DFFVX vs. VBR

Last updated Jun 3, 2026

DFFVX (DFA U.S. Targeted Value Portfolio) and VBR (Vanguard Small-Cap Value ETF) are both Small Cap Value Equities funds. Over the past 10 years, DFFVX returned 10.95%/yr vs 10.58%/yr for VBR. With a 0.97 correlation, they move nearly in lockstep. DFFVX charges 0.29%/yr vs 0.05%/yr for VBR.

Performance

DFFVX vs. VBR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA U.S. Targeted Value Portfolio (DFFVX) 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, DFFVX achieves a 13.48% return, which is significantly higher than VBR's 12.11% return. Both investments have delivered pretty close results over the past 10 years, with DFFVX having a 10.95% annualized return and VBR not far behind at 10.58%.

DFFVX

• 1D: -0.05%
• 1M: 0.38%
• YTD: 13.48%
• 6M: 15.24%
• 1Y: 33.17%
• 3Y*: 17.14%
• 5Y*: 8.50%
• 10Y*: 10.95%

VBR

• 1D: 0.86%
• 1M: 1.86%
• YTD: 12.11%
• 6M: 13.63%
• 1Y: 27.83%
• 3Y*: 16.59%
• 5Y*: 8.08%
• 10Y*: 10.58%

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

DFFVX vs. VBR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFFVX DFA U.S. Targeted Value Portfolio	13.48%	9.53%	9.34%	19.37%	-4.66%	31.53%	3.78%	21.51%	-15.79%	9.20%
VBR Vanguard Small-Cap Value ETF	12.11%	9.09%	12.40%	16.00%	-9.38%	28.08%	5.90%	22.78%	-12.28%	11.81%

Correlation

The correlation between DFFVX 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 (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Feb 2, 2004	0.97

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

Return for Risk

DFFVX vs. VBR — Risk / Return Rank

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

DFFVX

DFFVX Risk / Return Rank: 50
DFFVX Sharpe Ratio Rank: 43
DFFVX Sortino Ratio Rank: 46
DFFVX Omega Ratio Rank: 41
DFFVX Calmar Ratio Rank: 71
DFFVX Martin Ratio Rank: 51

VBR

VBR Risk / Return Rank: 56
VBR Sharpe Ratio Rank: 53
VBR Sortino Ratio Rank: 56
VBR Omega Ratio Rank: 51
VBR Calmar Ratio Rank: 62
VBR Martin Ratio Rank: 61

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.

DFFVX vs. VBR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA U.S. Targeted Value Portfolio (DFFVX) 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.

	DFFVX	VBR	Difference
Sharpe ratio Return per unit of total volatility	1.93	1.84	+0.08
Sortino ratio Return per unit of downside risk	2.85	2.70	+0.15
Omega ratio Gain probability vs. loss probability	1.34	1.32	+0.02
Calmar ratio Return relative to maximum drawdown	3.27	3.10	+0.17
Martin ratio Return relative to average drawdown	10.62	10.94	-0.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFFVX vs. VBR - Sharpe Ratio Comparison

The current DFFVX Sharpe Ratio is 1.93, which is comparable to the VBR Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of DFFVX 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.

Sharpe Ratios by Period

	DFFVX	VBR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.93	1.84	+0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.41	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.49	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.42	+0.05

Drawdowns

DFFVX vs. VBR - Drawdown Comparison

The maximum DFFVX drawdown since its inception was -64.21%, roughly equal to the maximum VBR drawdown of -61.98%. Use the drawdown chart below to compare losses from any high point for DFFVX and VBR.

Drawdown Indicators

	DFFVX	VBR	Difference
Max Drawdown Largest peak-to-trough decline	-64.21%	-61.98%	-2.23%
Max Drawdown (1Y) Largest decline over 1 year	-9.70%	-8.85%	-0.85%
Max Drawdown (3Y) Largest decline over 3 years	-26.09%	-24.19%	-1.90%
Max Drawdown (5Y) Largest decline over 5 years	-26.09%	-24.19%	-1.90%
Max Drawdown (10Y) Largest decline over 10 years	-50.75%	-45.28%	-5.47%
Current Drawdown Current decline from peak	-0.71%	0.00%	-0.71%
Average Drawdown Average peak-to-trough decline	-9.71%	-8.27%	-1.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	2.50%	+0.48%

Volatility

DFFVX vs. VBR - Volatility Comparison

DFA U.S. Targeted Value Portfolio (DFFVX) and Vanguard Small-Cap Value ETF (VBR) have volatilities of 4.17% and 4.07%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFFVX	VBR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.17%	4.07%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	11.01%	10.46%	+0.55%
Volatility (1Y) Calculated over the trailing 1-year period	17.03%	15.17%	+1.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.54%	19.77%	+1.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.67%	21.74%	+1.93%

DFFVX vs. VBR - Expense Ratio Comparison

DFFVX has a 0.29% expense ratio, which is higher than VBR's 0.05% expense ratio.

Dividends

DFFVX vs. VBR - Dividend Comparison

DFFVX's dividend yield for the trailing twelve months is around 1.51%, less than VBR's 1.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFFVX DFA U.S. Targeted Value Portfolio	1.51%	1.69%	1.40%	2.26%	5.17%	2.74%	1.52%	3.82%	5.95%	5.16%	3.95%	5.84%
VBR Vanguard Small-Cap Value ETF	1.75%	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 DFFVX and VBR in my portfolio?

With a correlation of 0.97, DFFVX 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, DFFVX or VBR?

DFFVX has higher volatility (4.17%) compared to VBR (4.07%). In terms of maximum drawdown, DFFVX dropped -64.21% vs VBR's -61.98%.

Which has better risk-adjusted returns?

DFFVX currently has the higher Sharpe Ratio (1.93 vs 1.84), 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.