DFCEX vs. VFWSX

Last updated Jun 24, 2026

DFCEX (DFA Emerging Markets Core Equity Fund) and VFWSX (Vanguard FTSE All-World ex-US Index Fund Institutional Shares) are both mutual funds - DFCEX is a Emerging Markets Diversified fund managed by Dimensional, while VFWSX is a Foreign Large Cap Equities fund managed by Vanguard. Over the past 10 years, DFCEX returned 11.24%/yr vs 10.69%/yr for VFWSX. Their correlation of 0.88 suggests significant overlap in exposure. DFCEX charges 0.40%/yr vs 0.08%/yr for VFWSX.

Performance

DFCEX vs. VFWSX - Performance Comparison

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

Returns By Period

In the year-to-date period, DFCEX achieves a 25.36% return, which is significantly higher than VFWSX's 16.36% return. Both investments have delivered pretty close results over the past 10 years, with DFCEX having a 11.24% annualized return and VFWSX not far behind at 10.69%.

DFCEX

• 1D: 0.08%
• 1M: 5.69%
• YTD: 25.36%
• 6M: 26.27%
• 1Y: 46.84%
• 3Y*: 22.95%
• 5Y*: 9.86%
• 10Y*: 11.24%

VFWSX

• 1D: 0.20%
• 1M: 3.65%
• YTD: 16.36%
• 6M: 16.27%
• 1Y: 34.23%
• 3Y*: 20.34%
• 5Y*: 9.45%
• 10Y*: 10.69%

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

DFCEX vs. VFWSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFCEX DFA Emerging Markets Core Equity Fund	25.36%	28.79%	7.31%	15.45%	-16.44%	5.82%	13.86%	16.03%	-15.25%	36.55%
VFWSX Vanguard FTSE All-World ex-US Index Fund Institutional Shares	16.36%	32.38%	5.45%	15.59%	-15.48%	8.11%	11.37%	21.58%	-13.97%	27.24%

Correlation

The correlation between DFCEX and VFWSX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Mar 8, 2007	0.88

The correlation between DFCEX and VFWSX has been stable across timeframes, ranging from 0.81 to 0.88 - a consistent structural relationship.

Return for Risk

DFCEX vs. VFWSX — Risk / Return Rank

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

DFCEX

DFCEX Risk / Return Rank: 87
DFCEX Sharpe Ratio Rank: 92
DFCEX Sortino Ratio Rank: 83
DFCEX Omega Ratio Rank: 86
DFCEX Calmar Ratio Rank: 87
DFCEX Martin Ratio Rank: 86

VFWSX

VFWSX Risk / Return Rank: 70
VFWSX Sharpe Ratio Rank: 74
VFWSX Sortino Ratio Rank: 66
VFWSX Omega Ratio Rank: 72
VFWSX Calmar Ratio Rank: 71
VFWSX Martin Ratio Rank: 65

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.

DFCEX vs. VFWSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Emerging Markets Core Equity Fund (DFCEX) and Vanguard FTSE All-World ex-US Index Fund Institutional Shares (VFWSX). 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	VFWSX	Difference
Sharpe ratio: Return per unit of total volatility	2.84	2.30	+0.54
Sortino ratio: Return per unit of downside risk	3.63	3.09	+0.54
Omega ratio: Gain probability vs. loss probability	1.55	1.43	+0.12
Calmar ratio: Return relative to maximum drawdown	3.96	3.10	+0.86
Martin ratio: Return relative to average drawdown	15.06	12.02	+3.05

DFCEX vs. VFWSX - Sharpe Ratio Comparison

The current DFCEX Sharpe Ratio is 2.84, which is comparable to the VFWSX Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of DFCEX and VFWSX, 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. VFWSX - Drawdown Comparison

The maximum DFCEX drawdown since its inception was -64.58%, roughly equal to the maximum VFWSX drawdown of -61.60%. Use the drawdown chart below to compare losses from any high point for DFCEX and VFWSX.

Drawdown Indicators

	DFCEX	VFWSX	Difference
Max Drawdown Largest peak-to-trough decline	-64.58%	-61.60%	-2.98%
Max Drawdown (1Y) Largest decline over 1 year	-12.12%	-11.34%	-0.78%
Max Drawdown (3Y) Largest decline over 3 years	-16.74%	-13.26%	-3.48%
Max Drawdown (5Y) Largest decline over 5 years	-29.76%	-29.17%	-0.59%
Max Drawdown (10Y) Largest decline over 10 years	-42.33%	-34.87%	-7.46%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-12.59%	-13.21%	+0.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	2.92%	+0.25%

Volatility

DFCEX vs. VFWSX - Volatility Comparison

DFA Emerging Markets Core Equity Fund (DFCEX) has a higher volatility of 8.76% compared to Vanguard FTSE All-World ex-US Index Fund Institutional Shares (VFWSX) at 6.14%. This indicates that DFCEX's price experiences larger fluctuations and is considered to be riskier than VFWSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFCEX	VFWSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.76%	6.14%	+2.62%
Volatility (6M) Calculated over the trailing 6-month period	15.19%	13.22%	+1.97%
Volatility (1Y) Calculated over the trailing 1-year period	16.93%	15.32%	+1.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.09%	15.36%	-0.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.08%	16.10%	-0.02%

DFCEX vs. VFWSX - Expense Ratio Comparison

DFCEX has a 0.40% expense ratio, which is higher than VFWSX's 0.08% expense ratio.

Dividends

DFCEX vs. VFWSX - Dividend Comparison

DFCEX's dividend yield for the trailing twelve months is around 2.35%, less than VFWSX's 2.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFCEX DFA Emerging Markets Core Equity Fund	2.35%	2.90%	3.43%	3.53%	3.78%	2.59%	1.70%	2.42%	2.33%	1.92%	1.99%	2.28%
VFWSX Vanguard FTSE All-World ex-US Index Fund Institutional Shares	2.48%	3.08%	3.23%	3.31%	3.10%	3.06%	1.99%	3.10%	3.28%	2.67%	2.97%	2.97%

Frequently Asked Questions

Can I hold both DFCEX and VFWSX in my portfolio?

DFCEX and VFWSX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFCEX or VFWSX?

DFCEX has higher volatility (8.76%) compared to VFWSX (6.14%). In terms of maximum drawdown, DFCEX dropped -64.58% vs VFWSX's -61.60%.

Which has better risk-adjusted returns?

DFCEX currently has the higher Sharpe Ratio (2.84 vs 2.30), 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.