VTIIX vs. DWFIX

Last updated Aug 1, 2026

VTIIX (Vanguard Total International Bond II Index Fund Investor Class) and DWFIX (DFA World ex U.S. Government Fixed Income Portfolio) are both Global Bonds funds. Over the past 5 years, VTIIX returned -0.10%/yr vs -1.92%/yr for DWFIX. Their correlation of 0.84 means they have usually moved in the same direction. VTIIX charges 0.11%/yr vs 0.20%/yr for DWFIX.

Performance

VTIIX vs. DWFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total International Bond II Index Fund Investor Class (VTIIX) and DFA World ex U.S. Government Fixed Income Portfolio (DWFIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTIIX achieves a 0.20% return, which is significantly lower than DWFIX's 0.41% return.

VTIIX

• 1D: 0.00%
• 1M: -0.80%
• 6M: -0.25%
• YTD: 0.20%
• 1Y: 1.22%
• 3Y*: 3.89%
• 5Y*: -0.10%
• 10Y*: —
• ALL TIME*: 0.14%

DWFIX

• 1D: -0.12%
• 1M: -1.06%
• 6M: -0.18%
• YTD: 0.41%
• 1Y: 0.81%
• 3Y*: 3.87%
• 5Y*: -1.92%
• 10Y*: 1.19%
• ALL TIME*: 2.31%

*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)
DWFIX DFA World ex U.S. Government Fixed Income Portfolio	$0.00	$0.00	$0.00
VTIIX Vanguard Total International Bond II Index Fund Investor Class	$0.00	$0.00	$0.00

VTIIX vs. DWFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VTIIX Vanguard Total International Bond II Index Fund Investor Class	0.20%	2.95%	3.82%	8.72%	-13.03%	-0.52%
DWFIX DFA World ex U.S. Government Fixed Income Portfolio	0.41%	2.71%	1.60%	9.96%	-18.94%	-0.83%

Correlation

The correlation between VTIIX and DWFIX is 0.78, 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.	0.78
Correlation (3Y) Balances recent behavior with more history.	0.82
Correlation (5Y) Shows whether the relationship held over a longer period.	0.85
Correlation (All Time) Calculated using the full available price history since Mar 2, 2021	0.84

The correlation between VTIIX and DWFIX has been stable across timeframes, ranging from 0.78 to 0.85 - a consistent structural relationship.

Return for Risk

VTIIX vs. DWFIX — Risk / Return Rank

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

VTIIX

VTIIX Risk / Return Rank: 10
VTIIX Sharpe Ratio Rank: 11
VTIIX Sortino Ratio Rank: 10
VTIIX Omega Ratio Rank: 10
VTIIX Calmar Ratio Rank: 10
VTIIX Martin Ratio Rank: 9

DWFIX

DWFIX Risk / Return Rank: 8
DWFIX Sharpe Ratio Rank: 9
DWFIX Sortino Ratio Rank: 8
DWFIX Omega Ratio Rank: 8
DWFIX Calmar Ratio Rank: 8
DWFIX Martin Ratio Rank: 8

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.

VTIIX vs. DWFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total International Bond II Index Fund Investor Class (VTIIX) and DFA World ex U.S. Government Fixed Income Portfolio (DWFIX). 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.

	VTIIX	DWFIX	Difference
Sharpe ratio: Return per unit of total volatility	0.41	0.30	+0.11
Sortino ratio: Return per unit of downside risk	0.61	0.45	+0.15
Omega ratio: Gain probability vs. loss probability	1.07	1.06	+0.02
Calmar ratio: Return relative to maximum drawdown	0.45	0.35	+0.10
Martin ratio: Return relative to average drawdown	1.14	0.81	+0.33

VTIIX vs. DWFIX - Sharpe Ratio Comparison

The current VTIIX Sharpe Ratio is 0.41, which is higher than the DWFIX Sharpe Ratio of 0.30. The chart below compares the historical Sharpe Ratios of VTIIX and DWFIX, 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

VTIIX vs. DWFIX - Drawdown Comparison

The maximum VTIIX drawdown since its inception was -15.95%, smaller than the maximum DWFIX drawdown of -24.76%. Use the drawdown chart below to compare losses from any high point for VTIIX and DWFIX.

Drawdown Indicators

	VTIIX	DWFIX	Difference
Max Drawdown Largest peak-to-trough decline	-15.95%	-24.76%	+8.81%
Max Drawdown (1Y) Largest decline over 1 year	-2.94%	-3.00%	+0.06%
Max Drawdown (3Y) Largest decline over 3 years	-2.94%	-3.72%	+0.78%
Max Drawdown (5Y) Largest decline over 5 years	-15.95%	-23.55%	+7.60%
Max Drawdown (10Y) Largest decline over 10 years	—	-24.76%	—
Current Drawdown Current decline from peak	-1.70%	-11.01%	+9.31%
Average Drawdown Average peak-to-trough decline	-5.90%	-6.08%	+0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.16%	1.29%	-0.13%

Volatility

VTIIX vs. DWFIX - Volatility Comparison

The current volatility for Vanguard Total International Bond II Index Fund Investor Class (VTIIX) is 0.81%, while DFA World ex U.S. Government Fixed Income Portfolio (DWFIX) has a volatility of 0.98%. This indicates that VTIIX experiences smaller price fluctuations and is considered to be less risky than DWFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTIIX	DWFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.81%	0.98%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	2.77%	2.99%	-0.22%
Volatility (1Y) Calculated over the trailing 1-year period	3.23%	3.52%	-0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.55%	6.33%	-1.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.41%	5.46%	-1.05%

VTIIX vs. DWFIX - Expense Ratio Comparison

VTIIX has a 0.11% expense ratio, which is lower than DWFIX'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

VTIIX vs. DWFIX - Dividend Comparison

VTIIX's dividend yield for the trailing twelve months is around 4.13%, more than DWFIX's 2.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DWFIX DFA World ex U.S. Government Fixed Income Portfolio	2.73%	1.86%	3.08%	4.46%	0.01%	1.86%	1.69%	8.62%	7.77%	1.33%	2.77%	7.38%
VTIIX Vanguard Total International Bond II Index Fund Investor Class	4.13%	4.21%	4.46%	4.16%	0.89%	0.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VTIIX and DWFIX in my portfolio?

VTIIX and DWFIX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VTIIX or DWFIX?

DWFIX has higher volatility (0.98%) compared to VTIIX (0.81%). In terms of maximum drawdown, VTIIX dropped -15.95% vs DWFIX's -24.76%.

Which has better risk-adjusted returns?

VTIIX currently has the higher Sharpe Ratio (0.41 vs 0.30), 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.