VGSNX vs. DFEMX

Last updated Aug 4, 2026

VGSNX (Vanguard Real Estate Index Fund Institutional Shares) and DFEMX (DFA Emerging Markets Portfolio) are both mutual funds - VGSNX is a REIT fund tracking the MSCI US Investable Market Real Estate 25/50 Index, while DFEMX is a Emerging Markets Equities fund managed by Dimensional. Over the past 10 years, VGSNX returned 4.89%/yr vs 9.57%/yr for DFEMX. Their 0.47 correlation means their historical movements had little consistent relationship. VGSNX charges 0.11%/yr vs 0.36%/yr for DFEMX.

Performance

VGSNX vs. DFEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Real Estate Index Fund Institutional Shares (VGSNX) and DFA Emerging Markets Portfolio (DFEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VGSNX achieves a 13.95% return, which is significantly lower than DFEMX's 19.35% return. Over the past 10 years, VGSNX has underperformed DFEMX with an annualized return of 4.89%, while DFEMX has yielded a comparatively higher 9.57% annualized return.

VGSNX

• 1D: -0.60%
• 1M: 0.84%
• 6M: 12.21%
• YTD: 13.95%
• 1Y: 15.50%
• 3Y*: 9.38%
• 5Y*: 2.44%
• 10Y*: 4.89%
• ALL TIME*: 8.10%

DFEMX

• 1D: 1.94%
• 1M: -2.13%
• 6M: 10.62%
• YTD: 19.35%
• 1Y: 38.16%
• 3Y*: 19.55%
• 5Y*: 9.60%
• 10Y*: 9.57%
• ALL TIME*: 7.49%

*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)
DFEMX DFA Emerging Markets Portfolio	$0.00	$0.00	$0.00
VGSNX Vanguard Real Estate Index Fund Institutional Shares	$0.00	$0.00	$0.00

VGSNX vs. DFEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VGSNX Vanguard Real Estate Index Fund Institutional Shares	13.95%	3.21%	3.72%	13.12%	-26.19%	40.46%	-4.76%	28.98%	-5.97%	4.90%
DFEMX DFA Emerging Markets Portfolio	19.35%	33.57%	6.90%	13.08%	-16.91%	2.53%	13.89%	16.02%	-13.62%	36.57%

Correlation

The correlation between VGSNX and DFEMX is 0.00, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.00
Correlation (3Y) Balances recent behavior with more history.	0.25
Correlation (5Y) Shows whether the relationship held over a longer period.	0.35
Correlation (10Y) Provides a long-term view across more market conditions.	0.35
Correlation (All Time) Calculated using the full available price history since Dec 3, 2003	0.47

Over the past year, the correlation between VGSNX and DFEMX has dropped to 0.00 - well below their long-term average of 0.47, suggesting their price drivers have been diverging.

Return for Risk

VGSNX vs. DFEMX — Risk / Return Rank

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

VGSNX

VGSNX Risk / Return Rank: 35
VGSNX Sharpe Ratio Rank: 32
VGSNX Sortino Ratio Rank: 32
VGSNX Omega Ratio Rank: 30
VGSNX Calmar Ratio Rank: 43
VGSNX Martin Ratio Rank: 39

DFEMX

DFEMX Risk / Return Rank: 67
DFEMX Sharpe Ratio Rank: 69
DFEMX Sortino Ratio Rank: 56
DFEMX Omega Ratio Rank: 70
DFEMX Calmar Ratio Rank: 76
DFEMX Martin Ratio Rank: 62

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.

VGSNX vs. DFEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Real Estate Index Fund Institutional Shares (VGSNX) and DFA Emerging Markets Portfolio (DFEMX). 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.

	VGSNX	DFEMX	Difference
Sharpe ratio: Return per unit of total volatility	1.11	1.68	-0.57
Sortino ratio: Return per unit of downside risk	1.62	2.19	-0.57
Omega ratio: Gain probability vs. loss probability	1.20	1.32	-0.12
Calmar ratio: Return relative to maximum drawdown	1.84	2.58	-0.74
Martin ratio: Return relative to average drawdown	5.94	8.49	-2.55

VGSNX vs. DFEMX - Sharpe Ratio Comparison

The current VGSNX Sharpe Ratio is 1.11, which is lower than the DFEMX Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of VGSNX and DFEMX, 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

VGSNX vs. DFEMX - Drawdown Comparison

The maximum VGSNX drawdown since its inception was -73.06%, which is greater than DFEMX's maximum drawdown of -62.43%. Use the drawdown chart below to compare losses from any high point for VGSNX and DFEMX.

Drawdown Indicators

	VGSNX	DFEMX	Difference
Max Drawdown Largest peak-to-trough decline	-73.06%	-62.43%	-10.63%
Max Drawdown (1Y) Largest decline over 1 year	-8.34%	-14.29%	+5.95%
Max Drawdown (3Y) Largest decline over 3 years	-17.38%	-16.12%	-1.26%
Max Drawdown (5Y) Largest decline over 5 years	-34.39%	-29.53%	-4.86%
Max Drawdown (10Y) Largest decline over 10 years	-42.30%	-40.44%	-1.86%
Current Drawdown Current decline from peak	-1.99%	-9.43%	+7.44%
Average Drawdown Average peak-to-trough decline	-13.20%	-15.29%	+2.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	4.32%	-1.75%

Volatility

VGSNX vs. DFEMX - Volatility Comparison

The current volatility for Vanguard Real Estate Index Fund Institutional Shares (VGSNX) is 4.50%, while DFA Emerging Markets Portfolio (DFEMX) has a volatility of 9.32%. This indicates that VGSNX experiences smaller price fluctuations and is considered to be less risky than DFEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGSNX	DFEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.50%	9.32%	-4.82%
Volatility (6M) Calculated over the trailing 6-month period	10.72%	20.43%	-9.71%
Volatility (1Y) Calculated over the trailing 1-year period	13.87%	21.90%	-8.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.95%	16.82%	+2.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.96%	17.02%	+3.94%

VGSNX vs. DFEMX - Expense Ratio Comparison

VGSNX has a 0.11% expense ratio, which is lower than DFEMX's 0.36% expense ratio.

Dividends

VGSNX vs. DFEMX - Dividend Comparison

VGSNX's dividend yield for the trailing twelve months is around 3.53%, more than DFEMX's 2.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFEMX DFA Emerging Markets Portfolio	2.05%	2.55%	3.14%	3.34%	3.90%	6.13%	1.45%	2.33%	2.14%	1.74%	1.92%	2.08%
VGSNX Vanguard Real Estate Index Fund Institutional Shares	3.53%	3.94%	3.87%	3.93%	3.94%	2.57%	3.95%	3.40%	4.75%	4.26%	4.84%	3.94%

Frequently Asked Questions

Can I hold both VGSNX and DFEMX in my portfolio?

VGSNX and DFEMX have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VGSNX or DFEMX?

DFEMX has higher volatility (9.32%) compared to VGSNX (4.50%). In terms of maximum drawdown, VGSNX dropped -73.06% vs DFEMX's -62.43%.

Which has better risk-adjusted returns?

DFEMX currently has the higher Sharpe Ratio (1.68 vs 1.11), 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.