DFETX vs. VEMIX

Last updated Aug 4, 2026

DFETX (DFA Emerging Markets II Portfolio) and VEMIX (Vanguard Emerging Markets Stock Index Fund Institutional Shares) are both Emerging Markets Equities funds. Over the past 10 years, DFETX returned 9.67%/yr vs 7.82%/yr for VEMIX. Their correlation of 0.95 means they have usually moved in the same direction. DFETX charges 0.37%/yr vs 0.06%/yr for VEMIX.

Performance

DFETX vs. VEMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Emerging Markets II Portfolio (DFETX) 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, DFETX achieves a 19.35% return, which is significantly higher than VEMIX's 9.18% return. Over the past 10 years, DFETX has outperformed VEMIX with an annualized return of 9.67%, while VEMIX has yielded a comparatively lower 7.82% annualized return.

DFETX

• 1D: 1.94%
• 1M: -2.12%
• 6M: 10.61%
• YTD: 19.35%
• 1Y: 38.13%
• 3Y*: 19.55%
• 5Y*: 9.62%
• 10Y*: 9.67%
• ALL TIME*: 7.48%

VEMIX

• 1D: 1.26%
• 1M: -0.48%
• 6M: 3.65%
• YTD: 9.18%
• 1Y: 21.49%
• 3Y*: 14.60%
• 5Y*: 6.08%
• 10Y*: 7.82%
• ALL TIME*: 7.29%

*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)
DFETX DFA Emerging Markets II Portfolio	$0.00	$0.00	$0.00
VEMIX Vanguard Emerging Markets Stock Index Fund Institutional Shares	$0.00	$0.00	$0.00

DFETX vs. VEMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFETX DFA Emerging Markets II Portfolio	19.35%	33.54%	6.86%	13.11%	-16.84%	2.58%	14.08%	16.30%	-13.47%	36.75%
VEMIX Vanguard Emerging Markets Stock Index Fund Institutional Shares	9.18%	24.80%	11.38%	8.85%	-17.75%	0.91%	15.26%	20.35%	-14.55%	31.42%

Correlation

The correlation between DFETX 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.	0.94
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 Jun 22, 2000	0.95

The correlation between DFETX and VEMIX has been stable across timeframes, ranging from 0.91 to 0.96 - a consistent structural relationship.

Return for Risk

DFETX vs. VEMIX — Risk / Return Rank

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

DFETX

DFETX Risk / Return Rank: 66
DFETX Sharpe Ratio Rank: 67
DFETX Sortino Ratio Rank: 55
DFETX Omega Ratio Rank: 69
DFETX Calmar Ratio Rank: 76
DFETX Martin Ratio Rank: 61

VEMIX

VEMIX Risk / Return Rank: 40
VEMIX Sharpe Ratio Rank: 40
VEMIX Sortino Ratio Rank: 38
VEMIX Omega Ratio Rank: 39
VEMIX Calmar Ratio Rank: 44
VEMIX Martin Ratio Rank: 40

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.

DFETX vs. VEMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Emerging Markets II Portfolio (DFETX) 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.

	DFETX	VEMIX	Difference
Sharpe ratio: Return per unit of total volatility	1.68	1.29	+0.39
Sortino ratio: Return per unit of downside risk	2.19	1.82	+0.37
Omega ratio: Gain probability vs. loss probability	1.32	1.23	+0.09
Calmar ratio: Return relative to maximum drawdown	2.57	1.87	+0.71
Martin ratio: Return relative to average drawdown	8.49	6.20	+2.28

DFETX vs. VEMIX - Sharpe Ratio Comparison

The current DFETX Sharpe Ratio is 1.68, which is higher than the VEMIX Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of DFETX 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

DFETX vs. VEMIX - Drawdown Comparison

The maximum DFETX drawdown since its inception was -62.33%, smaller than the maximum VEMIX drawdown of -66.43%. Use the drawdown chart below to compare losses from any high point for DFETX and VEMIX.

Drawdown Indicators

	DFETX	VEMIX	Difference
Max Drawdown Largest peak-to-trough decline	-62.33%	-66.43%	+4.10%
Max Drawdown (1Y) Largest decline over 1 year	-14.30%	-11.05%	-3.25%
Max Drawdown (3Y) Largest decline over 3 years	-16.13%	-15.77%	-0.36%
Max Drawdown (5Y) Largest decline over 5 years	-29.48%	-30.68%	+1.20%
Max Drawdown (10Y) Largest decline over 10 years	-40.20%	-36.04%	-4.16%
Current Drawdown Current decline from peak	-9.44%	-4.23%	-5.21%
Average Drawdown Average peak-to-trough decline	-15.62%	-15.91%	+0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.31%	3.32%	+0.99%

Volatility

DFETX vs. VEMIX - Volatility Comparison

DFA Emerging Markets II Portfolio (DFETX) has a higher volatility of 9.36% compared to Vanguard Emerging Markets Stock Index Fund Institutional Shares (VEMIX) at 5.34%. This indicates that DFETX'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

	DFETX	VEMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.36%	5.34%	+4.02%
Volatility (6M) Calculated over the trailing 6-month period	20.43%	13.86%	+6.57%
Volatility (1Y) Calculated over the trailing 1-year period	21.90%	16.03%	+5.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.92%	15.59%	+1.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.07%	16.50%	+0.57%

DFETX vs. VEMIX - Expense Ratio Comparison

DFETX has a 0.37% expense ratio, which is higher than VEMIX's 0.06% expense ratio.

Dividends

DFETX vs. VEMIX - Dividend Comparison

DFETX's dividend yield for the trailing twelve months is around 6.90%, more than VEMIX's 2.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFETX DFA Emerging Markets II Portfolio	6.90%	8.24%	3.50%	3.84%	9.30%	19.29%	11.79%	12.48%	8.49%	1.93%	2.40%	3.40%
VEMIX Vanguard Emerging Markets Stock Index Fund Institutional Shares	2.35%	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 DFETX and VEMIX in my portfolio?

With a correlation of 0.91, DFETX 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, DFETX or VEMIX?

DFETX has higher volatility (9.36%) compared to VEMIX (5.34%). In terms of maximum drawdown, DFETX dropped -62.33% vs VEMIX's -66.43%.

Which has better risk-adjusted returns?

DFETX currently has the higher Sharpe Ratio (1.68 vs 1.29), 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.