VIOV vs. DFAS

Last updated Jun 24, 2026

VIOV (Vanguard S&P Small-Cap 600 Value ETF) and DFAS (Dimensional U.S. Small Cap ETF) are both exchange-traded funds - VIOV is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Value Index, while DFAS is a Small Cap Blend Equities fund actively managed by Dimensional. VIOV is passively managed, while DFAS is actively managed. Over the past 5 years, VIOV returned 6.32%/yr vs 7.86%/yr for DFAS. With a 0.97 correlation, they move nearly in lockstep. VIOV charges 0.10%/yr vs 0.26%/yr for DFAS.

Performance

VIOV vs. DFAS - Performance Comparison

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

Returns By Period

In the year-to-date period, VIOV achieves a 17.53% return, which is significantly higher than DFAS's 14.69% return.

VIOV

• 1D: -0.26%
• 1M: 2.94%
• YTD: 17.53%
• 6M: 15.94%
• 1Y: 37.82%
• 3Y*: 15.57%
• 5Y*: 6.32%
• 10Y*: 10.66%

DFAS

• 1D: -0.91%
• 1M: 2.82%
• YTD: 14.69%
• 6M: 12.40%
• 1Y: 28.52%
• 3Y*: 15.91%
• 5Y*: 7.86%
• 10Y*: —

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

VIOV vs. DFAS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VIOV Vanguard S&P Small-Cap 600 Value ETF	17.53%	6.63%	7.44%	15.36%	-11.37%	-2.72%
DFAS Dimensional U.S. Small Cap ETF	14.69%	8.17%	10.21%	17.83%	-13.84%	4.52%

Correlation

The correlation between VIOV and DFAS is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jun 14, 2021	0.97

The correlation between VIOV and DFAS has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

VIOV vs. DFAS - Sectors Allocation Comparison

Sectors	VIOV	DFAS
Financial Services	19.5%	19.2%
Consumer Cyclical	15.4%	13.0%
Technology	13.5%	15.1%
Industrials	11.6%	18.9%
Real Estate	8.6%	0.7%
Healthcare	7.3%	12.0%
Energy	7.0%	6.4%
Basic Materials	6.7%	5.2%
Communication Services	4.4%	2.6%
Consumer Defensive	3.9%	4.2%
Utilities	2.1%	2.8%

Return for Risk

VIOV vs. DFAS — Risk / Return Rank

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

VIOV

VIOV Risk / Return Rank: 69
VIOV Sharpe Ratio Rank: 66
VIOV Sortino Ratio Rank: 68
VIOV Omega Ratio Rank: 60
VIOV Calmar Ratio Rank: 80
VIOV Martin Ratio Rank: 74

DFAS

DFAS Risk / Return Rank: 56
DFAS Sharpe Ratio Rank: 51
DFAS Sortino Ratio Rank: 54
DFAS Omega Ratio Rank: 47
DFAS Calmar Ratio Rank: 64
DFAS Martin Ratio Rank: 61

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.

VIOV vs. DFAS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Small-Cap 600 Value ETF (VIOV) and Dimensional U.S. Small Cap ETF (DFAS). 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.

	VIOV	DFAS	Difference
Sharpe ratio: Return per unit of total volatility	2.06	1.69	+0.37
Sortino ratio: Return per unit of downside risk	2.96	2.49	+0.47
Omega ratio: Gain probability vs. loss probability	1.35	1.29	+0.06
Calmar ratio: Return relative to maximum drawdown	4.07	3.06	+1.01
Martin ratio: Return relative to average drawdown	13.34	10.51	+2.83

VIOV vs. DFAS - Sharpe Ratio Comparison

The current VIOV Sharpe Ratio is 2.06, which is comparable to the DFAS Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of VIOV and DFAS, 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

VIOV vs. DFAS - Drawdown Comparison

The maximum VIOV drawdown since its inception was -47.36%, which is greater than DFAS's maximum drawdown of -26.13%. Use the drawdown chart below to compare losses from any high point for VIOV and DFAS.

Drawdown Indicators

	VIOV	DFAS	Difference
Max Drawdown Largest peak-to-trough decline	-47.36%	-26.13%	-21.23%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-9.36%	+0.03%
Max Drawdown (3Y) Largest decline over 3 years	-28.44%	-26.13%	-2.31%
Max Drawdown (5Y) Largest decline over 5 years	-28.44%	-26.13%	-2.31%
Max Drawdown (10Y) Largest decline over 10 years	-47.36%	—	—
Current Drawdown Current decline from peak	-1.58%	-1.03%	-0.55%
Average Drawdown Average peak-to-trough decline	-7.36%	-8.23%	+0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.84%	2.72%	+0.12%

Volatility

VIOV vs. DFAS - Volatility Comparison

Vanguard S&P Small-Cap 600 Value ETF (VIOV) and Dimensional U.S. Small Cap ETF (DFAS) have volatilities of 4.75% and 4.84%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIOV	DFAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.75%	4.84%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	11.82%	11.96%	-0.14%
Volatility (1Y) Calculated over the trailing 1-year period	18.44%	17.00%	+1.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.90%	20.81%	+1.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.88%	20.82%	+3.06%

VIOV vs. DFAS - Expense Ratio Comparison

VIOV has a 0.10% expense ratio, which is lower than DFAS's 0.26% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VIOV vs. DFAS - Dividend Comparison

VIOV's dividend yield for the trailing twelve months is around 1.56%, more than DFAS's 0.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFAS Dimensional U.S. Small Cap ETF	0.91%	0.99%	0.93%	1.00%	1.03%	2.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VIOV Vanguard S&P Small-Cap 600 Value ETF	1.56%	1.69%	1.78%	2.18%	1.81%	1.59%	1.42%	1.60%	1.76%	1.43%	1.17%	1.32%

Frequently Asked Questions

Can I hold both VIOV and DFAS in my portfolio?

With a correlation of 0.96, VIOV and DFAS 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, VIOV or DFAS?

DFAS has higher volatility (4.84%) compared to VIOV (4.75%). In terms of maximum drawdown, VIOV dropped -47.36% vs DFAS's -26.13%.

Which ETF is better, VIOV or DFAS?

On 5-year performance, DFAS leads with 7.86% vs 6.32% for VIOV. On fees, VIOV is cheaper at 0.10% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VIOV or DFAS?

Over the 5-year period, DFAS has performed better with a 7.86% return vs 6.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VIOV or DFAS?

VIOV is cheaper with a 0.10% expense ratio, compared with 0.26% for DFAS.

Which ETF pays a higher dividend yield, VIOV or DFAS?

VIOV has the higher dividend yield at 1.56%, compared with 0.91% for DFAS.

What is the main difference between VIOV and DFAS?

VIOV is categorized as Small Cap Value Equities, while DFAS is Small Cap Blend Equities. They also come from different issuers: Vanguard and Dimensional. Their fees differ too: 0.10% for VIOV and 0.26% for DFAS.

Which has better risk-adjusted returns?

VIOV currently has the higher Sharpe Ratio (2.06 vs 1.69), 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.