BIV vs. DFCF
BIV (Vanguard Intermediate-Term Bond Index ETF) and DFCF (Dimensional Core Fixed Income ETF) are both Intermediate Core Bond funds. BIV is passively managed, while DFCF is actively managed. Over the past 3 years, BIV returned 4.34%/yr vs 4.85%/yr for DFCF. With a 0.96 correlation, they move nearly in lockstep. BIV charges 0.03%/yr vs 0.17%/yr for DFCF.
Performance
BIV vs. DFCF - Performance Comparison
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Returns By Period
In the year-to-date period, BIV achieves a -0.11% return, which is significantly lower than DFCF's 0.54% return.
BIV
- 1D
- 0.13%
- 1M
- 0.04%
- YTD
- -0.11%
- 6M
- -0.10%
- 1Y
- 4.33%
- 3Y*
- 4.34%
- 5Y*
- 0.28%
- 10Y*
- 1.93%
DFCF
- 1D
- 0.17%
- 1M
- 0.27%
- YTD
- 0.54%
- 6M
- 0.56%
- 1Y
- 5.32%
- 3Y*
- 4.85%
- 5Y*
- —
- 10Y*
- —
BIV vs. DFCF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BIV Vanguard Intermediate-Term Bond Index ETF | -0.11% | 8.52% | 1.57% | 6.07% | -13.21% | 0.70% |
DFCF Dimensional Core Fixed Income ETF | 0.54% | 7.89% | 1.86% | 6.94% | -14.48% | 0.23% |
Correlation
The correlation between BIV and DFCF is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2021 | 0.96 |
The correlation between BIV and DFCF has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.
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Return for Risk
BIV vs. DFCF — Risk / Return Rank
BIV
DFCF
BIV vs. DFCF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Bond Index ETF (BIV) and Dimensional Core Fixed Income ETF (DFCF). 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 | DFCF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.23 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.37 | 1.92 | -0.55 |
| Martin ratioReturn relative to average drawdown | 4.13 | 5.81 | -1.68 |
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 | DFCF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.08 | 1.35 | -0.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.04 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.35 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | 0.04 | +0.60 |
Drawdowns
BIV vs. DFCF - Drawdown Comparison
The maximum BIV drawdown since its inception was -18.95%, roughly equal to the maximum DFCF drawdown of -19.56%. Use the drawdown chart below to compare losses from any high point for BIV and DFCF.
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Drawdown Indicators
| BIV | DFCF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.95% | -19.56% | +0.61% |
Max Drawdown (1Y)Largest decline over 1 year | -3.18% | -2.79% | -0.39% |
Max Drawdown (3Y)Largest decline over 3 years | -6.07% | -5.05% | -1.02% |
Max Drawdown (5Y)Largest decline over 5 years | -18.74% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -18.95% | — | — |
Current DrawdownCurrent decline from peak | -1.91% | -1.30% | -0.61% |
Average DrawdownAverage peak-to-trough decline | -3.39% | -8.03% | +4.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 0.92% | +0.13% |
Volatility
BIV vs. DFCF - Volatility Comparison
Vanguard Intermediate-Term Bond Index ETF (BIV) and Dimensional Core Fixed Income ETF (DFCF) have volatilities of 1.36% and 1.36%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIV | DFCF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.36% | 1.36% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 2.90% | 2.91% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.06% | 3.99% | +0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.40% | 6.46% | -0.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.50% | 6.46% | -0.96% |
BIV vs. DFCF - Expense Ratio Comparison
BIV has a 0.03% expense ratio, which is lower than DFCF's 0.17% 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%.
Dividends
BIV vs. DFCF - Dividend Comparison
BIV's dividend yield for the trailing twelve months is around 4.21%, less than DFCF's 4.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIV Vanguard Intermediate-Term Bond Index ETF | 4.21% | 4.01% | 3.79% | 3.09% | 2.41% | 3.42% | 2.95% | 2.75% | 2.88% | 2.69% | 3.01% | 3.02% |
DFCF Dimensional Core Fixed Income ETF | 4.30% | 4.48% | 4.61% | 4.51% | 3.27% | 0.16% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.98, BIV and DFCF move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
DFCF has higher volatility (1.36%) compared to BIV (1.36%). In terms of maximum drawdown, BIV dropped -18.95% vs DFCF's -19.56%.
On 3-year performance, DFCF leads with 4.85% vs 4.34% for BIV. On fees, BIV is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DFCF has performed better with a 4.85% return vs 4.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIV is cheaper with a 0.03% expense ratio, compared with 0.17% for DFCF.
DFCF has the higher dividend yield at 4.30%, compared with 4.21% for BIV.
They also come from different issuers: Vanguard and Dimensional. Their fees differ too: 0.03% for BIV and 0.17% for DFCF.
DFCF currently has the higher Sharpe Ratio (1.35 vs 1.08), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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