DFAT vs. VTSIX

Last updated Jun 4, 2026

DFAT (Dimensional U.S. Targeted Value ETF) and VTSIX (Vanguard Tax-Managed Small-Cap Fund Institutional Shares) are both funds - DFAT is a Small Cap Value Equities fund actively managed by Dimensional, while VTSIX is a Small Cap Blend Equities fund managed by BlackRock. Over the past 3 years, DFAT returned 16.49%/yr vs 14.85%/yr for VTSIX. With a 0.97 correlation, they move nearly in lockstep. DFAT charges 0.28%/yr vs 0.06%/yr for VTSIX.

Performance

DFAT vs. VTSIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional U.S. Targeted Value ETF (DFAT) and Vanguard Tax-Managed Small-Cap Fund Institutional Shares (VTSIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFAT achieves a 13.26% return, which is significantly lower than VTSIX's 16.66% return.

DFAT

• 1D: -0.75%
• 1M: 1.45%
• YTD: 13.26%
• 6M: 13.13%
• 1Y: 30.02%
• 3Y*: 16.49%
• 5Y*: —
• 10Y*: —

VTSIX

• 1D: 0.92%
• 1M: 2.71%
• YTD: 16.66%
• 6M: 15.44%
• 1Y: 32.97%
• 3Y*: 14.85%
• 5Y*: 6.01%
• 10Y*: 10.82%

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

DFAT vs. VTSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DFAT Dimensional U.S. Targeted Value ETF	13.26%	8.73%	7.80%	20.86%	-6.23%	5.08%
VTSIX Vanguard Tax-Managed Small-Cap Fund Institutional Shares	16.66%	5.96%	8.64%	15.99%	-16.14%	2.02%

Correlation

The correlation between DFAT and VTSIX is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jun 15, 2021	0.97

The correlation between DFAT and VTSIX has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

DFAT vs. VTSIX - Sectors Allocation Comparison

Sectors	DFAT	VTSIX
Financial Services	28.0%	16.7%
Industrials	15.9%	15.6%
Consumer Cyclical	14.4%	13.4%
Energy	11.5%	6.0%
Technology	9.2%	15.4%
Consumer Defensive	6.7%	3.5%
Healthcare	6.2%	10.9%
Basic Materials	5.1%	5.3%
Communication Services	1.8%	3.5%
Real Estate	0.9%	7.8%
Utilities	0.4%	1.9%

Return for Risk

DFAT vs. VTSIX — Risk / Return Rank

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

DFAT

DFAT Risk / Return Rank: 55
DFAT Sharpe Ratio Rank: 52
DFAT Sortino Ratio Rank: 55
DFAT Omega Ratio Rank: 51
DFAT Calmar Ratio Rank: 63
DFAT Martin Ratio Rank: 57

VTSIX

VTSIX Risk / Return Rank: 59
VTSIX Sharpe Ratio Rank: 47
VTSIX Sortino Ratio Rank: 47
VTSIX Omega Ratio Rank: 42
VTSIX Calmar Ratio Rank: 86
VTSIX Martin Ratio Rank: 71

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.

DFAT vs. VTSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional U.S. Targeted Value ETF (DFAT) and Vanguard Tax-Managed Small-Cap Fund Institutional Shares (VTSIX). 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.

	DFAT	VTSIX	Difference
Sharpe ratio: Return per unit of total volatility	1.81	2.01	-0.20
Sortino ratio: Return per unit of downside risk	2.67	2.90	-0.22
Omega ratio: Gain probability vs. loss probability	1.32	1.35	-0.02
Calmar ratio: Return relative to maximum drawdown	3.16	4.11	-0.95
Martin ratio: Return relative to average drawdown	10.13	13.63	-3.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFAT vs. VTSIX - Sharpe Ratio Comparison

The current DFAT Sharpe Ratio is 1.81, which is comparable to the VTSIX Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of DFAT and VTSIX, 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

	DFAT	VTSIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	2.01	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.28	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.45	0.00

Drawdowns

DFAT vs. VTSIX - Drawdown Comparison

The maximum DFAT drawdown since its inception was -26.12%, smaller than the maximum VTSIX drawdown of -57.81%. Use the drawdown chart below to compare losses from any high point for DFAT and VTSIX.

Drawdown Indicators

	DFAT	VTSIX	Difference
Max Drawdown Largest peak-to-trough decline	-26.12%	-57.81%	+31.69%
Max Drawdown (1Y) Largest decline over 1 year	-9.55%	-8.59%	-0.96%
Max Drawdown (3Y) Largest decline over 3 years	-26.12%	-27.92%	+1.80%
Max Drawdown (5Y) Largest decline over 5 years	—	-27.92%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-43.86%	—
Current Drawdown Current decline from peak	-0.75%	-0.00%	-0.75%
Average Drawdown Average peak-to-trough decline	-6.24%	-8.93%	+2.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	2.58%	+0.39%

Volatility

DFAT vs. VTSIX - Volatility Comparison

The current volatility for Dimensional U.S. Targeted Value ETF (DFAT) is 4.06%, while Vanguard Tax-Managed Small-Cap Fund Institutional Shares (VTSIX) has a volatility of 4.51%. This indicates that DFAT experiences smaller price fluctuations and is considered to be less risky than VTSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFAT	VTSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.06%	4.51%	-0.45%
Volatility (6M) Calculated over the trailing 6-month period	10.88%	11.69%	-0.81%
Volatility (1Y) Calculated over the trailing 1-year period	16.75%	17.54%	-0.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.48%	21.46%	+0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.48%	23.11%	-1.63%

DFAT vs. VTSIX - Expense Ratio Comparison

DFAT has a 0.28% expense ratio, which is higher than VTSIX's 0.06% expense ratio.

Dividends

DFAT vs. VTSIX - Dividend Comparison

DFAT's dividend yield for the trailing twelve months is around 1.45%, more than VTSIX's 1.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFAT Dimensional U.S. Targeted Value ETF	1.45%	1.55%	1.31%	1.34%	1.34%	1.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VTSIX Vanguard Tax-Managed Small-Cap Fund Institutional Shares	1.17%	1.31%	1.47%	1.52%	1.54%	1.19%	1.11%	1.17%	1.29%	1.13%	1.03%	1.30%

Frequently Asked Questions

Can I hold both DFAT and VTSIX in my portfolio?

With a correlation of 0.95, DFAT and VTSIX 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, DFAT or VTSIX?

VTSIX has higher volatility (4.51%) compared to DFAT (4.06%). In terms of maximum drawdown, DFAT dropped -26.12% vs VTSIX's -57.81%.

Which has better risk-adjusted returns?

VTSIX currently has the higher Sharpe Ratio (2.01 vs 1.81), 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.