DFMAX vs. VIIIX

Last updated Jun 4, 2026

DFMAX (Davidson Multi-Cap Equity Fund) and VIIIX (Vanguard Institutional Index Fund Institutional Plus Shares) are both mutual funds - DFMAX is a Large Cap Blend Equities fund managed by Davidson Mutual Funds, while VIIIX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, DFMAX returned 13.57%/yr vs 15.74%/yr for VIIIX. With a 0.96 correlation, they move nearly in lockstep. DFMAX charges 1.15%/yr vs 0.02%/yr for VIIIX.

Performance

DFMAX vs. VIIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Davidson Multi-Cap Equity Fund (DFMAX) 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, DFMAX achieves a 6.63% return, which is significantly lower than VIIIX's 11.70% return. Over the past 10 years, DFMAX has underperformed VIIIX with an annualized return of 13.57%, while VIIIX has yielded a comparatively higher 15.74% annualized return.

DFMAX

• 1D: -0.21%
• 1M: 2.14%
• YTD: 6.63%
• 6M: 6.60%
• 1Y: 17.56%
• 3Y*: 15.31%
• 5Y*: 9.57%
• 10Y*: 13.57%

VIIIX

• 1D: 0.13%
• 1M: 5.80%
• YTD: 11.70%
• 6M: 11.74%
• 1Y: 28.99%
• 3Y*: 23.17%
• 5Y*: 14.42%
• 10Y*: 15.74%

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

DFMAX vs. VIIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFMAX Davidson Multi-Cap Equity Fund	6.63%	11.60%	17.28%	17.50%	-13.02%	28.82%	21.99%	36.02%	-4.73%	13.18%
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares	11.70%	17.87%	26.29%	25.79%	-18.14%	28.69%	18.41%	31.48%	-4.41%	21.82%

Correlation

The correlation between DFMAX and VIIIX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Aug 12, 2008	0.96

The correlation between DFMAX and VIIIX has been stable across timeframes, ranging from 0.91 to 0.96 - a consistent structural relationship.

Return for Risk

DFMAX vs. VIIIX — Risk / Return Rank

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

DFMAX

DFMAX Risk / Return Rank: 35
DFMAX Sharpe Ratio Rank: 32
DFMAX Sortino Ratio Rank: 29
DFMAX Omega Ratio Rank: 30
DFMAX Calmar Ratio Rank: 38
DFMAX Martin Ratio Rank: 48

VIIIX

VIIIX Risk / Return Rank: 73
VIIIX Sharpe Ratio Rank: 76
VIIIX Sortino Ratio Rank: 67
VIIIX Omega Ratio Rank: 67
VIIIX Calmar Ratio Rank: 74
VIIIX Martin Ratio Rank: 83

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.

DFMAX vs. VIIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Davidson Multi-Cap Equity Fund (DFMAX) 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.

	DFMAX	VIIIX	Difference
Sharpe ratio: Return per unit of total volatility	1.62	2.52	-0.90
Sortino ratio: Return per unit of downside risk	2.26	3.42	-1.16
Omega ratio: Gain probability vs. loss probability	1.29	1.46	-0.17
Calmar ratio: Return relative to maximum drawdown	2.32	3.36	-1.03
Martin ratio: Return relative to average drawdown	9.91	15.69	-5.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFMAX vs. VIIIX - Sharpe Ratio Comparison

The current DFMAX Sharpe Ratio is 1.62, which is lower than the VIIIX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of DFMAX 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.

Sharpe Ratios by Period

	DFMAX	VIIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.62	2.52	-0.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.86	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	0.87	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.50	+0.06

Drawdowns

DFMAX vs. VIIIX - Drawdown Comparison

The maximum DFMAX drawdown since its inception was -47.78%, smaller than the maximum VIIIX drawdown of -55.18%. Use the drawdown chart below to compare losses from any high point for DFMAX and VIIIX.

Drawdown Indicators

	DFMAX	VIIIX	Difference
Max Drawdown Largest peak-to-trough decline	-47.78%	-55.18%	+7.40%
Max Drawdown (1Y) Largest decline over 1 year	-7.93%	-8.90%	+0.97%
Max Drawdown (3Y) Largest decline over 3 years	-18.80%	-18.75%	-0.05%
Max Drawdown (5Y) Largest decline over 5 years	-19.77%	-24.50%	+4.73%
Max Drawdown (10Y) Largest decline over 10 years	-32.36%	-33.79%	+1.43%
Current Drawdown Current decline from peak	-0.21%	0.00%	-0.21%
Average Drawdown Average peak-to-trough decline	-5.62%	-10.02%	+4.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	1.90%	-0.04%

Volatility

DFMAX vs. VIIIX - Volatility Comparison

The current volatility for Davidson Multi-Cap Equity Fund (DFMAX) is 2.37%, while Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) has a volatility of 2.83%. This indicates that DFMAX 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

	DFMAX	VIIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.37%	2.83%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	8.26%	8.97%	-0.71%
Volatility (1Y) Calculated over the trailing 1-year period	11.39%	11.86%	-0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.19%	16.89%	-0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.45%	18.06%	-0.61%

DFMAX vs. VIIIX - Expense Ratio Comparison

DFMAX has a 1.15% expense ratio, which is higher than VIIIX's 0.02% expense ratio.

Dividends

DFMAX vs. VIIIX - Dividend Comparison

DFMAX's dividend yield for the trailing twelve months is around 7.05%, more than VIIIX's 2.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFMAX Davidson Multi-Cap Equity Fund	7.05%	7.51%	1.51%	2.12%	11.53%	8.85%	11.84%	13.72%	11.41%	2.90%	4.01%	4.19%
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares	2.41%	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 DFMAX and VIIIX in my portfolio?

With a correlation of 0.91, DFMAX and VIIIX 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, DFMAX or VIIIX?

VIIIX has higher volatility (2.83%) compared to DFMAX (2.37%). In terms of maximum drawdown, DFMAX dropped -47.78% vs VIIIX's -55.18%.

Which has better risk-adjusted returns?

VIIIX currently has the higher Sharpe Ratio (2.52 vs 1.62), 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.