DFGFX vs. VBIRX

Last updated Jun 24, 2026

DFGFX (DFA Two Year Global Fixed Income Portfolio) and VBIRX (Vanguard Short-Term Bond Index Fund Admiral Shares) are both mutual funds - DFGFX is a Global Bonds fund managed by Dimensional, while VBIRX is a Total Bond Market fund managed by Vanguard. Over the past 10 years, DFGFX returned 1.81%/yr vs 1.86%/yr for VBIRX. At a 0.42 correlation, their price movements are largely independent. DFGFX charges 0.16%/yr vs 0.07%/yr for VBIRX.

Performance

DFGFX vs. VBIRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Two Year Global Fixed Income Portfolio (DFGFX) and Vanguard Short-Term Bond Index Fund Admiral Shares (VBIRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFGFX achieves a 1.80% return, which is significantly higher than VBIRX's -0.09% return. Both investments have delivered pretty close results over the past 10 years, with DFGFX having a 1.81% annualized return and VBIRX not far ahead at 1.86%.

DFGFX

• 1D: 0.00%
• 1M: 0.41%
• YTD: 1.80%
• 6M: 1.80%
• 1Y: 2.53%
• 3Y*: 4.33%
• 5Y*: 2.34%
• 10Y*: 1.81%

VBIRX

• 1D: -0.20%
• 1M: 0.15%
• YTD: -0.09%
• 6M: 0.34%
• 1Y: 3.03%
• 3Y*: 4.42%
• 5Y*: 1.58%
• 10Y*: 1.86%

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

DFGFX vs. VBIRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFGFX DFA Two Year Global Fixed Income Portfolio	1.80%	2.89%	5.36%	4.95%	-2.62%	-0.37%	0.88%	2.87%	1.91%	0.93%
VBIRX Vanguard Short-Term Bond Index Fund Admiral Shares	-0.09%	6.09%	3.75%	4.87%	-5.63%	-1.20%	4.69%	4.86%	1.37%	1.18%

Correlation

The correlation between DFGFX and VBIRX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.34
Correlation (All Time) Calculated using the full available price history since Nov 12, 2001	0.42

Over the past year, the correlation between DFGFX and VBIRX has dropped to 0.18 - well below their long-term average of 0.42, suggesting their price drivers have been diverging.

Return for Risk

DFGFX vs. VBIRX — Risk / Return Rank

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

DFGFX

DFGFX Risk / Return Rank: 43
DFGFX Sharpe Ratio Rank: 39
DFGFX Sortino Ratio Rank: 23
DFGFX Omega Ratio Rank: 98
DFGFX Calmar Ratio Rank: 29
DFGFX Martin Ratio Rank: 26

VBIRX

VBIRX Risk / Return Rank: 31
VBIRX Sharpe Ratio Rank: 27
VBIRX Sortino Ratio Rank: 35
VBIRX Omega Ratio Rank: 30
VBIRX Calmar Ratio Rank: 33
VBIRX Martin Ratio Rank: 29

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.

DFGFX vs. VBIRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Two Year Global Fixed Income Portfolio (DFGFX) and Vanguard Short-Term Bond Index Fund Admiral Shares (VBIRX). 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.

	DFGFX	VBIRX	Difference
Sharpe ratio: Return per unit of total volatility	1.68	1.38	+0.30
Sortino ratio: Return per unit of downside risk	1.84	2.30	-0.46
Omega ratio: Gain probability vs. loss probability	2.29	1.27	+1.02
Calmar ratio: Return relative to maximum drawdown	1.89	2.04	-0.14
Martin ratio: Return relative to average drawdown	5.81	6.20	-0.39

DFGFX vs. VBIRX - Sharpe Ratio Comparison

The current DFGFX Sharpe Ratio is 1.68, which is comparable to the VBIRX Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of DFGFX and VBIRX, 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

DFGFX vs. VBIRX - Drawdown Comparison

The maximum DFGFX drawdown since its inception was -4.00%, smaller than the maximum VBIRX drawdown of -8.69%. Use the drawdown chart below to compare losses from any high point for DFGFX and VBIRX.

Drawdown Indicators

	DFGFX	VBIRX	Difference
Max Drawdown Largest peak-to-trough decline	-4.00%	-8.69%	+4.69%
Max Drawdown (1Y) Largest decline over 1 year	-1.41%	-1.54%	+0.13%
Max Drawdown (3Y) Largest decline over 3 years	-2.12%	-1.55%	-0.57%
Max Drawdown (5Y) Largest decline over 5 years	-4.00%	-8.64%	+4.64%
Max Drawdown (10Y) Largest decline over 10 years	-4.00%	-8.69%	+4.69%
Current Drawdown Current decline from peak	0.00%	-1.02%	+1.02%
Average Drawdown Average peak-to-trough decline	-0.23%	-0.99%	+0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.46%	0.51%	-0.05%

Volatility

DFGFX vs. VBIRX - Volatility Comparison

The current volatility for DFA Two Year Global Fixed Income Portfolio (DFGFX) is 0.24%, while Vanguard Short-Term Bond Index Fund Admiral Shares (VBIRX) has a volatility of 0.72%. This indicates that DFGFX experiences smaller price fluctuations and is considered to be less risky than VBIRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFGFX	VBIRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.24%	0.72%	-0.48%
Volatility (6M) Calculated over the trailing 6-month period	0.54%	1.64%	-1.10%
Volatility (1Y) Calculated over the trailing 1-year period	1.59%	2.28%	-0.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.82%	2.97%	-1.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.36%	2.41%	-1.05%

DFGFX vs. VBIRX - Expense Ratio Comparison

DFGFX has a 0.16% expense ratio, which is higher than VBIRX's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

DFGFX vs. VBIRX - Dividend Comparison

DFGFX's dividend yield for the trailing twelve months is around 3.09%, less than VBIRX's 4.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFGFX DFA Two Year Global Fixed Income Portfolio	3.09%	2.67%	4.77%	3.19%	1.17%	0.23%	0.57%	2.24%	2.21%	1.54%	0.65%	0.02%
VBIRX Vanguard Short-Term Bond Index Fund Admiral Shares	4.01%	3.83%	3.37%	2.41%	1.46%	1.22%	1.77%	2.24%	2.03%	1.66%	1.50%	1.41%

Frequently Asked Questions

Can I hold both DFGFX and VBIRX in my portfolio?

DFGFX and VBIRX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFGFX or VBIRX?

VBIRX has higher volatility (0.72%) compared to DFGFX (0.24%). In terms of maximum drawdown, DFGFX dropped -4.00% vs VBIRX's -8.69%.

Which has better risk-adjusted returns?

DFGFX currently has the higher Sharpe Ratio (1.68 vs 1.38), 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.