VGIVX vs. DFFGX

Last updated Jun 5, 2026

VGIVX (Vanguard Emerging Markets Government Bond Index Fund Institutional Shares) and DFFGX (DFA Short-Term Government Portfolio) are both Government Bonds funds. Over the past 10 years, VGIVX returned 3.63%/yr vs 1.23%/yr for DFFGX. At a 0.18 correlation, their price movements are largely independent. Both charge a 0.18% expense ratio.

Performance

VGIVX vs. DFFGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Emerging Markets Government Bond Index Fund Institutional Shares (VGIVX) and DFA Short-Term Government Portfolio (DFFGX). 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 VGIVX having a 1.43% return and DFFGX slightly lower at 1.38%. Over the past 10 years, VGIVX has outperformed DFFGX with an annualized return of 3.63%, while DFFGX has yielded a comparatively lower 1.23% annualized return.

VGIVX

• 1D: -0.26%
• 1M: 0.75%
• YTD: 1.43%
• 6M: 1.80%
• 1Y: 10.59%
• 3Y*: 9.69%
• 5Y*: 2.27%
• 10Y*: 3.63%

DFFGX

• 1D: 0.00%
• 1M: 0.20%
• YTD: 1.38%
• 6M: 1.72%
• 1Y: 2.69%
• 3Y*: 4.29%
• 5Y*: 1.81%
• 10Y*: 1.23%

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

VGIVX vs. DFFGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VGIVX Vanguard Emerging Markets Government Bond Index Fund Institutional Shares	1.43%	13.05%	6.31%	10.48%	-16.72%	-2.41%	5.83%	14.03%	-2.72%	8.47%
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 VGIVX and DFFGX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (10Y) Calculated over the trailing 10-year period	0.21
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.18

The correlation between VGIVX and DFFGX shifts across timeframes, from 0.08 (3 years) to 0.24 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

VGIVX vs. DFFGX — Risk / Return Rank

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

VGIVX

VGIVX Risk / Return Rank: 73
VGIVX Sharpe Ratio Rank: 83
VGIVX Sortino Ratio Rank: 88
VGIVX Omega Ratio Rank: 82
VGIVX Calmar Ratio Rank: 55
VGIVX Martin Ratio Rank: 57

DFFGX

DFFGX Risk / Return Rank: 63
DFFGX Sharpe Ratio Rank: 64
DFFGX Sortino Ratio Rank: 43
DFFGX Omega Ratio Rank: 99
DFFGX Calmar Ratio Rank: 56
DFFGX Martin Ratio Rank: 52

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.

VGIVX vs. DFFGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Emerging Markets Government Bond Index Fund Institutional Shares (VGIVX) 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.

	VGIVX	DFFGX	Difference
Sharpe ratio: Return per unit of total volatility	2.70	2.33	+0.37
Sortino ratio: Return per unit of downside risk	4.29	2.70	+1.58
Omega ratio: Gain probability vs. loss probability	1.55	2.73	-1.18
Calmar ratio: Return relative to maximum drawdown	2.83	2.83	-0.01
Martin ratio: Return relative to average drawdown	11.32	10.57	+0.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VGIVX vs. DFFGX - Sharpe Ratio Comparison

The current VGIVX Sharpe Ratio is 2.70, which is comparable to the DFFGX Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of VGIVX and DFFGX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VGIVX	DFFGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.70	2.33	+0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.99	-0.63
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.79	-0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.21	+0.48

Drawdowns

VGIVX vs. DFFGX - Drawdown Comparison

The maximum VGIVX drawdown since its inception was -26.79%, which is greater than DFFGX's maximum drawdown of -6.49%. Use the drawdown chart below to compare losses from any high point for VGIVX and DFFGX.

Drawdown Indicators

	VGIVX	DFFGX	Difference
Max Drawdown Largest peak-to-trough decline	-26.79%	-6.49%	-20.30%
Max Drawdown (1Y) Largest decline over 1 year	-3.93%	-1.00%	-2.93%
Max Drawdown (3Y) Largest decline over 3 years	-7.14%	-1.19%	-5.95%
Max Drawdown (5Y) Largest decline over 5 years	-26.79%	-6.49%	-20.30%
Max Drawdown (10Y) Largest decline over 10 years	-26.79%	-6.49%	-20.30%
Current Drawdown Current decline from peak	-0.32%	-0.10%	-0.22%
Average Drawdown Average peak-to-trough decline	-4.70%	-0.77%	-3.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	0.27%	+0.71%

Volatility

VGIVX vs. DFFGX - Volatility Comparison

Vanguard Emerging Markets Government Bond Index Fund Institutional Shares (VGIVX) has a higher volatility of 1.56% compared to DFA Short-Term Government Portfolio (DFFGX) at 0.35%. This indicates that VGIVX'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.

Volatility by Period

	VGIVX	DFFGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.56%	0.35%	+1.21%
Volatility (6M) Calculated over the trailing 6-month period	3.35%	0.52%	+2.83%
Volatility (1Y) Calculated over the trailing 1-year period	4.13%	1.21%	+2.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.30%	1.84%	+4.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.36%	1.56%	+4.80%

VGIVX vs. DFFGX - Expense Ratio Comparison

Both VGIVX and DFFGX have an expense ratio of 0.18%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VGIVX vs. DFFGX - Dividend Comparison

VGIVX's dividend yield for the trailing twelve months is around 5.89%, 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%
VGIVX Vanguard Emerging Markets Government Bond Index Fund Institutional Shares	5.89%	5.95%	6.58%	5.53%	5.32%	3.53%	4.21%	4.62%	4.62%	4.67%	4.76%	4.55%

Frequently Asked Questions

Can I hold both VGIVX and DFFGX in my portfolio?

VGIVX and DFFGX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VGIVX or DFFGX?

VGIVX has higher volatility (1.56%) compared to DFFGX (0.35%). In terms of maximum drawdown, VGIVX dropped -26.79% vs DFFGX's -6.49%.

Which has better risk-adjusted returns?

VGIVX currently has the higher Sharpe Ratio (2.70 vs 2.33), 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.