 | 0.98 | +0.12 |
Sortino ratioReturn per unit of downside risk | 1.59 | 1.41 | +0.18 |
Omega ratioGain probability vs. loss probability | 1.20 | 1.18 | +0.02 |
Calmar ratioReturn relative to maximum drawdown | 1.82 | 1.81 | 0.00 |
Martin ratioReturn relative to average drawdown | 5.87 | 5.33 | +0.55 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BIV | DFAPX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.10 | 0.98 | +0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.09 | 0.12 | -0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.37 | 0.42 | -0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | 0.48 | +0.17 |
Correlation
The correlation between BIV and DFAPX is 0.94, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
BIV vs. DFAPX - Dividend Comparison
BIV's dividend yield for the trailing twelve months is around 4.10%, more than DFAPX's 3.78% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIV Vanguard Intermediate-Term Bond Index ETF | 4.10% | 4.01% | 3.79% | 3.09% | 2.41% | 3.42% | 2.95% | 2.75% | 2.88% | 2.69% | 3.01% | 3.02% |
DFAPX DFA Investment Grade Portfolio | 3.78% | 3.78% | 3.79% | 3.31% | 2.62% | 3.31% | 2.14% | 2.59% | 2.67% | 2.21% | 2.12% | 2.45% |
Drawdowns
BIV vs. DFAPX - Drawdown Comparison
The maximum BIV drawdown since its inception was -18.95%, roughly equal to the maximum DFAPX drawdown of -18.30%. Use the drawdown chart below to compare losses from any high point for BIV and DFAPX.
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Drawdown Indicators
| BIV | DFAPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.95% | -18.30% | -0.65% |
Max Drawdown (1Y)Largest decline over 1 year | -2.87% | -2.61% | -0.26% |
Max Drawdown (5Y)Largest decline over 5 years | -18.74% | -18.22% | -0.52% |
Max Drawdown (10Y)Largest decline over 10 years | -18.95% | -18.30% | -0.65% |
Current DrawdownCurrent decline from peak | -2.03% | -2.17% | +0.14% |
Average DrawdownAverage peak-to-trough decline | -3.40% | -3.50% | +0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.89% | 0.89% | 0.00% |
Volatility
BIV vs. DFAPX - Volatility Comparison
Vanguard Intermediate-Term Bond Index ETF (BIV) has a higher volatility of 1.77% compared to DFA Investment Grade Portfolio (DFAPX) at 1.57%. This indicates that BIV's price experiences larger fluctuations and is considered to be riskier than DFAPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIV | DFAPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.77% | 1.57% | +0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 2.74% | 2.52% | +0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.55% | 4.34% | +0.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.39% | 5.80% | +0.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.50% | 4.88% | +0.62% |