DFCEX vs. VEMIX

Last updated Aug 2, 2026

DFCEX (DFA Emerging Markets Core Equity Fund) and VEMIX (Vanguard Emerging Markets Stock Index Fund Institutional Shares) are both Emerging Markets Equities funds. Over the past 10 years, DFCEX returned 8.88%/yr vs 7.61%/yr for VEMIX. Their 0.97 correlation means they have historically moved very closely together. DFCEX charges 0.40%/yr vs 0.06%/yr for VEMIX.

Performance

DFCEX vs. VEMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Emerging Markets Core Equity Fund (DFCEX) and Vanguard Emerging Markets Stock Index Fund Institutional Shares (VEMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFCEX achieves a 12.45% return, which is significantly higher than VEMIX's 7.82% return. Over the past 10 years, DFCEX has outperformed VEMIX with an annualized return of 8.88%, while VEMIX has yielded a comparatively lower 7.61% annualized return.

DFCEX

• 1D: 3.05%
• 1M: -4.22%
• 6M: 4.51%
• YTD: 12.45%
• 1Y: 27.11%
• 3Y*: 16.10%
• 5Y*: 8.27%
• 10Y*: 8.88%
• ALL TIME*: 8.16%

VEMIX

• 1D: 1.70%
• 1M: -1.72%
• 6M: 2.68%
• YTD: 7.82%
• 1Y: 19.98%
• 3Y*: 13.72%
• 5Y*: 5.81%
• 10Y*: 7.61%
• ALL TIME*: 7.24%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DFCEX DFA Emerging Markets Core Equity Fund	$0.00	$0.00	$0.00
VEMIX Vanguard Emerging Markets Stock Index Fund Institutional Shares	$0.00	$0.00	$0.00

DFCEX vs. VEMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFCEX DFA Emerging Markets Core Equity Fund	12.45%	28.79%	7.31%	15.45%	-16.44%	5.82%	13.86%	16.03%	-15.25%	36.55%
VEMIX Vanguard Emerging Markets Stock Index Fund Institutional Shares	7.82%	24.80%	11.38%	8.85%	-17.75%	0.91%	15.26%	20.35%	-14.55%	31.42%

Correlation

The correlation between DFCEX and VEMIX is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.95
Correlation (5Y) Shows whether the relationship held over a longer period.	0.96
Correlation (10Y) Provides a long-term view across more market conditions.	0.96
Correlation (All Time) Calculated using the full available price history since Apr 8, 2005	0.97

The correlation between DFCEX and VEMIX has been stable across timeframes, ranging from 0.91 to 0.97 - a consistent structural relationship.

Return for Risk

DFCEX vs. VEMIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DFCEX

DFCEX Risk / Return Rank: 49
DFCEX Sharpe Ratio Rank: 49
DFCEX Sortino Ratio Rank: 43
DFCEX Omega Ratio Rank: 53
DFCEX Calmar Ratio Rank: 56
DFCEX Martin Ratio Rank: 44

VEMIX

VEMIX Risk / Return Rank: 40
VEMIX Sharpe Ratio Rank: 39
VEMIX Sortino Ratio Rank: 38
VEMIX Omega Ratio Rank: 38
VEMIX Calmar Ratio Rank: 43
VEMIX Martin Ratio Rank: 39

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DFCEX vs. VEMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Emerging Markets Core Equity Fund (DFCEX) and Vanguard Emerging Markets Stock Index Fund Institutional Shares (VEMIX). 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.

	DFCEX	VEMIX	Difference
Sharpe ratio: Return per unit of total volatility	1.29	1.15	+0.14
Sortino ratio: Return per unit of downside risk	1.75	1.64	+0.11
Omega ratio: Gain probability vs. loss probability	1.25	1.21	+0.04
Calmar ratio: Return relative to maximum drawdown	1.91	1.66	+0.25
Martin ratio: Return relative to average drawdown	6.20	5.53	+0.67

DFCEX vs. VEMIX - Sharpe Ratio Comparison

The current DFCEX Sharpe Ratio is 1.29, which is comparable to the VEMIX Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of DFCEX and VEMIX, 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

DFCEX vs. VEMIX - Drawdown Comparison

The maximum DFCEX drawdown since its inception was -64.58%, roughly equal to the maximum VEMIX drawdown of -66.43%. Use the drawdown chart below to compare losses from any high point for DFCEX and VEMIX.

Drawdown Indicators

	DFCEX	VEMIX	Difference
Max Drawdown Largest peak-to-trough decline	-64.58%	-66.43%	+1.85%
Max Drawdown (1Y) Largest decline over 1 year	-12.95%	-11.05%	-1.90%
Max Drawdown (3Y) Largest decline over 3 years	-16.74%	-15.77%	-0.97%
Max Drawdown (5Y) Largest decline over 5 years	-28.41%	-30.68%	+2.27%
Max Drawdown (10Y) Largest decline over 10 years	-42.33%	-36.04%	-6.29%
Current Drawdown Current decline from peak	-10.30%	-5.42%	-4.88%
Average Drawdown Average peak-to-trough decline	-12.56%	-15.91%	+3.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.97%	3.31%	+0.66%

Volatility

DFCEX vs. VEMIX - Volatility Comparison

DFA Emerging Markets Core Equity Fund (DFCEX) has a higher volatility of 8.15% compared to Vanguard Emerging Markets Stock Index Fund Institutional Shares (VEMIX) at 5.22%. This indicates that DFCEX's price experiences larger fluctuations and is considered to be riskier than VEMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFCEX	VEMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.15%	5.22%	+2.93%
Volatility (6M) Calculated over the trailing 6-month period	17.78%	13.82%	+3.96%
Volatility (1Y) Calculated over the trailing 1-year period	19.26%	16.00%	+3.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.59%	15.59%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.24%	16.50%	-0.26%

DFCEX vs. VEMIX - Expense Ratio Comparison

DFCEX has a 0.40% expense ratio, which is higher than VEMIX's 0.06% expense ratio.

Dividends

DFCEX vs. VEMIX - Dividend Comparison

DFCEX's dividend yield for the trailing twelve months is around 2.66%, more than VEMIX's 2.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFCEX DFA Emerging Markets Core Equity Fund	2.66%	2.90%	3.43%	3.53%	3.78%	2.59%	1.70%	2.42%	2.33%	1.92%	1.99%	2.28%
VEMIX Vanguard Emerging Markets Stock Index Fund Institutional Shares	2.38%	2.77%	3.17%	3.51%	4.09%	2.61%	1.90%	3.23%	2.89%	2.33%	2.55%	2.51%

Frequently Asked Questions

Can I hold both DFCEX and VEMIX in my portfolio?

With a correlation of 0.91, DFCEX and VEMIX 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, DFCEX or VEMIX?

DFCEX has higher volatility (8.15%) compared to VEMIX (5.22%). In terms of maximum drawdown, DFCEX dropped -64.58% vs VEMIX's -66.43%.

Which has better risk-adjusted returns?

DFCEX currently has the higher Sharpe Ratio (1.29 vs 1.15), 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.