DFLV vs. VIIIX

Last updated Jun 25, 2026

DFLV (Dimensional US Large Cap Value ETF) and VIIIX (Vanguard Institutional Index Fund Institutional Plus Shares) are both funds - DFLV is a Large Cap Value Equities fund actively managed by Dimensional, while VIIIX is a S&P 500 fund tracking the S&P 500 Index. DFLV is actively managed, while VIIIX is passively managed. Over the past 3 years, DFLV returned 18.98%/yr vs 21.22%/yr for VIIIX. A 0.74 correlation means they provide meaningful diversification when combined. DFLV charges 0.22%/yr vs 0.02%/yr for VIIIX.

Performance

DFLV vs. VIIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional US Large Cap Value ETF (DFLV) and Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFLV achieves a 15.93% return, which is significantly higher than VIIIX's 8.21% return.

DFLV

• 1D: -0.13%
• 1M: 1.94%
• YTD: 15.93%
• 6M: 14.62%
• 1Y: 30.18%
• 3Y*: 18.98%
• 5Y*: —
• 10Y*: —

VIIIX

• 1D: -1.44%
• 1M: -1.34%
• YTD: 8.21%
• 6M: 6.88%
• 1Y: 22.35%
• 3Y*: 21.22%
• 5Y*: 13.28%
• 10Y*: 15.70%

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

DFLV vs. VIIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DFLV Dimensional US Large Cap Value ETF	15.93%	15.90%	12.88%	12.31%	-0.94%
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares	8.21%	17.87%	26.29%	25.79%	-2.49%

Correlation

The correlation between DFLV and VIIIX is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (All Time) Calculated using the full available price history since Dec 7, 2022	0.74

The correlation between DFLV and VIIIX has been stable across timeframes, ranging from 0.68 to 0.74 - a consistent structural relationship.

DFLV vs. VIIIX - Sectors Allocation Comparison

Sectors	DFLV	VIIIX
Financial Services	20.2%	10.9%
Technology	16.2%	39.1%
Energy	13.8%	3.1%
Healthcare	13.4%	8.3%
Industrials	13.0%	7.8%
Consumer Cyclical	7.7%	9.9%
Basic Materials	6.8%	1.7%
Consumer Defensive	4.5%	4.5%
Communication Services	4.2%	10.7%
Real Estate	0.3%	1.8%
Utilities	-	2.1%

Return for Risk

DFLV vs. VIIIX — Risk / Return Rank

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

DFLV

DFLV Risk / Return Rank: 90
DFLV Sharpe Ratio Rank: 89
DFLV Sortino Ratio Rank: 89
DFLV Omega Ratio Rank: 86
DFLV Calmar Ratio Rank: 92
DFLV Martin Ratio Rank: 91

VIIIX

VIIIX Risk / Return Rank: 52
VIIIX Sharpe Ratio Rank: 49
VIIIX Sortino Ratio Rank: 44
VIIIX Omega Ratio Rank: 47
VIIIX Calmar Ratio Rank: 53
VIIIX Martin Ratio Rank: 66

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.

DFLV vs. VIIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional US Large Cap Value ETF (DFLV) and Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX). 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.

	DFLV	VIIIX	Difference
Sharpe ratio: Return per unit of total volatility	2.64	1.90	+0.74
Sortino ratio: Return per unit of downside risk	3.67	2.59	+1.08
Omega ratio: Gain probability vs. loss probability	1.47	1.34	+0.13
Calmar ratio: Return relative to maximum drawdown	5.53	2.68	+2.85
Martin ratio: Return relative to average drawdown	19.20	12.03	+7.17

DFLV vs. VIIIX - Sharpe Ratio Comparison

The current DFLV Sharpe Ratio is 2.64, which is higher than the VIIIX Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of DFLV and VIIIX, 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

DFLV vs. VIIIX - Drawdown Comparison

The maximum DFLV drawdown since its inception was -16.80%, smaller than the maximum VIIIX drawdown of -55.18%. Use the drawdown chart below to compare losses from any high point for DFLV and VIIIX.

Drawdown Indicators

	DFLV	VIIIX	Difference
Max Drawdown Largest peak-to-trough decline	-16.80%	-55.18%	+38.38%
Max Drawdown (1Y) Largest decline over 1 year	-5.48%	-8.90%	+3.42%
Max Drawdown (3Y) Largest decline over 3 years	-16.80%	-18.75%	+1.95%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.79%	—
Current Drawdown Current decline from peak	-1.17%	-3.13%	+1.96%
Average Drawdown Average peak-to-trough decline	-3.04%	-10.00%	+6.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.58%	1.98%	-0.40%

Volatility

DFLV vs. VIIIX - Volatility Comparison

The current volatility for Dimensional US Large Cap Value ETF (DFLV) is 3.64%, while Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) has a volatility of 4.90%. This indicates that DFLV experiences smaller price fluctuations and is considered to be less risky than VIIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFLV	VIIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.64%	4.90%	-1.26%
Volatility (6M) Calculated over the trailing 6-month period	8.37%	9.93%	-1.56%
Volatility (1Y) Calculated over the trailing 1-year period	11.51%	12.57%	-1.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.20%	17.00%	-2.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.20%	18.08%	-3.88%

DFLV vs. VIIIX - Expense Ratio Comparison

DFLV has a 0.22% expense ratio, which is higher than VIIIX's 0.02% 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

DFLV vs. VIIIX - Dividend Comparison

DFLV's dividend yield for the trailing twelve months is around 1.41%, less than VIIIX's 2.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFLV Dimensional US Large Cap Value ETF	1.41%	1.61%	1.65%	1.72%	0.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares	2.49%	2.11%	3.66%	2.66%	3.39%	4.79%	3.07%	2.86%	2.45%	1.84%	2.38%	2.47%

Frequently Asked Questions

Can I hold both DFLV and VIIIX in my portfolio?

DFLV and VIIIX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFLV or VIIIX?

VIIIX has higher volatility (4.90%) compared to DFLV (3.64%). In terms of maximum drawdown, DFLV dropped -16.80% vs VIIIX's -55.18%.

Which has better risk-adjusted returns?

DFLV currently has the higher Sharpe Ratio (2.64 vs 1.90), 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.