VSCSX vs. DFCFX

Last updated Aug 4, 2026

VSCSX (Vanguard Short-Term Corporate Bond Index Fund Admiral Shares) and DFCFX (DFA Two-Year Fixed Income Portfolio) are both Short-Term Bond funds. Over the past 10 years, VSCSX returned 2.64%/yr vs 2.51%/yr for DFCFX. Their 0.44 correlation means their historical movements had little consistent relationship. VSCSX charges 0.06%/yr vs 0.21%/yr for DFCFX.

Performance

VSCSX vs. DFCFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Short-Term Corporate Bond Index Fund Admiral Shares (VSCSX) and DFA Two-Year Fixed Income Portfolio (DFCFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VSCSX achieves a 0.79% return, which is significantly lower than DFCFX's 1.92% return. Both investments have delivered pretty close results over the past 10 years, with VSCSX having a 2.64% annualized return and DFCFX not far behind at 2.51%.

VSCSX

• 1D: -0.05%
• 1M: -0.14%
• 6M: 0.46%
• YTD: 0.79%
• 1Y: 3.08%
• 3Y*: 5.55%
• 5Y*: 2.35%
• 10Y*: 2.64%
• ALL TIME*: 2.88%

DFCFX

• 1D: -0.10%
• 1M: 0.10%
• 6M: 1.50%
• YTD: 1.92%
• 1Y: 3.71%
• 3Y*: 3.94%
• 5Y*: 3.87%
• 10Y*: 2.51%
• ALL TIME*: 2.77%

*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)
DFCFX DFA Two-Year Fixed Income Portfolio	$0.00	$0.00	$0.00
VSCSX Vanguard Short-Term Corporate Bond Index Fund Admiral Shares	$0.00	$0.00	$0.00

VSCSX vs. DFCFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSCSX Vanguard Short-Term Corporate Bond Index Fund Admiral Shares	0.79%	6.75%	5.36%	6.11%	-5.72%	-0.43%	5.06%	6.85%	0.88%	2.46%
DFCFX DFA Two-Year Fixed Income Portfolio	1.92%	2.28%	5.33%	4.92%	-3.28%	8.60%	0.57%	2.65%	1.78%	0.92%

Correlation

The correlation between VSCSX and DFCFX is 0.23, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.23
Correlation (3Y) Balances recent behavior with more history.	0.10
Correlation (5Y) Shows whether the relationship held over a longer period.	0.43
Correlation (10Y) Provides a long-term view across more market conditions.	0.39
Correlation (All Time) Calculated using the full available price history since Nov 19, 2009	0.44

Over the past year, the correlation between VSCSX and DFCFX has dropped to 0.23 - well below their long-term average of 0.44, suggesting their price drivers have been diverging.

Return for Risk

VSCSX vs. DFCFX — Risk / Return Rank

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

VSCSX

VSCSX Risk / Return Rank: 80
VSCSX Sharpe Ratio Rank: 82
VSCSX Sortino Ratio Rank: 83
VSCSX Omega Ratio Rank: 81
VSCSX Calmar Ratio Rank: 77
VSCSX Martin Ratio Rank: 79

DFCFX

DFCFX Risk / Return Rank: 100
DFCFX Sharpe Ratio Rank: 100
DFCFX Sortino Ratio Rank: 100
DFCFX Omega Ratio Rank: 100
DFCFX Calmar Ratio Rank: 100
DFCFX Martin Ratio Rank: 100

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.

VSCSX vs. DFCFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Corporate Bond Index Fund Admiral Shares (VSCSX) and DFA Two-Year Fixed Income Portfolio (DFCFX). 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.

	VSCSX	DFCFX	Difference
Sharpe ratio: Return per unit of total volatility	2.00	5.17	-3.16
Sortino ratio: Return per unit of downside risk	2.97	11.04	-8.07
Omega ratio: Gain probability vs. loss probability	1.39	5.05	-3.66
Calmar ratio: Return relative to maximum drawdown	2.62	18.12	-15.50
Martin ratio: Return relative to average drawdown	10.01	108.51	-98.50

VSCSX vs. DFCFX - Sharpe Ratio Comparison

The current VSCSX Sharpe Ratio is 2.00, which is lower than the DFCFX Sharpe Ratio of 5.17. The chart below compares the historical Sharpe Ratios of VSCSX and DFCFX, 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

VSCSX vs. DFCFX - Drawdown Comparison

The maximum VSCSX drawdown since its inception was -9.36%, which is greater than DFCFX's maximum drawdown of -4.27%. Use the drawdown chart below to compare losses from any high point for VSCSX and DFCFX.

Drawdown Indicators

	VSCSX	DFCFX	Difference
Max Drawdown Largest peak-to-trough decline	-9.36%	-4.27%	-5.09%
Max Drawdown (1Y) Largest decline over 1 year	-1.36%	-0.21%	-1.15%
Max Drawdown (3Y) Largest decline over 3 years	-1.36%	-1.33%	-0.03%
Max Drawdown (5Y) Largest decline over 5 years	-9.27%	-4.27%	-5.00%
Max Drawdown (10Y) Largest decline over 10 years	-9.36%	-4.27%	-5.09%
Current Drawdown Current decline from peak	-0.28%	-0.10%	-0.18%
Average Drawdown Average peak-to-trough decline	-0.97%	-0.26%	-0.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	0.03%	+0.33%

Volatility

VSCSX vs. DFCFX - Volatility Comparison

Vanguard Short-Term Corporate Bond Index Fund Admiral Shares (VSCSX) has a higher volatility of 0.50% compared to DFA Two-Year Fixed Income Portfolio (DFCFX) at 0.33%. This indicates that VSCSX's price experiences larger fluctuations and is considered to be riskier than DFCFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSCSX	DFCFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.50%	0.33%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	1.43%	0.58%	+0.85%
Volatility (1Y) Calculated over the trailing 1-year period	1.78%	0.73%	+1.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.73%	4.39%	-1.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.37%	3.13%	-0.76%

VSCSX vs. DFCFX - Expense Ratio Comparison

VSCSX has a 0.06% expense ratio, which is lower than DFCFX's 0.21% 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

VSCSX vs. DFCFX - Dividend Comparison

VSCSX's dividend yield for the trailing twelve months is around 4.05%, more than DFCFX's 3.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFCFX DFA Two-Year Fixed Income Portfolio	3.86%	2.16%	4.90%	3.43%	1.32%	8.29%	0.67%	2.22%	1.87%	1.22%	0.79%	0.53%
VSCSX Vanguard Short-Term Corporate Bond Index Fund Admiral Shares	4.05%	4.32%	4.27%	3.07%	1.98%	1.78%	2.25%	2.85%	2.66%	2.26%	1.93%	2.21%

Frequently Asked Questions

Can I hold both VSCSX and DFCFX in my portfolio?

VSCSX and DFCFX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VSCSX or DFCFX?

VSCSX has higher volatility (0.50%) compared to DFCFX (0.33%). In terms of maximum drawdown, VSCSX dropped -9.36% vs DFCFX's -4.27%.

Which has better risk-adjusted returns?

DFCFX currently has the higher Sharpe Ratio (5.17 vs 2.00), 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.