RFBAX vs. DFFGX
RFBAX (Davis Government Bond Fund) and DFFGX (DFA Short-Term Government Portfolio) are both Government Bonds funds. Over the past 10 years, RFBAX returned 1.10%/yr vs 1.21%/yr for DFFGX. At a 0.49 correlation, their price movements are largely independent. RFBAX charges 1.00%/yr vs 0.18%/yr for DFFGX.
Performance
RFBAX vs. DFFGX - Performance Comparison
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Returns By Period
In the year-to-date period, RFBAX achieves a 1.08% return, which is significantly lower than DFFGX's 1.38% return. Over the past 10 years, RFBAX has underperformed DFFGX with an annualized return of 1.10%, while DFFGX has yielded a comparatively higher 1.21% annualized return.
RFBAX
- 1D
- 0.19%
- 1M
- 0.45%
- YTD
- 1.08%
- 6M
- 1.34%
- 1Y
- 3.48%
- 3Y*
- 4.04%
- 5Y*
- 1.38%
- 10Y*
- 1.10%
DFFGX
- 1D
- 0.10%
- 1M
- 0.10%
- YTD
- 1.38%
- 6M
- 1.48%
- 1Y
- 2.48%
- 3Y*
- 4.18%
- 5Y*
- 1.87%
- 10Y*
- 1.21%
RFBAX vs. DFFGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RFBAX Davis Government Bond Fund | 1.08% | 4.49% | 4.33% | 3.63% | -5.29% | -1.48% | 1.69% | 3.23% | 0.42% | 0.21% |
DFFGX DFA Short-Term Government Portfolio | 1.38% | 3.12% | 5.29% | 5.01% | -4.41% | -1.27% | 0.39% | 2.52% | 1.17% | 0.51% |
Correlation
The correlation between RFBAX and DFFGX is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 1995 | 0.49 |
Over the past year, the correlation between RFBAX and DFFGX has dropped to 0.14 - well below their long-term average of 0.49, suggesting their price drivers have been diverging.
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Return for Risk
RFBAX vs. DFFGX — Risk / Return Rank
RFBAX
DFFGX
RFBAX vs. DFFGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Davis Government Bond Fund (RFBAX) and DFA Short-Term Government Portfolio (DFFGX). 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.
| RFBAX | DFFGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 2.28 | -0.76 |
| Calmar ratioReturn relative to maximum drawdown | 4.53 | 2.63 | +1.91 |
| Martin ratioReturn relative to average drawdown | 17.80 | 9.72 | +8.08 |
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Drawdowns
RFBAX vs. DFFGX - Drawdown Comparison
The maximum RFBAX drawdown since its inception was -8.03%, which is greater than DFFGX's maximum drawdown of -6.49%. Use the drawdown chart below to compare losses from any high point for RFBAX and DFFGX.
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Drawdown Indicators
| RFBAX | DFFGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.03% | -6.49% | -1.54% |
Max Drawdown (1Y)Largest decline over 1 year | -0.77% | -1.00% | +0.23% |
Max Drawdown (3Y)Largest decline over 3 years | -0.88% | -1.19% | +0.31% |
Max Drawdown (5Y)Largest decline over 5 years | -7.50% | -6.49% | -1.01% |
Max Drawdown (10Y)Largest decline over 10 years | -8.03% | -6.49% | -1.54% |
Current DrawdownCurrent decline from peak | 0.00% | -0.20% | +0.20% |
Average DrawdownAverage peak-to-trough decline | -1.18% | -0.77% | -0.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.20% | 0.27% | -0.07% |
Volatility
RFBAX vs. DFFGX - Volatility Comparison
Davis Government Bond Fund (RFBAX) has a higher volatility of 0.53% compared to DFA Short-Term Government Portfolio (DFFGX) at 0.43%. This indicates that RFBAX's price experiences larger fluctuations and is considered to be riskier than DFFGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RFBAX | DFFGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.53% | 0.43% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 1.28% | 0.63% | +0.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.86% | 1.26% | +0.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.10% | 1.84% | +0.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.79% | 1.56% | +0.23% |
RFBAX vs. DFFGX - Expense Ratio Comparison
RFBAX has a 1.00% expense ratio, which is higher than DFFGX's 0.18% expense ratio.
Dividends
RFBAX vs. DFFGX - Dividend Comparison
RFBAX's dividend yield for the trailing twelve months is around 3.03%, more than DFFGX's 2.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFFGX DFA Short-Term Government Portfolio | 2.84% | 2.98% | 4.87% | 3.57% | 1.85% | 0.15% | 0.29% | 1.83% | 1.53% | 1.18% | 0.99% | 1.27% |
RFBAX Davis Government Bond Fund | 3.03% | 3.01% | 3.23% | 2.15% | 0.80% | 0.57% | 0.93% | 1.67% | 1.17% | 0.59% | 0.68% | 0.75% |
Frequently Asked Questions
RFBAX and DFFGX have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RFBAX has higher volatility (0.53%) compared to DFFGX (0.43%). In terms of maximum drawdown, RFBAX dropped -8.03% vs DFFGX's -6.49%.
DFFGX currently has the higher Sharpe Ratio (2.07 vs 1.88), 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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