VLCIX vs. DFTEX
VLCIX (Vanguard Long-Term Corporate Bond Index Fund Institutional Shares) and DFTEX (DFA Intermediate-Term Extended Quality Portfolio Fund) are both Corporate Bonds funds. Over the past 10 years, VLCIX returned 2.43%/yr vs 2.39%/yr for DFTEX. Their correlation of 0.92 suggests significant overlap in exposure. VLCIX charges 0.05%/yr vs 0.20%/yr for DFTEX.
Performance
VLCIX vs. DFTEX - Performance Comparison
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Returns By Period
In the year-to-date period, VLCIX achieves a 1.23% return, which is significantly higher than DFTEX's 0.97% return. Both investments have delivered pretty close results over the past 10 years, with VLCIX having a 2.43% annualized return and DFTEX not far behind at 2.39%.
VLCIX
- 1D
- 0.12%
- 1M
- 1.98%
- YTD
- 1.23%
- 6M
- 0.35%
- 1Y
- 8.16%
- 3Y*
- 4.70%
- 5Y*
- -1.44%
- 10Y*
- 2.43%
DFTEX
- 1D
- 0.10%
- 1M
- 1.00%
- YTD
- 0.97%
- 6M
- 0.78%
- 1Y
- 6.66%
- 3Y*
- 5.95%
- 5Y*
- 0.84%
- 10Y*
- 2.39%
VLCIX vs. DFTEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VLCIX Vanguard Long-Term Corporate Bond Index Fund Institutional Shares | 1.23% | 7.27% | -1.43% | 11.06% | -25.75% | -1.24% | 13.74% | 23.18% | -6.86% | 12.42% |
DFTEX DFA Intermediate-Term Extended Quality Portfolio Fund | 0.97% | 7.70% | 2.89% | 9.61% | -16.28% | -2.05% | 10.26% | 13.38% | -2.10% | 5.20% |
Correlation
The correlation between VLCIX and DFTEX is 0.92, 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 | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Aug 6, 2012 | 0.92 |
The correlation between VLCIX and DFTEX has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.
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Return for Risk
VLCIX vs. DFTEX — Risk / Return Rank
VLCIX
DFTEX
VLCIX vs. DFTEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Corporate Bond Index Fund Institutional Shares (VLCIX) and DFA Intermediate-Term Extended Quality Portfolio Fund (DFTEX). 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.
| VLCIX | DFTEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -0.87 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.30 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.61 | 2.14 | -0.53 |
| Martin ratioReturn relative to average drawdown | 3.96 | 7.07 | -3.11 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VLCIX | DFTEX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.11 | 1.64 | -0.53 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.12 | 0.13 | -0.25 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.23 | 0.41 | -0.18 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.48 | -0.04 |
Drawdowns
VLCIX vs. DFTEX - Drawdown Comparison
The maximum VLCIX drawdown since its inception was -34.56%, which is greater than DFTEX's maximum drawdown of -22.83%. Use the drawdown chart below to compare losses from any high point for VLCIX and DFTEX.
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Drawdown Indicators
| VLCIX | DFTEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.56% | -22.83% | -11.73% |
Max Drawdown (1Y)Largest decline over 1 year | -5.26% | -3.22% | -2.04% |
Max Drawdown (3Y)Largest decline over 3 years | -12.86% | -5.38% | -7.48% |
Max Drawdown (5Y)Largest decline over 5 years | -34.56% | -22.83% | -11.73% |
Max Drawdown (10Y)Largest decline over 10 years | -34.56% | -22.83% | -11.73% |
Current DrawdownCurrent decline from peak | -13.74% | -0.84% | -12.90% |
Average DrawdownAverage peak-to-trough decline | -8.03% | -4.46% | -3.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.13% | 0.97% | +1.16% |
Volatility
VLCIX vs. DFTEX - Volatility Comparison
Vanguard Long-Term Corporate Bond Index Fund Institutional Shares (VLCIX) has a higher volatility of 2.45% compared to DFA Intermediate-Term Extended Quality Portfolio Fund (DFTEX) at 1.39%. This indicates that VLCIX's price experiences larger fluctuations and is considered to be riskier than DFTEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VLCIX | DFTEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.45% | 1.39% | +1.06% |
Volatility (6M)Calculated over the trailing 6-month period | 5.49% | 3.08% | +2.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.65% | 4.20% | +3.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.88% | 6.71% | +5.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.61% | 5.89% | +4.72% |
VLCIX vs. DFTEX - Expense Ratio Comparison
VLCIX has a 0.05% expense ratio, which is lower than DFTEX's 0.20% 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
VLCIX vs. DFTEX - Dividend Comparison
VLCIX's dividend yield for the trailing twelve months is around 5.52%, more than DFTEX's 4.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFTEX DFA Intermediate-Term Extended Quality Portfolio Fund | 4.93% | 4.30% | 4.27% | 3.79% | 3.25% | 4.12% | 3.31% | 3.06% | 3.24% | 2.91% | 2.88% | 3.90% |
VLCIX Vanguard Long-Term Corporate Bond Index Fund Institutional Shares | 5.52% | 5.50% | 5.60% | 4.67% | 4.43% | 2.95% | 3.17% | 3.83% | 4.58% | 4.03% | 4.39% | 4.73% |
Frequently Asked Questions
With a correlation of 0.92, VLCIX and DFTEX 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.
VLCIX has higher volatility (2.45%) compared to DFTEX (1.39%). In terms of maximum drawdown, VLCIX dropped -34.56% vs DFTEX's -22.83%.
DFTEX currently has the higher Sharpe Ratio (1.64 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.
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