DFUSX vs. VTEB
DFUSX (DFA U.S. Large Company Portfolio) and VTEB (Vanguard Tax-Exempt Bond ETF) are both funds - DFUSX is a Large Cap Blend Equities fund managed by Dimensional, while VTEB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index. Over the past 10 years, DFUSX returned 15.30%/yr vs 2.03%/yr for VTEB. At a 0.03 correlation, their price movements are largely independent. DFUSX charges 0.08%/yr vs 0.03%/yr for VTEB.
Performance
DFUSX vs. VTEB - Performance Comparison
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Returns By Period
In the year-to-date period, DFUSX achieves a 8.57% return, which is significantly higher than VTEB's 1.44% return. Over the past 10 years, DFUSX has outperformed VTEB with an annualized return of 15.30%, while VTEB has yielded a comparatively lower 2.03% annualized return.
DFUSX
- 1D
- 1.80%
- 1M
- -0.12%
- YTD
- 8.57%
- 6M
- 8.90%
- 1Y
- 25.09%
- 3Y*
- 20.99%
- 5Y*
- 13.26%
- 10Y*
- 15.30%
VTEB
- 1D
- -0.08%
- 1M
- 0.78%
- YTD
- 1.44%
- 6M
- 1.95%
- 1Y
- 6.57%
- 3Y*
- 3.44%
- 5Y*
- 0.80%
- 10Y*
- 2.03%
DFUSX vs. VTEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DFUSX DFA U.S. Large Company Portfolio | 8.57% | 17.76% | 24.91% | 26.28% | -18.14% | 28.53% | 18.41% | 32.08% | -4.45% | 21.04% |
VTEB Vanguard Tax-Exempt Bond ETF | 1.44% | 3.72% | 1.31% | 6.15% | -7.99% | 1.14% | 5.19% | 7.35% | 1.04% | 4.87% |
Correlation
The correlation between DFUSX and VTEB is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Aug 25, 2015 | 0.03 |
Over the past year, DFUSX and VTEB have become more correlated (0.26) than their long-term average of 0.03, meaning their price movements have been converging.
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Return for Risk
DFUSX vs. VTEB — Risk / Return Rank
DFUSX
VTEB
DFUSX vs. VTEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DFA U.S. Large Company Portfolio (DFUSX) and Vanguard Tax-Exempt Bond ETF (VTEB). 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.
| DFUSX | VTEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.35 | ||
| Sortino ratioReturn per unit of downside risk | -0.71 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.51 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.76 | 2.35 | +0.41 |
| Martin ratioReturn relative to average drawdown | 12.54 | 8.30 | +4.24 |
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Drawdowns
DFUSX vs. VTEB - Drawdown Comparison
The maximum DFUSX drawdown since its inception was -54.96%, which is greater than VTEB's maximum drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for DFUSX and VTEB.
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Drawdown Indicators
| DFUSX | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.96% | -17.00% | -37.96% |
Max Drawdown (1Y)Largest decline over 1 year | -8.88% | -2.71% | -6.17% |
Max Drawdown (3Y)Largest decline over 3 years | -18.76% | -5.53% | -13.23% |
Max Drawdown (5Y)Largest decline over 5 years | -24.58% | -12.64% | -11.94% |
Max Drawdown (10Y)Largest decline over 10 years | -33.79% | -17.00% | -16.79% |
Current DrawdownCurrent decline from peak | -2.81% | -0.54% | -2.27% |
Average DrawdownAverage peak-to-trough decline | -10.59% | -2.32% | -8.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.94% | 0.77% | +1.17% |
Volatility
DFUSX vs. VTEB - Volatility Comparison
DFA U.S. Large Company Portfolio (DFUSX) has a higher volatility of 4.46% compared to Vanguard Tax-Exempt Bond ETF (VTEB) at 0.93%. This indicates that DFUSX's price experiences larger fluctuations and is considered to be riskier than VTEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DFUSX | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.46% | 0.93% | +3.53% |
Volatility (6M)Calculated over the trailing 6-month period | 9.73% | 2.04% | +7.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.09% | 2.70% | +9.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.95% | 3.90% | +13.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.10% | 5.26% | +12.84% |
DFUSX vs. VTEB - Expense Ratio Comparison
DFUSX has a 0.08% expense ratio, which is higher than VTEB's 0.03% 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
DFUSX vs. VTEB - Dividend Comparison
DFUSX's dividend yield for the trailing twelve months is around 0.98%, less than VTEB's 3.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFUSX DFA U.S. Large Company Portfolio | 0.98% | 1.04% | 1.24% | 4.17% | 6.24% | 6.57% | 3.82% | 2.74% | 2.64% | 1.56% | 1.95% | 2.87% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.36% | 3.29% | 3.14% | 2.79% | 2.09% | 1.64% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% |
Frequently Asked Questions
DFUSX and VTEB have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DFUSX has higher volatility (4.46%) compared to VTEB (0.93%). In terms of maximum drawdown, DFUSX dropped -54.96% vs VTEB's -17.00%.
VTEB currently has the higher Sharpe Ratio (2.38 vs 2.03), 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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