RFBAX vs. VGAVX
RFBAX (Davis Government Bond Fund) and VGAVX (Vanguard Emerging Markets Government Bond Index Fund Admiral Shares) are both Government Bonds funds. Over the past 10 years, RFBAX returned 1.09%/yr vs 3.15%/yr for VGAVX. Their 0.26 correlation means their historical movements had little consistent relationship. RFBAX charges 1.00%/yr vs 0.20%/yr for VGAVX.
Performance
RFBAX vs. VGAVX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, RFBAX achieves a 1.14% return, which is significantly higher than VGAVX's 0.37% return. Over the past 10 years, RFBAX has underperformed VGAVX with an annualized return of 1.09%, while VGAVX has yielded a comparatively higher 3.15% annualized return.
RFBAX
- 1D
- 0.19%
- 1M
- 0.00%
- 6M
- 0.88%
- YTD
- 1.14%
- 1Y
- 2.81%
- 3Y*
- 3.91%
- 5Y*
- 1.34%
- 10Y*
- 1.09%
- ALL TIME*
- 2.62%
VGAVX
- 1D
- -0.18%
- 1M
- -1.60%
- 6M
- 0.19%
- YTD
- 0.37%
- 1Y
- 6.24%
- 3Y*
- 8.05%
- 5Y*
- 1.83%
- 10Y*
- 3.15%
- ALL TIME*
- 3.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
RFBAX vs. VGAVX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RFBAX Davis Government Bond Fund | 1.14% | 4.49% | 4.33% | 3.63% | -5.29% | -1.48% | 1.69% | 3.23% | 0.42% | 0.21% |
VGAVX Vanguard Emerging Markets Government Bond Index Fund Admiral Shares | 0.37% | 12.98% | 6.27% | 10.44% | -16.68% | -1.74% | 5.82% | 14.01% | -2.77% | 8.45% |
Correlation
The correlation between RFBAX and VGAVX is 0.26, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.26 |
Correlation (3Y) Balances recent behavior with more history. | 0.35 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.42 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.31 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014 | 0.26 |
The correlation between RFBAX and VGAVX shifts across timeframes, from 0.26 (1 year) to 0.42 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
RFBAX vs. VGAVX — Risk / Return Rank
RFBAX
VGAVX
RFBAX vs. VGAVX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Davis Government Bond Fund (RFBAX) and Vanguard Emerging Markets Government Bond Index Fund Admiral Shares (VGAVX). 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 | VGAVX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.30 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 4.27 | 1.64 | +2.63 |
| Martin ratioReturn relative to average drawdown | 15.95 | 6.24 | +9.71 |
Loading charts...
Drawdowns
RFBAX vs. VGAVX - Drawdown Comparison
The maximum RFBAX drawdown since its inception was -8.03%, smaller than the maximum VGAVX drawdown of -26.77%. Use the drawdown chart below to compare losses from any high point for RFBAX and VGAVX.
Loading charts...
Drawdown Indicators
| RFBAX | VGAVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.03% | -26.77% | +18.74% |
Max Drawdown (1Y)Largest decline over 1 year | -0.77% | -3.97% | +3.20% |
Max Drawdown (3Y)Largest decline over 3 years | -0.88% | -6.21% | +5.33% |
Max Drawdown (5Y)Largest decline over 5 years | -7.50% | -26.77% | +19.27% |
Max Drawdown (10Y)Largest decline over 10 years | -8.03% | -26.77% | +18.74% |
Current DrawdownCurrent decline from peak | -0.19% | -1.91% | +1.72% |
Average DrawdownAverage peak-to-trough decline | -1.18% | -4.63% | +3.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.21% | 1.04% | -0.83% |
Volatility
RFBAX vs. VGAVX - Volatility Comparison
The current volatility for Davis Government Bond Fund (RFBAX) is 0.53%, while Vanguard Emerging Markets Government Bond Index Fund Admiral Shares (VGAVX) has a volatility of 1.01%. This indicates that RFBAX experiences smaller price fluctuations and is considered to be less risky than VGAVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| RFBAX | VGAVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.53% | 1.01% | -0.48% |
Volatility (6M)Calculated over the trailing 6-month period | 1.36% | 3.50% | -2.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.86% | 4.19% | -2.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.12% | 6.34% | -4.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.78% | 6.37% | -4.59% |
RFBAX vs. VGAVX - Expense Ratio Comparison
RFBAX has a 1.00% expense ratio, which is higher than VGAVX's 0.20% expense ratio.
Dividends
RFBAX vs. VGAVX - Dividend Comparison
RFBAX's dividend yield for the trailing twelve months is around 2.78%, less than VGAVX's 5.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RFBAX Davis Government Bond Fund | 2.78% | 3.01% | 3.23% | 2.15% | 0.80% | 0.57% | 0.93% | 1.67% | 1.17% | 0.59% | 0.68% | 0.75% |
VGAVX Vanguard Emerging Markets Government Bond Index Fund Admiral Shares | 5.30% | 5.88% | 6.56% | 5.50% | 5.29% | 4.27% | 4.20% | 4.60% | 4.54% | 4.62% | 4.73% | 4.94% |
Frequently Asked Questions
RFBAX and VGAVX 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.
VGAVX has higher volatility (1.01%) compared to RFBAX (0.53%). In terms of maximum drawdown, RFBAX dropped -8.03% vs VGAVX's -26.77%.
RFBAX currently has the higher Sharpe Ratio (1.78 vs 1.55), 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.
Find the right allocation for RFBAX and VGAVX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer