DFISX vs. VSMAX

Last updated Aug 2, 2026

DFISX (DFA International Small Company Portfolio) and VSMAX (Vanguard Small-Cap Index Fund Admiral Shares) are both mutual funds - DFISX is a Foreign Small & Mid Cap Equities fund actively managed by Dimensional, while VSMAX is a Small Cap Blend Equities fund tracking the CRSP US Small Cap Index. DFISX is actively managed, while VSMAX is passively managed. Over the past 10 years, DFISX returned 8.41%/yr vs 10.94%/yr for VSMAX. Their 0.63 correlation means they have sometimes moved together and sometimes differently. DFISX charges 0.39%/yr vs 0.05%/yr for VSMAX.

Performance

DFISX vs. VSMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA International Small Company Portfolio (DFISX) and Vanguard Small-Cap Index Fund Admiral Shares (VSMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFISX achieves a 9.81% return, which is significantly lower than VSMAX's 15.44% return. Over the past 10 years, DFISX has underperformed VSMAX with an annualized return of 8.41%, while VSMAX has yielded a comparatively higher 10.94% annualized return.

DFISX

• 1D: 2.36%
• 1M: 2.09%
• 6M: 4.11%
• YTD: 9.81%
• 1Y: 22.33%
• 3Y*: 16.93%
• 5Y*: 7.39%
• 10Y*: 8.41%
• ALL TIME*: 7.30%

VSMAX

• 1D: 0.91%
• 1M: -1.57%
• 6M: 10.35%
• YTD: 15.44%
• 1Y: 26.12%
• 3Y*: 13.94%
• 5Y*: 7.48%
• 10Y*: 10.94%
• ALL TIME*: 8.92%

*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)
DFISX DFA International Small Company Portfolio	$0.00	$0.00	$0.00
VSMAX Vanguard Small-Cap Index Fund Admiral Shares	$0.00	$0.00	$0.00

DFISX vs. VSMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFISX DFA International Small Company Portfolio	9.81%	36.35%	3.76%	14.46%	-17.13%	10.71%	9.27%	24.18%	-19.42%	24.78%
VSMAX Vanguard Small-Cap Index Fund Admiral Shares	15.44%	8.83%	14.23%	18.17%	-17.61%	17.74%	19.06%	27.36%	-9.33%	16.24%

Correlation

The correlation between DFISX and VSMAX is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.70
Correlation (3Y) Balances recent behavior with more history.	0.69
Correlation (5Y) Shows whether the relationship held over a longer period.	0.73
Correlation (10Y) Provides a long-term view across more market conditions.	0.71
Correlation (All Time) Calculated using the full available price history since Nov 13, 2000	0.63

The correlation between DFISX and VSMAX has been stable across timeframes, ranging from 0.63 to 0.73 - a consistent structural relationship.

Return for Risk

DFISX vs. VSMAX — Risk / Return Rank

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

DFISX

DFISX Risk / Return Rank: 60
DFISX Sharpe Ratio Rank: 68
DFISX Sortino Ratio Rank: 68
DFISX Omega Ratio Rank: 65
DFISX Calmar Ratio Rank: 54
DFISX Martin Ratio Rank: 47

VSMAX

VSMAX Risk / Return Rank: 66
VSMAX Sharpe Ratio Rank: 58
VSMAX Sortino Ratio Rank: 60
VSMAX Omega Ratio Rank: 53
VSMAX Calmar Ratio Rank: 79
VSMAX Martin Ratio Rank: 80

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.

DFISX vs. VSMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA International Small Company Portfolio (DFISX) and Vanguard Small-Cap Index Fund Admiral Shares (VSMAX). 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.

	DFISX	VSMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.56	1.40	+0.16
Sortino ratio: Return per unit of downside risk	2.25	2.05	+0.20
Omega ratio: Gain probability vs. loss probability	1.28	1.25	+0.03
Calmar ratio: Return relative to maximum drawdown	1.87	2.56	-0.69
Martin ratio: Return relative to average drawdown	6.41	9.40	-2.98

DFISX vs. VSMAX - Sharpe Ratio Comparison

The current DFISX Sharpe Ratio is 1.56, which is comparable to the VSMAX Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of DFISX and VSMAX, 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

DFISX vs. VSMAX - Drawdown Comparison

The maximum DFISX drawdown since its inception was -60.66%, roughly equal to the maximum VSMAX drawdown of -59.68%. Use the drawdown chart below to compare losses from any high point for DFISX and VSMAX.

Drawdown Indicators

	DFISX	VSMAX	Difference
Max Drawdown Largest peak-to-trough decline	-60.66%	-59.68%	-0.98%
Max Drawdown (1Y) Largest decline over 1 year	-11.96%	-8.97%	-2.99%
Max Drawdown (3Y) Largest decline over 3 years	-13.68%	-25.25%	+11.57%
Max Drawdown (5Y) Largest decline over 5 years	-35.06%	-28.14%	-6.92%
Max Drawdown (10Y) Largest decline over 10 years	-43.00%	-41.82%	-1.18%
Current Drawdown Current decline from peak	-1.16%	-2.36%	+1.20%
Average Drawdown Average peak-to-trough decline	-11.60%	-9.64%	-1.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.49%	2.45%	+1.04%

Volatility

DFISX vs. VSMAX - Volatility Comparison

DFA International Small Company Portfolio (DFISX) has a higher volatility of 4.27% compared to Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) at 3.32%. This indicates that DFISX's price experiences larger fluctuations and is considered to be riskier than VSMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFISX	VSMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.27%	3.32%	+0.95%
Volatility (6M) Calculated over the trailing 6-month period	12.06%	11.98%	+0.08%
Volatility (1Y) Calculated over the trailing 1-year period	14.45%	16.47%	-2.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.96%	20.67%	-4.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.95%	21.51%	-5.56%

DFISX vs. VSMAX - Expense Ratio Comparison

DFISX has a 0.39% expense ratio, which is higher than VSMAX's 0.05% expense ratio.

Dividends

DFISX vs. VSMAX - Dividend Comparison

DFISX's dividend yield for the trailing twelve months is around 2.89%, more than VSMAX's 1.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFISX DFA International Small Company Portfolio	2.89%	3.19%	3.39%	3.01%	3.51%	3.06%	1.71%	4.54%	7.74%	1.27%	4.44%	4.47%
VSMAX Vanguard Small-Cap Index Fund Admiral Shares	1.21%	1.33%	1.30%	1.56%	1.54%	1.24%	1.14%	1.39%	1.67%	1.35%	1.49%	1.48%

Frequently Asked Questions

Can I hold both DFISX and VSMAX in my portfolio?

DFISX and VSMAX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFISX or VSMAX?

DFISX has higher volatility (4.27%) compared to VSMAX (3.32%). In terms of maximum drawdown, DFISX dropped -60.66% vs VSMAX's -59.68%.

Which has better risk-adjusted returns?

DFISX currently has the higher Sharpe Ratio (1.56 vs 1.40), 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.