DFFVX vs. VFSIX

Last updated Jun 13, 2026

DFFVX (DFA U.S. Targeted Value Portfolio) and VFSIX (Vanguard Short-Term Investment-Grade Fund Institutional Shares) are both mutual funds - DFFVX is a Small Cap Value Equities fund managed by Dimensional, while VFSIX is a Total Bond Market fund managed by Vanguard. Over the past 10 years, DFFVX returned 11.35%/yr vs 2.60%/yr for VFSIX. At a correlation of -0.13, they often move in opposite directions. DFFVX charges 0.29%/yr vs 0.07%/yr for VFSIX.

Performance

DFFVX vs. VFSIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA U.S. Targeted Value Portfolio (DFFVX) and Vanguard Short-Term Investment-Grade Fund Institutional Shares (VFSIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFFVX achieves a 16.41% return, which is significantly higher than VFSIX's 0.73% return. Over the past 10 years, DFFVX has outperformed VFSIX with an annualized return of 11.35%, while VFSIX has yielded a comparatively lower 2.60% annualized return.

DFFVX

• 1D: 1.76%
• 1M: 5.41%
• YTD: 16.41%
• 6M: 14.03%
• 1Y: 34.42%
• 3Y*: 17.16%
• 5Y*: 9.13%
• 10Y*: 11.35%

VFSIX

• 1D: 0.19%
• 1M: 0.60%
• YTD: 0.73%
• 6M: 1.22%
• 1Y: 4.72%
• 3Y*: 5.58%
• 5Y*: 2.33%
• 10Y*: 2.60%

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

DFFVX vs. VFSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFFVX DFA U.S. Targeted Value Portfolio	16.41%	9.53%	9.34%	19.37%	-4.66%	31.53%	3.78%	21.51%	-15.79%	9.20%
VFSIX Vanguard Short-Term Investment-Grade Fund Institutional Shares	0.73%	6.89%	5.12%	5.88%	-5.72%	-0.59%	5.28%	5.88%	1.00%	2.15%

Correlation

The correlation between DFFVX and VFSIX is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Feb 23, 2000	-0.13

The correlation between DFFVX and VFSIX shifts across timeframes, from -0.13 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DFFVX vs. VFSIX — Risk / Return Rank

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

DFFVX

DFFVX Risk / Return Rank: 71
DFFVX Sharpe Ratio Rank: 66
DFFVX Sortino Ratio Rank: 71
DFFVX Omega Ratio Rank: 61
DFFVX Calmar Ratio Rank: 84
DFFVX Martin Ratio Rank: 72

VFSIX

VFSIX Risk / Return Rank: 77
VFSIX Sharpe Ratio Rank: 72
VFSIX Sortino Ratio Rank: 86
VFSIX Omega Ratio Rank: 82
VFSIX Calmar Ratio Rank: 72
VFSIX 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.

DFFVX vs. VFSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA U.S. Targeted Value Portfolio (DFFVX) and Vanguard Short-Term Investment-Grade Fund Institutional Shares (VFSIX). 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.

	DFFVX	VFSIX	Difference
Sharpe ratio: Return per unit of total volatility	1.88	2.01	-0.13
Sortino ratio: Return per unit of downside risk	2.78	3.59	-0.82
Omega ratio: Gain probability vs. loss probability	1.33	1.46	-0.12
Calmar ratio: Return relative to maximum drawdown	3.30	2.72	+0.58
Martin ratio: Return relative to average drawdown	10.74	10.65	+0.09

DFFVX vs. VFSIX - Sharpe Ratio Comparison

The current DFFVX Sharpe Ratio is 1.88, which is comparable to the VFSIX Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of DFFVX and VFSIX, 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

DFFVX vs. VFSIX - Drawdown Comparison

The maximum DFFVX drawdown since its inception was -64.21%, which is greater than VFSIX's maximum drawdown of -9.21%. Use the drawdown chart below to compare losses from any high point for DFFVX and VFSIX.

Drawdown Indicators

	DFFVX	VFSIX	Difference
Max Drawdown Largest peak-to-trough decline	-64.21%	-9.21%	-55.00%
Max Drawdown (1Y) Largest decline over 1 year	-9.70%	-1.71%	-7.99%
Max Drawdown (3Y) Largest decline over 3 years	-26.09%	-1.71%	-24.38%
Max Drawdown (5Y) Largest decline over 5 years	-26.09%	-9.21%	-16.88%
Max Drawdown (10Y) Largest decline over 10 years	-50.75%	-9.21%	-41.54%
Current Drawdown Current decline from peak	0.00%	-0.32%	+0.32%
Average Drawdown Average peak-to-trough decline	-9.70%	-0.79%	-8.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	0.43%	+2.55%

Volatility

DFFVX vs. VFSIX - Volatility Comparison

DFA U.S. Targeted Value Portfolio (DFFVX) has a higher volatility of 4.32% compared to Vanguard Short-Term Investment-Grade Fund Institutional Shares (VFSIX) at 0.77%. This indicates that DFFVX's price experiences larger fluctuations and is considered to be riskier than VFSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFFVX	VFSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.32%	0.77%	+3.55%
Volatility (6M) Calculated over the trailing 6-month period	11.24%	1.69%	+9.55%
Volatility (1Y) Calculated over the trailing 1-year period	17.06%	2.32%	+14.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.56%	2.99%	+18.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.67%	2.49%	+21.18%

DFFVX vs. VFSIX - Expense Ratio Comparison

DFFVX has a 0.29% expense ratio, which is higher than VFSIX's 0.07% expense ratio.

Dividends

DFFVX vs. VFSIX - Dividend Comparison

DFFVX's dividend yield for the trailing twelve months is around 1.48%, less than VFSIX's 4.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFFVX DFA U.S. Targeted Value Portfolio	1.48%	1.69%	1.40%	2.26%	5.17%	2.74%	1.52%	3.82%	5.95%	5.16%	3.95%	5.84%
VFSIX Vanguard Short-Term Investment-Grade Fund Institutional Shares	4.74%	4.61%	4.19%	2.88%	2.06%	1.81%	2.35%	2.95%	2.80%	2.13%	2.17%	2.12%

Frequently Asked Questions

Can I hold both DFFVX and VFSIX in my portfolio?

DFFVX and VFSIX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFFVX or VFSIX?

DFFVX has higher volatility (4.32%) compared to VFSIX (0.77%). In terms of maximum drawdown, DFFVX dropped -64.21% vs VFSIX's -9.21%.

Which has better risk-adjusted returns?

VFSIX currently has the higher Sharpe Ratio (2.01 vs 1.88), 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.