DFAS vs. VBR

Last updated Jun 23, 2026

DFAS (Dimensional U.S. Small Cap ETF) and VBR (Vanguard Small-Cap Value ETF) are both exchange-traded funds - DFAS is a Small Cap Blend Equities fund actively managed by Dimensional, while VBR is a Small Cap Value Equities fund tracking the CRSP US Small Cap Value Index. DFAS is actively managed, while VBR is passively managed. Over the past 5 years, DFAS returned 8.37%/yr vs 8.85%/yr for VBR. With a 0.98 correlation, they move nearly in lockstep. DFAS charges 0.26%/yr vs 0.05%/yr for VBR.

Performance

DFAS vs. VBR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional U.S. Small Cap ETF (DFAS) and Vanguard Small-Cap Value ETF (VBR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFAS achieves a 15.74% return, which is significantly higher than VBR's 13.42% return.

DFAS

• 1D: 0.12%
• 1M: 3.77%
• YTD: 15.74%
• 6M: 12.99%
• 1Y: 31.21%
• 3Y*: 16.27%
• 5Y*: 8.37%
• 10Y*: —

VBR

• 1D: 0.18%
• 1M: 2.65%
• YTD: 13.42%
• 6M: 11.41%
• 1Y: 27.72%
• 3Y*: 16.95%
• 5Y*: 8.85%
• 10Y*: 11.02%

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

DFAS vs. VBR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DFAS Dimensional U.S. Small Cap ETF	15.74%	8.17%	10.21%	17.83%	-13.84%	4.52%
VBR Vanguard Small-Cap Value ETF	13.42%	9.09%	12.40%	16.00%	-9.38%	1.14%

Correlation

The correlation between DFAS and VBR 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 (All Time) Calculated using the full available price history since Jun 14, 2021	0.98

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

DFAS vs. VBR - Sectors Allocation Comparison

Sectors	DFAS	VBR
Financial Services	19.2%	17.5%
Industrials	18.9%	17.4%
Technology	15.1%	12.1%
Consumer Cyclical	13.0%	12.5%
Healthcare	12.0%	8.3%
Energy	6.4%	4.3%
Basic Materials	5.2%	6.0%
Consumer Defensive	4.2%	4.0%
Utilities	2.8%	4.6%
Communication Services	2.6%	2.8%
Real Estate	0.7%	10.5%

Return for Risk

DFAS vs. VBR — Risk / Return Rank

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

DFAS

DFAS Risk / Return Rank: 60
DFAS Sharpe Ratio Rank: 57
DFAS Sortino Ratio Rank: 59
DFAS Omega Ratio Rank: 52
DFAS Calmar Ratio Rank: 69
DFAS Martin Ratio Rank: 65

VBR

VBR Risk / Return Rank: 59
VBR Sharpe Ratio Rank: 56
VBR Sortino Ratio Rank: 58
VBR Omega Ratio Rank: 52
VBR Calmar Ratio Rank: 65
VBR 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.

DFAS vs. VBR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional U.S. Small Cap ETF (DFAS) and Vanguard Small-Cap Value ETF (VBR). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DFAS	VBR	Difference
Sharpe ratio: Return per unit of total volatility	1.85	1.82	+0.03
Sortino ratio: Return per unit of downside risk	2.70	2.67	+0.03
Omega ratio: Gain probability vs. loss probability	1.32	1.31	0.00
Calmar ratio: Return relative to maximum drawdown	3.35	3.14	+0.20
Martin ratio: Return relative to average drawdown	11.51	11.11	+0.39

DFAS vs. VBR - Sharpe Ratio Comparison

The current DFAS Sharpe Ratio is 1.85, which is comparable to the VBR Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of DFAS and VBR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DFAS vs. VBR - Drawdown Comparison

The maximum DFAS drawdown since its inception was -26.13%, smaller than the maximum VBR drawdown of -61.98%. Use the drawdown chart below to compare losses from any high point for DFAS and VBR.

Drawdown Indicators

	DFAS	VBR	Difference
Max Drawdown Largest peak-to-trough decline	-26.13%	-61.98%	+35.85%
Max Drawdown (1Y) Largest decline over 1 year	-9.36%	-8.85%	-0.51%
Max Drawdown (3Y) Largest decline over 3 years	-26.13%	-24.19%	-1.94%
Max Drawdown (5Y) Largest decline over 5 years	-26.13%	-24.19%	-1.94%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.28%	—
Current Drawdown Current decline from peak	-0.12%	-1.03%	+0.91%
Average Drawdown Average peak-to-trough decline	-8.24%	-8.25%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.72%	2.50%	+0.22%

Volatility

DFAS vs. VBR - Volatility Comparison

Dimensional U.S. Small Cap ETF (DFAS) has a higher volatility of 4.70% compared to Vanguard Small-Cap Value ETF (VBR) at 3.97%. This indicates that DFAS's price experiences larger fluctuations and is considered to be riskier than VBR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFAS	VBR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.70%	3.97%	+0.73%
Volatility (6M) Calculated over the trailing 6-month period	11.92%	10.66%	+1.26%
Volatility (1Y) Calculated over the trailing 1-year period	17.00%	15.33%	+1.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.81%	19.73%	+1.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.82%	21.75%	-0.93%

DFAS vs. VBR - Expense Ratio Comparison

DFAS has a 0.26% expense ratio, which is higher than VBR's 0.05% 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

DFAS vs. VBR - Dividend Comparison

DFAS's dividend yield for the trailing twelve months is around 0.90%, less than VBR's 1.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFAS Dimensional U.S. Small Cap ETF	0.90%	0.99%	0.93%	1.00%	1.03%	2.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VBR Vanguard Small-Cap Value ETF	1.73%	1.95%	1.98%	2.12%	2.03%	1.75%	1.68%	2.06%	2.35%	1.79%	1.77%	1.99%

Frequently Asked Questions

Can I hold both DFAS and VBR in my portfolio?

With a correlation of 0.97, DFAS and VBR 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, DFAS or VBR?

DFAS has higher volatility (4.70%) compared to VBR (3.97%). In terms of maximum drawdown, DFAS dropped -26.13% vs VBR's -61.98%.

Which ETF is better, DFAS or VBR?

On 5-year performance, VBR leads with 8.85% vs 8.37% for DFAS. On fees, VBR is cheaper at 0.05% per year. On volatility, VBR has been the lower-risk option at 3.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFAS or VBR?

Over the 5-year period, VBR has performed better with a 8.85% return vs 8.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFAS or VBR?

VBR is cheaper with a 0.05% expense ratio, compared with 0.26% for DFAS.

Which ETF pays a higher dividend yield, DFAS or VBR?

VBR has the higher dividend yield at 1.73%, compared with 0.90% for DFAS.

What is the main difference between DFAS and VBR?

DFAS is categorized as Small Cap Blend Equities, while VBR is Small Cap Value Equities. They also come from different issuers: Dimensional and Vanguard. Their fees differ too: 0.26% for DFAS and 0.05% for VBR.

Which has better risk-adjusted returns?

DFAS currently has the higher Sharpe Ratio (1.85 vs 1.82), 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.