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Abstract
Passive and enhanced index funds are two important options for investors. Vanguard is the largest provider of passive indexed funds, and DFA is one of the major providers of enhanced indexed funds, with uniquely close ties to academic financial research and an illustrious board of directors. Vanguard has low fees and investors can buy Vanguard funds directly. DFA’s fees are higher and one can invest in DFA funds only through an advisor, who charges for the service. Moreover, one must pay transaction fees to a custodian. We ask whether DFA has outperformed Vanguard by enough to justify the additional fees.
TOPICS: Mutual funds/passive investing/indexing, mutual fund performance, portfolio construction
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In this issue
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- Article
- Abstract
- HOW BIG ARE ADVISOR AND TRANSACTIONS FEES FOR DFA?
- HAS DFA OUTPERFORMED VANGUARD BEFORE STYLE ADJUSTMENT?
- HAS DFA OUTPERFORMED VANGUARD’S STYLE-MIMICKING PORTFOLIOS?
- HAS THE DFA PORTFOLIO OUTPERFORMED A VANGUARD PORTFOLIO WITH THE SAME FAMA–FRENCH FACTOR LOADS?
- HAVE CONSTANT-STYLE DFA PORTFOLIOS OUTPERFORMED STYLE-MIMICKING VANGUARD PORTFOLIOS?
- HAVE DFA ADVISORS BEEN PRESCIENT STYLE PICKERS?
- SUPPOSE BIG WERE TO BEAT SMALL AND GROWTH WERE TO BEAT VALUE
- DO THE CONCLUSIONS CARRY OVER TO THE WHOLE HISTORY OF DFA?
- WHAT HAPPENS WHEN WE BREAK THE DFA PORTFOLIO INTO DOMESTIC AND FOREIGN FUNDS?
- TAXES
- SUMMARY AND CONCLUSION
- ENDNOTES
- REFERENCES
- Info & Metrics
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