DFREX vs. VIIIX
DFREX (DFA Real Estate Securities Portfolio Class I) and VIIIX (Vanguard Institutional Index Fund Institutional Plus Shares) are both mutual funds - DFREX is a REIT fund managed by Dimensional, while VIIIX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, DFREX returned 5.71%/yr vs 15.74%/yr for VIIIX. A 0.59 correlation means they provide meaningful diversification when combined. DFREX charges 0.18%/yr vs 0.02%/yr for VIIIX.
Performance
DFREX vs. VIIIX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with DFREX having a 11.42% return and VIIIX slightly higher at 11.70%. Over the past 10 years, DFREX has underperformed VIIIX with an annualized return of 5.71%, while VIIIX has yielded a comparatively higher 15.74% annualized return.
DFREX
- 1D
- 0.30%
- 1M
- -0.45%
- YTD
- 11.42%
- 6M
- 10.51%
- 1Y
- 11.39%
- 3Y*
- 9.79%
- 5Y*
- 3.06%
- 10Y*
- 5.71%
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%
DFREX vs. VIIIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DFREX DFA Real Estate Securities Portfolio Class I | 11.42% | 1.52% | 5.52% | 11.20% | -24.93% | 41.88% | -5.03% | 28.12% | -3.01% | 4.25% |
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 DFREX and VIIIX is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Jul 8, 1997 | 0.59 |
Over the past year, the correlation between DFREX and VIIIX has dropped to 0.30 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.
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Return for Risk
DFREX vs. VIIIX — Risk / Return Rank
DFREX
VIIIX
DFREX vs. VIIIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DFA Real Estate Securities Portfolio Class I (DFREX) 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.
| DFREX | VIIIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.67 | ||
| Sortino ratioReturn per unit of downside risk | -2.21 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.46 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 1.32 | 3.36 | -2.04 |
| Martin ratioReturn relative to average drawdown | 4.10 | 15.69 | -11.60 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DFREX | VIIIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.85 | 2.52 | -1.67 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.17 | 0.86 | -0.69 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.28 | 0.87 | -0.59 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.37 | 0.50 | -0.12 |
Drawdowns
DFREX vs. VIIIX - Drawdown Comparison
The maximum DFREX drawdown since its inception was -74.36%, which is greater than VIIIX's maximum drawdown of -55.18%. Use the drawdown chart below to compare losses from any high point for DFREX and VIIIX.
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Drawdown Indicators
| DFREX | VIIIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.36% | -55.18% | -19.18% |
Max Drawdown (1Y)Largest decline over 1 year | -8.40% | -8.90% | +0.50% |
Max Drawdown (3Y)Largest decline over 3 years | -17.64% | -18.75% | +1.11% |
Max Drawdown (5Y)Largest decline over 5 years | -33.11% | -24.50% | -8.61% |
Max Drawdown (10Y)Largest decline over 10 years | -41.49% | -33.79% | -7.70% |
Current DrawdownCurrent decline from peak | -2.91% | 0.00% | -2.91% |
Average DrawdownAverage peak-to-trough decline | -11.34% | -10.02% | -1.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.69% | 1.90% | +0.79% |
Volatility
DFREX vs. VIIIX - Volatility Comparison
DFA Real Estate Securities Portfolio Class I (DFREX) has a higher volatility of 3.79% compared to Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) at 2.83%. This indicates that DFREX's price experiences larger fluctuations and is considered to be riskier than VIIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DFREX | VIIIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.79% | 2.83% | +0.96% |
Volatility (6M)Calculated over the trailing 6-month period | 9.51% | 8.97% | +0.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.07% | 11.86% | +1.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.69% | 16.89% | +1.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.30% | 18.06% | +2.24% |
DFREX vs. VIIIX - Expense Ratio Comparison
DFREX has a 0.18% 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
DFREX vs. VIIIX - Dividend Comparison
DFREX's dividend yield for the trailing twelve months is around 2.60%, more than VIIIX's 2.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFREX DFA Real Estate Securities Portfolio Class I | 2.60% | 2.84% | 2.97% | 3.59% | 6.24% | 2.56% | 3.36% | 2.23% | 4.88% | 1.89% | 2.83% | 2.86% |
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
DFREX and VIIIX have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DFREX has higher volatility (3.79%) compared to VIIIX (2.83%). In terms of maximum drawdown, DFREX dropped -74.36% vs VIIIX's -55.18%.
VIIIX currently has the higher Sharpe Ratio (2.52 vs 0.85), 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.
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