VZICX vs. DFAI

Last updated Aug 1, 2026

VZICX (Vanguard International Core Stock Fund Admiral Shares) and DFAI (Dimensional International Core Equity Market ETF) are both Foreign Large Cap Equities funds. Both are actively managed. Over the past 5 years, VZICX returned 12.28%/yr vs 10.32%/yr for DFAI. Their correlation of 0.94 means they have usually moved in the same direction. VZICX charges 0.38%/yr vs 0.18%/yr for DFAI.

Performance

VZICX vs. DFAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard International Core Stock Fund Admiral Shares (VZICX) and Dimensional International Core Equity Market ETF (DFAI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VZICX achieves a 13.26% return, which is significantly higher than DFAI's 12.02% return.

VZICX

• 1D: 3.17%
• 1M: 0.34%
• 6M: 6.68%
• YTD: 13.26%
• 1Y: 31.74%
• 3Y*: 20.69%
• 5Y*: 12.28%
• 10Y*: —
• ALL TIME*: 12.85%

DFAI

• 1D: -0.64%
• 1M: 1.25%
• 6M: 6.62%
• YTD: 12.02%
• 1Y: 26.71%
• 3Y*: 17.83%
• 5Y*: 10.32%
• 10Y*: —
• ALL TIME*: 12.23%

*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)
DFAI Dimensional International Core Equity Market ETF	$73.27M	$69.05M	$61.26M
VZICX Vanguard International Core Stock Fund Admiral Shares	$0.00	$0.00	$0.00

VZICX vs. DFAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
VZICX Vanguard International Core Stock Fund Admiral Shares	13.26%	38.55%	8.74%	14.35%	-10.62%	11.85%	5.92%
DFAI Dimensional International Core Equity Market ETF	12.02%	34.04%	4.68%	17.60%	-12.95%	13.86%	5.34%

Correlation

The correlation between VZICX and DFAI is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.89
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (All Time) Calculated using the full available price history since Nov 18, 2020	0.94

The correlation between VZICX and DFAI has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

Return for Risk

VZICX vs. DFAI — Risk / Return Rank

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

VZICX

VZICX Risk / Return Rank: 80
VZICX Sharpe Ratio Rank: 78
VZICX Sortino Ratio Rank: 75
VZICX Omega Ratio Rank: 77
VZICX Calmar Ratio Rank: 84
VZICX Martin Ratio Rank: 84

DFAI

DFAI Risk / Return Rank: 77
DFAI Sharpe Ratio Rank: 80
DFAI Sortino Ratio Rank: 79
DFAI Omega Ratio Rank: 78
DFAI Calmar Ratio Rank: 71
DFAI Martin Ratio Rank: 77

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.

VZICX vs. DFAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard International Core Stock Fund Admiral Shares (VZICX) and Dimensional International Core Equity Market ETF (DFAI). 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.

	VZICX	DFAI	Difference
Sharpe ratio: Return per unit of total volatility	1.81	1.82	-0.02
Sortino ratio: Return per unit of downside risk	2.48	2.56	-0.09
Omega ratio: Gain probability vs. loss probability	1.34	1.33	+0.01
Calmar ratio: Return relative to maximum drawdown	2.79	2.44	+0.35
Martin ratio: Return relative to average drawdown	10.30	9.59	+0.71

VZICX vs. DFAI - Sharpe Ratio Comparison

The current VZICX Sharpe Ratio is 1.81, which is comparable to the DFAI Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of VZICX and DFAI, 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

VZICX vs. DFAI - Drawdown Comparison

The maximum VZICX drawdown since its inception was -34.37%, which is greater than DFAI's maximum drawdown of -27.44%. Use the drawdown chart below to compare losses from any high point for VZICX and DFAI.

Drawdown Indicators

	VZICX	DFAI	Difference
Max Drawdown Largest peak-to-trough decline	-34.37%	-27.44%	-6.93%
Max Drawdown (1Y) Largest decline over 1 year	-10.81%	-10.95%	+0.14%
Max Drawdown (3Y) Largest decline over 3 years	-13.30%	-13.25%	-0.05%
Max Drawdown (5Y) Largest decline over 5 years	-24.89%	-27.44%	+2.55%
Current Drawdown Current decline from peak	-2.49%	-0.64%	-1.85%
Average Drawdown Average peak-to-trough decline	-5.63%	-5.01%	-0.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	2.78%	+0.14%

Volatility

VZICX vs. DFAI - Volatility Comparison

Vanguard International Core Stock Fund Admiral Shares (VZICX) has a higher volatility of 6.05% compared to Dimensional International Core Equity Market ETF (DFAI) at 4.24%. This indicates that VZICX's price experiences larger fluctuations and is considered to be riskier than DFAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VZICX	DFAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.05%	4.24%	+1.81%
Volatility (6M) Calculated over the trailing 6-month period	14.67%	12.66%	+2.01%
Volatility (1Y) Calculated over the trailing 1-year period	16.73%	14.65%	+2.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.67%	16.00%	-0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.05%	15.69%	+2.36%

VZICX vs. DFAI - Expense Ratio Comparison

VZICX has a 0.38% expense ratio, which is higher than DFAI's 0.18% expense ratio.

Dividends

VZICX vs. DFAI - Dividend Comparison

VZICX's dividend yield for the trailing twelve months is around 3.90%, more than DFAI's 2.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
DFAI Dimensional International Core Equity Market ETF	2.30%	2.45%	2.72%	2.64%	2.72%	2.06%	0.09%	0.00%
VZICX Vanguard International Core Stock Fund Admiral Shares	3.90%	4.41%	2.65%	2.20%	2.10%	4.37%	1.89%	0.11%

Frequently Asked Questions

Can I hold both VZICX and DFAI in my portfolio?

VZICX and DFAI have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VZICX or DFAI?

VZICX has higher volatility (6.05%) compared to DFAI (4.24%). In terms of maximum drawdown, VZICX dropped -34.37% vs DFAI's -27.44%.

Which has better risk-adjusted returns?

DFAI currently has the higher Sharpe Ratio (1.82 vs 1.81), 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.