VOE vs. DFUVX

Last updated Jun 4, 2026

VOE (Vanguard Mid-Cap Value ETF) and DFUVX (DFA U.S. Large Cap Value III Portfolio) are both funds - VOE is a Mid Cap Value Equities fund tracking the CRSP US Mid Cap Value Index, while DFUVX is a Large Cap Value Equities fund managed by Dimensional. Over the past 10 years, VOE returned 10.55%/yr vs 11.31%/yr for DFUVX. Their correlation of 0.95 suggests significant overlap in exposure. VOE charges 0.07%/yr vs 0.14%/yr for DFUVX.

Performance

VOE vs. DFUVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mid-Cap Value ETF (VOE) and DFA U.S. Large Cap Value III Portfolio (DFUVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VOE achieves a 10.75% return, which is significantly lower than DFUVX's 16.05% return. Over the past 10 years, VOE has underperformed DFUVX with an annualized return of 10.55%, while DFUVX has yielded a comparatively higher 11.31% annualized return.

VOE

• 1D: -0.16%
• 1M: 1.35%
• YTD: 10.75%
• 6M: 11.62%
• 1Y: 22.73%
• 3Y*: 16.53%
• 5Y*: 8.45%
• 10Y*: 10.55%

DFUVX

• 1D: 1.09%
• 1M: 5.72%
• YTD: 16.05%
• 6M: 17.74%
• 1Y: 33.87%
• 3Y*: 19.28%
• 5Y*: 9.66%
• 10Y*: 11.31%

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

VOE vs. DFUVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VOE Vanguard Mid-Cap Value ETF	10.75%	12.08%	14.00%	9.85%	-7.97%	28.78%	2.65%	27.85%	-12.48%	17.07%
DFUVX DFA U.S. Large Cap Value III Portfolio	16.05%	15.83%	12.87%	11.65%	-5.73%	22.75%	-0.45%	25.62%	-11.58%	18.60%

Correlation

The correlation between VOE and DFUVX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Aug 28, 2006	0.95

The correlation between VOE and DFUVX has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

Return for Risk

VOE vs. DFUVX — Risk / Return Rank

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

VOE

VOE Risk / Return Rank: 61
VOE Sharpe Ratio Rank: 57
VOE Sortino Ratio Rank: 60
VOE Omega Ratio Rank: 55
VOE Calmar Ratio Rank: 65
VOE Martin Ratio Rank: 67

DFUVX

DFUVX Risk / Return Rank: 92
DFUVX Sharpe Ratio Rank: 93
DFUVX Sortino Ratio Rank: 91
DFUVX Omega Ratio Rank: 84
DFUVX Calmar Ratio Rank: 95
DFUVX Martin Ratio Rank: 95

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.

VOE vs. DFUVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Value ETF (VOE) and DFA U.S. Large Cap Value III Portfolio (DFUVX). 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.

	VOE	DFUVX	Difference
Sharpe ratio: Return per unit of total volatility	1.99	3.20	-1.21
Sortino ratio: Return per unit of downside risk	2.88	4.51	-1.63
Omega ratio: Gain probability vs. loss probability	1.35	1.56	-0.21
Calmar ratio: Return relative to maximum drawdown	3.30	6.05	-2.75
Martin ratio: Return relative to average drawdown	12.51	22.16	-9.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VOE vs. DFUVX - Sharpe Ratio Comparison

The current VOE Sharpe Ratio is 1.99, which is lower than the DFUVX Sharpe Ratio of 3.20. The chart below compares the historical Sharpe Ratios of VOE and DFUVX, 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

	VOE	DFUVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.99	3.20	-1.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.61	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.62	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.45	-0.01

Drawdowns

VOE vs. DFUVX - Drawdown Comparison

The maximum VOE drawdown since its inception was -61.50%, smaller than the maximum DFUVX drawdown of -65.60%. Use the drawdown chart below to compare losses from any high point for VOE and DFUVX.

Drawdown Indicators

	VOE	DFUVX	Difference
Max Drawdown Largest peak-to-trough decline	-61.50%	-65.60%	+4.10%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-5.85%	-1.08%
Max Drawdown (3Y) Largest decline over 3 years	-18.45%	-17.04%	-1.41%
Max Drawdown (5Y) Largest decline over 5 years	-19.70%	-20.33%	+0.63%
Max Drawdown (10Y) Largest decline over 10 years	-43.18%	-41.76%	-1.42%
Current Drawdown Current decline from peak	-0.16%	0.00%	-0.16%
Average Drawdown Average peak-to-trough decline	-8.35%	-9.84%	+1.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	1.59%	+0.23%

Volatility

VOE vs. DFUVX - Volatility Comparison

The current volatility for Vanguard Mid-Cap Value ETF (VOE) is 2.58%, while DFA U.S. Large Cap Value III Portfolio (DFUVX) has a volatility of 2.87%. This indicates that VOE experiences smaller price fluctuations and is considered to be less risky than DFUVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VOE	DFUVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.58%	2.87%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	8.13%	8.22%	-0.09%
Volatility (1Y) Calculated over the trailing 1-year period	11.47%	11.05%	+0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.03%	15.93%	+0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.83%	18.40%	+0.43%

VOE vs. DFUVX - Expense Ratio Comparison

VOE has a 0.07% expense ratio, which is lower than DFUVX's 0.14% 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

VOE vs. DFUVX - Dividend Comparison

VOE's dividend yield for the trailing twelve months is around 1.88%, more than DFUVX's 1.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFUVX DFA U.S. Large Cap Value III Portfolio	1.50%	1.31%	1.94%	5.68%	5.84%	1.77%	2.09%	5.04%	9.79%	7.99%	4.90%	8.03%
VOE Vanguard Mid-Cap Value ETF	1.88%	2.10%	2.11%	2.27%	2.27%	1.78%	2.36%	2.05%	2.75%	1.86%	1.92%	2.05%

Frequently Asked Questions

Can I hold both VOE and DFUVX in my portfolio?

With a correlation of 0.91, VOE and DFUVX 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, VOE or DFUVX?

DFUVX has higher volatility (2.87%) compared to VOE (2.58%). In terms of maximum drawdown, VOE dropped -61.50% vs DFUVX's -65.60%.

Which has better risk-adjusted returns?

DFUVX currently has the higher Sharpe Ratio (3.20 vs 1.99), 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.