**pvguy**, performing factor load analysis and alpha for mutual funds has become readily accessible to individual investors. Portfoliovisualizer.com Perform Factor Analysis.

I was curious if DFA funds had alpha beyond factor loads through their securities lending, patient trading, momentum screens, use of proprietary indices and all of the other intangibles sometimes attributed to DFA.

I randomly selected funds from both DFA and Vanguard to compare alpha's, selecting funds that represented a range of asset classes and styles. This is in no way rigorous, but it was an attempt to satisfy my curiosity and perhaps be a starting point for more discussion.

I ran seven DFA funds through the three factor model against Fama-French returns since inception with monthly alphas of DFFVX (-0.30%), DFEOX (-0.06%), DFVEX (-0.13%), DFTCX (-0.11%), DFSVX (0.08%), DFSTX (-0.03%), DTMEX (-0.09%).

**Simple average of seven DFA funds (-0.09% monthly)**

Same methodology for five Vanguard funds VTSMX (-0.03%), VFIAX (-0.05%), VDAIX (0.08%), VIMAX (0.06%), VISVX (0.00%).

**Simple average of five Vanguard funds (+0.01% monthly).**

edit: DFVEX (not DFEVX)

This seems to suggest, there is no measurable benefit to DFA funds beyond factor loads?