VWIUX vs. DFCEX

Last updated Jun 14, 2026

VWIUX (Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares) and DFCEX (DFA Emerging Markets Core Equity Fund) are both mutual funds - VWIUX is a Municipal Bonds fund managed by Vanguard, while DFCEX is a Emerging Markets Diversified fund managed by Dimensional. Over the past 10 years, VWIUX returned 2.41%/yr vs 10.70%/yr for DFCEX. At a correlation of -0.07, they often move in opposite directions. VWIUX charges 0.09%/yr vs 0.40%/yr for DFCEX.

Performance

VWIUX vs. DFCEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares (VWIUX) and DFA Emerging Markets Core Equity Fund (DFCEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VWIUX achieves a 1.11% return, which is significantly lower than DFCEX's 19.71% return. Over the past 10 years, VWIUX has underperformed DFCEX with an annualized return of 2.41%, while DFCEX has yielded a comparatively higher 10.70% annualized return.

VWIUX

• 1D: -0.07%
• 1M: 0.57%
• YTD: 1.11%
• 6M: 1.69%
• 1Y: 6.43%
• 3Y*: 4.48%
• 5Y*: 1.61%
• 10Y*: 2.41%

DFCEX

• 1D: 3.55%
• 1M: -1.08%
• YTD: 19.71%
• 6M: 22.15%
• 1Y: 39.30%
• 3Y*: 20.53%
• 5Y*: 8.46%
• 10Y*: 10.70%

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

VWIUX vs. DFCEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VWIUX Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares	1.11%	5.99%	2.34%	5.90%	-6.83%	0.81%	5.23%	7.10%	1.34%	4.65%
DFCEX DFA Emerging Markets Core Equity Fund	19.71%	28.79%	7.31%	15.45%	-16.44%	5.82%	13.86%	16.03%	-15.25%	36.55%

Correlation

The correlation between VWIUX and DFCEX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (10Y) Calculated over the trailing 10-year period	0.03
Correlation (All Time) Calculated using the full available price history since Apr 8, 2005	-0.07

The correlation between VWIUX and DFCEX shifts across timeframes, from -0.07 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VWIUX vs. DFCEX — Risk / Return Rank

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

VWIUX

VWIUX Risk / Return Rank: 74
VWIUX Sharpe Ratio Rank: 94
VWIUX Sortino Ratio Rank: 94
VWIUX Omega Ratio Rank: 95
VWIUX Calmar Ratio Rank: 49
VWIUX Martin Ratio Rank: 40

DFCEX

DFCEX Risk / Return Rank: 81
DFCEX Sharpe Ratio Rank: 83
DFCEX Sortino Ratio Rank: 77
DFCEX Omega Ratio Rank: 81
DFCEX Calmar Ratio Rank: 82
DFCEX Martin Ratio Rank: 81

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.

VWIUX vs. DFCEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares (VWIUX) and DFA Emerging Markets Core Equity Fund (DFCEX). 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.

	VWIUX	DFCEX	Difference
Sharpe ratio: Return per unit of total volatility	2.79	2.30	+0.49
Sortino ratio: Return per unit of downside risk	4.48	2.99	+1.48
Omega ratio: Gain probability vs. loss probability	1.74	1.44	+0.30
Calmar ratio: Return relative to maximum drawdown	2.18	3.15	-0.97
Martin ratio: Return relative to average drawdown	7.17	11.98	-4.81

VWIUX vs. DFCEX - Sharpe Ratio Comparison

The current VWIUX Sharpe Ratio is 2.79, which is comparable to the DFCEX Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of VWIUX and DFCEX, 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

VWIUX vs. DFCEX - Drawdown Comparison

The maximum VWIUX drawdown since its inception was -11.38%, smaller than the maximum DFCEX drawdown of -64.58%. Use the drawdown chart below to compare losses from any high point for VWIUX and DFCEX.

Drawdown Indicators

	VWIUX	DFCEX	Difference
Max Drawdown Largest peak-to-trough decline	-11.38%	-64.58%	+53.20%
Max Drawdown (1Y) Largest decline over 1 year	-2.99%	-12.12%	+9.13%
Max Drawdown (3Y) Largest decline over 3 years	-4.40%	-16.74%	+12.34%
Max Drawdown (5Y) Largest decline over 5 years	-11.38%	-29.76%	+18.38%
Max Drawdown (10Y) Largest decline over 10 years	-11.38%	-42.33%	+30.95%
Current Drawdown Current decline from peak	-1.09%	-4.38%	+3.29%
Average Drawdown Average peak-to-trough decline	-1.44%	-12.60%	+11.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	3.17%	-2.26%

Volatility

VWIUX vs. DFCEX - Volatility Comparison

The current volatility for Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares (VWIUX) is 0.85%, while DFA Emerging Markets Core Equity Fund (DFCEX) has a volatility of 8.90%. This indicates that VWIUX experiences smaller price fluctuations and is considered to be less risky than DFCEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VWIUX	DFCEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.85%	8.90%	-8.05%
Volatility (6M) Calculated over the trailing 6-month period	1.86%	14.80%	-12.94%
Volatility (1Y) Calculated over the trailing 1-year period	2.34%	16.59%	-14.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.27%	15.00%	-11.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.43%	16.04%	-12.61%

VWIUX vs. DFCEX - Expense Ratio Comparison

VWIUX has a 0.09% expense ratio, which is lower than DFCEX's 0.40% expense ratio.

Dividends

VWIUX vs. DFCEX - Dividend Comparison

VWIUX's dividend yield for the trailing twelve months is around 3.34%, more than DFCEX's 2.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFCEX DFA Emerging Markets Core Equity Fund	2.46%	2.90%	3.43%	3.53%	3.78%	2.59%	1.70%	2.42%	2.33%	1.92%	1.99%	2.28%
VWIUX Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares	3.34%	4.06%	3.63%	2.78%	2.51%	1.89%	2.40%	2.88%	2.89%	2.82%	2.91%	2.96%

Frequently Asked Questions

Can I hold both VWIUX and DFCEX in my portfolio?

VWIUX and DFCEX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VWIUX or DFCEX?

DFCEX has higher volatility (8.90%) compared to VWIUX (0.85%). In terms of maximum drawdown, VWIUX dropped -11.38% vs DFCEX's -64.58%.

Which has better risk-adjusted returns?

VWIUX currently has the higher Sharpe Ratio (2.79 vs 2.30), 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.