DFVEX vs. VMVAX

Last updated Jul 14, 2026

DFVEX (DFA U.S. Vector Equity Fund) and VMVAX (Vanguard Mid-Cap Value Index Fund Admiral Shares) are both Mid Cap Value Equities funds. Over the past 10 years, DFVEX returned 12.09%/yr vs 10.65%/yr for VMVAX. Their correlation of 0.94 suggests significant overlap in exposure. DFVEX charges 0.28%/yr vs 0.07%/yr for VMVAX.

Performance

DFVEX vs. VMVAX - Performance Comparison

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

Returns By Period

In the year-to-date period, DFVEX achieves a 13.72% return, which is significantly lower than VMVAX's 14.69% return. Over the past 10 years, DFVEX has outperformed VMVAX with an annualized return of 12.09%, while VMVAX has yielded a comparatively lower 10.65% annualized return.

DFVEX

• 1D: 0.46%
• 1M: 1.63%
• 6M: 10.25%
• YTD: 13.72%
• 1Y: 23.47%
• 3Y*: 17.07%
• 5Y*: 11.15%
• 10Y*: 12.09%

VMVAX

• 1D: 0.61%
• 1M: 1.62%
• 6M: 10.90%
• YTD: 14.69%
• 1Y: 22.90%
• 3Y*: 15.07%
• 5Y*: 9.73%
• 10Y*: 10.65%

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

DFVEX vs. VMVAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFVEX DFA U.S. Vector Equity Fund	13.72%	13.66%	14.36%	17.60%	-9.96%	32.10%	7.53%	26.11%	-13.24%	14.15%
VMVAX Vanguard Mid-Cap Value Index Fund Admiral Shares	14.69%	12.06%	13.63%	10.12%	-7.89%	28.77%	2.45%	28.03%	-12.44%	17.04%

Correlation

The correlation between DFVEX and VMVAX is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Sep 27, 2011	0.94

The correlation between DFVEX and VMVAX shifts across timeframes, from 0.79 (1 year) to 0.94 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DFVEX vs. VMVAX — Risk / Return Rank

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

DFVEX

DFVEX Risk / Return Rank: 72
DFVEX Sharpe Ratio Rank: 70
DFVEX Sortino Ratio Rank: 71
DFVEX Omega Ratio Rank: 65
DFVEX Calmar Ratio Rank: 75
DFVEX Martin Ratio Rank: 78

VMVAX

VMVAX Risk / Return Rank: 77
VMVAX Sharpe Ratio Rank: 74
VMVAX Sortino Ratio Rank: 75
VMVAX Omega Ratio Rank: 68
VMVAX Calmar Ratio Rank: 84
VMVAX Martin Ratio Rank: 85

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.

DFVEX vs. VMVAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA U.S. Vector Equity Fund (DFVEX) and Vanguard Mid-Cap Value Index Fund Admiral Shares (VMVAX). 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	VMVAX	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.93	-0.07
Sortino ratio: Return per unit of downside risk	2.68	2.80	-0.12
Omega ratio: Gain probability vs. loss probability	1.33	1.34	-0.01
Calmar ratio: Return relative to maximum drawdown	2.72	3.20	-0.48
Martin ratio: Return relative to average drawdown	11.11	12.20	-1.09

DFVEX vs. VMVAX - Sharpe Ratio Comparison

The current DFVEX Sharpe Ratio is 1.86, which is comparable to the VMVAX Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of DFVEX and VMVAX, 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. VMVAX - Drawdown Comparison

The maximum DFVEX drawdown since its inception was -62.71%, which is greater than VMVAX's maximum drawdown of -43.07%. Use the drawdown chart below to compare losses from any high point for DFVEX and VMVAX.

Drawdown Indicators

	DFVEX	VMVAX	Difference
Max Drawdown Largest peak-to-trough decline	-62.71%	-43.07%	-19.64%
Max Drawdown (1Y) Largest decline over 1 year	-8.45%	-6.95%	-1.50%
Max Drawdown (3Y) Largest decline over 3 years	-21.20%	-18.40%	-2.80%
Max Drawdown (5Y) Largest decline over 5 years	-21.20%	-19.75%	-1.45%
Max Drawdown (10Y) Largest decline over 10 years	-42.20%	-43.07%	+0.87%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-9.07%	-4.35%	-4.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	1.82%	+0.24%

Volatility

DFVEX vs. VMVAX - Volatility Comparison

DFA U.S. Vector Equity Fund (DFVEX) has a higher volatility of 3.45% compared to Vanguard Mid-Cap Value Index Fund Admiral Shares (VMVAX) at 3.25%. This indicates that DFVEX's price experiences larger fluctuations and is considered to be riskier than VMVAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFVEX	VMVAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.45%	3.25%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	9.43%	8.21%	+1.22%
Volatility (1Y) Calculated over the trailing 1-year period	12.35%	11.53%	+0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.15%	15.95%	+2.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.04%	18.68%	+1.36%

DFVEX vs. VMVAX - Expense Ratio Comparison

DFVEX has a 0.28% expense ratio, which is higher than VMVAX's 0.07% expense ratio.

Dividends

DFVEX vs. VMVAX - Dividend Comparison

DFVEX's dividend yield for the trailing twelve months is around 1.09%, less than VMVAX's 1.84% 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%
VMVAX Vanguard Mid-Cap Value Index Fund Admiral Shares	1.84%	2.10%	2.11%	2.26%	2.27%	1.78%	2.36%	2.08%	2.75%	1.86%	1.91%	2.04%

Frequently Asked Questions

Can I hold both DFVEX and VMVAX in my portfolio?

DFVEX and VMVAX have a correlation of 0.79, 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 VMVAX?

DFVEX has higher volatility (3.45%) compared to VMVAX (3.25%). In terms of maximum drawdown, DFVEX dropped -62.71% vs VMVAX's -43.07%.

Which has better risk-adjusted returns?

VMVAX currently has the higher Sharpe Ratio (1.93 vs 1.86), 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.