DFVEX vs. VMFVX

Last updated Aug 1, 2026

DFVEX (DFA U.S. Vector Equity Fund) and VMFVX (Vanguard S&P Mid-Cap 400 Value Index Fund Institutional Shares) are both Mid Cap Value Equities funds. Over the past 10 years, DFVEX returned 12.08%/yr vs 10.61%/yr for VMFVX. Their 0.96 correlation means they have historically moved very closely together. DFVEX charges 0.28%/yr vs 0.08%/yr for VMFVX.

Performance

DFVEX vs. VMFVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA U.S. Vector Equity Fund (DFVEX) and Vanguard S&P Mid-Cap 400 Value Index Fund Institutional Shares (VMFVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with DFVEX having a 13.89% return and VMFVX slightly lower at 13.52%. Over the past 10 years, DFVEX has outperformed VMFVX with an annualized return of 12.08%, while VMFVX has yielded a comparatively lower 10.61% annualized return.

DFVEX

• 1D: 0.99%
• 1M: 0.84%
• 6M: 10.03%
• YTD: 13.89%
• 1Y: 25.86%
• 3Y*: 15.60%
• 5Y*: 11.28%
• 10Y*: 12.08%
• ALL TIME*: 9.33%

VMFVX

• 1D: 0.11%
• 1M: 1.00%
• 6M: 9.03%
• YTD: 13.52%
• 1Y: 23.10%
• 3Y*: 12.01%
• 5Y*: 9.25%
• 10Y*: 10.61%
• ALL TIME*: 10.87%

*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)
DFVEX DFA U.S. Vector Equity Fund	$0.00	$0.00	$0.00
VMFVX Vanguard S&P Mid-Cap 400 Value Index Fund Institutional Shares	$0.00	$0.00	$0.00

DFVEX vs. VMFVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFVEX DFA U.S. Vector Equity Fund	13.89%	13.66%	14.36%	17.60%	-9.96%	32.10%	7.53%	26.11%	-13.24%	14.15%
VMFVX Vanguard S&P Mid-Cap 400 Value Index Fund Institutional Shares	13.52%	7.57%	10.59%	16.49%	-7.03%	30.54%	3.68%	26.18%	-11.90%	12.27%

Correlation

The correlation between DFVEX and VMFVX is 0.86, 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.	0.86
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.95
Correlation (10Y) Provides a long-term view across more market conditions.	0.96
Correlation (All Time) Calculated using the full available price history since Jan 3, 2011	0.96

The correlation between DFVEX and VMFVX shifts across timeframes, from 0.86 (1 year) to 0.96 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DFVEX vs. VMFVX — Risk / Return Rank

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

DFVEX

DFVEX Risk / Return Rank: 82
DFVEX Sharpe Ratio Rank: 81
DFVEX Sortino Ratio Rank: 80
DFVEX Omega Ratio Rank: 77
DFVEX Calmar Ratio Rank: 83
DFVEX Martin Ratio Rank: 88

VMFVX

VMFVX Risk / Return Rank: 54
VMFVX Sharpe Ratio Rank: 54
VMFVX Sortino Ratio Rank: 59
VMFVX Omega Ratio Rank: 50
VMFVX Calmar Ratio Rank: 56
VMFVX Martin Ratio Rank: 51

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.

DFVEX vs. VMFVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA U.S. Vector Equity Fund (DFVEX) and Vanguard S&P Mid-Cap 400 Value Index Fund Institutional Shares (VMFVX). 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.

	DFVEX	VMFVX	Difference
Sharpe ratio: Return per unit of total volatility	1.91	1.35	+0.55
Sortino ratio: Return per unit of downside risk	2.73	2.07	+0.66
Omega ratio: Gain probability vs. loss probability	1.34	1.24	+0.10
Calmar ratio: Return relative to maximum drawdown	2.79	1.92	+0.87
Martin ratio: Return relative to average drawdown	11.51	6.84	+4.68

DFVEX vs. VMFVX - Sharpe Ratio Comparison

The current DFVEX Sharpe Ratio is 1.91, which is higher than the VMFVX Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of DFVEX and VMFVX, 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

DFVEX vs. VMFVX - Drawdown Comparison

The maximum DFVEX drawdown since its inception was -62.71%, which is greater than VMFVX's maximum drawdown of -45.79%. Use the drawdown chart below to compare losses from any high point for DFVEX and VMFVX.

Drawdown Indicators

	DFVEX	VMFVX	Difference
Max Drawdown Largest peak-to-trough decline	-62.71%	-45.79%	-16.92%
Max Drawdown (1Y) Largest decline over 1 year	-8.45%	-10.52%	+2.07%
Max Drawdown (3Y) Largest decline over 3 years	-21.20%	-22.46%	+1.26%
Max Drawdown (5Y) Largest decline over 5 years	-21.20%	-22.46%	+1.26%
Max Drawdown (10Y) Largest decline over 10 years	-42.20%	-45.79%	+3.59%
Current Drawdown Current decline from peak	-0.49%	-1.01%	+0.52%
Average Drawdown Average peak-to-trough decline	-9.05%	-5.43%	-3.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	2.96%	-0.90%

Volatility

DFVEX vs. VMFVX - Volatility Comparison

The current volatility for DFA U.S. Vector Equity Fund (DFVEX) is 2.80%, while Vanguard S&P Mid-Cap 400 Value Index Fund Institutional Shares (VMFVX) has a volatility of 3.41%. This indicates that DFVEX experiences smaller price fluctuations and is considered to be less risky than VMFVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFVEX	VMFVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.80%	3.41%	-0.61%
Volatility (6M) Calculated over the trailing 6-month period	9.34%	10.33%	-0.99%
Volatility (1Y) Calculated over the trailing 1-year period	12.38%	14.96%	-2.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.08%	19.27%	-1.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.04%	21.81%	-1.77%

DFVEX vs. VMFVX - Expense Ratio Comparison

DFVEX has a 0.28% expense ratio, which is higher than VMFVX's 0.08% expense ratio.

Dividends

DFVEX vs. VMFVX - Dividend Comparison

DFVEX's dividend yield for the trailing twelve months is around 1.09%, less than VMFVX's 1.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFVEX DFA U.S. Vector Equity Fund	1.09%	0.91%	1.26%	3.33%	4.94%	9.56%	1.28%	2.98%	4.09%	4.41%	3.46%	4.59%
VMFVX Vanguard S&P Mid-Cap 400 Value Index Fund Institutional Shares	1.66%	1.88%	1.81%	1.58%	2.04%	1.81%	2.48%	1.94%	2.01%	1.56%	1.42%	1.73%

Frequently Asked Questions

Can I hold both DFVEX and VMFVX in my portfolio?

DFVEX and VMFVX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFVEX or VMFVX?

VMFVX has higher volatility (3.41%) compared to DFVEX (2.80%). In terms of maximum drawdown, DFVEX dropped -62.71% vs VMFVX's -45.79%.

Which has better risk-adjusted returns?

DFVEX currently has the higher Sharpe Ratio (1.91 vs 1.35), 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.