DFSV vs. VOO

Last updated Jun 4, 2026

DFSV (Dimensional US Small Cap Value ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - DFSV is a Small Cap Value Equities fund actively managed by Dimensional, while VOO is a S&P 500 fund tracking the S&P 500 Index. DFSV is actively managed, while VOO is passively managed. Over the past 3 years, DFSV returned 16.87%/yr vs 22.44%/yr for VOO. A 0.74 correlation means they provide meaningful diversification when combined. DFSV charges 0.31%/yr vs 0.03%/yr for VOO.

Performance

DFSV vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional US Small Cap Value ETF (DFSV) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFSV achieves a 15.01% return, which is significantly higher than VOO's 10.91% return.

DFSV

• 1D: -0.84%
• 1M: 1.32%
• YTD: 15.01%
• 6M: 14.63%
• 1Y: 33.99%
• 3Y*: 16.87%
• 5Y*: —
• 10Y*: —

VOO

• 1D: -0.70%
• 1M: 5.04%
• YTD: 10.91%
• 6M: 10.93%
• 1Y: 28.04%
• 3Y*: 22.44%
• 5Y*: 13.90%
• 10Y*: 15.56%

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

DFSV vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DFSV Dimensional US Small Cap Value ETF	15.01%	8.59%	7.13%	19.26%	0.60%
VOO Vanguard S&P 500 ETF	10.91%	17.82%	24.98%	26.32%	-9.28%

Correlation

The correlation between DFSV and VOO is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (All Time) Calculated using the full available price history since Feb 25, 2022	0.74

The correlation between DFSV and VOO shifts across timeframes, from 0.63 (1 year) to 0.74 (all time), reflecting how their relationship changes across market environments.

DFSV vs. VOO - Sectors Allocation Comparison

Sectors	DFSV	VOO
Financial Services	27.5%	11.6%
Industrials	15.1%	8.3%
Energy	13.6%	3.5%
Consumer Cyclical	13.5%	10.2%
Technology	8.1%	35.7%
Healthcare	6.9%	8.5%
Consumer Defensive	5.8%	4.9%
Basic Materials	5.4%	1.8%
Communication Services	2.6%	11.3%
Real Estate	0.9%	1.9%
Utilities	0.6%	2.4%

Return for Risk

DFSV vs. VOO — Risk / Return Rank

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

DFSV

DFSV Risk / Return Rank: 61
DFSV Sharpe Ratio Rank: 56
DFSV Sortino Ratio Rank: 59
DFSV Omega Ratio Rank: 55
DFSV Calmar Ratio Rank: 72
DFSV Martin Ratio Rank: 63

VOO

VOO Risk / Return Rank: 70
VOO Sharpe Ratio Rank: 71
VOO Sortino Ratio Rank: 70
VOO Omega Ratio Rank: 70
VOO Calmar Ratio Rank: 62
VOO Martin Ratio Rank: 75

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.

DFSV vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional US Small Cap Value ETF (DFSV) and Vanguard S&P 500 ETF (VOO). 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.

	DFSV	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.95	2.39	-0.44
Sortino ratio: Return per unit of downside risk	2.84	3.25	-0.41
Omega ratio: Gain probability vs. loss probability	1.34	1.43	-0.09
Calmar ratio: Return relative to maximum drawdown	3.64	3.16	+0.47
Martin ratio: Return relative to average drawdown	11.57	14.73	-3.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFSV vs. VOO - Sharpe Ratio Comparison

The current DFSV Sharpe Ratio is 1.95, which is comparable to the VOO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of DFSV and VOO, 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

	DFSV	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.95	2.39	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.83	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.89	-0.36

Drawdowns

DFSV vs. VOO - Drawdown Comparison

The maximum DFSV drawdown since its inception was -28.02%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for DFSV and VOO.

Drawdown Indicators

	DFSV	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-28.02%	-33.99%	+5.97%
Max Drawdown (1Y) Largest decline over 1 year	-9.39%	-8.90%	-0.49%
Max Drawdown (3Y) Largest decline over 3 years	-28.02%	-18.69%	-9.33%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-0.84%	-0.70%	-0.14%
Average Drawdown Average peak-to-trough decline	-6.71%	-3.69%	-3.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	1.91%	+1.04%

Volatility

DFSV vs. VOO - Volatility Comparison

Dimensional US Small Cap Value ETF (DFSV) has a higher volatility of 3.95% compared to Vanguard S&P 500 ETF (VOO) at 2.84%. This indicates that DFSV's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFSV	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.95%	2.84%	+1.11%
Volatility (6M) Calculated over the trailing 6-month period	11.28%	8.90%	+2.38%
Volatility (1Y) Calculated over the trailing 1-year period	17.63%	11.80%	+5.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.24%	16.81%	+5.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.24%	18.01%	+4.23%

DFSV vs. VOO - Expense Ratio Comparison

DFSV has a 0.31% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

DFSV vs. VOO - Dividend Comparison

DFSV's dividend yield for the trailing twelve months is around 1.42%, more than VOO's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFSV Dimensional US Small Cap Value ETF	1.42%	1.53%	1.31%	1.29%	0.90%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.03%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both DFSV and VOO in my portfolio?

DFSV and VOO have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFSV or VOO?

DFSV has higher volatility (3.95%) compared to VOO (2.84%). In terms of maximum drawdown, DFSV dropped -28.02% vs VOO's -33.99%.

Which ETF is better, DFSV or VOO?

On 3-year performance, VOO leads with 22.44% vs 16.87% for DFSV. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFSV or VOO?

Over the 3-year period, VOO has performed better with a 22.44% return vs 16.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFSV or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.31% for DFSV.

Which ETF pays a higher dividend yield, DFSV or VOO?

DFSV has the higher dividend yield at 1.42%, compared with 1.03% for VOO.

What is the main difference between DFSV and VOO?

DFSV is categorized as Small Cap Value Equities, while VOO is S&P 500. They also come from different issuers: Dimensional and Vanguard. Their fees differ too: 0.31% for DFSV and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.39 vs 1.95), 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.