DFAPX vs. BIV
Compare and contrast key facts about DFA Investment Grade Portfolio (DFAPX) and Vanguard Intermediate-Term Bond Index ETF (BIV).
DFAPX is managed by Dimensional. It was launched on Mar 7, 2011. 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.
Performance
DFAPX vs. BIV - Performance Comparison
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DFAPX vs. BIV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
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% |
Returns By Period
In the year-to-date period, DFAPX achieves a -0.34% return, which is significantly lower than BIV's -0.23% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: DFAPX at 2.04% and BIV at 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%
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%
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DFAPX vs. BIV - Expense Ratio Comparison
DFAPX has a 0.20% expense ratio, which is higher than BIV'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%.
Return for Risk
DFAPX vs. BIV — Risk / Return Rank
DFAPX
BIV
DFAPX vs. BIV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DFA Investment Grade Portfolio (DFAPX) and Vanguard Intermediate-Term Bond Index ETF (BIV). 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.
| DFAPX | BIV | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.98 | 1.10 | -0.12 |
Sortino ratioReturn per unit of downside risk | 1.41 | 1.59 | -0.18 |
Omega ratioGain probability vs. loss probability | 1.18 | 1.20 | -0.02 |
Calmar ratioReturn relative to maximum drawdown | 1.81 | 1.82 | 0.00 |
Martin ratioReturn relative to average drawdown | 5.33 | 5.87 | -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
| DFAPX | BIV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.98 | 1.10 | -0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.12 | 0.09 | +0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.42 | 0.37 | +0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.48 | 0.65 | -0.17 |
Correlation
The correlation between DFAPX and BIV 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
DFAPX vs. BIV - Dividend Comparison
DFAPX's dividend yield for the trailing twelve months is around 3.78%, less than BIV's 4.10% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
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% |
Drawdowns
DFAPX vs. BIV - Drawdown Comparison
The maximum DFAPX drawdown since its inception was -18.30%, roughly equal to the maximum BIV drawdown of -18.95%. Use the drawdown chart below to compare losses from any high point for DFAPX and BIV.
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Drawdown Indicators
| DFAPX | BIV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.30% | -18.95% | +0.65% |
Max Drawdown (1Y)Largest decline over 1 year | -2.61% | -2.87% | +0.26% |
Max Drawdown (5Y)Largest decline over 5 years | -18.22% | -18.74% | +0.52% |
Max Drawdown (10Y)Largest decline over 10 years | -18.30% | -18.95% | +0.65% |
Current DrawdownCurrent decline from peak | -2.17% | -2.03% | -0.14% |
Average DrawdownAverage peak-to-trough decline | -3.50% | -3.40% | -0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.89% | 0.89% | 0.00% |
Volatility
DFAPX vs. BIV - Volatility Comparison
The current volatility for DFA Investment Grade Portfolio (DFAPX) is 1.57%, while Vanguard Intermediate-Term Bond Index ETF (BIV) has a volatility of 1.77%. This indicates that DFAPX experiences smaller price fluctuations and is considered to be less risky than BIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DFAPX | BIV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.57% | 1.77% | -0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 2.52% | 2.74% | -0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.34% | 4.55% | -0.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.80% | 6.39% | -0.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.88% | 5.50% | -0.62% |