VNQI vs. DFTIX

Last updated Jun 5, 2026

VNQI (Vanguard Global ex-U.S. Real Estate ETF) and DFTIX (DFA Intermediate-Term Municipal Bond Portfolio) are both funds - VNQI is a REIT fund tracking the S&P Global ex-U.S. Property Index, while DFTIX is a Municipal Bonds fund managed by Dimensional. Over the past 10 years, VNQI returned 2.21%/yr vs 1.58%/yr for DFTIX. At a 0.07 correlation, their price movements are largely independent. VNQI charges 0.12%/yr vs 0.20%/yr for DFTIX.

Performance

VNQI vs. DFTIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Global ex-U.S. Real Estate ETF (VNQI) and DFA Intermediate-Term Municipal Bond Portfolio (DFTIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VNQI achieves a -2.14% return, which is significantly lower than DFTIX's 1.28% return. Over the past 10 years, VNQI has outperformed DFTIX with an annualized return of 2.21%, while DFTIX has yielded a comparatively lower 1.58% annualized return.

VNQI

• 1D: 0.45%
• 1M: -4.57%
• YTD: -2.14%
• 6M: -0.84%
• 1Y: 5.67%
• 3Y*: 8.33%
• 5Y*: -1.57%
• 10Y*: 2.21%

DFTIX

• 1D: 0.00%
• 1M: 0.43%
• YTD: 1.28%
• 6M: 1.63%
• 1Y: 5.11%
• 3Y*: 3.27%
• 5Y*: 1.26%
• 10Y*: 1.58%

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

VNQI vs. DFTIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VNQI Vanguard Global ex-U.S. Real Estate ETF	-2.14%	21.38%	-2.22%	6.99%	-22.94%	5.93%	-7.22%	21.59%	-9.44%	26.91%
DFTIX DFA Intermediate-Term Municipal Bond Portfolio	1.28%	3.70%	1.12%	4.29%	-3.69%	-0.50%	3.66%	4.59%	1.34%	2.14%

Correlation

The correlation between VNQI and DFTIX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (10Y) Calculated over the trailing 10-year period	0.14
Correlation (All Time) Calculated using the full available price history since Aug 6, 2012	0.07

Over the past year, VNQI and DFTIX have become more correlated (0.36) than their long-term average of 0.07, meaning their price movements have been converging.

Return for Risk

VNQI vs. DFTIX — Risk / Return Rank

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

VNQI

VNQI Risk / Return Rank: 15
VNQI Sharpe Ratio Rank: 16
VNQI Sortino Ratio Rank: 15
VNQI Omega Ratio Rank: 16
VNQI Calmar Ratio Rank: 14
VNQI Martin Ratio Rank: 15

DFTIX

DFTIX Risk / Return Rank: 78
DFTIX Sharpe Ratio Rank: 94
DFTIX Sortino Ratio Rank: 95
DFTIX Omega Ratio Rank: 97
DFTIX Calmar Ratio Rank: 57
DFTIX Martin Ratio Rank: 48

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.

VNQI vs. DFTIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Global ex-U.S. Real Estate ETF (VNQI) and DFA Intermediate-Term Municipal Bond Portfolio (DFTIX). 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.

	VNQI	DFTIX	Difference
Sharpe ratio: Return per unit of total volatility	0.42	3.24	-2.82
Sortino ratio: Return per unit of downside risk	0.69	5.12	-4.43
Omega ratio: Gain probability vs. loss probability	1.09	2.03	-0.95
Calmar ratio: Return relative to maximum drawdown	0.39	2.85	-2.46
Martin ratio: Return relative to average drawdown	1.17	9.82	-8.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VNQI vs. DFTIX - Sharpe Ratio Comparison

The current VNQI Sharpe Ratio is 0.42, which is lower than the DFTIX Sharpe Ratio of 3.24. The chart below compares the historical Sharpe Ratios of VNQI and DFTIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VNQI	DFTIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.42	3.24	-2.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.10	0.57	-0.67
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.14	0.65	-0.51
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.74	-0.54

Drawdowns

VNQI vs. DFTIX - Drawdown Comparison

The maximum VNQI drawdown since its inception was -38.35%, which is greater than DFTIX's maximum drawdown of -8.02%. Use the drawdown chart below to compare losses from any high point for VNQI and DFTIX.

Drawdown Indicators

	VNQI	DFTIX	Difference
Max Drawdown Largest peak-to-trough decline	-38.35%	-8.02%	-30.33%
Max Drawdown (1Y) Largest decline over 1 year	-14.78%	-1.85%	-12.93%
Max Drawdown (3Y) Largest decline over 3 years	-16.35%	-3.08%	-13.27%
Max Drawdown (5Y) Largest decline over 5 years	-35.75%	-7.09%	-28.66%
Max Drawdown (10Y) Largest decline over 10 years	-38.35%	-8.02%	-30.33%
Current Drawdown Current decline from peak	-11.62%	-0.43%	-11.19%
Average Drawdown Average peak-to-trough decline	-10.89%	-1.31%	-9.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.84%	0.53%	+4.31%

Volatility

VNQI vs. DFTIX - Volatility Comparison

Vanguard Global ex-U.S. Real Estate ETF (VNQI) has a higher volatility of 4.58% compared to DFA Intermediate-Term Municipal Bond Portfolio (DFTIX) at 0.59%. This indicates that VNQI's price experiences larger fluctuations and is considered to be riskier than DFTIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VNQI	DFTIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.58%	0.59%	+3.99%
Volatility (6M) Calculated over the trailing 6-month period	11.44%	1.27%	+10.17%
Volatility (1Y) Calculated over the trailing 1-year period	13.43%	1.62%	+11.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.50%	2.22%	+13.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.06%	2.44%	+13.62%

VNQI vs. DFTIX - Expense Ratio Comparison

VNQI has a 0.12% expense ratio, which is lower than DFTIX'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

VNQI vs. DFTIX - Dividend Comparison

VNQI's dividend yield for the trailing twelve months is around 4.81%, more than DFTIX's 2.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFTIX DFA Intermediate-Term Municipal Bond Portfolio	2.78%	2.32%	2.22%	1.76%	1.47%	1.31%	1.49%	1.55%	1.52%	1.33%	1.36%	1.47%
VNQI Vanguard Global ex-U.S. Real Estate ETF	4.81%	4.70%	5.16%	3.74%	0.57%	6.48%	0.93%	7.58%	4.62%	3.86%	5.18%	2.86%

Frequently Asked Questions

Can I hold both VNQI and DFTIX in my portfolio?

VNQI and DFTIX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VNQI or DFTIX?

VNQI has higher volatility (4.58%) compared to DFTIX (0.59%). In terms of maximum drawdown, VNQI dropped -38.35% vs DFTIX's -8.02%.

Which has better risk-adjusted returns?

DFTIX currently has the higher Sharpe Ratio (3.24 vs 0.42), 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.