VIOO vs. DFSVX

Last updated Jul 22, 2026

VIOO (Vanguard S&P Small-Cap 600 ETF) and DFSVX (DFA U.S. Small Cap Value Portfolio I) are both funds - VIOO is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index, while DFSVX is a Small Cap Value Equities fund actively managed by Dimensional. VIOO is passively managed, while DFSVX is actively managed. Over the past 10 years, VIOO returned 10.83%/yr vs 11.45%/yr for DFSVX. Their correlation of 0.94 suggests significant overlap in exposure. VIOO charges 0.07%/yr vs 0.30%/yr for DFSVX.

Performance

VIOO vs. DFSVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Small-Cap 600 ETF (VIOO) and DFA U.S. Small Cap Value Portfolio I (DFSVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIOO achieves a 22.49% return, which is significantly higher than DFSVX's 19.81% return. Over the past 10 years, VIOO has underperformed DFSVX with an annualized return of 10.83%, while DFSVX has yielded a comparatively higher 11.45% annualized return.

VIOO

• 1D: 1.04%
• 1M: 2.36%
• 6M: 16.21%
• YTD: 22.49%
• 1Y: 33.09%
• 3Y*: 14.26%
• 5Y*: 8.11%
• 10Y*: 10.83%
• ALL TIME*: 12.54%

DFSVX

• 1D: -0.89%
• 1M: 2.78%
• 6M: 14.28%
• YTD: 19.81%
• 1Y: 30.90%
• 3Y*: 16.05%
• 5Y*: 12.39%
• 10Y*: 11.45%
• ALL TIME*: 11.48%

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

VIOO vs. DFSVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIOO Vanguard S&P Small-Cap 600 ETF	22.49%	6.04%	8.48%	16.16%	-16.26%	26.79%	11.47%	22.68%	-8.65%	13.16%
DFSVX DFA U.S. Small Cap Value Portfolio I	19.81%	8.37%	9.58%	19.02%	-3.57%	39.97%	2.24%	18.15%	-15.13%	6.82%

Correlation

The correlation between VIOO and DFSVX is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.94

The correlation between VIOO and DFSVX has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

Return for Risk

VIOO vs. DFSVX — Risk / Return Rank

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

VIOO

VIOO Risk / Return Rank: 82
VIOO Sharpe Ratio Rank: 80
VIOO Sortino Ratio Rank: 82
VIOO Omega Ratio Rank: 75
VIOO Calmar Ratio Rank: 88
VIOO Martin Ratio Rank: 85

DFSVX

DFSVX Risk / Return Rank: 75
DFSVX Sharpe Ratio Rank: 72
DFSVX Sortino Ratio Rank: 74
DFSVX Omega Ratio Rank: 67
DFSVX Calmar Ratio Rank: 85
DFSVX Martin Ratio Rank: 76

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.

VIOO vs. DFSVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Small-Cap 600 ETF (VIOO) and DFA U.S. Small Cap Value Portfolio I (DFSVX). 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.

	VIOO	DFSVX	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.82	+0.09
Sortino ratio: Return per unit of downside risk	2.79	2.70	+0.09
Omega ratio: Gain probability vs. loss probability	1.33	1.32	0.00
Calmar ratio: Return relative to maximum drawdown	3.79	3.22	+0.57
Martin ratio: Return relative to average drawdown	12.74	10.34	+2.40

VIOO vs. DFSVX - Sharpe Ratio Comparison

The current VIOO Sharpe Ratio is 1.90, which is comparable to the DFSVX Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of VIOO and DFSVX, 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

VIOO vs. DFSVX - Drawdown Comparison

The maximum VIOO drawdown since its inception was -44.15%, smaller than the maximum DFSVX drawdown of -66.70%. Use the drawdown chart below to compare losses from any high point for VIOO and DFSVX.

Drawdown Indicators

	VIOO	DFSVX	Difference
Max Drawdown Largest peak-to-trough decline	-44.15%	-66.70%	+22.55%
Max Drawdown (1Y) Largest decline over 1 year	-8.77%	-9.59%	+0.82%
Max Drawdown (3Y) Largest decline over 3 years	-27.93%	-27.69%	-0.24%
Max Drawdown (5Y) Largest decline over 5 years	-27.93%	-27.69%	-0.24%
Max Drawdown (10Y) Largest decline over 10 years	-44.15%	-52.12%	+7.97%
Current Drawdown Current decline from peak	-1.18%	-1.67%	+0.49%
Average Drawdown Average peak-to-trough decline	-7.28%	-9.44%	+2.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	2.97%	-0.37%

Volatility

VIOO vs. DFSVX - Volatility Comparison

Vanguard S&P Small-Cap 600 ETF (VIOO) has a higher volatility of 3.49% compared to DFA U.S. Small Cap Value Portfolio I (DFSVX) at 3.10%. This indicates that VIOO's price experiences larger fluctuations and is considered to be riskier than DFSVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIOO	DFSVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.49%	3.10%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	12.06%	11.25%	+0.81%
Volatility (1Y) Calculated over the trailing 1-year period	17.46%	17.03%	+0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.27%	21.24%	+0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.94%	23.79%	-0.85%

VIOO vs. DFSVX - Expense Ratio Comparison

VIOO has a 0.07% expense ratio, which is lower than DFSVX's 0.30% expense ratio.

Dividends

VIOO vs. DFSVX - Dividend Comparison

VIOO's dividend yield for the trailing twelve months is around 1.11%, less than DFSVX's 1.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFSVX DFA U.S. Small Cap Value Portfolio I	1.52%	1.69%	1.47%	3.67%	6.77%	10.40%	1.96%	2.83%	7.54%	5.18%	4.18%	5.29%
VIOO Vanguard S&P Small-Cap 600 ETF	1.11%	1.36%	1.48%	1.47%	1.51%	1.16%	1.09%	1.37%	1.32%	1.11%	1.06%	1.26%

Frequently Asked Questions

Can I hold both VIOO and DFSVX in my portfolio?

With a correlation of 0.93, VIOO and DFSVX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VIOO or DFSVX?

VIOO has higher volatility (3.49%) compared to DFSVX (3.10%). In terms of maximum drawdown, VIOO dropped -44.15% vs DFSVX's -66.70%.

Which has better risk-adjusted returns?

VIOO currently has the higher Sharpe Ratio (1.90 vs 1.82), 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.