VMVAX vs. DFVEX

Last updated Aug 2, 2026

VMVAX (Vanguard Mid-Cap Value Index Fund Admiral Shares) and DFVEX (DFA U.S. Vector Equity Fund) are both Mid Cap Value Equities funds. Over the past 10 years, VMVAX returned 10.77%/yr vs 12.08%/yr for DFVEX. Their correlation of 0.94 means they have usually moved in the same direction. VMVAX charges 0.07%/yr vs 0.28%/yr for DFVEX.

Performance

VMVAX vs. DFVEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mid-Cap Value Index Fund Admiral Shares (VMVAX) and DFA U.S. Vector Equity Fund (DFVEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMVAX achieves a 16.91% return, which is significantly higher than DFVEX's 13.89% return. Over the past 10 years, VMVAX has underperformed DFVEX with an annualized return of 10.77%, while DFVEX has yielded a comparatively higher 12.08% annualized return.

VMVAX

• 1D: -0.33%
• 1M: 2.54%
• 6M: 12.16%
• YTD: 16.91%
• 1Y: 26.28%
• 3Y*: 15.18%
• 5Y*: 10.18%
• 10Y*: 10.77%
• ALL TIME*: 12.53%

DFVEX

• 1D: 0.99%
• 1M: 0.84%
• 6M: 10.03%
• YTD: 13.89%
• 1Y: 25.86%
• 3Y*: 15.60%
• 5Y*: 11.28%
• 10Y*: 12.08%
• ALL TIME*: 9.33%

*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)
DFVEX DFA U.S. Vector Equity Fund	$0.00	$0.00	$0.00
VMVAX Vanguard Mid-Cap Value Index Fund Admiral Shares	$0.00	$0.00	$0.00

VMVAX vs. DFVEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMVAX Vanguard Mid-Cap Value Index Fund Admiral Shares	16.91%	12.06%	13.63%	10.12%	-7.89%	28.77%	2.45%	28.03%	-12.44%	17.04%
DFVEX DFA U.S. Vector Equity Fund	13.89%	13.66%	14.36%	17.60%	-9.96%	32.10%	7.53%	26.11%	-13.24%	14.15%

Correlation

The correlation between VMVAX and DFVEX is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.77
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (5Y) Shows whether the relationship held over a longer period.	0.91
Correlation (10Y) Provides a long-term view across more market conditions.	0.93
Correlation (All Time) Calculated using the full available price history since Sep 27, 2011	0.94

The correlation between VMVAX and DFVEX shifts across timeframes, from 0.77 (1 year) to 0.94 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VMVAX vs. DFVEX — Risk / Return Rank

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

VMVAX

VMVAX Risk / Return Rank: 89
VMVAX Sharpe Ratio Rank: 89
VMVAX Sortino Ratio Rank: 87
VMVAX Omega Ratio Rank: 83
VMVAX Calmar Ratio Rank: 92
VMVAX Martin Ratio Rank: 93

DFVEX

DFVEX Risk / Return Rank: 82
DFVEX Sharpe Ratio Rank: 81
DFVEX Sortino Ratio Rank: 80
DFVEX Omega Ratio Rank: 77
DFVEX Calmar Ratio Rank: 83
DFVEX Martin Ratio Rank: 88

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.

VMVAX vs. DFVEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Value Index Fund Admiral Shares (VMVAX) and DFA U.S. Vector Equity Fund (DFVEX). 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.

	VMVAX	DFVEX	Difference
Sharpe ratio: Return per unit of total volatility	2.19	1.91	+0.29
Sortino ratio: Return per unit of downside risk	3.18	2.73	+0.45
Omega ratio: Gain probability vs. loss probability	1.39	1.34	+0.05
Calmar ratio: Return relative to maximum drawdown	3.58	2.79	+0.79
Martin ratio: Return relative to average drawdown	13.96	11.51	+2.44

VMVAX vs. DFVEX - Sharpe Ratio Comparison

The current VMVAX Sharpe Ratio is 2.19, which is comparable to the DFVEX Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of VMVAX and DFVEX, 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

VMVAX vs. DFVEX - Drawdown Comparison

The maximum VMVAX drawdown since its inception was -43.07%, smaller than the maximum DFVEX drawdown of -62.71%. Use the drawdown chart below to compare losses from any high point for VMVAX and DFVEX.

Drawdown Indicators

	VMVAX	DFVEX	Difference
Max Drawdown Largest peak-to-trough decline	-43.07%	-62.71%	+19.64%
Max Drawdown (1Y) Largest decline over 1 year	-6.95%	-8.45%	+1.50%
Max Drawdown (3Y) Largest decline over 3 years	-18.40%	-21.20%	+2.80%
Max Drawdown (5Y) Largest decline over 5 years	-19.75%	-21.20%	+1.45%
Max Drawdown (10Y) Largest decline over 10 years	-43.07%	-42.20%	-0.87%
Current Drawdown Current decline from peak	-1.07%	-0.49%	-0.58%
Average Drawdown Average peak-to-trough decline	-4.33%	-9.05%	+4.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.78%	2.06%	-0.28%

Volatility

VMVAX vs. DFVEX - Volatility Comparison

Vanguard Mid-Cap Value Index Fund Admiral Shares (VMVAX) and DFA U.S. Vector Equity Fund (DFVEX) have volatilities of 2.69% and 2.80%, 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

	VMVAX	DFVEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.69%	2.80%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	8.12%	9.34%	-1.22%
Volatility (1Y) Calculated over the trailing 1-year period	11.39%	12.38%	-0.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.88%	18.08%	-2.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.69%	20.04%	-1.35%

VMVAX vs. DFVEX - Expense Ratio Comparison

VMVAX has a 0.07% expense ratio, which is lower than DFVEX's 0.28% expense ratio.

Dividends

VMVAX vs. DFVEX - Dividend Comparison

VMVAX's dividend yield for the trailing twelve months is around 1.81%, more than DFVEX's 1.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFVEX DFA U.S. Vector Equity Fund	1.09%	0.91%	1.26%	3.33%	4.94%	9.56%	1.28%	2.98%	4.09%	4.41%	3.46%	4.59%
VMVAX Vanguard Mid-Cap Value Index Fund Admiral Shares	1.81%	2.10%	2.11%	2.26%	2.27%	1.78%	2.36%	2.08%	2.75%	1.86%	1.91%	2.04%

Frequently Asked Questions

Can I hold both VMVAX and DFVEX in my portfolio?

VMVAX and DFVEX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VMVAX or DFVEX?

DFVEX has higher volatility (2.80%) compared to VMVAX (2.69%). In terms of maximum drawdown, VMVAX dropped -43.07% vs DFVEX's -62.71%.

Which has better risk-adjusted returns?

VMVAX currently has the higher Sharpe Ratio (2.19 vs 1.91), 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.