DFUVX vs. VOE

Last updated Aug 1, 2026

DFUVX (DFA U.S. Large Cap Value III Portfolio) and VOE (Vanguard Mid-Cap Value ETF) are both funds - DFUVX is a Large Cap Value Equities fund managed by Dimensional, while VOE is a Mid Cap Value Equities fund tracking the CRSP US Mid Cap Value Index. Over the past 10 years, DFUVX returned 11.30%/yr vs 10.86%/yr for VOE. Their correlation of 0.95 means they have usually moved in the same direction. DFUVX charges 0.14%/yr vs 0.05%/yr for VOE.

Performance

DFUVX vs. VOE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA U.S. Large Cap Value III Portfolio (DFUVX) and Vanguard Mid-Cap Value ETF (VOE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFUVX achieves a 18.91% return, which is significantly higher than VOE's 16.60% return. Both investments have delivered pretty close results over the past 10 years, with DFUVX having a 11.30% annualized return and VOE not far behind at 10.86%.

DFUVX

• 1D: 0.68%
• 1M: 1.91%
• 6M: 13.54%
• YTD: 18.91%
• 1Y: 33.06%
• 3Y*: 17.07%
• 5Y*: 10.75%
• 10Y*: 11.30%
• ALL TIME*: 9.35%

VOE

• 1D: -0.23%
• 1M: 2.29%
• 6M: 11.88%
• YTD: 16.60%
• 1Y: 26.06%
• 3Y*: 15.27%
• 5Y*: 10.14%
• 10Y*: 10.86%
• ALL TIME*: 9.56%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DFUVX DFA U.S. Large Cap Value III Portfolio	$0.00	$0.00	$0.00
VOE Vanguard Mid-Cap Value ETF	$50.20M	$55.46M	$54.15M

DFUVX vs. VOE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFUVX DFA U.S. Large Cap Value III Portfolio	18.91%	15.83%	12.87%	11.65%	-5.73%	22.75%	-0.45%	25.62%	-11.58%	18.60%
VOE Vanguard Mid-Cap Value ETF	16.60%	12.08%	14.00%	9.85%	-7.97%	28.78%	2.65%	27.85%	-12.48%	17.07%

Correlation

The correlation between DFUVX and VOE is 0.87, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.87
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (10Y) Provides a long-term view across more market conditions.	0.94
Correlation (All Time) Calculated using the full available price history since Aug 25, 2006	0.95

The correlation between DFUVX and VOE has been stable across timeframes, ranging from 0.87 to 0.95 - a consistent structural relationship.

Return for Risk

DFUVX vs. VOE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DFUVX

DFUVX Risk / Return Rank: 95
DFUVX Sharpe Ratio Rank: 96
DFUVX Sortino Ratio Rank: 94
DFUVX Omega Ratio Rank: 90
DFUVX Calmar Ratio Rank: 97
DFUVX Martin Ratio Rank: 97

VOE

VOE Risk / Return Rank: 89
VOE Sharpe Ratio Rank: 89
VOE Sortino Ratio Rank: 90
VOE Omega Ratio Rank: 87
VOE Calmar Ratio Rank: 88
VOE Martin Ratio Rank: 89

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DFUVX vs. VOE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA U.S. Large Cap Value III Portfolio (DFUVX) and Vanguard Mid-Cap Value ETF (VOE). 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.

	DFUVX	VOE	Difference
Sharpe ratio: Return per unit of total volatility	2.73	2.20	+0.53
Sortino ratio: Return per unit of downside risk	3.83	3.17	+0.66
Omega ratio: Gain probability vs. loss probability	1.48	1.39	+0.09
Calmar ratio: Return relative to maximum drawdown	5.24	3.60	+1.64
Martin ratio: Return relative to average drawdown	19.90	13.97	+5.93

DFUVX vs. VOE - Sharpe Ratio Comparison

The current DFUVX Sharpe Ratio is 2.73, which is comparable to the VOE Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of DFUVX and VOE, 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

DFUVX vs. VOE - Drawdown Comparison

The maximum DFUVX drawdown since its inception was -65.60%, which is greater than VOE's maximum drawdown of -61.50%. Use the drawdown chart below to compare losses from any high point for DFUVX and VOE.

Drawdown Indicators

	DFUVX	VOE	Difference
Max Drawdown Largest peak-to-trough decline	-65.60%	-61.50%	-4.10%
Max Drawdown (1Y) Largest decline over 1 year	-5.85%	-6.93%	+1.08%
Max Drawdown (3Y) Largest decline over 3 years	-17.04%	-18.45%	+1.41%
Max Drawdown (5Y) Largest decline over 5 years	-20.33%	-19.70%	-0.63%
Max Drawdown (10Y) Largest decline over 10 years	-41.76%	-43.18%	+1.42%
Current Drawdown Current decline from peak	-0.70%	-1.31%	+0.61%
Average Drawdown Average peak-to-trough decline	-9.79%	-8.29%	-1.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.57%	1.79%	-0.22%

Volatility

DFUVX vs. VOE - Volatility Comparison

The current volatility for DFA U.S. Large Cap Value III Portfolio (DFUVX) is 2.55%, while Vanguard Mid-Cap Value ETF (VOE) has a volatility of 2.70%. This indicates that DFUVX experiences smaller price fluctuations and is considered to be less risky than VOE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFUVX	VOE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.55%	2.70%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	8.21%	8.10%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	11.26%	11.36%	-0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.83%	15.89%	-0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.31%	18.73%	-0.42%

DFUVX vs. VOE - Expense Ratio Comparison

DFUVX has a 0.14% expense ratio, which is higher than VOE's 0.05% 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

DFUVX vs. VOE - Dividend Comparison

DFUVX's dividend yield for the trailing twelve months is around 1.48%, less than VOE's 1.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFUVX DFA U.S. Large Cap Value III Portfolio	1.48%	1.31%	1.94%	5.68%	5.84%	1.77%	2.09%	5.04%	9.79%	7.99%	4.90%	8.03%
VOE Vanguard Mid-Cap Value ETF	1.82%	2.10%	2.11%	2.27%	2.27%	1.78%	2.36%	2.05%	2.75%	1.86%	1.92%	2.05%

Frequently Asked Questions

Can I hold both DFUVX and VOE in my portfolio?

DFUVX and VOE have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFUVX or VOE?

VOE has higher volatility (2.70%) compared to DFUVX (2.55%). In terms of maximum drawdown, DFUVX dropped -65.60% vs VOE's -61.50%.

Which has better risk-adjusted returns?

DFUVX currently has the higher Sharpe Ratio (2.73 vs 2.20), 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.