DFALX vs. VEA

Last updated Jun 3, 2026

DFALX (DFA Large Cap International Portfolio) and VEA (Vanguard FTSE Developed Markets ETF) are both Foreign Large Cap Equities funds. Over the past 10 years, DFALX returned 9.97%/yr vs 10.27%/yr for VEA. With a 0.98 correlation, they move nearly in lockstep. DFALX charges 0.18%/yr vs 0.03%/yr for VEA.

Performance

DFALX vs. VEA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Large Cap International Portfolio (DFALX) and Vanguard FTSE Developed Markets ETF (VEA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFALX achieves a 10.25% return, which is significantly lower than VEA's 15.96% return. Both investments have delivered pretty close results over the past 10 years, with DFALX having a 9.97% annualized return and VEA not far ahead at 10.27%.

DFALX

• 1D: -0.37%
• 1M: 2.09%
• YTD: 10.25%
• 6M: 13.47%
• 1Y: 24.95%
• 3Y*: 18.51%
• 5Y*: 9.58%
• 10Y*: 9.97%

VEA

• 1D: 0.63%
• 1M: 5.24%
• YTD: 15.96%
• 6M: 19.86%
• 1Y: 32.71%
• 3Y*: 20.13%
• 5Y*: 10.01%
• 10Y*: 10.27%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DFALX vs. VEA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFALX DFA Large Cap International Portfolio	10.25%	33.60%	4.55%	17.88%	-13.04%	12.79%	8.13%	22.05%	-14.15%	25.35%
VEA Vanguard FTSE Developed Markets ETF	15.96%	35.16%	3.15%	17.93%	-15.34%	11.66%	9.71%	22.62%	-14.75%	26.42%

Correlation

The correlation between DFALX and VEA is 0.97 - 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	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jul 27, 2007	0.98

The correlation between DFALX and VEA has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

DFALX vs. VEA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DFALX

DFALX Risk / Return Rank: 42
DFALX Sharpe Ratio Rank: 42
DFALX Sortino Ratio Rank: 40
DFALX Omega Ratio Rank: 40
DFALX Calmar Ratio Rank: 44
DFALX Martin Ratio Rank: 48

VEA

VEA Risk / Return Rank: 61
VEA Sharpe Ratio Rank: 62
VEA Sortino Ratio Rank: 61
VEA Omega Ratio Rank: 62
VEA Calmar Ratio Rank: 59
VEA Martin Ratio Rank: 63

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DFALX vs. VEA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Large Cap International Portfolio (DFALX) and Vanguard FTSE Developed Markets ETF (VEA). 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.

	DFALX	VEA	Difference
Sharpe ratio Return per unit of total volatility	1.89	2.10	-0.22
Sortino ratio Return per unit of downside risk	2.63	2.89	-0.26
Omega ratio Gain probability vs. loss probability	1.34	1.38	-0.04
Calmar ratio Return relative to maximum drawdown	2.56	2.94	-0.39
Martin ratio Return relative to average drawdown	10.00	11.50	-1.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFALX vs. VEA - Sharpe Ratio Comparison

The current DFALX Sharpe Ratio is 1.89, which is comparable to the VEA Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of DFALX and VEA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DFALX	VEA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	2.10	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.61	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.59	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.25	+0.13

Drawdowns

DFALX vs. VEA - Drawdown Comparison

The maximum DFALX drawdown since its inception was -59.76%, roughly equal to the maximum VEA drawdown of -60.68%. Use the drawdown chart below to compare losses from any high point for DFALX and VEA.

Drawdown Indicators

	DFALX	VEA	Difference
Max Drawdown Largest peak-to-trough decline	-59.76%	-60.68%	+0.92%
Max Drawdown (1Y) Largest decline over 1 year	-10.70%	-11.63%	+0.93%
Max Drawdown (3Y) Largest decline over 3 years	-13.11%	-13.45%	+0.34%
Max Drawdown (5Y) Largest decline over 5 years	-27.52%	-29.71%	+2.19%
Max Drawdown (10Y) Largest decline over 10 years	-35.58%	-35.73%	+0.15%
Current Drawdown Current decline from peak	-0.60%	0.00%	-0.60%
Average Drawdown Average peak-to-trough decline	-12.01%	-13.29%	+1.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.74%	2.98%	-0.24%

Volatility

DFALX vs. VEA - Volatility Comparison

The current volatility for DFA Large Cap International Portfolio (DFALX) is 4.27%, while Vanguard FTSE Developed Markets ETF (VEA) has a volatility of 5.73%. This indicates that DFALX experiences smaller price fluctuations and is considered to be less risky than VEA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFALX	VEA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.27%	5.73%	-1.46%
Volatility (6M) Calculated over the trailing 6-month period	11.41%	13.30%	-1.89%
Volatility (1Y) Calculated over the trailing 1-year period	14.13%	15.66%	-1.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.67%	16.55%	-0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.18%	17.36%	-1.18%

DFALX vs. VEA - Expense Ratio Comparison

DFALX has a 0.18% expense ratio, which is higher than VEA's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

DFALX vs. VEA - Dividend Comparison

DFALX's dividend yield for the trailing twelve months is around 2.74%, more than VEA's 2.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFALX DFA Large Cap International Portfolio	2.74%	2.89%	3.18%	3.24%	2.86%	3.00%	1.88%	2.88%	3.07%	2.55%	2.89%	2.94%
VEA Vanguard FTSE Developed Markets ETF	2.59%	3.22%	3.35%	3.15%	2.91%	3.16%	2.04%	3.04%	3.35%	2.77%	3.05%	2.92%

Frequently Asked Questions

Can I hold both DFALX and VEA in my portfolio?

With a correlation of 0.97, DFALX and VEA 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.

Which is riskier, DFALX or VEA?

VEA has higher volatility (5.73%) compared to DFALX (4.27%). In terms of maximum drawdown, DFALX dropped -59.76% vs VEA's -60.68%.

Which has better risk-adjusted returns?

VEA currently has the higher Sharpe Ratio (2.10 vs 1.89), 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.